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2015 Year in Review 年终回顾
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2015 was quite a year for GGV Capital and the entrepre-
neurs we work with. Our portfolio companies collectively
completed more than $15 billion of M&A activity (including
Alibaba, Youku-Tudou, Qunar and Didi-Kuadi), raised more than
$7.5 billion in 2015 to fund global growth, and completed one
IPO (Square). Additionally, we estimate our current portfolio of
90 private companies generated more than $7 billion in annual
revenue—not bad for a collection of the world’s best “startups.”
We are proud to have announced investments in nineteen
new companies in 2015, ranging from early stage startups to
global players with tens of millions of users. These companies
are innovating in all areas of the technology ecosystem, from
mobile commerce to IOT to software and cloud computing.
Despite representing a broad range of stages, sectors, and ge-
ographies, these companies all share common characteristics:
terrific management teams with long-term, global views and
a determination to build the next great category-definining
company.
We closed out the year with our 15th Anniversary Summit in
Beijing, an October gathering of more than two hundred indi-
viduals from around the world including GGV Limited Partners,
founders, CEOs, and friends of GGV. It was an extraordinary,
three-day event, and we thank all who participated. We literally
cannot do what we do without you, and we know it!
Thank you for your support, and here’s to an even better 2016!
2015年对纪源资本和我们的创业者来说是非常重要的一年。我们的投资组合公司在2015年共计完成超过150亿美元的并购交易（其中包括阿里巴巴、优酷土豆、去哪儿和滴滴快的），共计融资超过75亿美元用以加速它们在全球范围内的增长，并且有一家公司成功上市（Square）。我们预计当前投资组合中的90家私有公司在2015年总销售额超过70亿美元——这些全球 “创业公司”中的佼佼者们在2015年提交了一份令人满意的答卷。
2015年，我们自豪地公布了对19家新公司的投资。我们的投资涵盖了从早期创业公司到拥有几千万用户的世界级企业。这些公司在从移动商务、物联网、软件到云端计算等科技生态系统的各个方面进行创新。虽然这些公司处在不同的发展阶段、行业和地理区域，但它们身上都有一个共同的特点：它们的管理团队拥有长远的眼光、全球化的视野和打造下一个行业领军企业的雄心壮志。
2015年以我们在北京举行的纪源资本成立15周年庆典完美收官。超过两百名来自世界各地的纪源资本有限合伙人、创业者、CEO和朋友们出席了十月份举行的这次庆典活动。为期三天的庆典活动非常成功，我们向参与这次庆典的朋友们表示衷心的感谢。我们深感本次活动的成功与您的帮助和支持密不可分。
感谢您一直以来对我们的支持，祝愿2016年更加美好！
THE MANAGING PARTNERS OF GGV CAPITAL 纪 源 资 本 管 理 合 伙 人
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“When Alibaba was founded, its
first business was already inter-
national, because we were helping
small manufacturers in China find
overseas buyers for their products.
And now we are also doing the
reverse, bringing new brands and
products from overseas into China.
It all drives back to our mission
to make it easy to do business
anywhere.”
JOE TSAI, EXECUTIVE VICE
CHAIRMAN, ALIBABA GROUP
“阿里巴巴从成立之初就是一家国际化的公司，阿里巴巴的第一项业务就是帮助中国的小型制造企业寻找海外买家。现在我们又拓展到了反向业务，将海外的新品牌和产品引入中国市场。我们的事业和我们的愿景紧密相连：让天下没有难做的生意。”
蔡崇信，执行副主席，阿里巴巴集团
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纪源资本15周年庆典G G V C A P I TA L 1 5 T H A N N I V E R S A R Y S U M M I T
Beijing, China | October 27-29, 2015
中国 北京 | 2015年10月27-29日
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In October in Beijing, we hosted more than 200 of GGV’s limited partners,
entrepreneurs and friends of the firm for our 15th Anniversary Summit. Over
three days, speakers and attendees shared insights on the growth of mobile,
IoT, software, ecommerce and other key technology trends across the world’s
largest economies – the U.S. and China.
