Lightspeed closes latest funds at $1.2b
Lightspeed Venture Partners has closed its latest global fund at $715 million, and raised an additional $500 million for a follow-on vehicle.
The new global fund, Lightspeed Venture Partners XI, will seek investment opportunities with entrepreneurs in the enterprise and consumer sectors, according to a release. It will primarily back companies raising seed, Series A and Series B rounds.
In addition, Lightspeed's Select Fund II will support follow-on funding rounds for the firm's existing portfolio, along with new investments in companies with attractive prospects in large markets. The firm's first Select fund closed two years ago at $430 million; the firm's 10th global fund closed at the same time, at $635 million.
Lightspeed has made a number of investments out of its global fund in India, including online ethnic products marketplace Craftsvilla and woman-oriented online social discovery platform LimeRoad. The firm also launched a dedicated India fund in 2014. That fund closed last August at $135 million.
In addition, the global fund supports the firm's regional funds as well; it was a significant LP in Lightspeed China Partners I, which closed in 2013 at $168 million. Investments out of the China funds include delivery services start-up 123feng.com and vacation-rental website Tujia.
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