Acrew Capital raises $700 million in new funding.
The San Francisco-based venture capital firm announced in a blog post Thursday that it has raised $700 million in investments in companies building data and security, healthcare, or fintech. With this latest funding, the company has $1.7 billion in assets under management.
How much of the $700 million will go toward the company's early-stage strategy, which invests $1 million to $15 million in seed and Series A companies, and its discovery strategy, which cuts checks from $10 million to $20. It is unclear how much will be used. $1 million for Series B and Series C companies.
The news comes as the company celebrates its fifth anniversary, a milestone worth celebrating in a particularly challenging year for venture funds and fundraising. So far this year, U.S. VC firms have raised $65.1 billion across 305 funds, according to PitchBook data. Fundraising totals in 2024 are on track to surpass 2023, but will still pale in comparison to any year since 2019.
The company's impressive portfolio to date likely enabled it to raise capital even under these difficult circumstances.
Acrew has previously experienced multiple exits, including corporate spending platform Divvy, which it sold to BILL for $2.5 billion in May 2021, and was acquired by Skillshare for an undisclosed amount earlier this year. This includes creator platform Superpeer.
The company also owns prominent private companies, including At-Bay, an insurance cybersecurity startup that was last valued at $1.3 billion, and Pie Insurance, a small business insurance startup that PitchBook estimates is valued at nearly $1 billion. are investing.
Acrew was founded in 2019 by Theresia Gouw, Lauren Kolodny, Vishal Lugani, Asad Khaliq, and Mark Kraynak, who still hold the same positions at the company. Acrew's initial funding was $258 million.