GGV Capital opens first Southeast Asia office in Singapore

GGV Capital managing partner Jenny Lee at the Asia PE-VC Summit 2018 organised by DEALSTREETASIA

US and China-based venture capital firm GGV Capital has officially opened its office in Singapore, its first in Southeast Asia and fifth globally, managing partner Jenny Lee told DEALSTREETASIA.

“GGV Capital is honored to open its 5th office in Singapore. GGV invests in local founders around the world, and we have been impressed and humbled by the warm welcome we have received in Singapore and more broadly throughout Southeast Asia.

“We see incredible opportunity in the region and look forward to partnering with the entrepreneurial community to build global companies,” said Lee in a statement.

GGV shares its Singapore office with EV Growth, a joint growth-stage fund launched by East Ventures, SMDV and Yahoo! Japan Capital, EV Growth vice president Yoshi Okubo shared in a LinkedIn post.

Photo: Yoshi Okubo’s LinkedIn post

Last November, DEALSTRETASIA had reported that the VC firm was looking to open a Singapore office early this year, the fifth after Menlo Park, California, Shanghai and Beijing.

Lee had said the firm, which has over $6 billion in capital under management across 10 funds, has not decided on specific allocations for the region but emphasised that GGV Capital is “serious about Southeast Asia”. The Singapore office will also act as a nearer gateway to India, another market that the VC firm is keeping an eye on.

In a previous interview, Lee had said GGV is looking to invest in areas such as fintech, e-commerce and content social space in Southeast Asia. The VC firm is an early investor in Singapore-headquartered ride-hailing unicorn Grab.

GGV Capital raised $1.88 billion for its funds last October, including $1.36 billion for the firm’s main funds, GGV Capital VII and VII Plus, $460 million for GGV Discovery II focused on seed and early-stage opportunities, and $60 million for the GGV Capital VII Entrepreneurs Fund consisting largely of company founders as LPs. It had previously raised $1.2 billion in 2016 across four funds. In early 2018, it closed its first RMB-denominated fund at RMB1.5 billion ($225 million).

Founded in 2000, GGV Capital claims to generate an IRR of more than 25 per cent. It has invested in 51 unicorns across US and China, where half of these were Series B or earlier-stage companies at the time of initial investments such as Airbnb, Didi Chuxing, Toutiao, Slack, and in Southeast Asia, Grab. Out of these 51 unicorns, 25 have gone public, such as Alibaba, Square, YY Inc. and Zendesk.

Besides GGV Capital, Chinese VC firm Qiming Venture Partners is also weighing its options to double down on startups in Southeast Asia. It is said to be leading the ongoing Series B round of Singapore-based budget hotel operator RedDoorz, which could go up to $50 million.

Also Read:

Grab-backer GGV Capital to march into Southeast Asia with Singapore office

What does it take to be a good VC? Patience & resilience, says GGV Capital’s Jenny Lee

As more consumers get online, SE Asia will mint new unicorns: Jenny Lee, GGV Capital

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.