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CRV Closes $750M Fund to Double Down on Early-Stage Startups
August 1, 2025
CRV has announced the close of its twentieth flagship fund, securing $750 million to invest in early-stage startups — a clear signal that the firm is doubling down on seed and Series A opportunities amid shifting market dynamics.
The new fund is notably smaller than the $1 billion early-stage fund CRV raised in 2022. At that time, the firm also launched a $500 million Select fund for later-stage rounds. But CRV has since pulled back from late-stage investing. In 2023, it returned $275 million from that Select fund to investors, citing concerns that follow-on rounds would dilute overall returns.
This latest raise, completed in just four weeks, reflects strong interest from limited partners. CRV claims demand was twice the $750 million it ultimately accepted, underscoring continued confidence in the firm’s early-stage strategy.
CRV plans to focus the new fund on consumer startups and developer tools. The firm has a history of high-profile early bets, including leading DoorDash’s seed round and backing Mercury and Vercel at the Series A stage. Vercel, which powers web developers with its cloud platform, was last valued at $3.25 billion.
Over its 55-year history, CRV has invested in more than 750 startups, with 80 of those companies eventually going public.
Recent investments from the firm include CodeRabbit, which provides AI-powered code reviews, and Outtake, a startup applying AI to cybersecurity — both examples of CRV’s interest in cutting-edge developer and infrastructure tools.
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