Meet Han Shen, Founding Partner at iFly VC

Han Shen is the Founding Partner of iFly VC, a U.S. venture capital firm focused on

investments that bring American consumers joy. Born and raised in Nanjing, China, Han came to the United States in 1998 to pursue a PhD in Chemistry at the University of Chicago. He had expected to follow his parents into academia, but years as a scientist, followed by an MBA at Wharton, drew him toward the challenge of turning ideas into real-world innovations, using venture capital as the catalyst. Han’s storied career has spanned the lab, the boardroom, and the high-stakes arena of venture capital–sharpened through early roles at VantagePoint Capital Partners and Formation 8, where he helped place bold bets like Oculus (acquired by Facebook). In 2016, Han set out on his own to launch iFly VC, creating a fund defined by cultural insight, focused conviction, and a willingness to back daring ideas. Since then, he has invested in standout brands like Weee! and Ume Tea, partnering with founders who reimagine how Americans experience everyday life.

In this conversation, Han reflects on the experiences that shaped his perspective, from navigating the competitive world of education in Nanjing to forging an unconventional path through venture capital. He speaks of spotting opportunities where others see uncertainty, of building bridges between cultures through the brands he supports, and of carrying forward the values instilled by his parents. It is a philosophy rooted in principle yet open to possibility, one that has made him a trusted ally to founders and a patient architect of companies built to endure.

Sam: Where did you grow up? Could you share more about your early life and career?

Han: I grew up in Nanjing, China, and stayed there through college, graduating in 1998. That same year, I moved to the U.S. to start a PhD in Chemistry at the University of Chicago. At first, I thought I’d follow an academic path like my parents, but I found myself more drawn to applying science in the real world.

In 2002, I joined Rohm and Haas, a Fortune 500 company headquartered in Philadelphia. I worked in emerging technologies, moving from lab chemistry into patents and commercial applications. It was a great learning experience, but I realized I didn’t really understand the business side of innovation.

So I left to get my MBA at Wharton. I graduated in 2009, moved to the Bay Area, and jumped into venture capital. I spent the next seven years working with a few different funds, got some good exits, and in 2016, I launched iFLY as a solo GP.

Sam: Can you walk me through your VC experience before starting iFLY, and what led you to strike out on your own?

Han: When I arrived in Silicon Valley in 2009, the job market was rough. I did short stints at Mohr Davidow Ventures and ARCH Venture Partners before landing a full-time role at VantagePoint Capital Partners.

In 2012, I became the first investment hire at Formation 8. At the time, it was being called “the hottest VC firm after Andreessen Horowitz.” I joined because it felt like a startup, and I wanted to make a big impact rather than slot into a large, established fund.

During my time there, we raised two funds, made some exciting bets, including Oculus, and had nine exits. Then in late 2015, the founding partners decided to part ways amicably. They offered me roles in their new funds, but I chose to start my own.

Looking back, I tell people you either have to be so good that money chases you the moment you start your own fund, or good enough and naïve enough to try anyway. I was definitely in the second category. It’s been hard, but it’s also been an amazing eight-year journey.

Sam: How would you describe iFLY’s investment strategy?

Han: Before iFLY, I invested in a broad mix, mostly enterprise with some consumer. But as a solo GP, I needed focus. I decided to invest in anything that makes American consumers happy.

I define “consumer” broadly. It includes products and services, online and offline, hardware and software. The U.S. consumer market is huge and always evolving. I look for founders who understand consumer behavior and can apply technology, whether built in-house or off the shelf, to serve customers better.

We focus on the U.S., but I still watch Asia closely, especially China, because so much consumer innovation comes from there. On average, I make two to three investments a year, aiming for meaningful ownership so I can be fully engaged post-investment. If a founder needs me at midnight, I will take the call.

Sam: You have backed some iconic Asian American brands, including Weee!, the largest online supermarket in the U.S for Asian and Latino communities. How do you think about investments that target Asian American consumers, and what changes have you seen in how U.S. consumer culture embraces Asian influences?

Han: I see three big drivers behind the growth of products targeting the Asian consumer.

First, underserved demand with rising buying power. Asians, Latinos, and other minorities are growing fast, but their needs are still under-addressed. The “international aisle” at mainstream grocers is nice, but it is not enough.

Second, cross-cultural influence. Over the last 15 years, Asian culture has gone mainstream with anime, K-pop, K-dramas, and food trends like Korean BBQ, soup dumplings, and bubble tea. Food and beverage cut through everything because your taste buds do not lie.

