- Venture capital firm CRV announced that it has closed $600 million for a new fund called CRV XVIII
Venture capital firm CRV announced that it has closed $600 million for a new fund. The $600 million CRV XVIII fund was raised entirely during the pandemic and it will be used for early stage investments.
Founded in 1970, CRV said that the new fund was heavily oversubscribed and it was a deliberate decision to cap it at $600 million — which is exactly the same size as the previous fund.
“We believe that this is the right size fund for the current environment and the current team of early-stage investors at CRV. Many of our competitors have both grown their fund sizes and increased the frequency of raising new funds. We believe it is essential to continue demonstrating to our entrepreneurs that we are disciplined investors — the same way we rely on them to be great stewards of capital. The venture world is swimming in excess capital. We never want to be the firm that thinks of ‘putting money to work.’ We are helping entrepreneurs build their companies,” explained CRV in a blog post.
CRV said that it is focused on bringing experience and expertise to entrepreneurs. In the past year, the company brought in Datadog chief product officer Amit Agarwal as a venture partner. The firm also brought in Anna Khan as a general partner and Kristin Baker Spohn as an investor. The partners at CRV also include George Zachary, Devdutt Yellurkar, Bruce Sachs, Dylan Morris, Matt Heiman, Saar Gur, Max Gazor, Reid Christian, Murat Bicer, Izhar Armony, and Jon Auerbach.
Some of the firm’s investments in the portfolio include Airtable, Postman, Kong, Iterable, Gatsby, Doordash, Patreon, Pillpack, Twitter, Ring, and Drift.