Lightspeed China Partners has raised US$920 million after closing two funds, securing US$460 million with Fund V and US$460 million from Select II. However, the VC firm didn’t specify whether this was the final close for both funds.
Fund V and Select II, which cover early-stage and emerging growth-stage investments in China, will focus on sectors including green tech, deep tech, enterprise tech, health tech, and consumer tech.
“As our society is facing the significant challenges of climate change and inequality, we believe it is important to focus on startup companies with innovative products and services that can bring positive impact to the world,” said James Mi, Lightspeed China’s founding partner.
Green tech will remain one of the key investment areas for the new funds.
In addition, the VC firm has appointed two new partners: Wei Cai, who was responsible for Alibaba Group’s investment in deep tech, and Daniel Sun, who jointly led investments in the consumer and TMT (technology, media and entertainment, and telecommunications) sectors at China Renaissance New Economy Fund.
See also: Vertex Ventures to launch $770m fund with Japanese partners
Recently, three associate partners – Jia Zhu, Francis Kao, and Jason Wang – were also promoted to partner at Lightspeed China.
Editing by Collin Furtado and Eileen C. Ang
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