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MENLO PARK, Calif. and SINGAPORE, Jan. 28, 2021 /PRNewswire/ — Global venture capital firm GGV Capital today announced the closing of the largest family of funds in its 20-year history, totaling $2.52 billion. The committed capital includes $1.464 billion for GGV Capital VIII, L.P. (“Fund VIII”), $366 million for GGV Capital VIII Plus, L.P. (“Fund VIII Plus”), $610 million for GGV Discovery III, L.P. (“Discovery III”), and $80 million for GGV Capital VIII Entrepreneurs Fund (“Entrepreneur VIII”).
Over the past 15 months, 11 GGV portfolio companies have completed public listings, including Affirm (NASDAQ: AFRM), Agora (NASDAQ: API), Airbnb (NASDAQ: ABNB), BigCommerce (NASDAQ: BIGC), DraftKings (NASDAQ: DKNG), eHang (NASDAQ: EH), Kingsoft WPS (688111.SS), Poshmark (NASDAQ: POSH), Opendoor Technologies (NASDAQ: OPEN), Wish (NASDAQ: WISH), and Xpeng (NYSE: XPEV). These funds mark the continuation of GGV’s multi-stage, sector-focused investment strategy in leading technology companies by a single global investment team. GGV’s approach is centered on three core tenets:
- Identify global trends and invest in local entrepreneurs to build market-leading companies.
- Focus on three core sectors to ensure value creation across key markets (Social/Internet, Enterprise Tech, and Smart Tech).
- Invest in entrepreneurs with companies at all stages of growth.
The managing partners of the new funds are Jixun Foo, Jenny Lee, Hans Tung, Glenn Solomon, Jeff Richards, and Eric Xu. GGV’s partners have more than 100 years of collective experience working with first-time founders as well as established leaders. Their connections to robust local ecosystems and talent networks, proven “go global” track records, and commitment to leadership development help the entrepreneurs they work with to successfully navigate complex challenges as their companies grow.
The new family of funds includes:
GGV Capital VIII, L.P.
GGV Capital VIII, L.P. ($1.464 billion) supports entrepreneurs across all stages of growth.
GGV Capital VIII Plus, L.P.
GGV Capital VIII Plus, L.P. ($366 million) enables GGV to extend its investment in portfolio companies that are part of Fund VIII that have demonstrated ability to scale and have become category leaders.
GGV Discovery III, L.P.
GGV Discovery III, L.P. ($610 million) is dedicated to global entrepreneurs at their earliest stage of development.
GGV Capital VIII Entrepreneurs Fund
GGV Capital VIII Entrepreneurs Fund ($80 million) invests alongside the funds and continues the firm’s tradition of extending and building the GGV entrepreneur family network globally.
The closing of these funds coincides with one subsequent closing of GGV Capital RMB Fund II, with total committed capital of approximately RMB 3.4 billion ($525 million). This increases the firm’s total capital under management to approximately $9.2 billion across 17 funds.
These funds position the firm to continue to serve entrepreneurs as they realize their vision to change the world.
About GGV Capital
GGV Capital is a global venture firm that invests in local founders, managing $9.2 billion with investments in the United States, Canada, China, Southeast Asia, India, Latin America, and Israel from offices in Silicon Valley, San Francisco, Singapore, Shanghai, and Beijing. As a multi-stage, sector-focused firm, GGV Capital invests in seed-to-growth stage companies across three sectors: Social/Internet, Enterprise Tech, and Smart Tech. Over the past two decades, the firm has backed more than 400 companies around the world, including Affirm, Airbnb, Alibaba, Big Commerce, Boss Zhipin, Grab, HashiCorp, Hello, JD MRO, Keep, Kujiale, Manbang, NIU, Opendoor Technologies, Peloton, Poshmark, Qunar/Ctrip, Slack, Square, StockX, Udaan, Wish, Xpeng, Zendesk, Zuoyebang, and more. More information at www.ggvc.com and @ggvcapital.