Venture Capital: VCs GGV And TCV Announce Multi-Billion Dollar Fund Hauls
TCV pulled in $4 billion. GGV raised $2.52 billion. Both raisings were the biggest ever at the firms.
A lot of money from pandemic related stimulus measures appears to be sloshing around in the system. According to one opinion, some of that is headed for VC funds. TCV, the eminent Silicon Valley VC firm, raised $4 billion for its 11th fund, its biggest yet. GGV announced Thursday that its latest funds attracted investment worth $2.52 billion in its largest-ever raising. (Investing.com)
The VC firm raised the money in various funds as follows:
- GGV Discovery III – $610 million – early stage
- The GGV Capital VIII – $1.46 billion – all stages
- GGV Capital VIII Plus – $366 million – category leaders from Capital VIII
- GGV Capital VIII Entrepreneurs Fund – $80 million – building GGV’s entrepreneur network
The firm typically invests across its core sectors of social and internet, enterprise technology, and smart technology.
Many of GGV’s portfolio companies made bumper IPOs recently, for example, Airbnb (NASDAQ: ABNB) and Affirm (NASDAQ: AFRM).
TCV raised $4 billion for its 11th and the largest fund in its history of 25 years. It typically invests in companies at the late growth stage.
Some of its landmark investments include Airbnb, Spotify (NYSE: SPOT), Peloton (NASDAQ: PTON), and Facebook (NASDAQ: FB).
For the latest fund, TCV intends to invest in its favorite sectors of e-commerce, education, cloud, remote working, fintech, and others. Travel, a sector that is currently struggling, is also on TCV’s radar.
TCV intended to raise $3.25 billion for this fund, but ended up with $4 billion, with investments closed entirely virtually, according to TechCrunch.
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