Lightspeed Venture Partners, a Silicon Valley-based venture capital firm, announced the close of its three funds that focus on early- and growth-stage investments, raising $4.22 billion in total commitments.
The venture capital firm, which recently opened its office in Singapore to explore opportunities in Asia, disclosed that Lightspeed Venture Partners XIII raised $890 million while Lightspeed Venture Partners Select IV, closed at $1.83 billion.
A new fund, Lightspeed Opportunity Fund, secured $1.5 billion on total limited partner commitment.
Fund XIII invests in early-stage firms in the enterprise and consumer sectors. It focuses on the earliest stages of innovation, from Seed to Series A and B, it is the bedrock of how the firm was founded and operates today, the firm said.
On the other hand, Select Fund IV aims to accelerate existing Lightspeed portfolio companies and identify new investments across the firm’s global platform.
The new opportunity fund was established as a new fund vehicle for the Lightspeed platform to back breakout companies from across all of the global territories where it operates.
The successful close of the three funds comes as the global coronavirus pandemic continues to batter economies and dented fundraising activities.
“In these difficult times, as the world fights a pandemic, Lightspeed remains focused on this mission; to serve the world’s most extraordinary people building tomorrow’s companies, today,” the VC firm said.
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.
It first made its major foray in Southeast Asia by joining the $2-billion round for Grab, alongside OppenheimerFunds, Ping An Capital, and Toyota Motors in August 2018.
“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.
Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 400 companies globally, including Snap, Nest, Nutanix, AppDynamics, MuleSoft, OYO, Guardant, StitchFix, and GrubHub.
Lightspeed and its affiliates currently manage $10.5 billion across the global Lightspeed platform, with investment professionals and advisors in Silicon Valley, Israel, India, China, Southeast Asia, and Europe.