CRV has secured $750 million for its twentieth flagship fund, the 55-year-old venture firm announced on Friday. The new fund is smaller than the $1 billion early-stage fund CRV closed in the fall of 2022. At that time, the firm also raised a $500 million second Select fund, dedicated to backing late-stage rounds for existing portfolio companies.
It comes as no surprise that CRV is not raising another late-stage fund this time. Last year, the firm returned $275 million from its $500 million Select fund to investors, citing concerns about overvaluation in mature startups. CRV explained that follow-on rounds for many of its companies could lower overall returns, making another late-stage vehicle unattractive.
Despite the smaller size, CRV’s limited partners showed strong interest in the new fund. The firm raised the entire $750 million in just four weeks, with demand reportedly double that amount. The latest fund will focus on seed and Series A investments, particularly in consumer and developer tools companies.
CRV has a strong track record, having led DoorDash’s seed financing and Series A rounds for Mercury and Vercel, the latter valued at $3.25 billion. Since its founding in 1970, CRV has backed over 750 startups, with 80 eventually going public.
Among its recent investments are CodeRabbit, an AI-powered code review startup, and Outtake, a company leveraging AI for cybersecurity.
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