Venture firm CRV raises $750M, downsizing after returning capital to investors

CRV has secured $ 750 million towards the 55 -year -old venture firm’s twentieth flagship fund, IT Announced On Friday.

Small than new fund $ 1 billion initial stage fund CRV was closed in the fall of 2022. At that time, the firm also announced a capital pool $ 500 million second second funds to support the late-stage rounds of existing portfolio companies.

It is no surprise that the CRV is not increasing the late phase funds as part of its new funds. Last year, the firm told New York Times Was returning to $ 500 million to $ 275 million Choose funds to investors. The firm explained that it would not pick up another late stage vehicle as its follow-on rounds for many of its companies will reduce its overall returns.

CRV’s limited partners were eager to return the small funds of the firm, the firm said. CRV wrote that it raised its entire $ 750 million funds in just four weeks, with the demand for double the amount, CRV wrote.

The latest funds will be used to invest in seeds and chain A startups and will focus on consumer and Devatul companies.

CRV is known for Dordash’s seed finance and series a rounds for mercury and versel, a cloud platform for web developers, which was finally worth $ 3.25 billion.

Since its establishment in 1970, CRV has supported over 750 startups, of which 80 are eventually becoming public.

The latest investments of the firm include KoderbitA startup to review the AI code, and outtech, a company that uses AI for cyber security.