Lightspeed China true to name after rapid raise for $260m Fund II


James Mi Lightspeed ChinaThe Asia arm of Silicon Valley early-stage investor Lightspeed Venture Partners has reportedly taken just a few months to close its $260m second venture fund.

Lightspeed China only closed its debut fund on $168m last year, beating its $150m target and continuing investment in a region it has been active in since 2005.

And it was straight back into action for a second vehicle, which managing director James Mi told Reuters had easily beaten its $220m target.

The firm revealed earlier this month it was eyeing up to $260m for the fund.

Fund II will be managed by Mi and Ron Cao, the managing directors who oversaw the lengthy but successful first fundraise.

Lightspeed’s investments in China include oil and gas business MSP/Drilex, e-commerce platform iHaveU and semiconductor company Amec.

Investments made using the first fund include Meilele, the largest online retailer of self-branded furniture in China, internet-based financial services company Rong360 and online vacation rental business

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