Global investor Lightspeed is starting 2019 with its largest-ever fund for China, where it has backed a number of brand-new internet challengers. The firm announced the coming week that its fourth China fund has shut with a total fund commitment of $560 million.
The firm had a massive 2018, with no fewer than five of its portfolio comprising IPOs including two of China’s up-and-coming startups that are challenging the country’s internet establishment — they are Meituan, the super app house that specializes in transmissions, and Pinduoduo, a group e-commerce busines that is threatening Alibaba’s dominance.
Based on those achievers, it is perhaps not a bombshell that Lightspeed has attracted in a record new money. TechCrunch previously reported that the brand-new store targeted at $360 million based on filings, but it contributed more capital to contribute more options.
Lightspeed said it has $360 million for early-stage treats aimed at Series A and Series B stagecoaches, with an additional $200 million putting aside for” raise assets .” The new fund midget Lightspeed’s previous vehicles in China — the firm’s previous two China funds each shut at $260 million while it developed $168 million for its introduction store in the country in 2013.
Lightspeed Venture Partners is a well-known investor that is anchored in Silicon Valley with world-wide stores in India, Israeli and — of course — China. Together, those funds finagle around$ 6 billion in asset, according to the firm.
Led by partners Chris Schaepe, Herry Han and James Mi, the China operation has backed a variety of unicorns, including the aforementioned Meituan, which raised over$ 4 billion via a Hong Kong IPO last year, and Pinduoduo, which raised $1.6 billion via a U.S. roll in 2018. Other Lightspeed China IPOs from last year were PPDai, Rong3 60 and InnoLight while the house likewise counts$ 9 billion-valued Full Truck Alliance, real estate scaffold Fangdd and Airbnb-like Tujia, both of which are valued in the billions, amongst the more mature gamblings in its portfolio.
” We believe there are plenty of new opportunities in China consumer Internet given the depth of China’s portable remittance and social networks. Invention and entrepreneurship in the next decade will bring more China-based startups to the world stage. This will be China’s firstly decade of rightfully world-wide innovation. Chinese entrepreneurs are now developing business contrives with world stretch in thinker from day one ,” said Han, one of the firm’s founding collaborators, in a statement.
Last year, Lightspeed Venture Partners — the U.S. entity — filed to raise a record $ 1.8 billion in new uppercase commitments. In December, it added five brand-new partners to its purchaser and enterprise investment squads, including Slack’s onetime is chairman of emergence and Twitter’s onetime vice president of global business development.