去年十月，我们邀请了200多位有限合伙人、创业者和纪源资本的朋友们在北京参加纪源资本成立十五周年庆典与年会活动。在为期三天的活动中，演讲者与会议嘉宾分享了他们对中国与美国两大经济体在移动科技、物联网、软件、电子商务和其他重要科技领域的趋势与发展的看法。
Featuring 演讲嘉宾
Robin Chan, CEO, Operator
Fei She 费舍, CEO, Diandian Yangche 典典养车
Fu Sheng 傅盛, CEO, Cheetah Mobile 猎豹移动
Guru Gowrappan, COO, Quixey
Hu Huazhi 胡华智, CEO, Ehang 亿航
Token Hu 胡依林, Founder 创始人, Niu 牛电科技
Chieh Huang, CEO, Boxed
Sam Lai 黎勇劲, CEO, IWJW 爱屋吉屋
Lei Jun 雷军, CEO, Xiaomi 小米
Liu De 刘德, Vice President 副总裁, Xiaomi 小米
Charlwin Mao 毛文超, CEO, Xiaohongshu 小红书
Shen Haoyu 沈皓瑜, CEO, JD Mall 京东商城
Su Jun 苏峻, CEO, Zhimi 智米
Peter Szulczewski, CEO, Wish
Anthony Tan, CEO, GrabTaxi
Tao Dong 陶冬, Chief Economist 首席经济学家, Credit Suisse Hong Kong 瑞信香港
Joe Tsai 蔡崇信, Executive Vice Chairman 执行副主席, Alibaba Group 阿里巴巴
Sonny Vu, CEO, Misfit
Wang Gang 王刚, Angel Investor 天使投资人
Jerry Yang 杨致远, Co-founder 联合创始人, Yahoo! 雅虎
Louis Yang 阳陆育, CEO, musical.ly
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Mobile is disrupting both the PC and traditional offline industries. China has become the world’s largest auto market, and mobile technologies will play a key role in the industry’s future in China, explained Diandian Yangche CEO Fei She.
Co-founder Token Hu shared how e- scooter startup Niu is ushering in a new era of high-quality, battery-powered urban transportation and appealing to China’s millennials who will shape the country’s future economy.
Xiaomi CEO Lei Jun shared his view that with mobile “we are just getting started,” and the impact on third tier cities and rural populations will be far greater than experts anticipate.
The cross-border opportunity is just beginning, according to execs from Operator, Cheetah Mobile and Quixey.
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杨致远与童士豪分享了雅虎对阿里巴巴的传奇性投资背后的故事。
小米CEO雷军坚信，我们正在进入创业的黄金十年，这十年将是属于移动互联网、企业服务和农村用户的十年。
王刚与大家分享了滴滴打车天使投资背后的故事和作为一名成功的天使投资人的投资策略。
智米希望通过把一件件用心做的产品放到年轻人的家里来影响他们的消费认知，通过点点滴滴的努力促进整个家电产业的升级。
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“We were early to see that shop-
ping on a mobile device was really,
really different from shopping on
the web. Wish is providing both a
new form of entertainment as well
as a shopping mall – with 20 million
items – in your pocket. And doing it
on a global scale.”
PETER SZULCZEWSKI, CEO &
CO-FOUNDER, WISH
“我们很早以前就发现在移动设备上购物与在网络上购物是非常不同的购物体验。Wish对用户来说既是一种新的娱乐形式，也是全球用户口袋中可以购买两千多万种商品的购物商场。”
PETER SZULCZEWSKI, CEO、联合创始人, WISH
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Didi Taxi merged with Kuaidi to form the largest taxi-hailing company in China and raised $3 billion.
滴滴打车与快的合并、组成了中国最大的出租车呼叫公司，并针对优步进行了30亿美元融资。
PORTFOLIO IN THE NEWS
纪源资本投资组合新闻
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GrabTaxi
Grab Taxi raised a $350 million Series E round, which included Didi Kuaidi as an investor.
GrabTaxi完成了3.5亿美元E轮融资，滴滴快的也参与了这一轮的投资。
AlienVault
The cyber-security company raised a $52 million round to tackle hybrid thread management.
AlienVault融资5200万美元用于解决对复合威胁的管理。
Diandian Yangche 典典养车
The mobile automotive services company raised a $60 million Series C round and launched its insur-ance product.
移动端汽车服务公司典典养车完成了6000万美元C轮融资并发布了其保险产品。
EHANG 亿航
The company closed a $42 million round and launched the world’s first passenger drone.
幽灵无人机生产公司亿航完成了4200万美元B轮融资并发布了世界上第一架载人飞行器。
Percolate
Percolate raised $40 million Series C round and was named to Fast Company’s Most Innovative Marketing Companies of 2015.
Percolate完成了4000亿美元C轮融资，并被《Fast Com-pany》杂志列为2015年最具创新性的营销公司之一。
Domo
With more than one thousand customers already, Domo raised a $200 million Series D round.
