Following the rebranding, Granite Asia’s veteran partners dig in for the long haul

Granite Asia’s senior managing partners, Jenny Lee (left) and Foo Jixun, will draw on their years of expertise as the firm ventures into other asset classes. / Photo credit: Granite Asia

The decision to rebrand the Asia unit of GGV Capital as Granite Asia was a deliberate one, given that senior managing partners Jenny Lee and Foo Jixun wanted a connection with what they had built.

“It helps because so much of it was us,” Lee told The Business Times, in a reference to the work that she and Foo put in as members of the founding team of GGV.

While Granite Asia might be thought of as a throwback to GGV Capital, it has been refashioned, as it were. From March 30, 2024, Granite Asia took a different path from GGV Capital by making the Asia-Pacific region its focus. It also expanded its asset classes, moving beyond providing venture capital to funding and supporting founders and their ideas.

The multiasset platform is also looking to launch a credit product to complement its existing equity financing strength, so it will combine the power of equity and debt to aid founders on their journey.

“If you look at an entrepreneurial journey, you will see that the type of financing and support needed is actually multifaceted,” said Foo.

Granite Asia will invest in themes such as consumer growth and transformation, enterprise workflow and supply chain, food systems and sustainability, health innovation and wellness, as well as energy transition and automation.

Granite Asia is looking to invest into a new infrastructure for a world that’s adapting to shifting geopolitics. Where GGV Capital used to cover Southeast Asia, China, and India, Granite Asia is pivoting to the Asia-Pacific, where Lee and Foo believe they have an edge in operating.

“It’s even more important to have investors and board members who can help connect the dots on a global basis,” Lee said. “Entrepreneurs and companies that can do that and navigate this complex world will do better.”

The lessons that the two partners will take from GGV Capital to Granite Asia include both strategic and tactical considerations, from investment structure to positioning brands. To be effective, Granite Asia will draw on its advisors for their input so that plans are made with longer time horizons, said Lee.

In their time in the venture-investing game, both partners helped build 48 unicorns. They have also seen how companies scale their businesses, a complex undertaking in the Asia-Pacific, a fragmented region where a one-size-fits-all strategy will not work.

“We are building a platform with key members from across the region, so we are able to help our portfolio companies navigate,” said Foo.

Managing Granite Asia’s current portfolio companies is keeping the pair busy. They help founders navigate today’s challenging macro environment, including fundraising, restructuring, or even deciding where to list.

The expanded list of asset classes will also take up time.