Lightspeed forms blockchain-focused division

Lightspeed Venture Partners raised $7.1 billion across four new funds to back early-stage entrepreneurs. The venture capital firm has also formed Lightspeed Faction, a team focused on investing in the crypto industry.

1/3 Today, Lightspeed announced several new funds designed to support entrepreneurs, in any geography in the world, at any point in their journey. https://t.co/CB5jPwf4GE

— Lightspeed (@lightspeedvp) July 12, 2022

Lightspeed Faction will be led by investors Sam Harrison and Banafshe Fatie. The team will draw on nine years of experience backing blockchain startup ventures.

The division members are convinced that blockchain companies will lead a significant shift in the paradigm of computing for the innovative economy, the statement said.

One of the announced funds, Fund IV, sized at $500 million, will focus on supporting entrepreneurs in India and Southeast Asia.

Three other XIV-A/VIP, LSelect V, Opportunity Fund II with AUM of $1.98 billion, $2.26 billion, $2.36 billion will focus their efforts on projects in the corporate and consumer sectors, as well as in healthcare and fintech.

Assets under management at Lightspeed Venture Partners reached $18 billion. The firm’s portfolio numbers more than 500 companies, 190 of which have gone public or entered M&A deals.

Back in November 2021, FTX, Lightspeed and Solana Ventures established a $100 million fund to support blockchain games.

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