Domo拥有超过1000家用户，并成功完成了2亿美元D轮融资用于扩大销售。
Quixey
Mobile search service Quixey raised $60 million in strategic funding led by Alibaba Group.
移动搜索服务商Quixey完成了由阿里巴巴领投的6000万美元战略融资。
Curse
League of Legends developer Riot Games invested in Curse to develop gaming communications.
英雄联盟开发公司Riot Games对Curse进行了投资以推动游戏交流通讯的发展。
Misfit
The maker of the world’s most elegant wearables, was acquired by Fossil.
世界上最优雅的可穿戴设备制造商Misfit被Fossil公司收购。
Square
Square (NYSE: SQ) went public in November on the New York Stock Exchange.
Square (NYSE: SQ)在11月于纽交所上市。
Qunar 去哪儿
Qunar and C-trip, the leading online travel booking sites in China, agreed to merge, in a deal valuing Qunar at roughly $5 billion.
中国在线旅行预订的两家领军企业——去哪儿与携程同意合并，在合并中去哪儿的估值约为50亿美金。
Youku Tudou 优酷土豆
Alibaba acquired leading Chinese online video site Youku Tudou for $4.8 billion.
阿里巴巴以48亿美元收购了中国在线视频领军网站优酷土豆。
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“The experience of Red – Xiaohong-
shu – is really the experience of the
Chinese consumer going interna-
tional. The growth of our platform
is all about discovery, about social
sharing, and about the increasingly
broad exposure the next genera-
tion of Chinese consumers has to
products and services around the
world.”
CHARLWIN MAO, CEO &
FOUNDER, XIAOHONGSHU
“对中国消费者来说，在小红书平台上消费的体验其实是在世界范围内消费的体验。小红书平台的发展与用户发现商品、社交分享和下一代消费者对全球商品和服务的了解的增加密不可分。”
毛文超，CEO、创始人，小红书
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NEW INVESTMENTS ANNOUNCED IN 2015 2015年公布的新投资
1More Design (1more.com) is an award-winning designer of
headphones and part of the Xiaomi ecosystem. GGV led the
company’s Series B round of financing, and Hans Tung joined
the company’s board of directors.
加一联创(1more.com)是小米生态系统中屡获嘉奖的耳机设计企业。纪源资本领投了该公司的B轮融资，童士豪加入了其董事会。
51credit (u51.com) offers personal finance apps that allow
users to track their credit cards, bank accounts and bills and
receive customized offers. GGV led the company’s Series
B round of financing, and Jenny Lee joined the company’s
board of directors.
51信用卡(u51.com)向用户提供私人金融服务应用，帮助用户跟踪他们的信用卡、银行账户、账单，并帮助用户享受个性化服务。纪源资本主导了该公司的B轮融资，李宏玮加入其董事会。
Airbnb (airbnb.com) is an online community marketplace for
people to list, discover, and book accommodations around
the world. GGV Capital participated in the company’s $1.5
billion private placement round in August.
Airbnb (airbnb.com) 是一家为人们提供发布、发现和预订世界范围内的住宿信息的在线社区平台。纪源资本参与了其在八月进行的15亿美元定向增发融资。
Agora (agora.io) develops technology for high-definition
voice and video communication within mobile apps. GGV
Capital participated in the company’s Series A and Series B
rounds of financing.
Agora (agora.io) 开发了用于移动应用的高清语音和视频通讯科技。纪源资本参与了该公司的A轮与B轮融资。
Boxed (boxed.com) is a mobile commerce app for stream-
lined ordering and delivery of bulk or wholesale goods. GGV
led the company’s Series B round of financing, and Jeff Rich-
ards joined the company’s board of directors.
Boxed (boxed.com) 是一家移动电商应用，向用户提供流畅的下单与大宗批发商品送货服务。纪源资本领投了该公司的B轮融资，Jeff Richards加入了该公司董事会。
GrubMarket (grubmarket.com) is an online farmers’ market,
connecting local farms and food producers with consumers.
GGV led the company’s seed round of financing, and Hans
Tung joined the company’s board of directors. The company
also raised a $10 million Series A round of financing.
GrubMarket (grubmarket.com)是一家连接本地农场、食品制造商与消费者的在线农产品直销平台。纪源资本主导了该公司的种子轮融资，童士豪加入了该公司董事会。GrubMarket也完成了1000万美元A轮融资。
IWJW (iwjw.com) is an online and mobile real estate listing
and transaction platform in China. GGV Capital participated
in the company’s Series C last year and led the $120 million
Series D financing in Q2 2015. Jixun Foo has joined the
company’s board of directors. The company also raised a
Series E round this year.
