Venture capital firm Lightspeed Venture Partners has concluded a funding round targeted toward four new funds and secured approximately $7.1 billion in total.
The rounds went across Lightspeed Venture Partners XIV-A/B, L.P fund which garnered $1.98 billion, Lightspeed Venture Partners Select V, L.P. with $2.26 billion, and Lightspeed Opportunity Fund II, L.P. with $2.36 billion. Additionally, the firm also launched the Lightspeed India Partner which closed a $500 million funding round.
Lightspeed is a venture capital firm that focuses its capital on multistage funding. With these funds, the VC hopes to focus on supporting exceptional entrepreneurs in all sectors across the globe. Lightspeed operates from twelve offices globally in six countries.
The firm has funded over 500 Enterprise, Consumer, Health, and Fintech founders since its inception. This present round generated 60% more funds than the VC had first recorded.
The funds secured increased the value of the total assets under management (AUM) to $18 billion. According to a report, the capital generated will be targeted at new funds that are focused on early-stage enterprises globally.
The firm also launched an independent crypto native team tagged Lightspeed Faction. The newly developed Faction will be co-led by Sam Harrison, co-founder of Blockchain.com, and Banafsheh Fathieh, an internet and blockchain investor.
Based on the announcement, “Faction believes the innovation economy is at the precipice of a significant computing paradigm shift with blockchain companies leading.”
In consonance with the Lightspeed fundraise, Sequoia Capital in China defied the extreme market condition and secured $9 billion in a new funding round. The round was led by Neil Shen, a founding partner of Sequoia China. In the history of funding, this is the largest fund raised by a single venture capital firm based out of China.
The generated funds will be focused on technology and healthcare-inclined companies. The round is still on but will likely conclude this week. Another crypto firm, H2O Securities secured funding worth $150 million. This was possible through the sales of the crypto water token H2ON.
H2O Securities plans to utilize these funds in accomplishing its objective which is making water available globally.