Lightspeed China Partners Closes on $560 Million of Committed Capital
Lightspeed China Partners (LCP) announced that it has completed the final closing of fund family IV with total committed capital of $560 million, including Lightspeed China Partners IV at $360 million and Lightspeed China Partners Select I at $200 million. This is the largest fund family raised by LCP to date and brings committed capital under management to $1.5 billion. LCP IV will make investments in early stage technology companies in China while LCP Select I will focus on growth investments in China.
In the past 18 months, five portfolio companies that LCP invested in at an early stage have completed successful IPOs, including InnoLight (SZ:300308), Meituan Dianping (HK:3690), Pinduoduo (NASDAQ:PDD), PPDai (NYSE:PPDF), and Rong360 (NYSE:JT).
In addition to the publicly traded companies, LCP has nurtured many innovative industry leaders across multiple sectors, including Black Fish, Fan Deng Reading Club, Fangdd, Full Truck Alliance, Hesai, Ifchange, QingCloud, Sunmi, Sweetome, Tencent Trusted Doctors, Tujia, Xiao Peng Auto, and XY Link.
First Institutional Venture Capital with Global Reach
The LCP team serves as lead investors in companies’ first institutional venture capital financings with a focus on Series A and Series B investments in China. The team brings an entrepreneurial perspective as many team members have either been successful entrepreneurs or have served as executives in technology companies. While partnering at the earliest stages of company formation, LCP is committed to financing companies throughout their lifecycles and contributing teambuilding and strategy development capabilities. LCP also provides founders with global aspirations access to an international network through Lightspeed’s global venture capital operations which include over 400 portfolio companies in the U.S., China, India, Southeast Asia, Europe, and Israel. LCP has access to global trends and business model innovation as well as international talent, customers, partners and capital markets. Over more than a decade, LCP has developed a track record of helping China-based companies establish dominant market positions and expand globally.
Early Backers of Emerging Concepts
LCP has been an early investor in China’s consumer Internet, Internet+, and enterprise/deep tech sectors. More than half of the partnership’s investments have been in consumer Internet and Internet+, where technology is applied to create disruptive new business models in traditional industries. Notable areas of investment include social network applications, marketplaces, e-commerce, consumer services as well as enterprise products/services and deep tech. LCP has supported and nurtured an outstanding group of early-stage companies that have become unicorns in areas including new retail, culture, entertainment, travel, finance, real estate, healthcare, education, recruiting, and transportation.
LCP has successfully identified emerging market opportunities and has often served as the first source of capital in areas where there was initially limited institutional interest. A notable example is trucking logistics. Five years ago, LCP was the sole Series A investor in Full Truck Alliance (Yun Man Man) when the founders were exploring using a mobile platform to solve logistics and communications challenges in China’s fragmented trucking industry. After multiple large follow-on rounds where LCP continued to invest, the company merged with Huo Che Bang to form Full Truck Alliance which is now the world’s largest trucking logistics marketplace.
Due to the size of the consumer markets in China and availability of technology talent, China-based Internet and marketplace companies are increasingly becoming world leaders. Herry Han, Founding Partner of LCP, commented: “We believe there are plenty of new opportunities in China consumer Internet given the depth of China’s mobile payment and social networks. Innovation and entrepreneurship in the next decade will bring more China-based startups to the world stage. This will be China’s first decade of truly global innovation. Chinese entrepreneurs are now developing business plans with global expansion in mind from day one. We look forward to meeting entrepreneurs with ambitious visions and supporting them in realizing their dreams.”
LCP was also early to the enterprise and deep tech sectors in China. According to LCP Founding Partner, James Mi: “China’s enterprise service and deep tech innovation is in the early innings of development. Given China’s vast market, deep talent pool, and increasing demand for home-grown deep technologies across various industries, we are seeing accelerated growth and significant investment opportunities. LCP is uniquely positioned to be the leading early stage investor in these areas.” The LCP team has been investing in deep tech and enterprise opportunities from the beginning with multiple public company outcomes.
One of LCP’s deep tech portfolio companies is InnoLight which provides high speed optical transceiver modules for web-scale data centers supporting cloud computing. Customers include Google, Amazon AWS, and AliCloud. LCP invested in InnoLight in 2014, and the company became publicly listed in 2017.
LCP’s enterprise and deep tech investments span autonomous vehicles, AI, IoT, SaaS, enterprise marketplaces, semiconductors, and optical communications. The team will continue to leverage its deep tech industry expertise in support of experienced founders building industry leading companies.
Supportive Culture Underpinning Value Creation
Focus, excellence, mutual respect, and support are among the core values of LCP. The partnership believes that mutual respect and support between investors and entrepreneurs is a cornerstone of effective long-term partnerships. This principle applies equally within the firm. LCP strives to promote positive change and impact to society in the way it conducts its business. The team looks forward to continuing its partnership with game-changing founders and accompanying them from the beginning of their startup journeys through multiple stages of global growth.
About Lightspeed China Partners
Lightspeed China Partners (LCP) is a leading venture capital firm in China focused on early stage investments in consumer Internet, Internet+ and enterprise/deep tech. With strong backgrounds in company operations and entrepreneurship, the partners of LCP are committed to helping a new generation of Chinese entrepreneurs become industry leaders, build world-class companies, and create social impact. Over the past 10 years, the Lightspeed China team has backed industry leading companies including Meituan Dianping, Pinduoduo, Full Truck Alliance, InnoLight, PPDai, Rong360, Tujia and Fangdd. LCP offers international value-added capabilities through its relationship with Lightspeed Venture Partners, a global venture capital firm managing over $6 billion of committed capital.