爱屋吉屋 (iwjw.com)是中国的一家在线和移动端房产发布与交易平台。纪源资本参与了该公司2014年的C轮融资并领投了该公司在2015年第2季度的1.2亿美元D 轮融资。符绩勋加入了该公司董事会。爱屋吉屋年内也完成了E轮融资。
Keep (gotokeep.com) is a mobile fitness community and
platform for training, tracking and sharing. GGV Capital led
the company’s Series B round of financing, and Jenny Lee
joined the company’s board of directors.
纪源资本领投了移动端健身社区和训练、进度追踪与分享平台Keep (gotokeep.com)的B轮融资，李宏玮加入了Keep董事会。
Kujiale (kujiale.com) is an online platform and community for
home design and decoration. GGV Capital led the company’s
$10 million Series B financing, and Jixun Foo joined the com-
pany’s board of directors.
酷家乐 (kujiale.com)是一家在线房屋设计与装修平台及社区。纪源资本主导了该公司的1000万美元B轮融资，符绩勋加入了该公司董事会。
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musical.ly (musical.ly) is an app that makes it fun and easy
for users to create their own music videos and share them
with friends. GGV Capital participated in the company’s Se-
ries B round of financing.
用户可以使用musical.ly轻松、愉快地制作他们自己的音乐录影并与朋友们分享。纪源资本参与了该公司B轮融资。
NIU (niu.com) makes internet-connected, electric scooters
with a focus on high design and low cost. GGV led the com-
pany’s Series A round of financing, and Jenny Lee joined the
company’s board of directors.
牛电科技(niu.com)生产能够连接互联网、精设计、低价格的电动车。纪源资本主导了该公司的A轮融资，李宏玮加入了该公司董事会。
Opendoor (opendoor.com) is an online home-selling service
aimed at streamlining the sales process down to a few days.
GGV led the company’s Series B round of financing, and
Glenn Solomon joined the company’s board of directors.
Opendoor (opendoor.com)提供在线房屋销售服务，旨在将销售程序缩短到几天之内。纪源资本主导了该公司的B轮融资，Glenn Solomon加入了该公司董事会。
Petkit (petkit.com) is the maker of a wearable for dogs that
tracks all aspects of their health and activity. GGV led the
company’s Series A round of financing, and Jenny Lee joined
the company’s board of directors.
Petkit (petkit.com)制造可以追踪宠物狗健康和活动情况的可穿戴设备。纪源资本主导了该公司的A轮融资，李宏玮加入了该公司董事会。
Shiftgig (shiftgig.com) is a mobile platform that connects
people who want gigs with businesses who need them. GGV
participated in the company’s Series A and Series B rounds
of financing, and Jeff Richards joined the company’s board
of directors as an observer.
Shiftgig (shiftgig.com)是一家连接求职者和招聘商家的移动端平台。纪源资本参与了该公司的A轮与B轮融资。Jeff Richards以观察员身份加入了该公司董事会。
Synack (synack.com) provides a subscription-based, secu-
rity-as-a-service solution, utilizing the best and brightest in
security testing. GGV co-led the company’s Series B round
with Icon, and Glenn Solomon joined the company’s board of
directors.
Synack (synack.com)利用安全测试中最先进的技术为用户提供基于订阅的安全服务解决方案。纪源资本与Icon主导了该公司的B轮融资，Glenn Solomon加入了该公司董事会。
Wiselike (wiselike.com) is a new Q&A platform for profes-
sionals. GGV Capital led the company’s $1.25 million seed
round of financing and Hans Tung joined the company’s
board of directors.
Wiselike (wiselike.com)是针对职场人士的新型问答平台。纪源资本领投了该公司125万美元种子轮融资。童士豪加入了该公司董事会。
Xiaohongshu, aka Red, (xiaohongshu.com) is a social and
e-commerce platform for Chinese consumers buying global
goods. GGV co-led the company’s Series B round of financ-
ing with Tencent, and Hans Tung joined the company’s board
of directors.
小红书 (xiaohongshu.com)是一家帮助中国消费者购买全球好东西的社交与电子商务平台。纪源资本与腾讯共同领投了该公司的B轮融资，童士豪加入了该公司的董事会。
Zhan.com (zhan.com) is an online education platform that
provides tutoring and test prep for standardized tests. GGV
led the company’s Series B round of financing, and Jenny
Lee joined the company’s board of directors. The company
also raised a Series C round this year.
