Global VC firm expands new funds in fundraising round

GGV Capital, a global venture capital firm that has bet big on the Chinese market, announced on Thursday it has raised $2.52 billion for its new funds, its largest family of funds in the company's 20-year history.

Over $1.46 billion will be invested through its eighth flagship fund, which aims to support entrepreneurs across all stages of growth. Another $610 million went for its third discovery fund dedicated to global entrepreneurs at their earliest stage of development.

The firm also raised $366 million to enable itself to extend its investment in portfolio companies that are part of the eighth fund and have demonstrated the ability to scale and become category leaders. The remaining $80 million will be invested in expanding its entrepreneur network globally.

Notably, the closing of these funds coincides with one upcoming closing of its RMB fund, with a total committed capital of approximately 3.4 billion yuan ($525 million). It will increase the firm's total capital under management to around $9.2 billion across 17 funds.

Over the past year and a half, 11 its portfolio companies have completed public listings, including Affirm, Agora, Airbnb, BigCommerce, DraftKings, eHang, Kingsoft WPS, Poshmark, Opendoor Technologies, Wish and Xpeng.

The firm said in a statement its main investment strategy include finding out global trends and investing in local entrepreneurs to build market-leading companies, focusing on social and internet, enterprise tech and smart tech to ensure value creation across key markets and investing in entrepreneurs with companies at all stages of growth.