GGV Capital

Last updated
GGV Capital
Company type Private
Industry Venture Capital
PredecessorGranite Global Ventures
Founded2000;24 years ago (2000)
Headquarters Menlo Park, California, United States
Key people
  • Jixun Foo (Managing Partner)
  • Hans Tung (Managing Partner)
  • Jenny Lee (Managing Partner)
  • Glenn Solomon (Managing Partner)
Products Investments
AUM US$9.2 billion [1]
Website www.ggvc.com OOjs UI icon edit-ltr-progressive.svg

GGV Capital is a global venture capital firm. The firm was established in 2000 and is headquartered in Menlo Park, California. Formerly known as Granite Global Ventures, [2] the firm has become one of the most active American investors in Chinese artificial intelligence companies. [3] As of 2021, it manages $9.2 billion in capital across 17 funds. [1]

Contents

History

Formerly known as Granite Global Ventures, GGV Capital was founded in 2000. [2] Jenny Lee established GGV's Shanghai office in 2005. [4]

In 2019, GGV was still based in the US and China, and that year it opened its fifth office, in Singapore. [5] The company had invested US$6.2bn by 2019. [6] In March 2022, GGV Capital raised money for the AAPI community from a group of venture capitalists and founders. [7] The company in 2022 had around $9bn in assets under management. [8]

In July 2023, the United States House Select Committee on Strategic Competition between the United States and the Chinese Communist Party initiated an investigation into GGV and other venture-capital firms' investments in China. [9] In September 2023, GGV announced that it was spinning off its China operations. [10]

Investments

Since its founding, GGV has invested in more than 200 active companies across the United States, Latin America, Israel, Southeast Asia, China and India, with over 56 of which are valued at over $1 billion. [11] According to the Center for Security and Emerging Technology, GGV is "most active in financing Chinese AI companies." [12] [13] [3]

The company in 2014 closed its $620m fund for startups in the US and China. [14] GGV Capital led a $76m funding round for GaiaWorks in 2020. [15] By 2021 GGV had invested in Next Gen Foods in Singapore. [16]

In January 2021, the firm closed on $2.52 billion over 4 funds, including $1.5 billion for its eight flagship fund, $366 million for an opportunity fund, $80 million for a founder network fund, and $160 million for a discovery fund. [1] On the 17th of February, 2023, it was reported that GGV had filed to raise $2.5bn for four new venture funds. [17] Among early investors in the funds were the Los Angeles City Employees' Retirement System. [18]

Following US sanctions on Megvii, GGV announced its intentions to divest in 2024. [19]

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References

  1. 1 2 3 "GGV Capital just announced $2.52 billion across new funds for 'entrepreneurs around the world'". TechCrunch. Jan 28, 2021. Archived from the original on March 1, 2021. Retrieved March 4, 2021.
  2. 1 2 "SPEAKER LINEUP". Wild Digital. November 26, 2019. Archived from the original on January 14, 2020. Retrieved January 14, 2020.
  3. 1 2 "America's plan to vet investments into China" . The Economist . June 22, 2023. ISSN   0013-0613. Archived from the original on 2023-06-22. Retrieved 2023-06-22. Consider GGV Capital, one of the most active American investors in Chinese AI companies, according to data from PitchBook. Our analysis of public disclosures suggests that six American pension funds and endowments with combined assets exceeding $600bn have committed around $2bn to GGV Capital's funds in the past decade.
  4. ↑ "Cracking The Boys Club: Jenny Lee On What It Means To Be The Top Woman In Venture Capital". Forbes . 2015. Archived from the original on 2023-06-21. Retrieved 2023-06-21.
  5. ↑ "GGV Capital opens first Southeast Asia office in Singapore". DealStreetAsia. Archived from the original on 2023-06-21. Retrieved 2023-06-24.
  6. ↑ "Top tech investor GGV bets India corner shops can fight Amazon". South China Morning Post . 2019. Archived from the original on 2023-06-21. Retrieved 2023-06-21.
  7. ↑ "GGV Capital's call to raise money for the AAPI community raised $5 million from a group of 175 VCs and prominent tech founders". Business Insider . 2021. Archived from the original on 2023-06-21. Retrieved 2023-06-21.
  8. ↑ "Why GGV Capital's Hans Tung is OK with 2023 being 'the year of down rounds". TechCrunch . 2022. Archived from the original on 2023-06-21. Retrieved 2023-06-21.
  9. ↑ O’Keeffe, Kate; Jin, Berber (2023-07-19). "U.S. Venture Firms' Deals in China Tech Investigated by Congress Panel" . The Wall Street Journal . ISSN   0099-9660. Archived from the original on 2023-07-19. Retrieved 2023-07-19.
  10. ↑ Primack, Dan (September 22, 2023). "Venture capital firm GGV is splitting off its Chinese business". Axios . Archived from the original on September 26, 2023. Retrieved September 25, 2023.
  11. ↑ Rebecca Fannin (October 20, 2018). "What Makes GGV Capital Tick: It's Not Just $1.9 Billion In New Funds". Forbes . Archived from the original on May 2, 2019. Retrieved January 15, 2020.
  12. ↑ Ratnam, Gopal (2023-02-07). "Little-noticed US funding for China tech sector now draws scrutiny". Roll Call . Archived from the original on 2023-02-08. Retrieved 2023-02-08.
  13. ↑ Weinstein, Emily; Luong, Ngor (2023). "U.S. Outbound Investment into Chinese AI Companies". Center for Security and Emerging Technology . doi: 10.51593/20210067 . S2CID   256932971. Archived from the original on 2023-02-07. Retrieved 2023-02-08.
  14. ↑ "GGV Capital closes $620 million fund for startups in China and Silicon Valley". TechinAsia. 2014. Archived from the original on 2023-06-21. Retrieved 2023-06-21.
  15. ↑ "GGV Capital leads $76m round for Tiger Global-backed Chinese startup". TechInAsia. 2020. Archived from the original on 2023-06-21. Retrieved 2023-06-21.
  16. ↑ "Next Gen Foods to launch its plant-based chicken in the US after raising a $20M seed extension from investors like GGV". TechCrunch . 2021. Archived from the original on 2023-06-21. Retrieved 2023-06-21.
  17. ↑ "GGV Capital files to raise $2.5b for four new venture funds". www.dealstreetasia.com. 2023. Archived from the original on 2023-06-21. Retrieved 2023-06-21.
  18. ↑ "5". dealstreetasia.com. 2023. Archived from the original on 2023-06-21. Retrieved 2023-06-21.
  19. ↑ Griffith, Erin (2024-02-21). "Silicon Valley Venture Capitalists Are Breaking Up With China". The New York Times . ISSN   0362-4331. Archived from the original on 2024-02-22. Retrieved 2024-02-22.
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