How One Woman Turned a $40 Million Kuaishou Bet Into $14 Billion
- Venture capitalist Lu behind DCM’s decision to back video app
- Stake bought for $40 million is now worth about $14 billion
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In 2014, as their video app Kuaishou began to take off, Su Hua and his co-founders started looking for money to expand. They quickly got a proposal from Ruby Lu, a venture investor who had spotted them earlier as promising engineers and given them feedback on previous businesses.
But Lu’s proposal was trumped by a larger venture firm with a much higher offer, according to people familiar with the matter. She refused to concede. Lu pitched Su and his team that she would give them more than money, offering her personal engagement and the support of her partners at DCM Ventures. She won, even with a lower offer.