CRV has secured $750 million towards the 55-year-old enterprise agency’s twentieth flagship fund, it announced on Friday.
The brand new fund is smaller than the $1 billion early-stage fund CRV closed within the fall of 2022. At the moment, the agency additionally introduced a $500 million second Choose fund, a capital pool for backing late-stage rounds of current portfolio firms.
It’s no shock that CRV isn’t elevating a late-stage fund as a part of its new fundraise. Final 12 months, the agency advised The New York Instances it was returning $275 million from its $500 million Choose fund to buyers. The agency defined that it will not be elevating one other late-stage car as a result of follow-on rounds for a lot of of its firms would decrease its total returns.
CRV’s restricted companions had been wanting to again the agency’s smaller fund, the agency mentioned. It raised its total $750 million fund in simply 4 weeks, with demand for double that quantity, CRV wrote.
The most recent fund will probably be used to put money into seed and Sequence A startups and it’ll concentrate on backing client and devtools firms.
CRV is thought for main DoorDash’s seed financing and the Sequence A rounds for each Mercury and Vercel, a cloud platform for internet builders, which was final valued at $3.25 billion.
Since its founding in 1970, CRV has backed over 750 startups, with 80 of them ultimately going public.
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