Lightspeed China Partners raised $920M funds. The China-based venture firm, on Tuesday, closed the biggest-ever fundraising rounds the firm’s history had witnessed. The latest injection arrived below three years after the preceding raise in 2019’s early period.
The capital walked towards 2 funds, namely, Lightspeed China Partners Select II, with $460M for the growth-stage prospects, and Lightspeed China Partners V, with $460M for startups of the early-stage nature. Lightspeed China Partners stated that both these firms will seek investments in Deep tech, Health tech, Consumer tech, and Green tech.
Lightspeed Venture Partners, which is fixed in Silicon Valley, had started in 1999. It has now extended its footprints in India, Southeast Asia, Europe, and China. It started investing in China in 2006.
Lightspeed China Partners has put together a local investment team since then, similar to its counterparts Sequoia and IDG. In the last five years, the venture has witnessed a number of prominent IPOs, which included e-commerce tycoons Meituan and Pinduoduo, Full Truck Alliance—a freight matching platform, and Xpeng—an electric vehicle upstart.
Along with its milestone raise, Lightspeed China Partners has also included five new partners. Francis Kao, Jia Zhu, and Jason Wang too were endorsed as partners. The firm has also added two fresh partners—Daniel Sun, who had led the investments together in the TMT (technology, media, and telecom) and consumer sectors in the China Renaissance’s New Economy Fund, and Wei Cei, who was formerly in charge in deep tech for Alibaba’s investment.
The firm’s two latest funds were ‘oversubscribed’, says James Mi, which is evidence of the solid support gathered from the returned and recent institutional limited partners in Europe, the US, and Asia.
He also said that it is essential to focus on the startup companies which have innovative products, which can ultimately fetch a positive impact in the world.