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Thrive Capital Management, LLC, commonly Thrive Capital, is an American venture capital firm based in New York City. It focuses on software and internet investments. The firm was founded by Joshua Kushner who is also co-founder of Oscar Health and minority owner of the Memphis Grizzlies.
In 2011, the firm launched its first institutional fund, raising another $40 million from Princeton University, Wellcome Trust, Peter Thiel and other investors. General Catalyst served as the core LP yet again for this second funding round.
Following the 2016 United States presidential election, Jared Kushner was appointed as Senior Advisor to the President. Jared sold his entire Thrive Capital stake to avoid conflict of interest between him and the Trump administration.
In May 2021, Petershill Partners had invested around $120 million in Thrive Capital for a 3% stake, which valued the firm at $3.6 billion. In September 2021, the firm registered as an investment adviser with the U.S. Securities and Exchange Commission. The firm stated as part of its regulatory filing that it planned to use some funds to investment in Public company and Cryptocurrency. The same year, ten of Thrive's portfolio companies went public, including Affirm Holdings and Nubank. In 2022, Nitin Nohria was brought on as the firm's first executive chair.
In January 2023, a group of five investors, Bob Iger, Mukesh Ambani, Henry Kravis, Xavier Niel and Jorge Paulo Lemann, acquired a 3.3% stake of Thrive Capital. This put Thrive at a $5.3 billion valuation - a 50% increase from when Goldman Sachs paid $175 million for the same stake in 2021. Thrive then raised $1.8 billion in March 2023 to invest into Stripe at a $50 billion valuation.
Thrive announced in August 2024 that it raised over $5 billion for Thrive IX, its biggest-ever set of funds and among the “largest completed this year by a venture firm.” The funds will be split between a $4 billion late-stage investment fund and a $1 billion fund dedicated to early-stage ventures.
The firm is noted for being an early investor in several high-profile technology platforms such as Instagram, GitHub, Spotify and Twitch, Physical Intelligence, and Anysphere. Thrive has also invested in Scale AI, A24, Stripe, Airtable, Glossier, Plaid, Anduril, Ramp, and Databricks.
In November 2024, Financial Times detailed how Thrive’s strategy is “investing heavily in fewer companies to provide a closer relationship with founders and more visibility into companies”; the firm is able to simultaneously “remain faithful to Angel investor investing” while also participating in Growth investing and late stage investments.
Funds
As of 2024, Thrive has raised a total of $12.3bn, and has almost $25bn under management.
Notable investments
External links
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