GGV Capital no longer exists, partners announce launch of two independent brands | TechCrunch

About six months after long-running GGV Capital, the 24-year-old cross-border firm that helps serve as a bridge between China and the U.S., announced it would split its U.S. and Asia operations, it has decided to choose two New brand.

Veteran investors Jenny Lee and Jixun Foo just renamed their Singapore operations granite asiaas the first report Meanwhile, company co-founder Hans Tung lives in the Bay Area Published on X Yesterday Team USA is now known as famous capital.

GGV Capital announced last fall that it would split its team due to growing tensions between China and the United States, but the firm never cited the climate as a clear driver for the move.

Sequoia Capital conducted a similar spinoff last year as it responded to geopolitical tensions. In the case of Sequoia Capital, the American team retained the legendary brand, and Sequoia Capital retained the legendary brand. Sequoia India and Southeast Asia was renamed Peak XV Partners, and Sequoia China was renamed “Sequoia” (meaning redwood in Mandarin).

According to people familiar with the matter, the idea behind abandoning the GGV Capital brand is that since the two teams will operate separately in the future, they believe it is best to develop a new brand.

Granite Asia is led by Singaporeans Jenny Lee and Jixun Foo. Lee regularly appears on Forbes’ Midas list of top-performing venture capital firms and has completed nine IPOs in the past five years, including smartphone giant Xiaomi and software development company Kingsoft WPS in 2018 and 2019 respectively. Listed in the year.

Foo, whose title is the former global director of GGV Capital, has also been involved in deals including electric carmaker Xpeng Motors, which went public in 2020, and ride-hailing giant Didi Chuxing, which is reportedly planning a Hong Kong IPO this year ), and ride-hailing giant Didi Chuxing, which went public in 2020. and delivery company Grab, which has underperformed since going public through a special purpose acquisition vehicle in late 2021. (The company was reportedly in talks recently) last month Merged with another troubled rival, GoTo Group. )

Granite Asia will focus on new startups in China, Japan, South Asia, Australia and Southeast Asia.

Notable Capital, which said it plans to continue investing in the U.S., Europe and Latin America, is led by investors who have been based out of its Menlo Park office for years. These include Tung, a Taiwanese-American whose deals include well-known brands such as Airbnb, StockX, and Slack; Jeff Richards, who backs Coinbase, Bluetooth tracking Tile, and software development company Handshake; and Glenn ·Glenn Solomon.His deals include HashiCorp, whose software helps businesses run in the cloud (reportedly Weigh sales Currently); publicly traded home-buying platform Opendoor; and compliance automation startup Drata.

Oren Yunger, the newest member of GGV Capital, also remains on the Notable team. Yunger joined GGV as an investor in 2018 and was promoted to managing director last fall.

Xu Zhijun, another long-time managing director of GGV Capital based in Shanghai, will continue to oversee the original company’s independently operated RMB funds.

About 2.5 years ago, GGV Capital announced a capital raise US$2.5 billion Its new fund marks the largest fund family ever. Investors have since separated assets under management and previously raised funds, leaving Granite Asia now with a total of $5 billion under management, leaving Notable Capital with approximately $4.2 billion based on assets managed by GGV Capital when the spin-off was announced.

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

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