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

CRV has secured $750 million toward the 55-year-old venture firm’s twentieth flagship fund, 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 firm also announced a $500 million second Select fund, a capital pool for backing late-stage rounds of existing portfolio companies. It’s no surprise that CRV is not raising a late-stage fund as part of its new fundraise. Last year, the firm told The New York Times it was returning $275 million from its $500 million Select fund to investors. The firm explained that it would not be raising another late-stage vehicle because follow-on rounds for many of its companies would lower its overall returns. CRV’s limited partners were eager to back the firm’s smaller fund, the firm said. It raised its entire $750 million fund in just four weeks, with demand for double that amount, CRV wrote. The latest fund will be used to invest in seed and Series A startups and it will focus on backing consumer and devtools companies. CRV is known for leading DoorDash’s seed financing and the Series A rounds for both Mercury and Vercel, a cloud platform for web developers, which was last valued at $3.25 billion. Since its founding in 1970, CRV has backed over 750 startups, with 80 of them eventually going public. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They’re here to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They’re here to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW The firm’s latest investments include CodeRabbit, a startup for AI code review, and Outtake, a company that uses AI for cybersecurity.