Venture Firm Crv Raises $750m, Downsizing After Returning Capital To Investors

CRV has secured $750 cardinal towards nan 55-year-old task firm’s twentieth flagship fund, it announced connected Friday.

The caller money is smaller than the $1 cardinal early-stage fund CRV closed successful nan autumn of 2022. At that time, nan patient besides announced a $500 cardinal 2nd Select fund, a superior excavation for backing late-stage rounds of existing portfolio companies.

It’s nary astonishment that CRV is not raising a late-stage money arsenic portion of its caller fundraise. Last year, nan patient told The New York Times it was returning $275 cardinal from its $500 million Select money to investors. The patient explained that it would not beryllium raising different late-stage conveyance because follow-on rounds for galore of its companies would little its wide returns.

CRV’s constricted partners were eager to backmost nan firm’s smaller fund, nan patient said. It raised its full $750 cardinal money successful conscionable 4 weeks, pinch request for double that amount, CRV wrote.

The latest money will beryllium utilized to put successful seed and Series A startups and it will attraction connected backing user and devtools companies.

CRV is known for starring DoorDash’s seed financing and nan Series A rounds for some Mercury and Vercel, a unreality level for web developers, which was past weighted astatine $3.25 billion.

Since its founding successful 1970, CRV has backed complete 750 startups, pinch 80 of them yet going public.

The firm’s latest investments see CodeRabbit, a startup for AI codification review, and Outtake, a institution that uses AI for cybersecurity.