Venture Capital: GGV Capital Raising $2B Warchest For Three New Funds

September 28, 2020 | News, Venture Capital

The funds will focus on investments in China, the U.S., and S.E. Asia.

GGV Capital, a leading U.S. based venture capital firm, is raising $2 billion for three funds that will invest in tech startups and growth companies in the U.S. and China. (Deal Street Asia)

The details were revealed in a document placed at a meeting of the Rhode Island Investment Commission. The targets for the respective funds are as follows:

  • GGV Capital VIII – $1.2 billion
  • GGV Capital VIII Plus – $300 million
  • GGV Discovery III – $500 million

The geographical allocation of the funds raised would be as follows:

Fund China U.S. SE Asia & R.O.W
GGV Capital VIII 45% 45% 10%
GGV Capital VIII Plus 45% 45% 10%
GGV Discovery III 50% 40% 10%

GGV Capital

According to Crunchbase, it is a global, multi-stage, sector-focused, venture capital firm. It focuses on seed-to-growth stage investments across Consumer/New Retail, Social/Digital & Internet, Enterprise/Cloud, and Frontier Tech sectors.

Past and present portfolio companies include Affirm, Airbnb, Alibaba, BitSight, ByteDance (Toutiao), Ctrip, Didi Chuxing, Grab, Gladly, Hello Chuxing, HashiCorp, Houzz, Keep, LingoChamp, Namely, Niu, Nozomi Networks, Opendoor, Peloton, Poshmark, Slack, Square, Wish, Xauto, Xiaohongshu, Yellow, YY, Zhaoyou and more.

Recent deals in which GGV invested included HashiCorp’s $175 billion round and OfferUp’s $120 million raising.

The firm also had six of its portfolio companies listed after IPOs this year. Notable ones include Xpeng Motors ($1.5 billion) and BigCommerce ($216 million).

GGV Capital was founded in the year 2000.

U.S.-China tensions

The latest GGV funds will focus on technological startups and mature, late-stage companies valued at $100 million or more in the above territories.

GGV appears undeterred by the charged political tensions between the U.S. and China. This appeared to worry Rhode Island, too.

Related Story:  Chinese EV Startup Xpeng Motors Raises $500M Series C

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