Startups

China grabbed funding of $560 million from Lightspeed

China grabbed funding of $560 million from Light Speed
China grabbed funding of $560 million from Light Speed

Lightspeed, which is a global investor has ended up making their biggest funding of $560 million for China. The firm came out and announced that this will be the fourth time this year that they have made an investment and till now they have invested about $560 million in China.

Lightspeed has had a big year in 2018 where they have funded multiple companies. It has also able to successfully initiate Initial Public offering for two startups of China. These startups are basically designed to make sure that the companies are able to challenge the internet establishment of China. The two applications which are working now are Pinduoduo and Meituan. These companies are basically threatened by Alibaba and this is the reason they are being funded to get over the dominance of Alibaba.

All the success stories have resulted in Lightspeed to pull a very new record of funding in the year 2018. According to Tech Crunch, it was reported that new funds were aimed at $360 million based on its filing. It was later added more capital so that they are able to give more options. It is said that Lightspeed has been able to have a $360 million at the early stages and they aim about $200 million on the Series A and Series B investment round. Lightspeed had two China funds each, which basically closed at $260 million and $168 million for a debut fund in the year 2013.

Lightspeed Venture Partners is now one of the biggest investors in Silicon Valley. They are known for investing a huge amount of money in China in the year 2018. This firm has invested over $ 6 billion over the years in different countries all across the world. This firm is led by partners Chris Schaepe, James Mi, and Herry Han. They have backed up a lot of unicorns in 2018, which include companies like Meituan which was successfully able to raise about $4 billion with the help of the initial public offering in 2018.

The company Pinduoduo was also able to raise a total of $1.6 billion via the United States listing in the year 2018. According to Lightspeed, China has a big market for growth and this is the reason they are investing such a huge amount of money there.

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Charles Scalfani

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Charles is a junior content writer at TechRazr. He likes to write about the latest emerging startups in the tech world. Apart from this, he is also a Programmer, photographer, and filmmaker.

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