CRV Venture Firm Raises $750M After Returning Investor Capital and Downsizing

CRV has successfully raised $750 million for its 55-year-old venture firm’s twentieth flagship fund, as announced on Friday.

This new fund is smaller than the $1 billion early-stage fund CRV completed in fall 2022. At that time, the firm also launched a $500 million second Select fund aimed at supporting late-stage rounds of existing portfolio companies.

It is anticipated that CRV will not introduce a late-stage fund with this fundraising round. Last year, the firm revealed to The New York Times that it was returning $275 million to investors from its $500 million Select fund. They clarified that another late-stage vehicle would not be pursued, as follow-on investments in many of its companies could reduce overall returns.

According to the firm, CRV’s limited partners were eager to back this smaller fund. They managed to secure the entire $750 million in just four weeks, with interest reaching double that amount, CRV stated.

The new fund will concentrate on investments in seed and Series A startups, specifically aiming at consumer and developer tools companies.

CRV is well-known for leading DoorDash’s seed financing as well as the Series A rounds for both Mercury and Vercel, a cloud platform for developers that was last valued at $3.25 billion.

Since its founding in 1970, CRV has supported over 750 startups, with 80 of those making their public debut.

Recent investments from the firm include CodeRabbit, an AI code review platform, and Outtake, a company utilizing AI for cybersecurity solutions.