Snap IPO Launches VC Firm Into Valley Elite

Venture capital is a notoriously clubby industry, with an elite bunch of firms generating the majority of financial returns. Sequoia Capital, founded in 1972, is almost unanimously placed near the top of the heap for their ability to spot big winners early, along with Benchmark, a relative upstart at 22 years old.

Silicon Valley scorekeepers are now adding a newer firm to the list: Lightspeed Venture Partners. It’s been on a stellar run in recent months, with a series of blockbuster sales and initial public offerings at a time when U.S. startup deal-making has slumped to a three-year low. Lightspeed’s investments in Snap alone, totaling $8.1 million, have amassed more than $2 billion in gains.