小站(zhan.com)是一家在线教育平台，为用户提供辅导、帮助用户准备标准化考试。纪源资本领投了该公司的B轮融资，李宏玮加入该公司董事会。小站在2015年也完成了C轮融资。
Zimi (zmifi.com) is a producer of high-quality, low-cost
mobile accessories, including a battery charger, produced for
Xiaomi. GGV led the company’s Series B round of financing,
and Hans Tung joined the company’s board of directors.
紫米(zmifi.com)是一家高质量、低价格的移动配件制造商，为小米生产移动电源。纪源资本主导了该公司的B轮融资，童士豪加入了该公司董事会。
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“As entrepreneurs, we look for
really, really big categories where
innovation hasn’t yet happened.
With wholesale, it’s a $200 billion
category, and the model hasn’t
changed much in the last decade.
We think everyone – around the
world – with a smartphone should
have access to the same kinds of
deals that your typical urban metro
market shopper has. Boxed makes
that happen.”
CHIEH HUANG, CEO &
CO-FOUNDER, BOXED
“作为创业者，我们寻找那些创新还未产生的巨大市场。批发销售领域是一个2000亿美元的市场，但是其中的商业模型自上个十年起并没发生多大改变。我们认为世界中的每个智能手机用户都应该能够用同样的价格买到一般都市消费者能够买到的商品。Boxed让这一想法成为可能。”
CHIEH HUANG, CEO、联合创始人, BOXED
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TECHCRUNCH
Global Perspectives Series by Hans Tung, including why Startups serving the 99% will be the next billion-dollar companies.
GGV CAPITAL IN THE NEWS
纪源资本新闻
FORBES 《福布斯》
GGV partners Jixun Foo, Jenny Lee, and Hans Tung were recognized on the Forbes Midas List, with Jenny being the first woman to break the top 10.
纪源资本管理合伙人李宏玮、符绩勋与童士豪入选《福布斯》杂志全球最佳创投人榜单，李宏玮成为第一位闯入榜单前十位的女性投资人。
FORBES 《福布斯》
Look to the rural economy for China growth, says tech investor Jixun Foo.
科技投资人符绩勋说，农村经济将为中国经济提供新的增长动力。
WALL STREET JOURNAL 《华尔街日报》
Jenny Lee appeared at the WSJD Live conference and discussed the latest innova-tions from China: new busi-ness models.
李宏玮出席《华尔街日报》全球技术会议WSJD Live， 探讨了中国的最新创新：新商业模式
CNBC
Hany Nada discusses the long-term potential of e-commerce in China.
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FORTUNE 《财富》
The Internet of Things means never having to search again by Jenny Lee and Hans Tung
物联网意味着搜索时代的终结 作者：李宏玮 童士豪
MEDIUM
The WalMart Earnings Miss is a Cannon Shot for the Retail / CPG In-dustry by Jeff Richards
投资中国
李宏玮童士豪发布中美IOT报告：物联网 互联网3.0革命
FORBES
Don’t Underestimate China’s Economy by Glenn Solomon
腾讯
GGV符绩勋：滴滴快的合并后最大挑战是团队梳理
17
“GGV has been our partner since
the early days of Qunar, way back
in our Series B financing. Today
we are a $5 billion company, and
Jixun and the GGV team have
played an incredibly important
role in our success along the
way. We couldn’t have asked for
a better partner.”
CC ZHUANG, CEO & FOUNDER,
QUNAR
“纪源资本是去哪儿的早期投资者，从我们的B轮就开始投资我们。如今，我们是一家50亿美元的公司。在我们走向成功的道路上，绩勋与纪源资本团队成员向我们提供了非常重要的帮助。能够拥有纪源资本这样的合伙人我们感到非常幸运 。”
庄辰超，CEO，创始人，去哪儿
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 $2.6 billion under management
across 6 funds, the GGV portfolio includes Airbnb,
Alibaba, Appirio, Boxed, Buddy Media, Didi Taxi, Domo,
Douguo, DraftKings, EHANG, FlightCar, GrabTaxi,
HotelTonight, Houzz, IWJW, Keep, Meilishuo, Misfit,
Nimble Storage, Niu, Opendoor, Pactera, Pandora
Media, Percolate, Quixey, Qunar, Shiftgig, SoundCloud,
Square, SuccessFactors, Synack, Tile, Tujia, UCWeb,
Wish, Xiaohongshu, Yangche Diandian, Youku Tudou,
YY, Zendesk, Zepp, and 51credit.
www.ggvc.com
@GGVCapital
GGV Capital company page
GGV Capital
GGV Capital company page
