And on Friday, CRV, one of the leading, long-time venture capital firms founded in 1970, announced such an accomplishment. Most recently, it raised $750 million for its twentieth flagship fund. This enormous capital infusion couldn’t come at a better time as the firm transitions and maintains momentum to stay ahead of market demands. Earlier this month, it closed out its previous $500 million Select fund, returning $275 million to LPs.
In a remarkable accomplishment, CRV closed the full $750 million of the fund in less than four weeks. This record pace of fundraising proved necessary as interest was through the roof, with demand more than double the size of the fund. This is a sure sign of deep investor confidence in CRV’s ability to pick and grow the very best startups.
They’ve successfully funded over 750 different startups, gaining a powerful reputation among entrepreneurs and investors for their foolproof investment strategy. Significantly, roughly 80 of these startups have completed an IPO, a testament to the firm’s ability to generate impressive returns. CRV has recently invested in CodeRabbit, a CRV startup focused on AI code review. They supported Outtake, a company developing AI-driven cybersecurity solutions.
The new, $750 million fund is a big pivot for CRV. It’s a bit smaller than the firm’s last $1 billion early-stage fund, which closed in the fall of last year. CRV kicked off a $500 million second Select fund with its main fund. With the new fund, the plan is to be able to provide capital in late-stage rounds for well-performing, existing portfolio companies.
CRV has instead opted to shrink its marquee flagship fund. This step is indicative of a deeper strategic shift as the firm adjusts to a new reality of investment. The firm’s deep experience allows it to be out in front of changing market dynamics and investor demands.
Marina Temkin, a venture capital and startups reporter at TechCrunch, notes that CRV’s latest fundraising illustrates both the ongoing interest in technology investments and the firm’s commitment to backing innovative companies that are poised for growth.
