GGV Capital

Founded in 2000 and managing $9.2 billion across 13 funds, GGV Capital built one of the most globally diversified portfolios in venture capital — with early bets on Alibaba, Airbnb, Square, Slack, and Xiaomi. But in March 2024, the firm executed a structural split that fundamentally changed how founders should approach either successor entity.

GGV Capital separated into two distinct firms on March 29, 2024. The U.S. partnership — now called Notable Capital — operates from Silicon Valley with offices in San Francisco and New York, investing in companies across the United States, Israel, Europe, and Latin America. The Asia partnership — Granite Asia — is headquartered in Singapore and covers Southeast Asia, Japan, China, India, and Australia.

This guide focuses on both successor funds and how to approach each one. Understanding the split is critical: if you are building outside Asia, you should be targeting Notable Capital, not GGV Capital by name.

The split did not dilute the partnership's conviction or resources. Notable Capital carries forward the U.S. portfolio including Airbnb, HashiCorp, Affirm, Coinbase, and Vercel, deploying from a roughly $4 billion fund base. The team has collaborated for an average of fifteen years, investing with long-term vision across multiple market cycles.

The most important development in GGV Capital's recent history is its March 2024 reorganization into two独立的 firms. This was not a rebranding — it was a structural separation of two partnerships that had operated together for nearly 25 years.

Notable Capital (U.S. partnership): Headquartered in Silicon Valley with offices in San Francisco and New York. Covers the United States, Israel, Europe, and Latin America. This is the entity most U.S. and international founders should target.

Granite Asia (Asia partnership): Headquartered in Singapore. Covers Southeast Asia, Japan, China, India, and Australia. If you are building in Asia, Granite Asia is your counterpart.

The split reflects a pragmatic recognition that Asia and U.S. venture markets operate differently in terms of deal flow, founder expectations, sector emphasis, and exit timing. Both firms maintain the same high-conviction, long-term partnership ethos that defined GGV Capital's approach.

Notable Capital's 2024 year-in-review makes clear the firm is actively deploying capital, with 11 new investments and over $80M in follow-on funding across 17 portfolio companies. The firm is not sitting on its fund.

Notable Capital's investment thesis centers on backing what they describe as "remarkable founders building industry-defining businesses." The firm is sector-agnostic but concentrates in five core areas: AI and machine learning, cloud infrastructure, cybersecurity, fintech and commerce.

The firm's 2024 new investments provide a precise map of current thesis emphasis. Notable Capital invested in Patronus AI (LLM evaluation), LocalStack (local cloud development environments), Parafin (embedded financial infrastructure), and Gorgie (functional beverages), alongside six unannounced companies spanning security operations, application security, identity management, AI commerce, generative AI media, and AI workflow automation.

Stage-wise, Notable Capital invests from Pre-Seed through Series B+, with check sizes typically ranging from $5 million to $50 million per deal. The firm prefers to lead or co-lead rounds, providing not just capital but strategic guidance and operational support.

The firm's global reach extends beyond the U.S. to Israel, Europe, and select go-global markets. Notable Capital is particularly interested in companies that can achieve international scale from day one.

What sets Notable Capital apart from other multi-stage VCs is the depth of the partnership's collaboration — the partners have worked together for an average of fifteen years, meaning portfolio companies get access to a deeply integrated network rather than a single point of contact.

Notable Capital maintained an active investment pace through 2024 and into 2025. The firm's 2024 activity included leading or participating in major funding rounds across its portfolio companies: Vercel ($250M Series E), Kong ($175M Series E), Nozomi Networks ($100M Series E), Stori ($212M), Torq ($70M Series C), Homebase ($60M Series D), Coder ($35M Series B), and Neon ($25M strategic).

The firm's exit track record from 2024 demonstrates the returns potential of its thesis: Ibotta IPO (NYSE: IBTA at $2.7B valuation), HashiCorp acquisition by IBM ($7.7B), Gem acquisition by Wiz ($350M), and Cacheflow acquisition by Hubspot.

On the AI front, Notable Capital has invested in Anthropic (AI safety research), 6sense (AI-powered go-to-market intelligence), Patronus AI (LLM evaluation platform), and Pecan (predictive analytics). The firm is actively building out its AI portfolio across the stack.

Granite Asia, the Asia counterpart, has continued deploying capital across the APAC region. The split has not diminished deal activity in either geography — if anything, both firms have gained operational focus and sharper thesis clarity since the separation.

