YEAR IN REVIEW

2014 WAS ALL ABOUT…PEOPLE

Why are there so many smiling entrepreneurs throughout these

pages? Aside from being world-class optimists, entrepreneurs

feed off the energy of the companies they are building and the

industries they are changing.

For example: Alibaba, Wish, and Houzz are revolutionizing the

way consumers buy and sell products globally. GrabTaxi, Flight-

Car, and Didi-Dache are forever changing how people think

about transportation. And Misfit, Ehang, Tile, and Zepp are at

the forefront of the global Internet of Things movement.

Every smiling entrepreneur represents not only an idea, a suc-

cess story, a market forever altered – but also the hard work of

the thousands of people employed at their companies. As you

read through this Year in Review, be sure to check out some

of their incredible stories. We are thrilled these teams have al-

lowed GGV Capital to be part of their success, and we couldn’t

be more excited to see what they will accomplish in 2015.

We began the year with the closing of GGV Capital Fund V,

our $620 million global venture capital fund. Over the course

of 2014, we investsed $250 million into 52 companies (across

Funds III, IV, and V), 36 of which are new to the GGV portfolio.

This is consistent with prior years and reflects our strategy of

investment in category-leading companies across the US and

China.

Two of our portfolio companies completed initial public offer-

ings (IPOs), Zendesk (NYSE: ZEN) and Alibaba Group (NYSE:

BABA). Alibaba’s IPO was the largest in history at over $25

billion, and both companies have performed very well since

their offerings. Additionally, our private portfolio companies

collectively raised more than $2.3 billion in new financing

during 2014, creating a strong foundation for future growth.

THE MANAGING PARTNERS OF GGV CAPITAL

Anthony Tan has built GrabTaxi, the leading mobile taxi

app in Southeast Asia, at a breakneck pace. GrabTaxi

averages more than three bookings per second on its

platform and raised more than $300 million in growth

capital during 2014.

MOBILE EVERYWHEREThe world is approaching 2 billion smartphone

users, and more people now access the Internet

via mobile than PC. In fact, more people in the

world now use a mobile phone than use a tooth-

brush. We are aggressively working to invest in

companies pursuing this incredible global trend.

Peter Szulczewski and Danny Zhang created Wish to

meet the rising mobile shopping demands of consumers

around the world. One of the fastest-growing players in

mobile commerce, Wish has more than 35 million active

users, half of which use the app at least once a week.

BRIDGING THE US AND CHINAThe U.S. and China are the two largest economies

in the world, and the fastest-growing consumer

technology markets are in China, India and South-

east Asia. We look for companies thinking globally

from day one, and leverage our deep knowledge,

experience, and relationships to help drive success

in these markets.

Adi Tatarko and Alon Cohen started Houzz in 2009 after

a frustrating home remodeling experience. Five years

later, Houzz is the largest online renovation and design

community with more than 25 million monthly active

users and 600 thousand professionals on the platform.

GLOBAL COMMERCEGlobal e-commerce continues to rise, reaching

more than $600 billion in 2014. Mobile commerce,

growing a breakneck pace, will comprise nearly

half of all e-commerce by 2018. The fastest-grow-

ing and most innovative commerce and service

platforms are being developed around highly

engaged communities with high-quality content

and social features.

Justin Luo and Melissa Yang founded Tujia when they

saw rising demand but under-utilized supply of vacation

homes in China, the world’s largest travel market. Tujia,

which offers both online listings and offline services, is

now China’s leading vacation rental platform and raised

more than $100 million in growth capital during 2014.

SHARING EVERYTHINGMobile and social have grown up together, so it’s

no surprise that mobile activity centers around

sharing. Mobile is enabling people to share every-

thing from knowledge to experiences to physical

resources - all in real-time. We are working with

entrepreneurs creating these new economies and

communities.

Sonny Vu, John Sculley and Sridhar Iyengar founded

Misfit in 2011 to develop fashion- and design-focused

wearables. Misfit now has a presence in more than 21

thousand retail locations in 50 countries and raised a

growth capital round of financing from GGV, Xiaomi,

and others in 2014.

EVERYTHING IS CONNECTEDMobile is no longer just about smartphones and

tablets. By 2018 we expect to see more than 10

billion connected “IoT” devices worldwide, and

connectivity and data will be ubiquitous. We are

investing aggressively in the entrepreneurs help-

ing to create and drive this market forward.

As former CEO of Omniture, Josh James saw the

unrealized potential for big data to drive decision-

making in businesses. He founded Domo to build the

ultimate business dashboard, and in 2014 the company

saw 100% year-over-year growth.

ON CLOUD NINECloud computing has revolutionized the $1 trillion

enterprise technology market. This massive shift,

however, is still in its infancy. Innovative entre-

preneurs are creating massive opportunities in

applications, mobile, security and infrastructure

platforms.

Mike McCue and Evan Doll created Flipboard in 2010 to

make digital, mobile content and advertising as elegant

and beautiful as the best in print. With more than 130

million users worldwide, Flipboard has become a daily

habit for readers in the U.S., China and around the world.

CONTENT THAT CAPTIVATESDigital media has steadily been overtaking tradi-

tional media for mindshare. In the US, the average

person spends more time each day on their mo-

bile device than watching TV. High quality digital

content has become the foundation for building

engaged users, creating online communities, and

driving online and mobile commerce.

