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M&A activity is at the highest level I've seen in 17 years, says GGV Capital's Nada

GGV Capital co-founder Hany Nada told CNBC on Monday the level of tech M&A activity recently is the highest he's seen in his 17-year-long career.

"I think there is a tremendous amount of consolidation happening in the tech industry right now," Nada said on "Squawk Alley." "I'm currently aware of seven M&A transactions. Two are announced — DraftKings and a company in Europe."

He continued, "There's something going on in the macro environment that's compelling and giving strategic buyers much more risk tolerance to acquire companies."

Last week, fantasy sports tech companies DraftKings and FanDuel agreed to merge. The companies said the merger would allow greater investment in "growth opportunities and an accelerated path to profitability." Nada, who helped orchestrate the merger deal and sits on DraftKings' Board of Directors, said he's anticipating exciting new products.

"Specifically around DraftKings, I think the thing I'm most excited about is what's going to happen to the product of the company," he said. "Right now companies have been spending a lot of time getting up to regulatory standards, making sure products are robust and consumers are protected."

Nada said the companies still have a lot of growth in their future. He added that 2016 was a very difficult year for the tech industry as a whole, but says it is ending in a much better place.