GGV Capital pulls in $1.88bn across four new fund closes

US and China-focused investor GGV Capital has raised $1.88bn at the close of four venture capital funds.

The Alibaba-backer pulled in $1.36bn for GGV Capital VII and VII Plus, while also raising $460m for GGV Discovery II and $60m for GGV Capital VII Entrepreneurs Fund.

GGV main funds are focused on focused on seed and early-stage opportunities and have returned more than more than $1bn to LPs in 2017 and 2018 to date.

FinTech Global reported the firm was looking to raise $1.8bn just two months back, following the release of US SEC filings. The documents had not registered any capital to have been raised.

In 2016, the firm pulled in a total of $1.2bn through the closing of a number of vehicles. GGV Capital VI, its flagship fund, and VI Plus received a combined $900m. A fund dedicated to the early stage opportunities in China, GGV Discovery I, raised $250m. The remaining $50m was raised for GGV Capital VI Entrepreneurs Fund, which consisted largely of company founders as its LPs.

“We are excited and humbled by the support of new and longstanding partners such as CalSTRS, Oregon Public Employees Retirement Fund, Rockefeller Foundation and University of Texas Investment Management Company,” said GGV managing partner Jenny Lee.

“We also want to thank the founders and CEOs we work with for their dedication to building extraordinary companies, enabling the GGV team to continue to do what we love – support entrepreneurs and their vision to change the world.”

GGV has been involved in the funding rounds of six FinTech companies this year alone.

Most recently, the firm led the $60m round of HR and payroll service provider Namely. Payroll teams can utilise its platform to automate deductions and simplify tax filings.

Other transactions in the sector this year include support to online real estate marketplace Opendoor’s $325m Series E, a contribution to the $64m Series C of e-commerce website developer BigCommerce and a commitment to fraud management company CashShield’s $20m round. 

Copyright © 2018 FinTech Global

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