Michael Cheng – Managing Director and Co-Founder

Michael has 20 years of experience in venture capital, leading early stage investments and working with private companies in China. Prior to Drum Tower, Michael was a private investor and served as Director on the Board of a number of companies, mostly in China. Most notably of these was Red Octane, the inventor of the Guitar Hero game, where he was a first round investor. Red Octane was sold to Activision Blizzard for over 30 times return.

Initially, Michael was a partner at Fidelity Ventures, a proprietary fund of the Fidelity Investments Group. Michael worked at Fidelity from 1996 to 2005 primarily responsible for looking at early stage companies in China in the communications, Internet, IT software, media and healthcare sectors. Investments made by Michael at this time were almost all first round fundraisings in which Fidelity led the round. In 2003, Michael was sent to Shanghai to open an office for Fidelity Ventures, where he has been ever since. Michael was one of the earliest venture capitalists looking at ventures in China and was fortunate to have worked on one of the first venture success stories in China, AsiaInfo. During his time there, the fund also invested in leading entrepreneurial companies in China such as Hurray!, and Wuxi Pharmatech which had successful IPOs.  One investment, Alibaba Group, completed its initial public offering on the NYSE on September 1, 2014 and is the largest US listing in history.

Michael earned a BA and MBA from the University of California, Berkeley in 1993 and 2001, respectively.

Stan Fung – Managing Director and Co-Founder

Stan has more than 25 years of experience in venture capital investing and over 30 years of experience with emerging and established technology companies.  Prior to Drum Tower, Stan was a private investor and strategic advisor, and serves as a Director on the Board of a number of companies in China and the US, which included Board experience with three NASDAQ-listed companies.

Stan spent 2010 as an Asia Programs Fellow at the Ash Center at Harvard Kennedy School.

Stan was previously a Managing Director at Zero Stage Capital (“ZSC”) where he worked between 1992 and 2004.  At ZSC, he led investments in technology, media, software and energy-related companies.  Stan’s investment results included seven successful initial public offerings (IPO’s) on the US NASDAQ market.

Before ZSC, he worked in the Far East Group at Advent International, and at Teradata Corporation (NYSE:TDC) and IBM Corporation (NYSE:IBM) in engineering and marketing roles.

Stan has been on the judging panel of numerous business plan contests, including the prestigious MIT US$100K Entrepreneurship Competition (which he co-founded in 1989), the MIT-CHIEF (MIT China Innovation and Entrepreneurship Forum) Business Plan Contest, and the Harvard Business School New Venture Competition. Stan served on the Investment Committee of the University of Massachusetts Foundation, Inc.

Stan earned a BS (Summa Cum Laude) in Computer Systems Engineering, from the University of Massachusetts, Amherst, an MS in Computer Science from UCLA, and an SM in Management from the MIT Sloan School of Management.


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