GGV Capital

“Over the next 10 years, between 2013 and 20 23, globalization of mobile internet, especially for consumer companies, Will be the most important trend I will ever bet on in my career, and hence, because I have a more global view, I am still extremely bullish on…”

“If you only build a service, a product for yourself or your friends, that's a relatively niche market.”

“You want to have a team with diversity of background, opinions, thoughts, and experiences, because that would help you scale globally much easier.”

“Don't worry about high margin. Worry about high volume.”

“In our firm, 75% are women, and amongst our six GPs, we have one that's women, and most of our VPs are women.”

“That experience where you have a community, content, and commerce is what we think is extremely differentiated from Amazon. At the same time, it is something that keeps getting users to come back over and over again. I find myself on a house almost once a day,…”

“So that's probably one of my most recent investment where we're able to make a decision from meeting an entrepreneur to wiring the money all within three weeks.”

“I focus more on how big that opportunity can be down the road, and I focus on how well I think this team stack up against everyone else in that same space, and I don't mind to pay valuation that's a bit higher for the right team and for the right category. It …”

“We tend to have a reserve ratio somewhere around one to one or one to two. So for every dollar we put in, sometimes we have a dollar in reserve. Sometimes we have 50 cents on the reserve.”

“I think over time, they're going to converge. You know, I think China is going to go through the same evolution that the US did, right, 10 years ago in moving from field sales and person sales to inside sales to lightweight demand gen. I think it's as people b…”

“Today, half our team is in China, half our, over half our investment team, over 50% of our investments have been made in the China market.”

“I can't think of a cheap deal I've ever done in my life that turned out great.”

“These are global trends and really for the first time are flattening technology markets so that the interplay between China and the U.S. Where we're focused and other markets as well is as vibrant as it's ever been, and that's where I think some of the folks W…”

“I think it's a crutch to use valuation as a reason to walk from deals.”

“We actually met Ryan in the Series A. We offered lead the Series A, and he Politely chose Bessemer Venture Partners.”

“I think being aggressive and hiring senior executives is probably the single biggest area where I see first-time founders struggle, and I would also add to that that it's the area where we see repeat founders really excel.”

“GGB was an early investor in Alibaba Group, and back in 2003, the two hundred million dollar valuation.”

“One of our largest investments today is a seventy-five million dollar investment. We started out with an eight million dollar investment of a hundred free in the series B. Today, that company is worth over eight and a half billion dollars, and so we've continu…”

“About 80, probably 80% of the folks that we back are first-time founders. It may even be 90%.”

“In our firm, we do a fairly high degree of attribution, and we track performance in a very, very detailed way. We literally go through it every 90 days, and I think at a much more detailed level than most firms.”

“If you believe that is a substitution of gym membership and enlarging the pie, and you can argue for those that miss Uber or anything that drive sharing, it's a car ownership substitution, not just a substitution of taxi services, then the pie becomes a lot bi…”

“But I mentioned that I think back in 2013, the model to look at will ends up being something what Tiger Global is building because it's multi-stage and it is a public fund that if you do that well, The profits of that can help to subsidize growth of their priv…”

“And in our AUM for GGV, the first 10 years was a billion. The second 10 years is eight billion.”

“Once our company go public, instead of trying to figure out which one's likely to be the next square and next Zendesk and continue to, or Airbnb and continue to rise, we have sort of adopted approach of being willing to exit evenly, quarter by quarter, a finit…”

“And I think the only other firm that did that was Matt at Wellington. So both of us only went and invested in both companies.”

“In fact, we end up investing both Peloton and Affirm because of that. When we are talking to Peloton, we know of Affirm, and we were interested to see who Peloton works with in order to have that payment plan, because we know that will make it more affordable.…”

“Because you give someone 10 things they need to work on, they're not going to do most of them. You tell someone there's one or two things you've got to really think about, they remember it.”

“I remember investing in Peloton at about a billion dollar valuation.”

“I invested in some of the companies at, you know, sub one hundred million valuation. When they become, you know, five, 10, 20, sometimes even a hundred billion dollar valuation, it really doesn't matter what I'm to the rest of a portfolio.”

“Again, this is why investing in multi-stage is much better than investing in single stage, because you get to see and choose, okay, I love this sector, I love this founder, but it's just a bit too early, or they're at a tough We should come back to it later wh…”

“So even in the analysis that you do, it's hard to predict anything beyond three to five X in the growth stage. So you have to pick ones that has a special possibility for a lot more.”

“So having gone through a few cycles earlier in three big ones with Asia financial crisis, internet bubble, the first one, and then the financial crisis from the U S it gives you perspective on when other people are afraid and Stop investing or stop innovating.…”

“We invested in Square at about an eight hundred million dollar valuation, and then when a company went public, the valuation for the first two years was not great, but thereafter, they really found the right market fit and found the right engine for the scale,…”

“To date, Ralph has raised over a hundred and seventy million dollars for the company, from the likes of GGV, Balderton, Soft SoftBank and Kazak, to name a few.”

“Raised ninety million, led by GGV, and you know, all of our other insiders came in and got the round done”