Grab-backer Lightspeed Venture Partners raising successors to $2.1b funds

Lightspeed Venture Partners

US-based venture capital firm Lightspeed Venture Partners is raising two new funds, whose predecessors raised a combined $2.1 billion in 2019, according to its filing with the Securities and Exchange Commission.

The SEC filing showed that the Silicon Valley-based firm is raising Lightspeed Venture Partners XIII LP and Lightspeed Venture Partners Select IV LP. The target corpus for the new VC vehicles has not been specified in the document.

Lightspeed Venture Partners XII and Lightspeed Venture Partners Select IV closed in 2018 with a combined $1.8 billion in commitments. In 2019, however, the firm said the two funds raised additional commitments, bringing the total to $2.11 billion – $752 for Fund XII and $1.36 billion for Select Fund III.

Fund XIII is likely a continuation of Lightspeed’s strategy as an early-stage investor focused on accelerating 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 as well as new investments in companies that have demonstrated compelling product-market fit, strong fundamentals and scalability.

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.

“Our broad footprint enables our portfolio companies to better understand growth opportunities and expand internationally,” the firm said on its website.

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, the firm announced that it was opening its first Southeast Asian office in Singapore, joining the likes of Vulcan Capital and MassMutual Ventures, both of which opened Southeast Asian 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.