Lightspeed Venture Partners closes pair of funds, totaling $1.8bn

Lightspeed Venture Partners has closed its twelfth fund on $750m alongside $1.05bn for its third vehicle targeting later-stage deals.

The funds easily surpassed the $1.3bn Lightspeed raised across its predecessor pair in the strategies in March 2016, and boost its committed capital under management to more than $6bn.

Lightspeed said Fund XII will be used to invest in seed, Series A and Series B deals in the enterprise and consumer sectors, while its latest Select Fund will provide follow-on rounds in Lightspeed’s portfolio companies in their early growth phase.

Last month, Lightspeed co-led Netskope’s $100m Series E round alongside Accel. Using patented technology, Netskope’s cloud-scale security platform provides context-aware governance of all cloud usage in the enterprise.

In the security space Lightspeed has also previously backed Aqua Security, a container security platform provider, Fireglass, specialises in browser isolation, and enxilo, a cybersecurity company preventing threat actors from extracting key data in real-time.
The firm has also been very active in the FinTech market, having completed eight FinTech investments this year alone.

Its most recent deal was a lead contribution to property management platform Mynd’s $20m Series B round. The Californian company helps property mangers and owners by giving them real-time data and transparency to improve running of properties and collecting payments.

Other transactions completed by the firm this year include contributions to digital life insurance platform Ladder’s $10m round, cyber insurance company At-Bay’s $13m Series A and AI analytics solution ThoughtSpot’s $145m Series D.

Since the start of 2017 the firm has distributed more than $2.7bn in portfolio realisations, through its investments in businesses including AppDynamics, Snap, MuleSoft, Nutanix and Stitch Fix.

Earlier this year the firm saw portfolio business MuleSoft bought by Salesforce in a $6.5bn deal, as well as the IPOs of Zscaler in March and Forty-Seven in June.

Copyright © 2018 RegTech Analyst

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