CRV has secured $750 million for the 20-year-old venture's flagship fund, which it announced on Friday.
There are fewer new funds than the $1 billion early stage fund CRV was shut down in the fall of 2022. At the time, the company also announced a $500 million 2-second selection fund, a capital pool to support the late rounds of existing portfolio companies.
It is not surprising that CRV has not raised any late stage funds as part of its new funding. Last year, the company told the New York Times it had returned $275 million to investors from its $500 million selection fund. The company explained that many companies' follow-on rounds will not lift another late vehicle as overall returns are reduced.
The CRV limited partners were keen to support the company's small-scale funding, the company said. CRV raised the entire $750 million in just four weeks, due to twice the amount of demand.
The latest fund will be used to invest in seed and Series A startups, focusing on supporting consumers and Devtools companies.
CRV is known for leading Doordash's seed finance, with Series A, both Mercury and Vercel, being a cloud platform for web developers, and was last valued at $3.25 billion.
Since its founding in 1970, CRV has supported over 750 startups, of which 80 have finally been published.
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