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

CRV, a 55-year-old venture capital firm, has raised $750 million for its 20th fund. This fund size marks a significant downsizing from the firm's previous $1.5 billion fund raised in 2018. The decision to reduce the fund size comes after CRV returned a substantial amount of capital to its investors, signaling a shift in the firm's investment strategy. This move is seen as a response to the changing market conditions and the need to adapt to the current investment landscape. CRV has a long history of backing successful startups, including household names like Twitter, Instacart, and Dropbox. The firm's focus remains on early-stage investments, particularly in the technology and healthcare sectors. The new $750 million fund will allow CRV to continue its mission of supporting promising entrepreneurs and innovative companies. Despite the downsizing, the firm remains committed to its core investment philosophy and its role in fostering the growth of the startup ecosystem.