GGV Capital

GGV Capital Research Executive Summary GGV Capital is a global venture capital firm that recently completed a structural reorganization in March 2024, splitting into two distinct brands: Notable Capital (US operations) and Granite Asia (Asia-Pacific operations). The parent holding entity maintains the GGV Capital brand, headquartered in Menlo Park, California. The firm manages approximately $3.8 billion in assets and has established a track record of investing across multiple stages with an emphasis on technology-driven companies. Investment Thesis GGV Capital's investment philosophy centers on backing "notable founders with global ambitions." The firm believes in the transformational power of technology and seeks out entrepreneurs building global platforms that can scale across multiple geographies and markets. The firm's approach is characterized by long-term partnership orientation, combining capital with operational support and network access. Notable Capital (US Division) Notable Capital focuses on backing founders building globally ambitious companies with particular emphasis on: AI and machine learning applications Cloud infrastructure and developer tools Enterprise software and B2B SaaS Early-stage consumer technology platforms Cybersecurity and security infrastructure Granite Asia (Asia-Pacific Division) Granite Asia, managed by Jenny Lee and Jixun Foo, focuses on APAC region including Southeast Asia, Japan, China, India, and Australia. With approximately $5 billion in AUM, Granite Asia invests across similar sectors with Asia-first perspective. Investment Stage Focus GGV Capital invests across multiple stages: Seed : $1M-$5M investments in companies with product validation Series A : $5M-$20M in companies with early product-market fit Series B and beyond : Growth-stage follow-ons and later rounds Pre-seed : Selective pre-seed investments in exceptional founding teams The firm is active across all stages but maintains particular strength in Seed to Series B investments. Check Size Range Target investment range : $1M-$15M per round Typical position : 10-25% ownership depending on stage Follow-on capacity : Substantial reserves dedicated to supporting portfolio companies through multiple rounds Lead/Follow Tendency Tendency: Both Lead and Follow GGV Capital regularly leads rounds, particularly at Seed and Series A stages where they have strong pattern recognition. The firm also participates in co-led rounds and follows strong lead investors. Their portfolio and recent activity show balanced leadership and follow participation. Recent Activity & Fund Status Status: Actively Deploying Notable Capital had an extraordinary 2025, making 8 new investments including Anthropic, Browserbase, Clover Security, Dub, Phia, and Wispr. Recent exits include HashiCorp (acquired by IBM, February 2025) and Neon (acquired by Databricks, May 2025). Portfolio Composition GGV Capital maintains a highly diverse portfolio of 100+ companies across multiple sectors spanning pre-seed through IPO/acquisition stages, with geographic breadth across US, Israel, Europe, and Asia-Pacific. Stage Preferences GGV Capital actively invests across all stages with 40% of activity in Pre-Seed & Seed, 30% in Series A, and 30% in Series B+. Sector & Market Preferences Primary focus areas: AI & Machine Learning (increasing focus 2024-2025) Cloud Infrastructure & Developer Tools Enterprise Software & B2B SaaS Consumer Technology & Marketplaces Fintech & Financial Infrastructure Healthcare Technology Cybersecurity & Security Infrastructure Geographic Focus & Strategy Primary markets: United States (80%), Israel (10%), Europe (5%), Asia-Pacific (managed by Granite Asia). Decision Process Process: Partnership-based with rapid decision capability The firm operates with a partnership model where multiple general partners evaluate deals. Notable Capital operates from offices in San Francisco and New York, enabling rapid coast-to-coast decision-making. Warm Introduction Requirement Requirement: Preferred but not absolute GGV Capital's size and reputation mean they receive significant inbound deal flow, but the firm maintains accessible founder communication channels. Typical Involvement Level Post-investment involvement: Active partnership including executive recruitment, go-to-market strategy, operational scaling, board representation, and network introduction facilitation. Founder Preferences GGV Capital backs technical founders with deep domain expertise, ambitious vision for global markets, prior startup/scale-up experience, and strong execution capability. Notable Exits & Unicorns Completed exits (2024-2025): HashiCorp (IBM), Neon (Databricks), Streamlit (Snowflake) Unicorn portfolio companies: Anthropic, Instacart, Grab Public companies: Airbnb, Affirm, Coinbase, DraftKings, Peloton, Ibotta, Poshmark, BigCommerce Strategic Observations AI focus increasing significantly - 2025 activity shows substantial pivot toward AI infrastructure, safety, and applications Platform model evolution - Notable Capital's platform team focus on recruitment, sales, and operational scaling increasingly important differentiator Developer tools bias - Infrastructure and developer experience companies consistently outperform in GGV portfolio Geographic diversification - Both arms (US and APAC) maintaining independent strategies while leveraging shared institutional knowledge Founder-first positioning - Explicit positioning as operational partner, not just capital provider, increasingly core to pitch