INSUBCONTINENT EXCLUSIVE:
Lightspeed China Partners, the China-focused affiliate of Silicon Valley-based Lightspeed Venture Partners, has set a $360 million target
for its fourth flagship venture fund, according to a document filed with the U.S
Securities and Exchange Commission today.If the target is reached, the fund will be Lightspeed China’s largest yet, per PitchBook
Lightspeed China’s previous two funds each closed on $260 million
The VC raised $168 million for its debut fund in 2013.Lightspeed China is led by David Mi (pictured)
Mi, an investor in multiple billion-dollar Chinese companies, was previously the director of corporate development at Google, where he
helped lead the search giant’s investment in Baidu
He joined Lightspeed in 2008 and established the firm’s China presence in 2011
Yan Han, a long-time Lightspeed investor and a founding partner of the firm’s Chinese branch, is also listed on the filing.Lightspeed
China has backed e-commerce platform Pingduoduo and loan provider Rong360, a pair of Chinese “unicorns” that both completed U.S
initial public offerings since 2017. Typically, the firm makes early-stage investments in the internet, mobile and enterprise
spaces. Earlier this year, Lightspeed Venture Partners filed to raise a record $1.8 billion in new capital commitments
This month, it tacked five new partners onto its consumer and enterprise investment teams, including Slack’s former head of growth and
Twitter’s former vice president of global business development.Lightspeed didn’t immediately respond to a request for comment.
