Silicon Valley VC Lightspeed raises $4.22b for early, growth-stage funds

Lightspeed Venture Partners

Lightspeed Venture Partners, the Silicon Valley-based venture capital firm that recently opened an office in Singapore, announced raising $4.22 billion in total commitments for its three funds that focus on early- and growth-stage opportunities.

The closing of the three funds – Lightspeed Venture Partners XIII, Lightspeed Venture Partners Select IV, and Lightspeed Opportunity Fund – comes as the world continues to fight the coronavirus pandemic that has transformed the lives of founders and investors, the VC firm said.

Fund XIII raised $890 million in total limited partner commitments, while Select Fund IV secured $1.83 billion. The predecessors of the two funds raised a combined $2.1 billion in 2019.

Opportunity Fund, the firm’s newest vehicle that seeks to back breakout companies in the markets Lightspeed operates in, closed at $1.5 billion.

Fund XIII will continue Lightspeed’s strategy as an early-stage investor to back disruptive innovations and trends in the enterprise and consumer sectors.

Select Fund IV, meanwhile, is expected to complement the firm’s early-stage fund strategy with follow-on rounds in existing Lightspeed portfolio companies in their early growth phase.

“Our focus remains the same today as it was in the beginning in 2000–to invest in outlier founders and innovators building enduring companies across the globe,” said Lightspeed partner Ravi Mhatre.

Lightspeed clinched its first deal in Southeast Asia when it joined the $2 billion eye-popping round for Grab, alongside OppenheimerFunds, Ping An Capital, and Toyota Motors in August 2018.

Since its inception in 2000, Lightspeed has backed more than 350 companies, managing over $6 billion of committed capital across the US, Israel, India, and China. Its portfolio firms include Snap, GrubHub, Nutanix, and GIPHY.

Of the total companies that Lightspeed has partnered with since the firm’s founding, a third have either gone public or been acquired. More than 15 of those IPOs have occurred in the last decade alone.

In February, Lightspeed Venture Partners opened its first Southeast Asia office in Singapore, joining the likes of Vulcan Capital and MassMutual Ventures, which also opened offices in the city-state in recent months.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.