Venture Capital (VC) firm Lightspeed Ventures has announced it has secured the cumulative $7.1 billion to bankroll 4 new crypto funds.
As announced by the VC, the four funds include Lightspeed Venture Partners XIV-A/B LP, Lightspeed Venture Partners Select V LP, Lightspeed Opportunity Fund II LP, and Lightspeed India Partners Fund IV, which will focus exclusively on Indian innovators.
Per the details shared, each of the funds notably closed with $1.98 billion, $2.26 billion, $2.36 billion, and $500 million, respectively.
Besides the announcement of these funds, Lightspeed said it has also launched Lightspeed Faction, an independent team dedicated to building on Lightspeed’s nine-year history of backing exceptional founders in blockchain infrastructure. The Lightspeed Faction team will be led by investors Sam Harrison and Banafsheh Fathieh.
Lightspeed has one of the broadest allowances as a VC supporting the digital currency ecosystem. Its funds are injected into innovative projects irrespective of their stage or a particular geographical location.
“We believe in investing at the earliest stages of innovation, partnering with generational entrepreneurs who have clarity of vision, an insatiable desire to build something enduring, and the conviction and courage to compete and win against all odds,” said Arif Janmohamed, Partner, Lightspeed. “We love to partner with and even incubate companies around core dislocations in the enterprise landscape and to build relationships with prospective entrepreneurs years before they are ready to start building.”
The latest capital accumulation by Lightspeed shows that investors are unbothered by the latest downturn in the crypto ecosystem.
Lightspeed Venture Partners is one of many VCs dedicating funds to support innovative projects in the emerging Web3.0 world. While the combined $7.1 billion capital from the four funds is the largest seen thus far, other outfits like Haun Ventures and Andreessen Horowitz (a16z) have also previously floated $1.5 billion and $4.5 billion funds, respectively.
Image source: Shutterstock
Source: https://blockchain.news/news/lightspeed-venture-partners-launches-4-crypto-funds-with-7.1b