|By Marketwired .||
|January 28, 2013 07:30 AM EST||
HONG KONG -- (Marketwire) -- 01/28/13 -- Lightspeed China Partners (LCP) today announced 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 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' 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, Ron and James 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 Ron Cao, Managing Director of Lightspeed China Partners. "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."
"China today represents a unique environment for early-stage venture investments, not only in Internet and mobile Internet, but also in technology-enabled consumer and business services as well as the emerging SaaS and enterprise IT space," 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 fund with the support of experienced institutional investors and partners."
LCP has already completed a number of investments in Lightspeed China Partners I, L.P. including Meilele, the largest online retailer of self-branded furniture in China; Rong360, the leading Internet-based financial services search and comparison solution for consumers and enterprises; and Tujia.com, the leading online vacation rental service provider in China.
"Lightspeed China Partners has been a strong partner for us since our launch in 2012," said David Ye, CEO of Rong360. "With their knowledge and resources in the Internet space, we have benefited from their strategic advice and impactful talent referrals. We look forward to our continued relationship."
For more information please visit www.lightspeedcp.com.
About Lightspeed China Partners
Lightspeed China Partners (LCP) is a leading venture capital firm focusing on early-stage investments in Internet, mobile, services and enterprise solutions 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. In addition, LCP offers international value-added capabilities through its relationship with Lightspeed Venture Partners (LSVP). LSVP is a global venture capital firm managing over $2 billion of committed capital with investment professionals and advisors located in Silicon Valley, India and Israel. For more information, please visit www.lightspeedcp.com.
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