Venture capital firm Lightspeed has secured over $7 billion across four new funds
Venture capital firm Lightspeed announced today that it has secured over $7 billion across four new funds.
Venture capital firm Lightspeed announced today that it had secured over $7 billion in capital to be invested across four new funds aimed at “early-stage entrepreneurs across the globe,” including one focused on India.
The firm also unveiled an independent “crypto-native team” called Lightspeed Faction, which will be led by investors Sam Harrison and Banafsheh Fathieh.
“Faction believes the innovation economy is at the precipice of a significant computing paradigm shift with blockchain companies leading,” the announcement stated.
The four funds revealed today are called Lightspeed Venture Partners XIV-A/B LP, Lightspeed Venture Partners Select V LP, Lightspeed Opportunity Fund II LP and Lightspeed India Partners Fund IV.
The funds closed with $1.98 billion, $2.26 billion, $2.36 billion and $500 million, respectively.
The announcement comes amid a general slowdown in venture capital dealmaking, as the turbulence in equity markets and rising inflation have had ramifications in the private market.
As The Block reported previously, May was the slowest month for crypto venture capital deals in the last six months.
Venture capital firm Lightspeed
The fundraising exercise saw closure of four funds such as Lightspeed Venture Partners XIV-A/B, L.P. (Fund XIV) at $1.98 billion; Lightspeed Venture Partners Select V, L.P. (Select Fund V) at $2.26 billion; and Lightspeed Opportunity Fund II, L.P. (Opportunity Fund II) at $2.36 billion in addition to the $500 million India fund named Lightspeed India IV, the company said in a statement.
With $500 million hard-capped fund, the company will deepen its commitment to early-stage start-ups in India and South East Asia region while continuing to back growth-stage companies in the region from its Select and Opportunity fund vehicles. It has backed a number of category leading start-ups in India including Oyo, Byju’s, Grab, Acko, Razorpay, Udaan, Sharechat and Innovaccer.
Bejul Somaia, partner at Lightspeed India, has been elevated to its global leadership team where he will contribute to the firm’s strategy and global operations in addition to his existing roles advising on investments in India, Southeast Asia and Europe.
“In the early 2000s, Lightspeed started building a global footprint given our conviction that the future of technology and entrepreneurship would be global.
Today, Lightspeed has 70 investors located across twelve cities globally.
By intentionally constructing cross-border deal teams, we’re able to offer founders local market knowledge and relationships, together with deep sector domain knowledge.
In doing so, we’re all exposed to, and are learning from, the innovation that is happening across the world in order to better serve our founders,” said Somaia.
The new fund closures take Lightspeed’s total committed capital under management to over $18 billion.
Globally, ‘Fund XIV’ backs Seed to Series B companies in enterprise, consumer, health and fintech verticals, ‘Select Fund V’ invests in growth-stage companies and ‘Opportunity Fund’ is a platform to back breakout companies from across all of the global territories where Lightspeed operates.
Spread across twelve six countries, the firm said it has partnered with more than 500 enterprise, consumer, health and fintech companies since its beginning, with roughly a fourth of them having been either acquired or gone public.
The company also unveiled Lightspeed Faction, an independent team dedicated to investing in blockchain infrastructure.