Lightspeed, After Backing xAI and Anthropic, Aims to Raise $7 Billion in New Funds

Lightspeed Venture Partners is raising money for three new funds that could total around $7 billion, according to a person who has discussed the fundraising with the firm’s partners. It’s the latest firm seeking to raise billions after a period when institutional investors pulled back from venture capital.

Close to 40% of the new money will go to an opportunity fund that will make follow-on investments in its portfolio companies and buy shares in late-stage startups such as Stripe and Rippling from existing investors. In some cases, Lightspeed will seek controlling stakes in aging enterprise software startups and try to prepare the companies for a sale or public listing.