Lightspeed Targets Over $5.5 Billion for New Funds

Nicole Quinn. Photo provided by subject. Illustration Mike Sullivan

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Lightspeed Venture Partners, the venture capital firm that made early bets on Snap and Affirm, is raising more than $5.5 billion for early- and late-stage investments, according to a person with direct knowledge of the matter.

The fresh pool of capital represents the largest fundraising yet for the two-decade-old firm and follows a string of huge funds raised by rivals, including Andreessen Horowitz and Tiger Global Management.

“Everybody’s raising these larger and larger funds and then you also see a lot of these hedge funds coming down into VC territory; there’s just so much capital,” said Lightspeed partner Nicole Quinn at The Information’s Creator Economy Summit on Thursday.

The new money also comes amid a changing guard at Lightspeed: In September, the Menlo Park, Calif.–based firm announced that Jeremy Liew, one of its top deal makers, would be taking a step back at the firm after 15 years.