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Notable Capital's Hans Tung Talks VC Trends

While "down round" may ring alarm bells for some investors, for Hans Tung of Notable Capital, it's a different story
April 21, 2024

In the world of venture capital, "down round" might sound like a red flag to some investors, but for Hans Tung, Managing Partner at Notable Capital, it's not a dirty phrase. Formerly known as GGV Capital, Notable Capital focuses on investments across the U.S., Latin America, Israel, and Europe. 

Hans Tung, whose impressive portfolio includes companies like Airbnb, StockX, and Slack, recently shared his insights on the state of venture capital and why he believes down rounds can still be a smart move. Hans emphasized, “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.” 

According to PitchBook data, nearly 11% of VC deals by September 2023 were down rounds, indicating their significance in the investment landscape.

Furthermore, Hans discussed his continued optimism in the fintech sector and highlighted specific areas within fintech that excite him the most.

Additionally, we delved into recent changes at Notable Capital, formerly GGV Capital, which recently underwent a transformation. The firm rebranded its U.S. and Asia operations to Notable Capital and Granite Asia, respectively, marking another step in the evolution of the venture capital landscape. Notable Capital's changes are part of a broader trend in the venture capital world, which has seen significant personnel changes at firms like Founders Fund, Benchmark, and Thrive Capital.

In a dynamic venture capital landscape, insights from industry leaders like Hans Tung provide valuable perspectives. Tung's views on down rounds, fintech's future, and the evolving nature of venture capital shed light on the industry's current trends and future directions.

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