TSVC Files Lawsuit Against Foothill Ventures for False Advertising and Brand Misrepresentation in the U.S. and China

TSVC Files Lawsuit Against Foothill Ventures for False Advertising and Brand Misrepresentation in the U.S. and China

TSVC
chun@tsvcap.com

TSVC (formerly known as TEEC Angel Fund), a leading Silicon Valley venture capital firm specializing in high-tech startup investments since 2010, has filed a lawsuit against Foothill Ventures for false advertising and unauthorized use of the “TEEC Angel Fund” trademark and brand, including its performance track record.

TSVC is renowned for its exceptional investment track record, including early investments in ten unicorn companies. Notably, TSVC was the first and only institutional investor in Zoom's seed round in 2011. With a focus on cutting-edge technologies in AI, semiconductors, robotics, energy tech, digital health, and advanced manufacturing, TSVC has earned recognition as one of the top-performing firms in seed-to-unicorn conversions nationwide.

According to the lawsuit, Foothill Ventures (formerly known as Tsingyuan Ventures), founded in 2017 by former TSVC affiliates, has “misrepresented [its] affiliation with funds in the TSVC Fund Family.” See Amended Complaint, ¶¶6, 33, 96. Foothill Ventures “are not authorized to use the ‘TEEC Angel Fund’ name, goodwill, or record of investment performance,” including TSVC’s investment in Zoom. Id. at ¶¶6, 81. Yet, over the years, Foothill continues to “falsely represent[sic] TSVC’s stellar performance track record as its own.” Id. at ¶6. “Foothill even falsely advertises itself as a legal successor to TEEC Angel Fund in order to leverage TSVC’s demonstrated success for Foothill’s benefit in fundraising and portfolio investments.” Id. at ¶6. In doing so, “Foothill has usurped TSVC’s brand and track record and has caused confusion” to investors and the public alike, as well as has caused and will continue to cause “irreparable harm to TSVC’s business, reputation, and goodwill.” Id. at ¶¶7, 60, 66, 77.

As alleged, in August 2023, for example, Foothill Ventures launched a PR campaign in China highlighting the misstatement that: “Foothill Ventures has a well-known predecessor in Silicon Valley: TEEC Angel Fund. (TAF).” Id. at ¶56. According to the lawsuit, “Foothill reposted two more articles containing this false statement to WeChat as recently as August 2024.” Id. On October 10, 2024, “Foothill also circulated a flyer promoting a speech by Dr. Jin, who is falsely represented to be ‘Founding Partner of Foothill Ventures, Founding Partner of TEEC Angel Fund,’ at an event on October 10, 2024 organized by an affiliate of the Chinese government.” Id. As recently as January 20, 2025, more than two months after this lawsuit was initially filed, Foothill again falsely “claimed it was a ‘successor' fund of TEEC Angel Fund in their public announcement.” Id. at ¶15.

TSVC’s lawsuit asserts that Foothill’s actions constitute false and misleading advertising and false designation of origin or association under the Lanham Act, 15 U.S.C. § 1125(a)(1)(A)-(B), and also constitute violations of California’s Unfair Competition Law (Cal. Bus. & Prof. Code § 17200) and common law unfair competition. See Amended Complaint, ¶¶70-104. TSVC is seeking a declaratory judgment, injunctive relief, and damages to both compensate it for past harm and to prevent further violations and safeguard its reputation and business interests. See id., Prayer for Relief.

The lawsuit underscores TSVC’s commitment to maintaining integrity and transparency in its operations, while holding competitors accountable for unlawful business practices.

The case is TEEC Angel Management, LLC, et al. v. Tsingyuan Ventures LLC, et al., United States District Court for the Northern District of California, Case No. 5:24-cv-08991-EKL.

For additional information, including a list of publicly available case files such as the Amended Complaint, evidence, and FAQs, please visit: www.teec-angel.com/litigation/