Lightspeed China raises $920M for new funds, adds five partners




  • In Business
  • 2021-11-30 03:22:43Z
  • By TechCrunch
 

Lightspeed China Partners, the China-focused vehicle of Lightspeed Venture Partners, said Tuesday it has closed the largest fundraising rounds in its history. The new injection came under three years after its last raise in early 2019.

The capital went towards two funds: Lightspeed China Partners V with $460 million for early-stage startups and Lightspeed China Partners Select II with $460 million for growth-stage opportunities. Both will be seeking investments in green tech, deep tech, enterprise tech, health tech and consumer tech, the firm said.

Lightspeed Venture Partners, rooted in Silicon Valley, started in 1999 and has gradually extended its footprint to Israel, India, Europe, Southeast Asia and China, where it began investing in 2006. Lightspeed China has since built up a local investment team like its counterparts IDG and Sequoia. In the past five years, the firm saw a number of notable IPOs, including e-commerce giants Pinduoduo and Meituan, freight matching platform Full Truck Alliance, and electric vehicle upstart Xpeng.

We've written some of its growth-stage portfolio companies, including Hesai, a major lidar maker in China, Laiye, which aspires to be China's Uipath, and Starfield, one of the meat replacement startups that have emerged in China recently.

Alongside its landmark raise, Lightspeed China also added five new partners. Jia Zhu, Francis Kao and Jason Wang were promoted to partners. It also brought in two new partners -- Wei Cai, who was previously responsible for Alibaba's investment in deep tech, and Daniel Sun, who jointly led investments in the consumer and TMT (technology, media, and telecom) sectors at the China Renaissance New Economy Fund.

The firm's two new funds were "oversubscribed", which is "evidence of the strong support garnered from returning and new institutional limited partners across the U.S., Europe and Asia," said James Mi, who helped Google build its China offshoot before founding Lightspeed China.

"As our society is facing the significant challenges of climate change and inequality, we believe it is important to focus on startup companies with innovative products and services that can bring positive impact to the world," said Mi.

COMMENTS

More Related News

China cyberspace regulator drafts new rules for internet behemoths - sources
China cyberspace regulator drafts new rules for internet behemoths - sources
  • US
  • 2022-01-19 06:43:44Z

China's cyberspace regulator has drafted new guidelines that will require the country's internet behemoths to obtain its approval before they undertake any...

China Bonds Defy Global Rout as PBOC Pledges More Support
China Bonds Defy Global Rout as PBOC Pledges More Support

(Bloomberg) -- China's sovereign bonds are poised to extend gains, with shorter maturities outperforming, on expectations the central bank will continue...

PBOC Gives Clear Easing Signal With Promise to Boost Growth
PBOC Gives Clear Easing Signal With Promise to Boost Growth

(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Most Read from BloombergMicrosoft Buys Scandal...

Xi Jinping
Xi Jinping's Covid Defense Gets Weaker With Every Omicron Case

(Bloomberg) -- More than two years into the pandemic most countries are striving to live alongside Covid, accepting the virus as part of everyday life. China...

'Game changer' e-moped batteries spread from Taiwan across Asia

Every day, Aiden Lee joins the hundreds of thousands of people getting around Taipei on two wheels.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business