Lightspeed Venture Partners
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Knopp Biosciences Announces Start of Phase 2 Clinical Trial Evaluating Oral Dexpramipexole in Moderate-to-Severe Eosinophilic Asthma19.8.2019 10:00:00 CEST | Press release
Knopp Biosciences LLC today announced the start of Phase 2 dose-ranging clinical trial in moderate-to-severe eosinophilic asthma. Recruitment in the trial is underway and the first patient has been enrolled. The Company anticipates reporting top-line data from this trial in the second half of 2020. This 12-week biomarker study is planned to randomize approximately 100 patients with eosinophilic asthma to investigate the eosinophil response to three different doses of oral dexpramipexole. The primary outcome measure of this randomized, double-blind, placebo-controlled study is the change in blood absolute eosinophil count from Baseline to Week 12. The secondary outcome measures include changes in pre-bronchodilator FEV1 and asthma control outcomes (ACQ-7 questionnaire) from baseline to week 12. “We estimate that there are more than two million moderate-to-severe eosinophilic asthma patients in the U.S. and are excited about further characterizing the clinical profile of oral dexpramipex
CES Unveiled in Amsterdam to Showcase Tech for Good19.8.2019 07:00:00 CEST | Press release
Consumer Technology Association (CTA): WHAT: The Consumer Technology Association (CTA)® today announced several government officials, dignitaries and industry leaders attending CES Unveiled in Amsterdam, an official CES preview event, focusing on the theme “Tech for Good.” Returning for its third year, CES Unveiled in Amsterdam will bring together executives, influential media, prominent industry influencers, and more than 100 companies (including 50+ startups) to explore the latest technology trends and innovations from the Netherlands and surrounding European countries leading up to CES® 2020. Attendees and media are able to register for CES Unveiled in Amsterdam online. WHO: Government officials and dignitaries including Mona Keijzer, Netherlands State Secretary for Economic Affairs and Climate Policy; HRH Prince Constantijn van Oranje, Special Envoy at TechLeap.NL; and Pete Hoekstra, U.S. Ambassador to the Netherlands, will share insights on emerging trends in the industry, includi
RISO Unveils VALEZUS, a New Brand for the Production-printing Market19.8.2019 06:00:00 CEST | Press release
RISO KAGAKU CORPORATION (President & CEO: Akira Hayama; hereinafter “RISO”) announced today the launch of VALEZUS, a new brand of high-speed ink-jet printers for the production-printing market. RISO will start with successive rollouts worldwide of the new brand’s first product, the VALEZUS T2100, a high-speed, 320-page-per-minute (320-ppm) cut-sheet printer. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190818005001/en/ 1 The new brand, VALEZUS One of RISO’s commanding strengths is the development of inks optimized for high-speed paper feeding and high-speed printing. This expertise enables RISO to deliver unique printing solutions serving the demand for high-volume printing. With technologies developed and cultivated in this field, RISO launches the VALEZUS, a fresh brand targeting the production-printing market. 2 The all-new VALEZUS T2100 VALEZUS T2100 The first product of the new brand, the VALEZUS T2100 is a high-speed
Velodyne Files Patent Infringement Complaint with ITC Against Hesai and RoboSense16.8.2019 12:00:00 CEST | Press release
Velodyne Lidar, Inc. filed a patent infringement complaint with the U.S. International Trade Commission (ITC) against Hesai Photonics Technology Co., Ltd. and Suteng Innovation Technology Co., Ltd. (a.k.a. RoboSense) for violations of section 337 of the Tariff Act of 1930 which makes unfair methods of competition and importation of certain products into the United States unlawful. Earlier this week, Velodyne also filed patent infringement complaints against Hesai and RoboSense in the U.S. District Court for the Northern District of California. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190816005041/en/ Velodyne Lidar’s Alpha Puck™, Ultra Puck™ and Puck™ surround view sensors (left to right). (Photo: Business Wire) Velodyne is asking the ITC to investigate these lidar manufacturers for unlawfully importing and selling lidar sensors that infringe Velodyne’s patented lidar technology (U.S. Patent 7,969,558). Velodyne reques
Merz Announces Key Governance Changes16.8.2019 09:26:00 CEST | Press release
Merz, a global leader in medical aesthetics and specialty neurology, announced today that Philip Burchard will be appointed Chairman of the company’s Shareholders Council. He will assume this role in addition to his current position as Chief Executive Officer of the Merz Healthcare Group. In his new position, Philip Burchard will succeed Andreas Krebs, who has decided to step down from his current roles as Chairman of the Shareholders Council and Supervisory Board of Merz in order to dedicate more time to his personal entrepreneurial and philanthropic activities. In addition, Dr. Christian Holzherr will be the new Chairman of the Merz Supervisory Board. All changes will be effective as of October 31, 2019. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190816005106/en/ Philip Burchard, CEO of Merz (Photo: Business Wire) Philip Burchard joined Merz as CEO in July 2012. Under his leadership, Merz has focused its strategy on ae
FINEOS lists on the Australian Securities Exchange16.8.2019 07:22:00 CEST | Press release
FINEOS Corporation Holdings plc (ASX:FCL), a leading provider of group and individual core systems for life, accident and health insurance, today announced the commencement of trading on the Australian Securities Exchange (ASX) via an initial public offering (IPO). The total number of securities (CHESS Depository Interests or “CDIs”) on offer was 84.4 million at a price of A$2.50 per CDI. Total gross proceeds from the offer amounted to A$211 million. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190816005058/en/ FINEOS lists on the Australian Securities Exchange (Photo: Business Wire) FINEOS intends to use the net proceeds from the IPO to invest further in R&D to grow the FINEOS product footprint and develop new business lines, to invest in additional sales, marketing and client account management capabilities and to pay down existing debt and shareholders selling down. Key areas of growth strategy for FINEOS include: • Inc