News

Lightspeed is Raising its Largest Funding in China

Lightspeed has set a target of $360 million.

Lightspeed Technology

Lightspeed China Partners, a Shanghai VC firm and also an affiliate of Silicon Valley-based company, is intending to raise $560 million across its two new venture funds.

According to a document filed with U.S. Securities and Exchange Commission today, Lightspeed China Partners has set a target of $360 million for its fourth flagship venture fund.

If the target is reached, it would be the largest venture fund Lightspeed China Partners has raised to date. Its previous two funds each closed on $260 million.

Since the firm raised its debut fund of $168  million in 2013, Lightspeed China Partners has enjoyed three portfolio company exits which include e-commerce platform Pinduoduo, mobile photo-editing app FaceU, and peer-to-peer lending platform PPDai.

The funding is backed by David Mi, an investor in multiple billion-dollar companies. Mi was previously the director of corporate development at Google and joined Lightspeed in 2008. Later in 2011, he established the firm’s China presence. Yan Han, a long-time Lightspeed capitalist and a founding partner of the firm’s Chinese branch, is additionally noted on the filing.

Earlier this year in July, Lightspeed Venture Partners closed a record $1.8 billion in new allegiances. Also, it has pinned new partners onto its enterprise investment teams, including Slack’s former head of growth and Twitter’s former vice president of global business development.

Manish <span>Content Strategist</span>
Written By
Manish Content Strategist

With a mixture of literature, cinema, and photography, Manish is mostly traveling. When he is not, he is probably writing another tech news for you!

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