SAN FRANCISCO (Reuters) - Late-stage venture investing firm Technology Crossover Ventures said Wednesday it had raised a $2.23 billion fund, one of the largest venture funds raised in recent years.
The fund, the firm’s eighth, brings the firm’s total capital raised to just shy of $10 billion, the Palo Alto-based firm said. Founded in 1995, TVC has invested in companies such as social network Facebook (FB.O), video service Netflix (NFLX.O) and music service Spotify, which raised $250 million from TCV and others late last year.
TCV‘S new fund debuts as more technology startups seek larger funding rounds at later stages, putting off listings on public markets. Growth-equity venture funds, as well as players such as investment firm Tiger Global and mutual fund firm T. Rowe Price, have been jumping into the late-stage fundings.
Start-ups that have tapped significant rounds of late-stage funding in the last year or so include real-estate firm Redfin, social network Nextdoor, and online survey company SurveyMonkey.
Reporting by Sarah McBride; Editing by Bernard Orr