To some traders, “down round” is a unclean phrase, however to not Notable Capital’s Hans Tung. Hans is a managing associate at Notable Capital, previously GGV Capital, a enterprise agency specializing in investments within the U.S., Latin America, Israel, and Europe.
Hans, whose portfolio consists of the likes of Airbnb, StockX and Slack, sat down with TechCrunch’s Equity podcast to debate the general state of enterprise and why he nonetheless believes down rounds could make quite a lot of sense. Per Hans, “An IPO is actually just a milestone, not the end game. An IPO is the beginning of public investors being along for the ride. So when you think in longer-term valuations, up or down temporarily doesn’t matter as much as generating a big outcome at the end.” It’s price noting that by September 2023, almost 11% of the yr’s VC offers had been down rounds, in response to PitchBook information.
Hans additionally tell us why he’s nonetheless bullish on fintech, and what sectors within the fintech house have him particularly psyched.
After all, we dug into recent changes at his own firm, which developed from 24-year-old cross-border agency GGV Capital and rebranded its U.S. and Asia operations to Notable Capital and Granite Asia, respectively. GGV’s transformation is the newest in a string of modifications we’ve seen on the earth of enterprise capital, together with personnel modifications at Founders Fund, Benchmark and Thrive Capital.
Hit play to listen to what Hans has to say on these matters and extra! Fairness will probably be again on Monday. See you then!
Fairness is TechCrunch’s flagship podcast and posts each Monday, Wednesday and Friday. You’ll be able to subscribe to us on Apple Podcasts, Overcast, Spotify and all of the casts.
You can also observe Fairness on X and Threads, at @EquityPod.
For the total interview transcript, for many who desire studying over listening, try our full archive of episodes over at Simplecast.
