Granite Global Ventures expands to $600M for Chinese investment
Citing the need for consumer market investments in China, Granite Global Ventures has raised another $200 million for its third fund, which was originally closed off at $400 million in 2006.
Granite has traditionally invested in technology and emerging sectors, but plans on expanding to some sectors in China that are already well established in the United States. They won’t be alone; as we reported late last year, Kleiner Perkins has invested in a Chinese shirt factory and Sequoia Capital backed a farm in the country.
The firm also added brought on four partners from SIG Capital, which in turn is the managing firm behind Venture Star Shanghai, an affiliate of Granite Global. The four are Zhuo Fumin and Jessie Jin, who are will be managing partners at Granite, and Michael Kuan and Steve Chu, who will be venture partners.
Granite Global has about $1 billion under management, including investments from its first two funds.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.