Venture firm CRV raises $750M, downsizing after returning capital to investors

CRV reached $ 750 million to the twentieth flagship of a 55-year-old business firm, it announced on Friday.

The new fund is smaller than The $ 1 billion early stage fund CRV closed in the fall of 2022. At that time, the company also announced a second -selected fund of $ 500 million, a capital pool to support late stages of existing portfolio companies.

It is no surprise that CRV does not increase a late fund as part of its new fundraising. Last year, the company told The New York Times It returned $ 275 million from its $ 500 million Select a fund to investors. The company explained that it would not raise another late stage vehicle because following rounds for many of its companies would lower their overall returns.

CRV’s limited partners wanted to support the company’s smaller fund, the company said. It earned its total fund of $ 750 million in just four weeks, with a demand for double that amount, CRV wrote.

The latest fund will be used to invest in seeds and series A -Starts and it will focus on supporting companies and devtoola companies.

CRV is known for the seed funding of Doordash and the A -Series for Mercury and Vercel, a cloud platform for online developers, which was recently estimated at $ 3.25 billion.

Since its founding in 1970, CRV has supported more than 750 starts, with 80 of them later published.

The firm’s latest investments include CODERABBITstarting for AI -Code review, and outbreak, a company that uses AI for cybersecurity.