US venture capital firm Lightspeed closes $950M for new early-stage fund
Lightspeed Venture Partners has now equipped itself with a new $950-million investment fund. The company will use the new fund to support early-stage startups, according to VentureBeat.
The venture capital firm's website said its previous $675-million Lightspeed IX fund focused on "early- and expansion-stage investments in the consumer, enterprise technology, and cleantech markets."
Lightspeed partner Barry Eggers has shown considerable interest in the Internet of things. In addition, new member Tim Danford has expressed interest in the role of bring-your-own-device (BYOD) strategy within companies, the report detailed.
Founded in 2000, the California-based firm also operates in seleted cities in China, India, and Israel. AppDynamics, MapR, ThoughtSpot, GrubHub, and Snapchat are among Lightspeed's portfolio companies, VentureBeat reported.
According to an exlusive report by Forbes, this is Lightspeed's tenth venture capital fund. The company netted its biggest exit when it sold Nest Labs to Google in a $3.2-billion cash deal, the report added.