Thrive Capital, a New York-based venture capital firm founded by Oscar Health co-founder Joshua Kushner, announced it has closed its ninth flagship fund at over $5 billion. This is the largest fund raised by the firm to date. Thrive IX features $1 billion designated for early-stage investments and $4 billion designated for growth-stage investments.
As of March 2023, it was estimated that Thrive Capital was managing over $14 billion in AUM. Thrive is known for making early bets on companies like OpenAI, Stripe, and Skims. And the firm also recently brought in former Benchmark partner Miles Grimshaw to help drive growth.
KEY QUOTES:
“At Thrive we aim to be concentrated in both people and ideas. The ways in which we approach our work are inspired by how our founders approach theirs. We make few investments per year, but our intensity and drive to show up for founders forges a bond that transcends good times and bad.”
“We take a longer view than many — based on a belief that category-defining companies tend to create structural compounding advantages over long arcs. This long-term orientation is crucial to our strategy, as we aim to invest in and support companies that have the potential for sustained growth and transformation over many decades.”
“The technological breakthroughs that will occur over the next years will be unlike anything we have ever experienced before; And we view Thrive as an enabling technology for the future that we want to see. Business is an expression of the people running it. As we look to Thrive IX, I am filled with optimism, excitement, and purpose.”
- Joshua Kushner
