Founders Fund raises $1 billion for fifth venture fund

SAN FRANCISCO, March 6 Thu Mar 6, 2014 1:30pm EST

SAN FRANCISCO, March 6 (Reuters) - Founders Fund, the venture-capital firm behind startups like space exploration company SpaceX and data-mining company Palantir Technologies, said it had raised $1 billion for its latest fund.

"We have a clear vision of what the world should look like decades from now, and we seek out entrepreneurs who can partner with us to build toward that future," partner Luke Nosek said in a statement released late Wednesday.

In addition to Nosek, Founders Fund V will be led by partners Ken Howery, Brian Singerman, Peter Thiel, Lauren Gross, Geoff Lewis and Scott Nolan.

Thiel, Nosek and Howery are among those who founded PayPal, later bought by eBay Inc.

Since Founders was launched with a $50 million fund in 2005, it has raised more than $2 billion in a series of increasingly large investment vehicles. Its previous fund, Founders Fund IV, closed at the end of 2011 with $625 million in commitments.