Lightspeed

Lightspeed Venture Partners is a leading global venture capital firm with over $40 billion in assets under management across multiple funds. Founded in 2000, Lightspeed has invested in 956+ companies, producing 101 unicorns and 38 IPOs including Snap, Rubrik, Affirm, Guardant Health, and Netskope.

Lightspeed operates as a federated network across the US, Europe, Israel, India, and Southeast Asia, offering founders 'local-first' investors with deep regional expertise. The firm is renowned for its 'depth over breadth' approach - highly involved, board-level partner engagement with weekly founder contact and intensive strategic support, rather than light-touch investing.

In December 2025, Lightspeed raised over $9 billion across six new funds, marking its largest capital raise ever. The firm has deployed $5.5+ billion across 165+ AI-native companies including Anthropic (largest investor in $3.5B Series E), xAI, Databricks, Mistral, Glean, Abridge, and Skild AI, establishing itself as a dominant force in AI investing. Lightspeed made its first AI investment in 2012, a full decade before the broader industry trend.

For ZHC builders, Lightspeed offers patient capital, strategic guidance, operational resources, and access to a powerful network of 956+ portfolio companies and follow-on investors. The firm is particularly focused on AI/ML, enterprise software, developer tools, and transformative B2B businesses. With 360+ portfolio exits and $8B returned to LPs in the last five years, Lightspeed has proven track record of building category-defining companies.

Investment Focus

• AI/ML Infrastructure and Applications: #1 priority - largest AI investor with 165+ portfolio companies, $5.5B deployed
• B2B SaaS and Enterprise Software: Core strength with companies like Wiz, Grafana Labs, Navan
• Developer Tools and Infrastructure: Data infrastructure, cloud, DevOps, analytics platforms
• Fintech and Financial Infrastructure: Payments (Stripe), banking, crypto/blockchain
• Cybersecurity: Active investor with Cyber60 CISO survey, portfolio includes security leaders
• Consumer Technology: Marketplaces, social (Snap), gaming
• Healthcare Technology: Digital health, biotech (Guardant Health)
• Climate and Mobility: Emerging focus areas

Stage Focus

• Primary: Seed to Series B (majority of AI investments at these stages)
• Also Active: Pre-seed and growth/opportunity rounds
• Typical Check Sizes:
  • Seed: $1M-$5M
  • Series A: $5M-$20M (average $30.3M round size)
  • Series B: $10M-$50M (average $53.2M round size)
  • Growth/Opportunity: $20M-$100M+
  • Can exceed these ranges for exceptional opportunities

Company Profile

• Strong technical teams with domain expertise and proven track records
• Large addressable market: Multi-billion dollar TAM preferred
• Clear path to revenue and scalability
• Product-market fit or strong early traction signals
• Innovative technology or business model differentiation
• Category-defining potential: Building new markets, not just competing in existing ones
• Readiness for deep partnership: Board-level engagement and weekly interactions

Geographic Focus

• United States: Primary focus (85% of investments), particularly Silicon Valley, San Francisco, NYC
• India and Southeast Asia: Dedicated $500M fund (Lightspeed India Partners Fund IV)
• Israel: 12.5% focus with dedicated team
• Europe: Active presence with local teams
• Global expansion support: NYC U.S. Expansion Program for international companies

ZHC-Specific Fit

Excellent for:

• AI/ML companies at any stage (firm's absolute #1 priority)
• Scalable B2B SaaS businesses with recurring revenue and strong unit economics
• Developer-focused infrastructure, tools, and platforms
• Data infrastructure and analytics platforms (Databricks model)
• Enterprise software targeting Fortune 500 customers
• Fintech with defensible moats and network effects
• Companies ready for intensive board-level engagement and strategic guidance
• Founders seeking weekly partner interaction, deep operational support
• Startups targeting large enterprise markets with $1B+ TAM
• Technical founders with domain expertise and innovative approaches
• Companies with potential for $100M+ revenue scale

Poor fit if:

• Hardware-first with long development cycles and low margins
• Consumer B2C without clear viral growth or network effects
• Small addressable markets (<$1B TAM)
• Highly regulated industries without clear compliance/regulatory strategy
• Looking for hands-off, passive investors
• Not ready for board seats and weekly engagement
• Incremental improvements without category-defining potential
• Pre-product without technical proof-of-concept

Investment Process

Stage	Timeline	Details
Initial outreach	Ongoing	Warm introductions strongly preferred; cold emails accepted
Partner meeting	1-2 weeks	Initial conversation with relevant sector partner to assess fit
Deep dive	2-4 weeks	Technical evaluation, market analysis, customer references, competitive analysis
Partner presentation	1 week	Present to full investment committee with sponsoring partner
Term sheet	1-2 weeks	Negotiate terms, valuation, board structure
Due diligence	2-4 weeks	Legal, financial, technical verification, reference calls
Closing	1-2 weeks	Final documentation and wire funding

Total Timeline: 6-12 weeks typical, can be accelerated to 3-4 weeks for competitive deals or exceptional opportunities

How to Apply

• Warm introductions: Best path through portfolio founders, other VCs, or mutual connections - significantly higher success rate
• Direct outreach: Email partners directly via partner profiles at lsvp.com/team - research which partner covers your sector
• Website submission: Apply via contact form at lsvp.com/contact
• Events and programs: Attend Lightspeed events, portfolio gatherings, or apply to specialized programs (e.g., NYC U.S. Expansion Program)
• Geographic teams: Reach out to regional teams (US, India, Israel, Europe, Southeast Asia) based on your location

What Lightspeed Looks For

1. Team quality: Track record, domain expertise, technical depth, founder chemistry and coachability
2. Market size and timing: Large, growing markets ($1B+ TAM) with disruption potential and favorable timing
3. Product differentiation: Clear competitive advantages, defensible moats, innovative technology
4. Traction and metrics: Revenue growth, user adoption, customer retention, unit economics
5. Scalability potential: Clear path to $100M+ revenue with strong margins
6. Vision and ambition: Category-defining aspirations, not just incremental improvements
7. Alignment and partnership readiness: Founders ready for deep, collaborative partnership with weekly engagement
8. AI integration: For non-AI companies, how AI enhances the product or business model

Decision Factors

• Partner conviction: Individual partners champion deals based on deep domain expertise
• Portfolio construction: Sector balance and diversification considerations
• Competitive dynamics: Market timing and competitive landscape assessment
• Follow-on capital: Ability to support company through multiple rounds
• Board availability: Partner bandwidth for active board engagement
• Valuation discipline: Comparison with public market comparables

Tips for Strong Applications

• Lead with traction: Quantifiable metrics, revenue growth, user adoption
• Articulate market size: Demonstrate $1B+ TAM with bottoms-up analysis
• Show technical differentiation: Explain defensible advantages and innovation
• Highlight team strength: Domain expertise, relevant experience, complementary skills
• Emphasize AI components: If applicable, show how AI drives core value proposition
• Research the partner: Reference specific Lightspeed partners with sector expertise
• Prepare for depth: Be ready for deep technical and strategic discussions
• Tell your story: Follow chronological order, explain motivations, focus on outcomes (per Lightspeed partner guidance)
• Be authentic: Demonstrate genuine passion and long-term commitment
• Show market understanding: Deep knowledge of competitive landscape and customer needs