In quick order, another China-focused venture firm has defied the odds and raised more capital for new investments.
Following Qiming Venture last week with a $1.1 billion new fund, now Lightspeed China Partners
comes out swinging with $4 billion of new capital in three funds to invest in early and growth stage startups.
Much credit goes to James Mi, founding partner at Lightspeed China. He's pictured (middle) at a Silicon Dragon awards event in Hong Kong.
Mi has been racking up the wins in China with investments in social commerce startup Pinduoduo and superapp Meituan-Dianping. Both went public in 2018.
You can get an idea of his views of the China market from this quote of his in my latest book,
Tech Titans of China.
"China's enterprise service and deep tech innovation is in the early innings of development. Given China's vast market, deep talent pool and increasing demand for home-grown deep technologies across various industries, we are seeing accelerated growth and significant investment opportunities."
Mi joined Lightspeed in 2008 from heading up M&A for Google in China, where he spearheaded an investment in Baidu.