GGV Capital is no more as the partners announce two separate brands Tech Crunch

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The VCs who long ran GGV Capital, a 24-year-old cross-border firm that served as a bridge between the US and China, settled on two new brands six months after announcing it would split its US and Asian operations.

Prominent investors Jenny Lee and Jackson Fu have rebranded their Singapore-based operations as Granite Asia, Forbes first reported. Meanwhile, Hans Tung, the company's co-founder who lives in the Bay Area, Announced in X Yesterday the US team is now known as Notable Capital.

GGV Capital announced last fall that it was severing its team amid rising tensions between the US and China, but never cited climate as a clear driver of the move.

Sequoia Capital also diversified its operations last year as it navigated geopolitical tensions. In the case of Sequoia, the US team has a storied brand Sequoia India & Southeast Asia was rebranded as Peak XV Partners and Sequoia China was rebranded as Hongshan, the Mandarin word for redwood.

The idea to drop the GGV Capital brand was because, according to a source in the know, they felt it would be better to develop new brands as the two teams operate separately.

Granite Asia is led by local Singaporeans Jenny Lee and Jackson Foo. Lee is a regular on Forbes' Midas list of top-performing VCs, with nine IPOs in the past five years, including smartphone giant Xiaomi and software development company Kingsoft WPS, which went public in 2018 and 2019.

Fu, previously named global managing director of GGV Capital, is also credited with deals including electric car maker Xpeng Motors, which went public in 2020; Ride-hail giant Didi, which is planning a listing in Hong Kong this year; And delivery company Grab, whose shares have underperformed since going public through a special purpose buyout vehicle in late 2021. (It was reported last month to be in talks to merge with another rival, GoTo Group.)

Granite Asia focuses on startups in China, Japan, South Asia, Australia and Southeast Asia.

Notable Capital – which says it plans to continue investing in the US, as well as Europe and Latin America – is led by the same investors that have been in its Menlo Park office for several years. That includes Tung, who is Taiwanese-American and whose deals include well-known brands like Airbnb, StockX and Slack; Jeff Richards, who backed Coinbase, Bluetooth tracking outfit Tile, and software development company Handshake; and Glenn Solomon. His deals include HashiCorp, whose software helps companies operate in the cloud (which is currently considering a sale); publicly traded home-buying platform Opendoor; and compliance automation startup Drata.

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

Another long-time managing director at GGV Capital, Shanghai-based Eric Xu, will continue to oversee the original firm's independently managed yuan-denominated funds.

About 2.5 years ago, GGV Capital announced it had raised $2.5 billion for its new fund, marking its largest family fund yet. Investors split those assets under management, along with previously raised capital, with Granite Asia now managing a combined $5 billion, leaving GGV Capital with approximately $4.2 billion in identifiable capital based on GGV Capital's assets under management at the time of the split. Announced.

Pictured above, left to right: Jeff Richards, Eric Xu, Glenn Solomon, Jenny Lee, Jackson Fu and Hans Tung





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