GGV Capital explained

GGV Capital
Type:Private
Industry:Venture Capital
Predecessor:Granite Global Ventures
Fate:Split into Granite Asia and Notable Capital
Location:Menlo Park, California, United States
Products:Investments

GGV Capital was an American venture capital firm. The firm was established in 2000 and was headquartered in Menlo Park, California. Formerly known as Granite Global Ventures, the firm had become one of the most active American investors in the Chinese artificial intelligence industry.[1]

History

Formerly known as Granite Global Ventures, GGV Capital was founded in 2000.[2] Jenny Lee established GGV's Shanghai office in 2005.[3]

In 2019, GGV was still based in the US and China, and that year it opened its fifth office, in Singapore.[4] The company had invested US$6.2bn by 2019.[5] In March 2022, GGV Capital raised money for the AAPI community from a group of venture capitalists and founders.[6] The company in 2022 had around $9bn in assets under management.[7]

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.[8] In September 2023, GGV announced that it was spinning off its China operations.[9] On March 29, 2024, GGV split into two firms, Granite Asia which would focus on Asian investments and Notable Capital which would focus on US investments. [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]

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]

Following US sanctions on Megvii, GGV announced its intentions to divest in 2024.[17]

Notes and References

  1. News: June 22, 2023 . America's plan to vet investments into China . . subscription . 2023-06-22 . 0013-0613 . 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. . 2023-06-22 . https://web.archive.org/web/20230622230923/https://www.economist.com/business/2023/06/22/americas-plan-to-vet-investments-into-china . live .
  2. Web site: SPEAKER LINEUP. Wild Digital. November 26, 2019. January 14, 2020. January 14, 2020. https://web.archive.org/web/20200114222155/https://www.wilddigital.com/indonesia-2019/event-overview. live.
  3. Web site: Cracking The Boys Club: Jenny Lee On What It Means To Be The Top Woman In Venture Capital. 2015. Forbes. 2023-06-21. 2023-06-21. https://web.archive.org/web/20230621002431/https://www.forbes.com/sites/ryanmac/2015/03/25/jenny-lee-midas-list-top-ranked-woman-interview-china/?sh=df257e82d88f. live.
  4. Web site: GGV Capital opens first Southeast Asia office in Singapore . 2023-06-24 . DealStreetAsia . en . 2023-06-21 . https://web.archive.org/web/20230621003941/https://www.dealstreetasia.com/stories/ggv-office-singapore-128357 . live .
  5. Web site: 2019 . Top tech investor GGV bets India corner shops can fight Amazon . . 2023-06-21 . 2023-06-21 . https://web.archive.org/web/20230621002431/https://www.scmp.com/tech/e-commerce/article/3031062/top-tech-investor-ggv-bets-india-corner-shops-can-fight-amazon . live .
  6. Web site: GGV Capital's call to raise money for the AAPI community raised $5 million from a group of 175 VCs and prominent tech founders. 2021. Business Insider. 2023-06-21. 2023-06-21. https://web.archive.org/web/20230621002431/https://www.businessinsider.com/ggv-capital-raised-700000-for-aapi-community-from-top-vcs-2021-3. live.
  7. Web site: 2022 . Why GGV Capital's Hans Tung is OK with 2023 being 'the year of down rounds . . 2023-06-21 . 2023-06-21 . https://web.archive.org/web/20230621002431/https://techcrunch.com/2022/12/29/fintech-ggv-capital-hans-tung-down-rounds/ . live .
  8. News: O’Keeffe . Kate . Jin . Berber . 2023-07-19 . U.S. Venture Firms' Deals in China Tech Investigated by Congress Panel . en-US . . subscription . 2023-07-19 . 0099-9660 . 2023-07-19 . https://web.archive.org/web/20230719134902/https://www.wsj.com/articles/u-s-venture-firms-deals-in-china-tech-investigated-by-congress-panel-710addc8 . live .
  9. News: Primack . Dan . September 22, 2023 . Venture capital firm GGV is splitting off its Chinese business . . September 25, 2023 . September 26, 2023 . https://web.archive.org/web/20230926032436/https://www.axios.com/2023/09/22/ggv-venture-capital-split-china . live .
  10. Web site: Loizos . Connie . 2024-04-01 . GGV Capital is no more, as partners announce two separate brands . 2024-06-08 . TechCrunch . en-US.
  11. Web site: What Makes GGV Capital Tick: It's Not Just $1.9 Billion In New Funds. Rebecca Fannin. Forbes. October 20, 2018. January 15, 2020. May 2, 2019. https://web.archive.org/web/20190502022651/https://www.forbes.com/sites/rebeccafannin/2018/10/20/what-makes-ggv-capital-tick-its-not-just-1-9-billion-in-new-funds/#25a1d2b810d5. live.
  12. Web site: Ratnam . Gopal . 2023-02-07 . Little-noticed US funding for China tech sector now draws scrutiny . 2023-02-08 . . en . 2023-02-08 . https://web.archive.org/web/20230208064342/https://rollcall.com/2023/02/07/little-noticed-us-funding-for-china-tech-sector-now-draws-scrutiny/ . live .
  13. Weinstein . Emily . Luong . Ngor . 2023 . U.S. Outbound Investment into Chinese AI Companies . en-US . 10.51593/20210067 . 256932971 . 2023-02-08 . free . . 2023-02-07 . https://web.archive.org/web/20230207222851/https://cset.georgetown.edu/publication/u-s-outbound-investment-into-chinese-ai-companies/ . live .
  14. Web site: GGV Capital closes $620 million fund for startups in China and Silicon Valley. 2014. TechinAsia. 2023-06-21. 2023-06-21. https://web.archive.org/web/20230621002431/https://www.techinasia.com/ggv-capital-closes-620-million-fund-startups-china-silicon-valley. live.
  15. Web site: GGV Capital leads $76m round for Tiger Global-backed Chinese startup. 2020. TechInAsia. 2023-06-21. 2023-06-21. https://web.archive.org/web/20230621002433/https://www.techinasia.com/ggv-capital-leads-76m-round-tiger-globalbacked-chinese-startup. live.
  16. Web site: 2021 . Next Gen Foods to launch its plant-based chicken in the US after raising a $20M seed extension from investors like GGV . . 2023-06-21 . 2023-06-21 . https://web.archive.org/web/20230621002431/https://techcrunch.com/2021/07/14/next-gen-foods-to-launch-its-plant-based-chicken-in-the-u-s-after-raising-a-20m-seed-extension-from-investors-like-ggv/ . live .
  17. News: Griffith . Erin . 2024-02-21 . Silicon Valley Venture Capitalists Are Breaking Up With China . 2024-02-22 . . en-US . 0362-4331 . 2024-02-22 . https://web.archive.org/web/20240222021652/https://www.nytimes.com/2024/02/21/technology/silicon-valley-vc-china.html . live .

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