This is Lightspeed China's largest fundraising since the independent operation of the institution in 2011; it manages a total fund of USD 3 billion.
The capital will be separately invested in Lightspeed China Partners V, with USD460 million for early-stage startups and Lightspeed China Partners Select II with USD460 million for growth-stage opportunities, focusing on green tech and deep tech, enterprise services, medical tech consumption and other fields.
Meanwhile, Lightspeed China added five new partners: Jia Zhu, Francis Kao and Jason Wang were promoted to 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, were brought in as partners.
Founded in 2006, Lightspeed Venture Partners is an outstanding Chinese venture capital firm focusing on early-stage investments in Internet, mobile, services and enterprise solutions. Lightspeed Venture Partners has invested in early through growth stage China-based companies since 2005 in sectors including Internet, mobile, services and enterprise solutions. In the past five years, the firm has inked some notable deals with top-tier companies, such as China's dominant internet platform companies Meituan and Pinduoduo, China's leading online commercial freight platform Full Truck Alliance and electric vehicle upstart Xpeng.