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GGV Capital follows $620m fundraise with $15m GrabTaxi backing

30 May 2014

tax rank minicabUS and China-focused venture investor GGV Capital has followed the $620m final close for its latest fund by leading a $15m investment in Asian startup GrabTaxi.

Temasek’s Vertex Ventures also took part in the Series B round after leading its Series A in April last year.

Malaysia-headquartered GrabTaxi aims to allow app users to book a local taxi based on how close it is, what the traffic is like and how other people have rated the provider.

GrabTaxi says more than 250,000 passengers currently use its service at least once a month, and that it has more than 20,000 registered drivers.

Last week GGV held a $620m final close for its fifth fund, backing up an AltAssets exclusive.

The fundraise brings GGV’s total assets under management to more than $2.2bn, and provides the firm with new capital to target deals in the internet and digital media, cloud and mobile sectors.

GGV has previously backed businesses including Alibaba Group, SoundCloud and Square.

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