Lightspeed China Partners (LCP) is announcing that it has recently completed the final closing of Lightspeed China Partners I, L.P. and its affiliated fund, with total committed capital of $168 million, exceeding the firm’s target of $150 million. The fund plans to invest exclusively in China-based businesses with a focus on early-stage companies in the Internet, mobile, services and enterprise solution sectors. Ron Cao and James Mi, managing directors of LCP, will oversee the fund.
The firm’s mission is to help a new generation of Chinese entrepreneurs become industry leaders, create world-class companies and have societal impact. Prior to forming LCP, Cao and Mi were managing directors at Lightspeed Venture Partners, a leading global venture capital firm with over $2 billion of committed capital, where they maintain an active engagement including service as directors of prior fund portfolio companies. Lightspeed Venture Partners’ investments in China include Dianping, iHaveU, LuckyPai, MediaV, Meilele, PCH International, and Teralane.
“While this is our first fund as Lightspeed China Partners, our team has been actively investing here in China for the past seven years,” said Cao in a press release. “We will continue to focus on early-stage opportunities in areas where we can be strong value-added partners. In addition, we have an active seed program that allows us to support exceptional emerging entrepreneurs with breakout ideas,” he said.
LCP has already completed a number of investments in Lightspeed China Partners I, L.P. including Meilele, online retailer of self-branded furniture in China; Rong360, an Internet-based financial services search and comparison solution for consumers and enterprises; and Tujia.com, an online vacation rental service provider in China.