Welcome to Freshly Minted, where we examine an overlooked deal or funding announcement in tech from the past week, and tell you what you need to know, and why it matters.
This week’s deal: GGV Capital, a V.C. firm that focuses on tech companies in the U.S. and China, has raised their fifth fund at $620 million.
The Chinese tech world is like a parallel universe — the Chinese have their own social networks, ecommerce platforms, gaming empires and mobile chat clients. But GGV Capital has had a hand in both worlds for over 10 years, and now that the two markets are colliding, they stand poised as a major power broker between the Chinese and American tech worlds.
Smart pivots can pay off handsomely. Earlier this week, Percolate, a fast-growing New York City-based startup that helps brands curate content, announced a sizable Series A led by GGV Capital, the same Silicon Valley VC firm that backed Buddy Media, which was acquired by Salesforcefor a eye-popping $698 million. Existing investors First Round Capital and Lerer Ventures also participated in Percolate’s latest round.
Roughly a year ago, Percolate shrewdly changed its focus from helping users find the most relevant top stories toward a (more profitable!) service that helps brands figure out the most compelling content to push out to their followers–a process that starts by helping them interest graph, something that comes more naturally to humans.