Acrew Capital has raised $700 million in recent funds.
The San Francisco-based enterprise capital agency introduced in a weblog submit on Thursday that it raised $700 million to put money into firms constructing in information and safety, healthcare, or fintech. This fundraise brings the agency’s property below administration to $1.7 billion.
It’s unclear how a lot of the $700 million will go to the agency’s early-stage technique, which invests $1 million to $15 million into seed and Collection A firms, and the way a lot will go for its discovery technique, which cuts checks of $10 million to $20 million for Collection B and Collection C firms.
This information comes because the agency turns 5 years outdated, a milestone price celebrating throughout a very robust 12 months for enterprise funds and fundraising. Thus far this 12 months, U.S. VC companies have raised $65.1 billion throughout 305 funds, based on PitchBook information. Whereas 2024’s fundraising totals are on observe to surpass 2023, it’s going to nonetheless pale compared to any 12 months previous 2019.
The agency was seemingly nonetheless capable of fundraise in these more durable circumstances on account of its notable portfolio up to now.
Acrew has seen a number of exits up to now, together with company spending platform Divvy, which offered to BILL for $2.5 billion in Might 2021, and creator platform Superpeer, which was acquired by Skillshare for an undisclosed quantity earlier this 12 months, amongst others.
The agency can be buyers in notable personal firms, together with At-Bay, an insurance coverage cybersecurity startup that was final valued at $1.3 billion, and Pie Insurance coverage, a small enterprise insurance coverage startup, that PitchBook estimates is valued at practically $1 billion.
Acrew was launched in 2019 by Theresia Gouw, Lauren Kolodny, Vishal Lugani, Asad Khaliq, and Mark Kraynak, all of whom are nonetheless in the identical roles on the agency. Acrew’s first fund was $258 million.
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