GGV in Top Ten onForbes Midas List 2014

SoundCloud raises $60 million Series D

GGV invests in Flipboard in $50 million Series C round

GGV leads Zepp’s Series B

GGV makes intros for China internet

giants looking to US

Domo raises $125 million

round

JANUARY

Bluekai is acquired by Oracle

FEBRUAR

MARCHPercolate raises $24 million Series B

GGV anoints tech’s biggest players in China and US

MAY

GGV raises $620 million Fund V

Zendesk raises $100 million in IPO

and rises 27% on first day of trading

GrabTaxi raises $15 million Series B from GGV, followed by more than $300 million from Softbank and Tiger Global

Light Chaser Animation raises $20 million Series B from GGV

Tujia raises $100 million Series C

Wish raises $19 million round led by GGV

APRIL

Alibaba acquires UCWeb

JUNE

Citrus Lane is acquired by Care.com

GGV leads Curse’s $19 million Series B

DraftKings raises $41 million

Alibaba sets record with $25 billion NYSE IPO

GGV leads $13.5 million Series A for FlightCarJULY

Houzz raises $165 million Series D

GGV shares lessons from Alibaba’s evolution

AUGUST

Tile raises $9.5 million Series A led by GGV

SEPTEMBER

Jenny Lee: VC. Golfer, Fighter Jet Engineer.

GGV leads Seed round for Totspot

Square raises $150 million

Evolv is acquired by Cornerstone

OCTOBER

The King-Maker Strategy: China giants investing in US

Jixun Foo is AVCJ VC professional of the year

Misfit raises $40 million from GGV, Xiaomi and others Didi Dache raises $700 million

Hashicorp raises $10 million Series ANOVEMBER

DECEMBER

SELECT 2014 NEW INVESTMENTS

Boxed (boxed.com) is a mobile commerce app for

streamlined ordering and delivery of bulk or whole-

sale goods. GGV led the company’s Series B financ-

ing, and Jeff Richards joined the company’s board of

directors.

Curse (curse.com) is a media and online gaming ser-

vices platform focused on virtual worlds. GGV led the

company’s $16 million Series B financing, and Hans

Tung joined the company’s board of directors.

Didi-Dache (xiaojukeji.com) is the leading taxi-book-

ing app in China. GGV participated in the compa-

ny’s $700 million Series D financing led by Temasek

Holding.

EHANG (ehang.com) is a leading designer of con-

sumer and commercial drones and the maker of the

“Ghost Drone.” GGV is leading the company’s Series

A round of financing, and Jenny Lee is joining the

company’s board of directors.

FlightCar (flightcar.com) is a car-sharing startup that

allows car owners to rent out their cars at airports.

GGV led the company’s $13.5 million Series A round

of financing, and Hans Tung joined the company’s

board of directors.

Flipboard (flipboard.com) is transforming how

people discover, view and share content on mobile

devices. GGV invested in the company’s $100 million

Series C round of financing.

Grabtaxi (grabtaxi.com) is a leading location-based

taxi booking and dispatch platform focused on

Southeast Asia. GGV led the company’s $15 million

Series B financing, and Jixun Foo joined the compa-

ny’s board of directors.

Hashicorp (hashicorp.com) provides tools

to developers to improve the development, delivery

and maintenance of applications. GGV participated

in the company’s Series A round of financing led by

Mayfield Fund, and Glenn Solomon joined the com-

pany’s board of directors.

Light Chaser Animation Studios (zhuiguang.com)

was founded by Gary Wang, founder and ex-CEO of

Tudou.com, China’s leading internet video website

and GGV portfolio company. Light Chaser creates

world-class animated films with a Chinese cultural

touch. GGV led the company’s $20 million Series B

round of financing, and Jixun Foo joined the compa-

ny’s board of directors.

Misfit (misfit.com), creator of the Shine and Flash

fitness and sleep monitors, is known for creating the

world’s most elegant wearables. GGV led the com-

pany’s $40 million Series C financing, and Hans Tung

joined the company’s board of directors.

Yingying (yingyinglicai.com) is a mobile app which

allows consumers to purchase financial products

such as money market funds and asset-based collat-

eral loans. GGV led the company’s Series A round of

financing, and Jenny Lee joined the company’s board

of directors.

Tile (thetileapp.com) is a tiny wearable to keep track

of all the things you don’t want to lose. GGV led the

company’s $9.5 million Series A financing, and Jeff

Richards joined the company’s board of directors.

Totspot (totspot.me) is a mobile-first platform for

moms to buy and sell children’s clothes and came

out of 500 Startups. GGV led the company’s seed

round of financing, and Hans Tung joined the compa-

ny’s board of directors as an observer.

Yangche Diandian (yangchediandian.com) is a

mobile app for car owners that started by offering

discount car washes and is expanding into other

automotive services. GGV led the company’s Series B

round of financing, and Jixun Foo is joining the com-

pany’s board of directors.

GGV Capital is a venture capital firm founded in 2000 with the unique idea

to have one team investing in both China and the US. With $2.2 billion under

management across 5 funds, the GGV portfolio includes Alibaba, AlienVault,

Buddy Media, Chukong Technologies, Curse, Didi Taxi, Domo, Douguo, Draft-

Kings, FlightCar, Flipboard, GrabTaxi, HiWiFi, HotelTonight, Houzz, Kingsoft

WPS, Light Chaser Animation, Meilishuo, Misfit, Nimble Storage, Pactera,

Pandora Media, Quixey, Qunar, SoundCloud, Square, SuccessFactors, Tile,

Tujia, UCWeb, Wish, Youku Tudou, YY, Zendesk, and Zepp.

www.ggvc.com

@GGVCapital

GGV Capital company page

GGV Capital

GGV Capital company page