MENLO PARK, Calif. and SHANGHAI, April 12, 2016 /PRNewswire/ -- GGV Capital (www.ggvc.com), a leading venture capital firm focused on the U.S. and China, today announced the close of its new funds totaling $1.2 billion. The new funds include $900 million in the firm's main fund, GGV Capital VI and VI Plus, $250 million in GGV Discovery I focused on early stage opportunities in China, and $50 million in the GGV Capital VI Entrepreneurs Fund consisting largely of company founders as LPs. With these new Funds, GGV Capital now manages $3.8 billion across eight funds.
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"Technology markets are rapidly converging, and embracing a global mindset is imperative for entrepreneurs today – in technology terms the world is getting smaller," said Jixun Foo, managing partner, GGV Capital. "As backers of globally focused market leaders such as Airbnb, Alibaba, Domo, Houzz, Qunar, Slack, UCWeb, and Youku Tudou, we are excited by the support of new and longstanding partners such as National University of Singapore, Northwestern University, LACERA and the Oregon State Treasury to back a new generation of technology entrepreneurs."
Fifteen private companies in the GGV Capital portfolio are now valued at $1 billion or more, and half were Series B or earlier at the time of initial investment by GGV. The firm also counts 14 current public companies in its portfolio with valuations greater than $1 billion, including 21Vianet, Qunar, Pandora, Square, Youku Tudou, YY.com and Zendesk. Throughout the firm's 15-year history, 28 portfolio companies have completed IPOs, including Square in 2015 and Zendesk and Nimble Storage in 2014. The firm's portfolio companies completed more than $15 billion in M&A transactions in 2015 alone.
Founded in 2000, GGV Capital leverages a unique model of a single, global team investing across the U.S. and China. The managing partners of the new funds are Jixun Foo, Jenny Lee, Hany Nada, Jeff Richards, Glenn Solomon, and Hans Tung, all of whom were managing partners of GGV Capital V.
"GGV Capital leverages its experience in the U.S., China and Asia broadly to gather sector insights that enhance its ability to invest beyond local economic cycles and to consistently deliver top-tier returns to its investors. We are thrilled to invest again with one of the top performing global venture capital firms," said Andy Hayes, Private Equity Investment Officer of limited partner Oregon State Treasury.
"GGV's understanding of innovation and market dynamics in both Silicon Valley and China is unparalleled in the venture community," said CC Zhuang, founder of Qunar. "The firm was an early investor in Qunar and is a terrific partner to work with for entrepreneurs who are thinking big and thinking global."
Focus on Early and Growth Stage Investment Continues
GGV Capital is extending its early stage investing focus with the launch of GGV Discovery I to focus on seed and early stage entrepreneurs. Approximately 80% of the capital from the Discovery fund will be invested in the vibrant and fast-growing Chinese startup market and 20% with global-minded entrepreneurs in the U.S. and other markets. GGV Capital VI, the firm's main fund, will continue its focus on early and growth stage companies. Since 2011, more than 70% of the firm's investments have been at the seed, Series A or Series B stage, including Boxed, Domo, eHang, Musical.ly, OpenDoor, Tujia, Wish, Xiaohongshu and Xiaomi Ecosystem companies. Many of these early stage companies are increasingly cross border in their orientation. Additionally, investors in the firm's Entrepreneurs Fund include the founders of Alibaba, Baidu, Qunar, Tencent, UCWeb, Yahoo and more.
The Funds will continue the firm's focus on three distinct sectors: Social/Mobile Commerce, Internet of Things (IoT)/Robotics, and SaaS/Cloud.
"GGV Capital's unique perspective on the technology market, particularly around the global audience for mobile technology, content and commerce, enables the firm to see opportunities other firms don't see," said Peter Szulczewski, CEO and co-founder of Wish. "The next generation of entrepreneurs wants a financial partner who can provide more than capital and truly help with global expansion, which is GGV's forte."
"We have been impressed with GGV's approach to cross border investing. Their leadership is evident in the caliber of companies that choose to work with them on a global basis," said Nicholas Kong, CIO, National University of Singapore.
About GGV Capital
GGV Capital is a venture capital firm based in Silicon Valley and China that has been successfully partnering with leading technology entrepreneurs since 2000. The firm was founded with the unique idea to have one team investing in both China and the U.S., the two largest economies in the world. With $3.8 billion under management across 8 funds, the GGV portfolio includes Airbnb, Alibaba, AlienVault, Appirio, BlueKai, Boxed, Buddy Media, Chukong, Curse, Diandian Yangche, Didi Chuxing, Domo, Douguo, DraftKings, Endeca, EHANG, FlightCar, Flipboard, Grab, Glu Mobile, HotelTonight, Houzz, IWJW, Keep, Kingsoft WPS, Light Chaser Animation, Meilishuo, MediaV, Misfit, Musical.ly, Nimble Storage, Niu, OpenDoor, Pactera, Pandora Media, Percolate, Quixey, Qunar, Reebonz, Slack, SmartMi, SoundCloud, Square, SuccessFactors, Synack, Tile, Tujia, UCWeb, Wish, Xiaohongshu, Xiaozhan, YingYing, Youku Tudou, YY, Zendesk, Zepp Labs, Zimi, 1More, 21Vianet, and 51credit. For more information, visit www.ggvc.com and follow GGV Capital on Twitter (@GGVCapital) and WeChat (GGVCapital).
