Lightspeed China Partners Raises $920 Million with Focus on Green Tech, Deep Tech and Enterprise Technologies

Rhea-AI Summary

Lightspeed China Partners announced the closing of two record fundraising rounds: Lightspeed China Partners V and Select II, each with $460M. This marks the largest fundraising in LCP's history. The funds will invest in early-stage and emerging growth sectors in China, focusing on green tech, deep tech, enterprise tech, health tech, and consumer industries. The oversubscription reflects strong backing from institutional partners across the U.S., Europe, and Asia, demonstrating investor confidence in sustainable innovation.

Positive

• Record fundraising of $460M for both Fund V and Select II.
• Strong investor support indicated by the oversubscription.
• Focus on high-growth sectors like green tech and deep tech, enhancing future investment potential.

Negative

• None.

SHANGHAI--(BUSINESS WIRE)-- Lightspeed China Partners (LCP) announced today the closing of Lightspeed China Partners V with $460M and Lightspeed China Partners Select II with $460M, marking the largest fundraising rounds in LCP history. The new funds, covering both early stage investments from Fund V and emerging growth stage investments from Select II in China, will focus on sectors including green tech, deep tech, enterprise tech, health tech and consumer.

“The funds’ oversubscription is evidence of the strong support garnered from returning and new institutional limited partners across the U.S., Europe and Asia. 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,” stated James Mi, founding partner of Lightspeed China Partners.

Green technology investment will continue to be a global opportunity well beyond the next decade and will remain one of the key investment areas for the new funds. Lightspeed China Partners has been a long-time investor in green tech and has backed industry leading companies such as EV commercial truck company Newrizon, synthetic biology and biomaterial company Bluepha, and China’s leading plant-based meat company Starfield.

In addition to green tech, Lightspeed China Partners has also built a reputation as an early pioneer in the mobile internet, deep tech, and enterprise services since its founding in 2011. Key investments have included China’s leading internet platform companies Meituan (HK:3690) and Pinduoduo (NASDAQ:PDD), China’s leading online commercial freight platform Full Truck Alliance (NYSE:YMM), the world’s leading supplier of high-speed optical transceivers Zhongji InnoLight (SZ:300308), and the enterprise-class cloud computing services company QingCloud Technology (SH:688316).

The partners of LCP have deep venture capital experience and diverse industry operating experience. Along with the announcement of the new funds, the partnership welcomes two new partners: Wei Cai who was responsible for Alibaba Group’s investment in deep tech, and Daniel Sun who jointly led investments in the consumer and TMT sectors at China Renaissance New Economy Fund.

Recently, three associate partners – Jia Zhu, Francis Kao and Jason Wang – were promoted to partner. Zhu has 7 years of deep tech industry experience, Kao has startup experience, and Wang has a background in corporate management consulting.

Leveraging Lightspeed’s global network and resources, Lightspeed China Partners will help entrepreneurs realize their visions for interdisciplinary innovation and global transformation to maximize positive and sustainable impact.

About Lightspeed China Partners

Lightspeed China Partners is a leading China-focused venture capital firm serving entrepreneurs as a lead investor in early stage and emerging growth companies. The partnership focuses on green tech, deep tech, enterprise services, health tech and consumer sectors. Through its offices in Shanghai, Beijing and Hong Kong, Lightspeed China Partners manages $3 billion of committed capital across eight USD funds and one RMB fund. www.lightspeedcp.com

Lightspeed China Partners supports China’s innovation and is committed to working with entrepreneurs to realize sustainable development. To date, the partnership has helped develop a group of transformational industry leaders. These companies include: Meituan (HK: 3690), Pinduoduo (NASDAQ: PDD), Full Truck Alliance (NYSE:YMM), Zhongji InnoLight (SZ: 300308), QingCloud Technology (SH:688316), FinVolution (NYSE: FINV), Lianluo Interactive (SZ: 002280), Nemo (acquired by Baidu), MediaV (acquired by Qihoo 360), FaceU (acquired by Toutiao), Hesai Technology, XYLink, LAIYE, Hanshow, Southchip, Newrizon, Bluepha and Starfield.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211129005690/en/

Meredith Kendall Maines

Marketing Partner

Lightspeed Venture Partners

meredith@lsvp.com

310-739-6867

Source: Lightspeed China Partners

FAQ

What is the total amount raised by Lightspeed China Partners in its recent fundraising?

Lightspeed China Partners raised a total of $460M for both Fund V and Select II.

What sectors will Lightspeed China Partners focus on with the new funds?

The new funds will focus on green tech, deep tech, enterprise tech, health tech, and consumer sectors.

Who are some key investments made by Lightspeed China Partners?

Key investments include Pinduoduo (NASDAQ:PDD), Full Truck Alliance (NYSE:YMM), and Zhongji InnoLight (SZ:300308).

What does the oversubscription of Lightspeed China Partners' funds indicate?

The oversubscription indicates strong support from institutional investors across the U.S., Europe, and Asia.

When was the fundraising announcement made by Lightspeed China Partners?

The fundraising announcement was made on the date noted in the press release, which is November 29, 2021.