GGV Capital

GGV Capital is a venture capital firm based in Menlo Park, California that ran dual Silicon Valley and China practices for more than two decades, pairing local investment teams on both sides of the Pacific with the localization expertise to help portfolio companies enter markets their competitors could not reach. Founded in 2000 as Granite Global Ventures, the firm invested at seed, Series A and Series B and later stages across artificial intelligence, fintech and cybersecurity, alongside consumer internet, enterprise software and commerce.

The cross-border structure produced an unusual portfolio: Alibaba and Xiaomi in China, and Airbnb, Slack, Square, Peloton, Opendoor and HashiCorp in the United States. Partners sat on both sides of deals and routinely introduced American management teams to Asian supply chains, distribution partners and manufacturing capacity, and Asian companies to United States enterprise buyers. Few firms could credibly offer both directions of that trade.

The same structure became a liability as Washington tightened scrutiny of American capital flowing into Chinese technology. GGV announced in September 2023 that it would separate its Asia operations, and on March 29, 2024 the firm stopped using the GGV brand entirely, separating into two independent firms: Notable Capital, holding the United States, Europe, Israel and Latin America business, and Granite Asia, holding the Asia business. The roughly $9.2 billion the firm managed was divided between them, with about $5 billion going to Granite Asia.