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.