Third, dispersion of communities. Earlier generations clustered in Chinatowns or Koreatowns. Now, the second and third generations are spread across the country. E-commerce and new retail models can reach them far better than old brick-and-mortar footprints.

That lens is why I backed Weee!. I met Larry Liu in 2016. I loved the opportunity but was skeptical of the early group-buy model, which relied on community leaders to aggregate orders. It did not feel scalable. In 2017, the business hit a wall. Larry and several employees wrote personal checks to keep it alive. In 2018, he pivoted to a fully vertically integrated model, sourcing, fulfilling, and delivering end-to-end. I was the only one that invested in the round closed in December 2018, when all others investors walked away.

Today, Weee! serves more than 25 U.S. metros and multiple Asian communities, and it recently launched a separate app for Latino groceries in New York and California. We are still one of the largest shareholders. For me, it is a clear example of those three drivers creating real white space and a team using technology plus cultural insight to fill it.

Sam: What were you like in your youth?

Han: Looking back, a few things stand out.

First, when I started high school in Nanjing, it was incredibly competitive. I barely made it into the best school in the city, scoring at the bottom of the entrance list. My head teacher told me, “Just focus on being a better version of yourself.” That stuck with me.

Second, I was already an independent thinker and doer. I didn’t always stick to what I was told. In high school, I sold used books—sometimes for more than the printed price—and entered competitions. When it came time for college applications in China, admissions were entirely test-based, but I still found my way to be admitted to both Fudan University in Shanghai and Nanjing University, after earning the waiver of the infamous entrance exam.

At the time, these didn’t seem like big moves, but in hindsight they showed I was willing to take risks and try unconventional paths. That willingness has been important in my career, especially as a solo GP. In most cases, no one tells me exactly what to do. I have to think independently, act autonomously, and be deliberate about my choices.

I’m also grateful for my roots. My parents are in their 80s now, still active, and we travel together as a family. I’m still close with friends from every stage of school—some since first grade. Two years ago, I went back to Nanjing and had lunch and dinner with my elementary school friends. That’s forty years of friendship. I really value that shared journey.

Sam: Did you have tiger parents growing up?

Han: Definitely not. Both of my parents were academics, teaching at universities, but they never pushed me with extra work to boost my grades. I did well in school, but I was far from the very top who I admired.

What I really appreciate is how they raised me. First, they held very firm moral and ethical standards—no exceptions. Second, they gave me the freedom to explore my interests, even in the 1980s and 90s when China’s economy was less developed and money was tight. They still found ways to expose me to experiences beyond the classroom so I could discover my own passions.

Third, they led by example. Watching how they treated people, including their students, had a profound influence on me. It taught me how to be a decent human being. I’m very grateful for their support and plan to share this with them when the interview is published.

Sam: What do you do for fun?

Han: Not as much these days. Before iFLY, I used to fly Cessna Skyhawks around the Bay Area and take friends on Bay Tours. People assume flying is about chasing adrenaline, but it’s actually the opposite. It’s like investing—you make a plan, follow a checklist, manage risks, and abort if something looks wrong. I stopped flying once I became a solo GP with two kids—free time dropped to zero. But when my kids are older, I’d love to start again. In fact, part of why my fund is called iFLY is because I used to fly airplanes and I’m a solo GP.

I also play piano. My son started lessons at age four or five, and I practiced with him. Last year he performed at Carnegie Hall in New York. He doesn’t love the practicing part, but he enjoys performing. Over time, I started playing too. It’s a way to relax and recharge at night. Even 15 minutes of practice feels like progress. Last summer, I took the ABRSM Level 3 exam and scored a distinction, which I was proud of. I’m usually the oldest person at my piano school’s recitals and always the most nervous on stage, but I also have the thickest skin. I plan to keep playing, even if I have to bring a roll-up keyboard on my travels.

Sam: Where do you see yourself in the next decade?

Han: Professionally, I’d like to see at least two more funds, not three or four. I’ve been solo for eight years with two funds, which is slower than the typical fundraising cycle. That’s by design—I prioritize portfolio support before starting the next fund.

In the next ten years, I also want to do more for the Asian community. We’re hiring another operations person, and part of their role will be making sure we have the time and resources to contribute meaningfully.

I admire groups like Gold House for the role models they set in supporting Asian founders. I want to do my part, for Asian founders and beyond.

Small funds carry a disproportionate operational burden, so I’ve invested in tech tools and a lean structure to keep us productive.

If ten years from now people associate iFLY with several phenomenal startups beyond Weee!, that would be great. But what would make me even happier is hearing founders say that at some point in their journey, our team made a real difference.