Thrive Capital: OpenAI investor launches 10-billion-dollar fund
According to TechCrunch, OpenAI investor Thrive Capital has raised 10 billion dollars for a new fund. This is the largest fund the company has ever launched. It is nearly twice the size of its previous fund. One billion dollars is earmarked for early-stage investments, while the remainder is designated for growth-stage investments, as the VC backer announced.
Thrive Capital’s tenth fund already
According to Thrive, this latest capital raise was oversubscribed. It is the investor’s tenth fund and operates under the name “Thrive X”. The fund comes at a time when some of the company’s largest investments, including OpenAI, Stripe, and SpaceX, continue to gain value.
Other notable investments by the VC firm include Databricks, Anduril, and Cursor. Thrive also supports startups and has founded twelve companies to date, at least six of which have now achieved unicorn status. The company’s strategy is to “engage intensively with a small number of founders”.
OpenAI and SpaceX could go public
Thrive Capital was founded by Joshua Kushner, the brother of Jared Kushner, also known as Donald Trump’s son-in-law. Kushner apparently continues to bet heavily on AI investments. In a conversation with Bloomberg, he said that the winners of the AI boom “will be bigger than we could ever imagine”, and that the technology is still in its infancy. Interestingly, OpenAI itself invested in Thrive in December, in a kind of “circular deal”.
The massive capital raise could signal further major news around Thrive’s investments. In particular, rumors swirl around OpenAI and SpaceX regarding an IPO, which generates significant interest among limited partners waiting for returns. These two companies could lead to an unprecedented flow of capital back to the limited partners.
