Thrive Capital just raised $10 billion in a new fund – the largest fund it has ever raised and nearly double the size of its last fund. Of this, $1 billion is earmarked for early-stage investments, while the rest is for growth-stage investments, according to it announcement from the company.
Thrive told Bloomberg that this latest fundraiser oversubscribed. It’s the company’s 10th fund — called Thrive X — and comes as some of the company’s biggest investments, including OpenAI, Stripe, and SpaceX, continue to rise in value. Some of the company’s other notable investments include Databricks, Anduril, and Cursor. The company also incubates companies, having spun off 12 so far, at least six of which have now reached unicorn status.
The company’s strategy is to be “very committed to a few founders,” the company said in the announcement. “Concentration demands loyalty to the founders and the mission to which we return.”
Speaking to Bloomberg, Josh Kushner, the company’s founder, said he believes the winners of the AI boom will be “bigger than we can imagine,” and that the technology is still here.
Thrive’s big improvement also hints at something else. Rumors of an IPO have been circulating in OpenAI and SpaceX in particular, bringing with it a lot of interest from limited partners waiting for a return. These two companies can lead to an unprecedented flow of capital back to limited partner.
We’ve reached out to Thrive for more information.
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