Lightspeed Venture Partners — an investor in the likes of Snap, Nest and Stripe — is raising money for three new funds that would total about $7 billion, The Information reported.

The amount is even higher than the firm raised for its last batch of funds in 2022, when it raised $6.7 billion for three funds, per Crunchbase.

About 40% of the money will be for a continuation fund to invest in its existing portfolio companies — which the Financial Times reported on back in January — per the new report.

The rest of the money could be ticketed for both a growth-stage fund and one that concentrates on seed and Series A companies, according to the report.

News of the new mega-fund comes after several peers raised massive new funds. In March, Andreessen Horowitz raised $7.2 billion for its new funds. Similarly, last month it was reported Insight Partners was closing in on a new $10 billion-plus fund.

Lightspeed’s deals

Like many firms, Lightspeed slowed its investment pace in 2023, but has been relatively active this year. The firm has made 75 deals so far in 2024 — per Crunchbase — compared to 88 for all of last year.

Just recently, Lightspeed led New York-based Grafana Labs’ $270 million round that values the company at $6 billion. Grafana’s open-source software platform helps monitor and visualize data.

Related reading:

• After Slowing Investment Pace, Lightspeed Ended 2023 On A High Note
• Andreessen Horowitz Closes In On Up To $7B In New Funds — Report

Illustration: Dom Guzman