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Sources: Lightspeed is close to hiring a new London-based partner to put down further roots in Europe

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Sources: Lightspeed is close to hiring a new London-based partner to put down further roots in Europe

Lightspeed Enterprise Partners, the well-identified Silicon Valley enterprise capital agency that has backed the likes of DoubleClick and Snapchat, is in the midst of hiring a 2d London-based investment partner as it appears to put down further roots in Europe, TechCrunch has learned.

Early Newspaper

According to multiple sources, Paul Murphy, whose investments include Tier, Hopin, Klang and Bunch, is being hired away from Northzone, the European VC agency that’s probably finest identified for being an early backer of Spotify. The signing is calm in progress nonetheless will be announced in the following couple of weeks. Murphy has been at Northzone for three years and was promoted to general partner in late 2019 when the agency raised a new $500 million fund.

I’ve reached out to Murphy and Lightspeed for remark and will update this article if or when I hear back.

Prior to VC, Murphy co-based Dots, the cellular games company in New York. He also constructed and invested in various companies at startup studio Betaworks. (Notably, Murphy helped launch Giphy in the U.S., which Lightspeed ended up backing and later offered to Facebook for $400 million). Prior to that, he held several roles at Microsoft in the U.S., U.K. and India. He also holds a BS in Computer Engineering from Virginia Tech and an MBA from The IE Business College in Spain, according to the Northzone online page.

Meanwhile, the fact that Lightspeed is formally putting extra of us on the ground in Europe ought to arrive as no surprise to close watchers of the ecosystem here. TechCrunch first heard rumors that the Menlo Park-based VC was recruiting a partner in London as far back as August in 2019. That saw Rytis Vitkauskas join the U.S. agency as its first partner in London the following September, according to LinkedIn. Must Murphy’s recruitment be confirmed it would signal a significant expansion of a Lightspeed London “administrative heart,” and confirmation that the VC is doubling down in the status.

These rumors in late last 2019 coincided with news spreading that another Silicon Valley VC heavyweight, Sequoia, was also doing the same — along with talk of alternative U.S. VC companies — as European tech companies continue to create extra value than ever earlier than. Sequoia’s contain plans were finally announced in November, including that it had poached Luciana Lixandru away from rival Accel Partners.

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Sources: Lightspeed is close to hiring a new London-based partner to put down further roots in Europe