Over the last 13 years, New York-based venture capital firm Thrive Capital has backed some of the most prominent companies on the market such as Robinhood, Affirm, Warby Parker, Kim Kardashian’s SKIMS and more.
After seeing at least six of its portfolio companies go public in 2021 — including Affirm at an $11.9 billion IPO valuation, Nubank at a $41 billion IPO valuation and Robinhood with a $32 billion IPO valuation — Thrive Capital announced that it raised a $3 billion fund to invest in early- and late-stage startups.
The fresh funding and the firm’s eighth raise to date will allocate $500 million to early-stage investments and $2.5 billion for late-stage investments, according to a company blog post.
“We have had the honor of working alongside some of the world’s most inspiring entrepreneurs and will continue to be heads down and focused on helping those founders and their companies find success,” Thrive Capital’s founder Joshua Kushner said in the post. “Our strategy is our constant: remain flexible and agnostic to stage, sector and geography.”
The latest fund comes just one year after Thrive Capital last announced a $2 billion fund that was also dedicated to early- and late-stage startups. Pitchbook records report that at least 20 of Thrive’s investments last year were in later-stage companies.
Since announcing the $2 billion fund last year, the VC firm has had two portfolio companies reach an exit. Fitness app ClassPass was acquired by Mindbody in October and online learning site Codecademy was acquired by Skillsoft in December.
Seemingly so with every new Thrive Capital fund comes multiple exits and plenty IPOs, foreshadowing a successful year for the firm.