Notable Capital's portfolio reflects a curated selection of category-defining companies across its five core sectors.

AI and Machine Learning: Anthropic (AI safety), 6sense (GTM intelligence), Patronus AI (LLM evaluation), Pecan (predictive analytics).

Cloud and Infrastructure: Vercel (AI Cloud, creator of Next.js), Kong (API platform), Neon (serverless database, acquired by Databricks), Coder (cloud development environments), HashiCorp (multi-cloud automation, acquired by IBM).

Cybersecurity: Drata (GRC/trust automation), Descope (authentication), Torq (security automation), Orca Security (cloud security).

Fintech and Commerce: Affirm, Coinbase, DraftKings, Square/Block, Clara, Stori (Latin America fintech), Quince (direct-to-consumer).

Consumer and Marketplace: Airbnb, Handshake, Lime, Houzz, Brightwheel (EdTech), K Health (digital health).

The diversity of Notable Capital's portfolio — spanning infrastructure, AI, fintech, and consumer — reflects a deliberate thesis that the best companies often appear in adjacent sectors, and that a deep partnership network creates cross-pollination opportunities for all portfolio founders.

Notable Capital evaluates potential investments on several key dimensions. The firm places primary emphasis on founder quality — looking for entrepreneurs with deep domain expertise, clear vision, and a demonstrated ability to execute under pressure.

Market opportunity is assessed through comprehensive analysis of market size, growth trajectory, and competitive dynamics. Notable Capital looks for companies addressing large, growing markets with clear paths to monetization.

Product differentiation is critical. The firm seeks companies with unique intellectual property, proprietary technology, or novel approaches that create sustainable competitive advantages — moats that can be defended over time.

Financial traction matters, though early-stage companies are evaluated with appropriate context. Notable Capital looks for evidence of customer traction, strong unit economics, and a credible path to the next funding round or profitability.

Team composition is carefully considered. Notable Capital looks for founding teams with complementary skill sets — not just technical brilliance, but commercial acumen, hiring capability, and operational discipline.

Global ambition is implicit in Notable Capital's bar. The firm invests in companies that aspire to be category leaders in large addressable markets, not regional players or niche utilities.

Notable Capital receives thousands of pitch decks each year. Warm introductions remain the most effective path to a meeting — specifically referrals from portfolio CEOs, other trusted investors, or respected members of the entrepreneurial ecosystem.

If you do not have a warm introduction, a polished cold submission to Notable Capital through their website can work, particularly if you are in one of the firm's five focus sectors (AI, cloud infrastructure, cybersecurity, fintech, commerce) and have strong traction metrics to point to.

When preparing for your meeting, be ready to discuss your market sizing, competitive landscape, business model, traction metrics, and fundraising plans in granular detail. Notable Capital's partners are deep thinkers who will challenge your assumptions — come prepared with data.

The due diligence process typically takes 2–4 weeks from initial meeting to term sheet, though timing varies based on deal complexity and firm bandwidth.

Follow-up after your initial meeting is important. Notable Capital typically takes several weeks to make investment decisions, so maintain communication without being overly pushy. Send updates on milestones achieved and any significant traction that develops after your meeting.

While Notable Capital invests in early-stage companies, the firm expects founders to have a solid command of their financials — burn rate, runway, unit economics, and path to profitability or the next round.

Many first-time founders underestimate the importance of financial preparedness when raising capital. Investors want to see that you understand the financial mechanics of your business and have realistic projections for how you'll deploy the capital you raise.

Working with a fractional CFO can meaningfully improve your chances of securing funding from a firm like Notable Capital. Professional financial guidance helps you build accurate projections, prepare investor-ready financials, and confidently answer due diligence questions.

Our team has helped numerous companies raise venture capital and can support your fundraising process — from pitch deck financials to comprehensive financial models that stand up to scrutiny from sophisticated investors.

Financial projections should be realistic and grounded in evidence. Notable Capital will scrutinize your assumptions and challenge your projections. Be prepared to explain the basis for your forecasts and demonstrate that you have considered multiple scenarios.

Understanding your key performance indicators (KPIs) is essential. Notable Capital will want to see that you track the metrics that matter most to your business, and that you can explain trends in your performance with clarity and honesty.

Whether you are preparing to pitch Notable Capital, Granite Asia, or another top-tier VC, having professional-grade financials can set you apart from the competition. Our team understands what investors look for in financial presentations and can ensure you are presenting a story that withstands rigorous due diligence.

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