GGV Capital is no more, as partners announce two separate brands

Trending 1 week ago
ARTICLE AD BOX

The VCs who agelong ran GGV Capital, nan 24-year-old cross-border patient that helped service arsenic a span betwixt nan U.S. and China, person settled connected 2 caller brands astir six months aft announcing they would divided their U.S. and Asia operations.

Veteran investors Jenny Lee and Jixun Foo conscionable rebranded their Singapore-based cognition arsenic Granite Asia, arsenic first reported successful Forbes. Meanwhile, Hans Tung, a patient co-founder who lives successful nan Bay Area, announced connected X yesterday that nan U.S. squad is now called Notable Capital.

GGV Capital announced past autumn that was splitting up its squad amid increasing tensions betwixt U.S. and China, though it ne'er cited nan ambiance arsenic nan definitive driver of nan move.

Sequoia Capital likewise divided up its operations past twelvemonth arsenic it navigated geopolitical tensions. In Sequoia’s case, nan U.S. squad held onto nan storied brand, while Sequoia India & Southeast Asia was rebranded arsenic Peak XV Partners, and Sequoia China was rebranded arsenic HongShan, nan Mandarin connection for redwood.

The reasoning successful abandoning nan GGV Capital brand, per a root familiar, was that because some teams are operating separately going forward, they felt it was champion to create caller brands.

Granite Asia is being led by autochthonal Singaporeans Jenny Lee and Jixun Foo. Lee is simply a regular fixture connected Forbes’s Midas List of top-performing VCs, pinch 9 IPOs successful nan past 5 years, including nan smart telephone elephantine Xiaomi and nan package improvement institution Kingsoft WPS, which went nationalist successful 2018 and 2019, respectively.

Foo, whose title was formerly world managing head of GGV Capital, is meantime credited pinch deals that see nan electrical carmaker Xpeng Motors, which went nationalist successful 2020; ride-hail elephantine Didi, which is reportedly readying a listing successful Hong Kong this year; and nan transportation institution Grab, whose shares person underperformed since it became publically traded done a typical intent acquisition conveyance successful precocious 2021. (It was reportedly successful talks arsenic precocious as past month to merge pinch different beleaguered rival, GoTo Group.)

Granite will attraction connected startups successful China, Japan, South Asia, Australia and Southeast Asia.

Notable Capital – which says it plans to proceed investing successful nan U.S., arsenic good arsenic successful Europe and Latin America –  continues to beryllium led by nan aforesaid investors who’ve been based successful its Menlo Park agency for galore years. That includes Tung, who is Taiwanese-American and whose deals see known brands for illustration Airbnb, StockX and Slack; Jeff Richards, who has backed Coinbase, nan bluetooth search outfit Tile, and nan package improvement institution Handshake; and Glenn Solomon. His deals see HashiCorp, whose package that helps companies run successful nan unreality (it’s reportedly weighing a waste right now); nan publically traded house-buying level Opendoor; and nan compliance automation startup Drata.

Oren Yunger, nan newest personnel of GGV Capital, besides remains connected squad Notable. Yunger had joined GGV arsenic an investor successful 2018 and was promoted to managing head past fall.

Another longtime managing head astatine GGV Capital, Eric Xu, who is based successful Shanghai, will proceed to oversee nan GGV Capital’s independently operated yuan-denominated funds.

Roughly 2.5 years ago, GGV Capital announced it has raised $2.5 billion for its caller funds, marking its largest family of costs ever. The investors person since divided those assets nether management, on pinch nan superior raised prior, specified that Granite Asia is now managing a corporate $5 cardinal altogether, leaving Notable Capital pinch astir $4.2 cardinal based connected GGV Capital’s assets nether guidance astatine nan clip nan divided was announced.

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