Lightspeed China Partners closes $260 mln for second fund

Lightspeed China Partners has raised $260 million in the final close of its second fund. The target was $220 million. The focus will be on early-stage China-based businesses in the internet, mobile, technology-enabled services and enterprise solution sectors.

PRESS RELEASE

HONG KONG, CHINA–(Marketwired – Jun 23, 2014) – Lightspeed China Partners (LCP) today announced that it has completed the first and final closing of Lightspeed China Partners II, L.P. with total committed capital of $260 million, exceeding the firm’s target of $220 million. The fund plans to invest exclusively in China-based businesses with a focus on early-stage companies in the Internet, mobile, technology-enabled services, and enterprise solution sectors. Ron Cao and James Mi, Managing Directors of Lightspeed China Partners, will oversee the fund; both have extensive experience in venture capital and in growing successful China-based companies.

With investment professionals in Shanghai and Beijing, Lightspeed China Partners completed its inaugural fund Lightspeed China Partners I, L.P. in 2012 with $168M of committed capital. Investments in its first fund include Meilele, the largest online retailer of self-branded furniture; Rong360, the leading Internet search site and marketplace for financial services targeting consumers and enterprises; Tujia.com, the largest online vacation rental service provider; Qingcloud, the leading cloud infrastructure-as-a-service provider; and PPdai, the top peer-to-peer online lending platform. Continuing its focus on early-stage and high-impact technology companies, LCP with its new fund plans to invest in approximately 30 companies with initial investments typically ranging from $500K to $7M in Seed and Series A rounds.

Prior to forming LCP, Ron and James were managing directors at Lightspeed Venture Partners (LSVP) with responsibility for investments in China across multiple sectors. LSVP’s China-based portfolio companies include Dianping, Lian Luo, LuckyPai, MediaV, Meilele, and PCH International.

“We continue to be excited about early-stage technology investment opportunities in China,” said Ron Cao, Managing Director of Lightspeed China Partners. “The Chinese consumers and businesses are embracing technology in an unprecedented way. Many businesses across various sectors and verticals are being disrupted by startups leveraging technology to create new, innovative business models. LCP is well-positioned to capture these opportunities.”

“China today represents a unique environment for early-stage venture investments, not only in Internet and mobile, but also in the enterprise IT space. There is increasing demand from Chinese enterprises for products and services in cloud computing, SaaS, and cyber security,” said James Mi, Managing Director of Lightspeed China Partners. “We believe that our ongoing partnership with Lightspeed Venture Partners will benefit portfolio companies across regions by accelerating learning and development of global strategic relationships. LCP is excited to launch our second fund with the support of experienced institutional investors and partners.”

“Lightspeed China Partners was the earliest major venture investor in our company,” said Jun Luo, CEO of Tujia.com, the largest vacation rental platform in China. “They have helped us in many ways including company strategy development and management team recruiting. We look forward to our continued partnership.”

For more information, please visit www.lightspeedcp.com.

About Lightspeed China Partners
Lightspeed China Partners (LCP) is a leading venture capital firm in China focused on early-stage investments in Internet, mobile, technology-enabled services, and enterprise solution companies in China. 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. LCP offers international value-added capabilities through its relationship with Lightspeed Venture Partners (LSVP). LSVP is a global venture capital firm managing over $3 billion of committed capital with investment professionals and advisors located in Silicon Valley, India and Israel. For more information about LCP, please visit www.lightspeedcp.com.

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