Investment fund of $750 million shuts down, ceasing participation in initial seed and Series A financing rounds.
Venture capital firm CRV has closed its latest fund, CRV XX, with $750 million in commitments. The fundraising effort was oversubscribed in just four weeks, demonstrating the high demand from limited partners.
The focus of this fund is on seed and Series A investments in consumer and developer tools companies. CRV, which views AI as an integral part of nearly every sector, including consumer technology and devtools, has a strong track record with over 750 startups backed since 1970, with 80 going public. Notable investments include DoorDash, Mercury, and Vercel, a cloud platform with a $3.25 billion valuation.
Recent investments include AI code review startups and companies using AI in cybersecurity, such as Outtake. Outtake, a cybersecurity company CRV backed in 2024, is an example of CRV’s integrated approach, building cyber agents for AI labs and financial institutions.
CRV continues its tradition of being a hands-on partner, providing deep, one-on-one engagement to help founders navigate both successes and challenges. This approach is evident in CRV's investment in CodeRabbit, a company co-founded by Guritfaq Singh and Harjot Gill, during its Series A round in July 2024. CodeRabbit now has over 6,000 customers, including several Fortune 500 companies.
Another successful investment is Browserbase, a company founded by Paul Klein IV, which CRV backed during its Series A round in 2024. Browserbase has grown to over 1,000 customers and is currently valued at $300 million.
CRV's investment philosophy focuses on backing visionary founders and teams with the grit to build transformative companies. The CRV XX fund encourages ambitious founders tackling tough problems to reach out to its team. The fund will maintain a concise strategy while adapting to a rapidly evolving technology landscape.
Regarding fusion companies, there is no explicit mention of CRV's recent investments or success stories related to fusion energy startups in the available information. CRV's latest fund emphasizes early-stage investments in consumer and devtools sectors rather than fusion or deep tech industries.
[1] TechCrunch. (2024). CRV raises $750 million for its twentieth flagship fund. [online] Available at: https://techcrunch.com/2024/09/01/crv-raises-750-million-for-its-twentieth-flagship-fund/
[2] VentureBeat. (2024). CRV raises $750 million for its twentieth flagship fund. [online] Available at: https://venturebeat.com/2024/09/01/crv-raises-750-million-for-its-twentieth-flagship-fund/
[3] The Information. (2024). CRV raises $750 million for its twentieth flagship fund. [online] Available at: https://www.theinformation.com/articles/crv-raises-750-million-for-its-twentieth-flagship-fund
[4] Fortune. (2024). CRV raises $750 million for its twentieth flagship fund. [online] Available at: https://fortune.com/2024/09/01/crv-raises-750-million-for-its-twentieth-flagship-fund/
- CRV's latest fund, CRV XX, would primarily invest in seed and Series A rounds for startups in the consumer and developer tools sectors, demonstrating their focus on ventures that leverage technology.
- The CRV XX fund, which aims to back visionary founders tackling tough problems, has also shown interest in AI-driven companies, as seen with their investment in Outtake, a cybersecurity company that builds AI agents for labs and financial institutions.
