Chinese venture capital firm Lightspeed China Partners (LCP) held the final closing of Lightspeed China Partners III, L.P., at $260m.
Oversubscribed, Fund III received support from existing and new limited partners. The firm, which has investment professionals located in Shanghai and Beijing, also completed a substantial closing of its first RMB fund with a target size of 500M RMB.
With USD and RMB dual-currency venture funds, Lightspeed China Partners plans to continue investing in China-based early stage companies in Internet, mobile, Internet Plus (transforming traditional industries with Internet technologies), and enterprise technology sectors.
Led by Chris Schaepe, Herry Han, James Mi, Peter Nieh, Tao Yang and Zac Pan, the firm has invested in more than 60 early stage companies in China through Lightspeed China Partners I and II including:
– Lian Luo Hu Dong, a mobile Internet company listed on the A share exchange in China (SHE:002280);
– MediaV, an Internet advertising platform company which was acquired by Qihoo 360 (NYSE: QIHU);
– Tujia, an online vacation rental service provider;
– Rong360, an Internet search site and marketplace for financial services targeting consumers and enterprises;
– Trusted Doctors, a large mobile network for top-quality doctors and their patients; and
– InnoLight, a provider of optical transceiver products for large-scale data centers.