GGV Capital, a top venture capital firm focused on the US and China, has raised $625 million for its fourth venture capital fund. The fund is comprised of US$520 million and RMB 650 million (the Chinese currency equivalent of approximately US$105 million). GGV's Fund IV exceeds the size of the firm's $610 million Fund III, which was raised in 2007. Total capital under management is now more than $1.6 billion.
Founded in 2000, GGV Capital is one of the only venture capital firms in the world with a single, global team investing across the US and China. The firm has consistently backed some of the most successful companies in those two markets including Alibaba Group, AthenaHealth, AAC Technologies, Buddy Media, Endeca, hiSoft, Isilon, Pandora Media, Qunar, Square, SuccessFactors, Tudou, UCWeb, YY and 21ViaNet.
"GGV redefined the concept of a US/China firm. It is extremely challenging to do what the GGV team does – execute across the US and China," said Brien Smith, Managing Director, Neuberger Berman, a GGV limited partner. "GGV's long history of success and strong reputation for partnering with top entrepreneurs in both markets set the firm up well for future success."
Thirteen (13) GGV portfolio companies have completed IPOs across six different exchanges since 2010 (NYSE, NASDAQ, EuroNext Paris, Hong Kong, ChiNext and Shanghai), and several have been a part of the technology industry's largest recent M&A transactions including Buddy Media (Salesforce), Endeca (Oracle), hiSoft (VanceInfo), Qunar (Baidu), SuccessFactors (SAP) and Tudou (Youku).
"GGV Capital was a tremendous growth stage investment partner for SuccessFactors. In an extremely competitive situation, GGV had the foresight to be decisive when others waivered. It's that killer instinct that stands out for me," said Lars Dalgaard, SuccessFactors founder and CEO. "The GGV team played a major role in our growth, from IPO to expansion into Asia to our ultimate $3.4 billion acquisition."
"Entrepreneurs require different levels of expertise at every stage of growth," said Gary Wang, CEO of Tudou. "GGV truly works as a team – we had Partners from both Asia and the US involved at the Board level helping us drive Tudou from our early expansion years to our IPO and eventual $1 billion merger with Youku. Perhaps the strongest statement is that a GGV Partner, Jixun Foo, is the only investor who will remain on the board going forward."
With Fund IV, GGV Capital will continue its strategy of making expansion stage investments of $5 – 25 million into leading companies in the Internet/Digital Media,Cloud/SaaS and Mobile sectors in the US and China as well as the Consumer sector in China. The firm's General Partners are Jixun Foo, Jenny Lee, Hany Nada, Thomas Ng, Jeff Richards, Glenn Solomon and Fumin Zhuo. Additional partners in the RMB fund include Jessie Jin and Bruce Yu. Recent investments in Fund IV include SoundCloud, Meilishuo, Citrus Lane, RYB and Douguo.
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