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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 this week that its fourth China fund has closed with a total capital commitment of $560 million.
The firm had a big 2018, with no fewer than five of its portfolio deeming IPOs including two of China’s up-and-coming startups that are challenging the country’s internet constitution — they are Meituan, the super app conglomerate that specializes in gives, and Pinduoduo, a group e-commerce corporation that is threatening Alibaba’s dominance.
Based on those achievers, it is perhaps not a astound that Lightspeed has plucked in a record brand-new store. TechCrunch previously reported that the new fund targeted at $360 million based on filings, but it supplemented more fund to grant more options.
Lightspeed said it has $360 million for early-stage spates aimed at Series A and Series B stages, with an additional $200 million putting aside for” swelling assets .” The new money dwarf Lightspeed’s previous vehicles in China — the firm’s previous two China funds each closed at $260 million while it developed $168 million for its introduction fund in their respective countries in 2013.
Lightspeed Venture Partners is a well-known investor that is anchored in Silicon Valley with global funds in India, Israeli and — of course — China. Together, those funds succeed around$ 6 billion in capital, according to the firm.
Led by spouses 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 $1.6 billion via a U.S. register in 2018. Other Lightspeed China IPOs from last year were PPDai, Rong3 60 and InnoLight while the firm likewise counts$ 9 billion-valued Full Truck Alliance, real estate pulpit Fangdd and Airbnb-like Tujia, both of which are valued in the billions, among the more mature stakes in its portfolio.
” We believe there are plenty of new opportunities in China consumer Internet given the depth of China’s mobile pay and social networks. Innovation and entrepreneurship in the next decade will bring more China-based startups to the world stage. This is likely to be China’s first decade of truly global innovation. Chinese inventors are now developing business proposes with global stretch in knowledge from day one ,” said Han, one of the firm’s founding spouses, in a statement.
Last year, Lightspeed Venture Partners — the U.S. entity — filed to raise a record $ 1.8 billion in new fund commitments. In December, it computed five brand-new spouses to its customer and enterprise investment crews, including Slack’s former is chairman of raise and Twitter’s onetime vice president of world-wide business development.
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