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GGV Capital ceases to exist, and partners announce the launch of two independent brands

GGV Capital is a 24-year-old cross-border company that has served as a bridge between the United States and China. The long-running venture capital firm has settled on two new brands, about six months after announcing it would separate its U.S. and Asia operations.

As first reported by Forbes, veteran investors Jenny Lee and Jixun Foo have just renamed their Singapore operations Granite Asia. Meanwhile, company co-founder Hans Tung lives in the Bay Area Published on X Yesterday it was said that the US team is now called Notable Capital.

GGV Capital announced last fall that it would split its team due to growing tensions between China and the United States, but the firm never cited the climate as a clear driver for the move.

Sequoia Capital similarly spun off its businesses last year in response to geopolitical tensions.In the case of Sequoia, the American team retained the legendary brand; Sequoia India and Southeast Asia was renamed Peak XV Partners, and Sequoia China was renamed “Sequoia” (meaning redwood in Mandarin).

According to people familiar with the matter, the idea behind abandoning the GGV Capital brand is that since the two teams will operate separately in the future, they believe it is best to develop a new brand.

Granite Asia is led by Singapore natives Jenny Lee and Jixun Foo. Li is a regular on Forbes’ list of the best venture capital investors and has conducted nine IPOs in the past five years, including smartphone giant Xiaomi and software development company Kingsoft WPS, which went public in 2018 and 2019 respectively.

Foo’s title is the former global managing director of GGV Capital, and he has also been involved in a number of transactions, including electric car maker Xpeng Motors, which went public in 2020; online dating is reportedly Ride-hailing giant Didi Chuxing plans to list in Hong Kong this year; and delivery company Grab, whose shares have underperformed since going public through a special purpose acquisition vehicle in late 2021. (The company was also reported last month to be in merger talks with another embattled rival, GoTo Group.)

Granite Asia will focus on startups in China, Japan, South Asia, Australia and Southeast Asia.

Notable Capital, which said it plans to continue investing in the U.S., Europe and Latin America, is led by investors who have been based in its Menlo Park office for years. These include Tung, a Taiwanese-American whose deals include well-known brands such as Airbnb, StockX, and Slack; Jeff Richards, who has backed Coinbase, Bluetooth tracking company Tile, and software development company Handshake; and Glenn Solomon. His deals include HashiCorp, whose software helps companies operate in the cloud (and which is reportedly now considering a sale); listed home-buying platform Opendoor; and compliance automation startup Drata.

Oren Yunger, the newest member of GGV Capital, also remains on the Notable team. Yunge joined GGV as an investor in 2018 and was promoted to managing director last fall.

Xu Zhijun, another long-time managing director of GGV Capital based in Shanghai, will continue to oversee the independently operated RMB funds of the original company.

About 2.5 years ago, GGV Capital announced it had raised $2.5 billion for its new fund, marking its largest fund family ever. Investors have since split those assets under management and previously raised funds, with Granite Asia now managing a total of $5 billion, leaving Notable Capital with about $4.2 billion based on assets under management at GGV Capital at the time of the split. Announce.

Pictured above from left to right: Jeff Richards, Eric Xu, Glenn Solomon, Jenny Lee, Jixun Foo and Hans Tung

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