Khosla Ventures, a company known for its early investments in Openai, is raising $3.5 billion with three funds, the Wall Street Journal reports. Its target is 17% greater than the company's previous 2023 fund's $3 billion fund.
Approximately half of the new capital will be allocated to the 9th core venture fund. The remaining funds will be split into a $1.1 billion growth fund for late startups and a $650 million seed stage focused on the $650 million seed stage.
Khosla Ventures declined to comment on the new funding.
Founded in 2004 by Vinod Khosla, co-founder of Sun Microsystems, the company includes five administrative directors, including Keith Labour, after spending five years as a general partner at the Founders Fund. During his first stint at Khosla Ventures, Rabois was an early investor in Doordash, Affirm, Stripe and Faire.
Khosla Ventures' first $50 million check has opened by Openai to buy a 5% stake in the company's profit arm.