Lightspeed Enterprise Companions, the well-known Silicon Valley enterprise capital agency that has backed the likes of DoubleClick and Snapchat, is within the midst of hiring a second London-based funding companion because it seems to be to place down additional ties to Europe, TechCrunch has discovered.
In line with a number of sources, Paul Murphy, whose investments embody Tier, Hopin, Klang and Bunch, is being employed away from Northzone, the European VC agency that’s in all probability finest recognized for being an early backer of Spotify. The signing remains to be in progress however could possibly be introduced within the subsequent few weeks. Murphy has been on the Northzone for 3 years and was promoted to normal companion in late 2019 when the agency raised a new $500 million fund in late 2019.
I’ve reached out to Murphy and Lightspeed for remark and can replace this text if or after I hear again.
Previous to VC, Murphy co-founded Dots, the cellular video games firm in New York. He additionally constructed and invested in varied firms at startup studio Betaworks. (Notably, Murphy helped launch Giphy within the U.S., which Lightspeed ended up backing and later offered to Fb for $400 million). Earlier than that, he held a number of roles at Microsoft within the U.S., U.Ok. and India. He additionally holds a BS in Pc Engineering from Virginia Tech and an MBA from The IE Enterprise College in Spain, in line with the Northzone web site.
In the meantime, the truth that Lightspeed is formally placing extra folks on the bottom in Europe ought to come as no shock to shut watchers of the ecosystem right here. TechCrunch first heard rumors that the Menlo Park-based VC was recruiting a companion in London way back to August in 2019. That noticed Rytis Vitkauskas be part of the U.S. as its first companion in London the next September, in line with LinkedIn. Ought to Murphy’s recruitment be confirmed it could sign a big growth of a Lightspeed London “workplace,” and affirmation that the VC is doubling down within the area.
These rumors in late final 2019 coincided with information spreading that one other Silicon Valley VC heavyweight, Sequoia, was additionally doing the identical — together with speak of different U.S. VC companies — as European tech firms proceed to create extra worth than ever earlier than. Sequoia’s own plans had been lastly introduced in November, together with that it had poached Luciana Lixandru away from rival Accel Companions.