CA-LIGHTSPEED-CHINA

Lightspeed China Partners (LCP) announced today that it has completed the final closing of Lightspeed China Partners III, L.P. with total committed capital of $260 million USD. Fund III was oversubscribed and received strong support from existing and new limited partners. LCP also announced completion of a substantial closing of its first RMB fund with a target size of 500M RMB.

LCP has investment professionals located in Shanghai and Beijing. With USD and RMB dual-currency venture funds, the partnership 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.

LCP has cumulatively invested in more than 60 early stage companies in China through Lightspeed China Partners I and II. The partners have also previously invested in Chinese startups through Lightspeed Venture Partners funds. In total, more than 70 percent of these investments were in seed or Series A rounds with LCP serving as lead investor in over 90 percent of the financings. Partner investments include Lian Luo Hu Dong, a leading mobile Internet company listed on the A share exchange in China (SHE:002280); MediaV, China’s largest Internet advertising platform company which was acquired by Qihoo 360 (NYSE: QIHU); Tujia, the largest online vacation rental service provider; Rong360, the leading Internet search site and marketplace for financial services targeting consumers and enterprises; Trusted Doctors, the largest mobile network for top-quality doctors and their patients; and InnoLight, a provider of optical transceiver products for large-scale data centers.

“Congratulations to Lightspeed China Partners on the successful closing of Fund III and the RMB fund,” said Zhang Tao, Dianping founder. “We have been partners with Lightspeed for many years. Their teamwork, experience, and global network of resources are of tremendous value to entrepreneurs. I look forward to further cooperation with Lightspeed China Partners in the future.”

“We are fortunate to have Lightspeed China Partners as our lead Series A investor,” said Justin Luo, CEO of Tujia. “They have provided tremendous help and support for us. As Tujia grows significantly in size, we look forward to working closely with the Lightspeed China Partners team.”

As a strategic partner of Lightspeed Venture Partners, LCP utilizes a global network of resources to keep abreast of international trends, new business models, and cutting edge technologies, as well as to help Chinese technology companies expand in global markets.

About Lightspeed China Partners

Lightspeed China Partners (LCP) is a leading venture capital firm in China focused on early stage investments in Internet, mobile, technology-enabled services, and enterprise solution companies. 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. LCP offers international value-added capabilities through its relationship with Lightspeed Venture Partners, a global venture capital firm managing over $4 billion of committed capital with investment professionals and advisors located in Silicon Valley, India, and Israel.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160628005557/en/

Contact:

Lightspeed China Partners
Jingying Li, (86) 21 5386 6500
jingying@lightspeedcp.com