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Acro Capital Raised $700 million in new money.
The San Francisco-based venture capital firm announced Blog post On Thursday it raised $700 million to invest in companies working in data and security, healthcare or financial technology. This fundraising brings the company’s assets under management to $1.7 billion.
It’s unclear how much of the $700 million will go to the company’s early-stage strategy, which invests between $1 million and $15 million in seed and Series A companies, and how much will go to its discovery strategy, which cuts checks from $10 million. $ to $20. Million for Series B and Series C companies.
This news comes as the company turns five years old, a milestone worth celebrating during an extremely difficult year for venture funds and fundraising. So far this year, U.S. venture capital firms have raised $65.1 billion across 305 funds, according to PitchBook data. While 2024 fundraising totals are on track to surpass 2023, they will still be small compared to any previous year after 2019.
The company will likely still be able to raise money in these tougher circumstances due to its outstanding portfolio to date.
Acrew has seen multiple exits to date, including corporate spending platform Divvy, which was sold to BILL for $2.5 billion in May 2021, and creativity platform Superpeer, which Skillshare acquired for an undisclosed sum earlier this year, among others. Other matters.
The company also invests in notable private companies, including At-Bay, an insurance cybersecurity startup that was last valued at $1.3 billion, and Pie Insurance, a small business insurance startup, which is valued at about $1 billion according to PitchBook estimates .
Acrew was launched in 2019 by Theresia Gu, Lauren Kolodny, Vishal Loghani, Asad Khaliq, and Mark Krenak, all of whom still hold the same roles at the company. Acrew’s first fund was $258 million.
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