CRV announced on Friday that it has secured $750 million for its twentieth flagship fund, marking a continuation of the 55-year-old venture firm’s investment strategy.
This fund is smaller compared to the $1 billion early-stage fund CRV closed in fall 2022, alongside a $500 million second Select fund intended for late-stage rounds of existing portfolio companies.
It’s not unexpected that CRV is skipping a late-stage fund in its latest fundraising. Last year, the firm returned $275 million from the $500 million Select fund to investors, stating that not raising another late-stage vehicle would prevent a reduction in its overall returns due to less favorable follow-on rounds.
CRV reported strong interest in its smaller fund from limited partners, raising the entire $750 million in just four weeks, with demand exceeding available space.
The new fund aims to invest in seed and Series A startups, focusing on consumer and devtools sectors.
CRV has a history of notable investments, such as leading DoorDash’s seed financing and the Series A rounds for Mercury and Vercel, the latter valued at $3.25 billion.
Since its establishment in 1970, CRV has backed over 750 startups, with 80 reaching public status.
Recent investments by CRV include CodeRabbit, which specializes in AI-assisted code reviews, and Outtake, leveraging AI for cybersecurity.