US and China-focused venture capital firm GGV Capital has raised USD625m for its fourth venture capital fund.
The fund is comprised of USD520m and RMB650m (the Chinese currency equivalent of approximately USD105m).
GGV’s Fund IV exceeds the size of the firm’s USD610m Fund III, which was raised in 2007. Total capital under management is now more than USD1.6bn.
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 backed several companies in these 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," says 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 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).
With Fund IV, GGV Capital will continue its strategy of making expansion stage investments of USD5m to USD25m into companies in the internet/digital media, cloud/SaaS and mobile sectors in the US and China as well as the consumer sector in China.
