Former Baidu COO Lu Qi and members of the original YC China team founded MiraclePlus after the American startup accelerator Y Combinator withdrew from China in November. MiraclePlus provides investment and entrepreneurship counseling to young businesses.
MiraclePlus Fund I, L.P. received $55 million in funding at the end of October 2019, when it was still part of YC China, according to the US Securities and Exchange Commission. Fundraising continued after MiraclePlus announced its independence from YC China.
The University of Michigan Board of Directors agreed to allocate $10 million to MiraclePlus Fund I, L.P. through its Long Term Portfolio, according to a February document from the board.