Thrive Capital

Last updated

Thrive Capital Management, LLC
Company type Private
Industry Venture Capital
Founded2010;14 years ago (2010) [1] [2]
Founder Joshua Kushner
Headquarters New York City, New York, U.S.
Key people
 Nitin Nohria, (Executive chair)
Products Investments
AUM US$16 billion (2022)
Number of employees
57 (2022)
Website thrivecap.com
Footnotes /references
[3]

Thrive Capital is an American venture capital firm based in New York City. It focuses on software and internet investments. [4] The firm was founded by Joshua Kushner who is also co-founder of Oscar Health and minority owner of the Memphis Grizzlies. [5] [6]

Contents

History

Joshua Kushner founded Thrive Capital in 2010, at 24 years old. [4] [5] [6] [1] Joel Cutler and General Catalyst provided the initial $5 million in seed money for the firm in 2010 as well as introduced investors to the firm and Kushner. [6]

In 2011, the firm launched its first institutional fund, raising another $40 million from Princeton University, Wellcome Trust, Peter Thiel and other investors. [4] [5] [6] General Catalyst served as the core LP yet again for this second funding round. [1]

Following the 2016 election, Jared Kushner was appointed as Senior Advisor to the President. [7] Jared sold his entire Thrive Capital stake to avoid conflict of interest between him and the Trump administration. [8] [9] [10]

In May 2021, Petershill Partners had invested around $120 million in Thrive Capital for a 3% stake, [5] [11] which valued the firm at $3.6 billion. [5] [11] In September 2021, the firm registered as an investment adviser with the U.S. Securities and Exchange Commission. [12] The firm stated as part of its regulatory filing that it planned to use some funds to investment in public companies and crypto assets. [12] The same year, ten of Thrive's portfolio companies went public, including Affirm and Nubank. [1] In 2022, Nitin Nohria was brought on as the firm's first executive chair. [1]

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. [13] [14] 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. [1]

The firm is noted for being an early investors in several high-profile technology platforms such as Instagram, GitHub, Spotify and Twitch. [5] [6] Thrive has also invested in Stripe, Airtable, Glossier, Plaid, Anduril, Ramp, and OpenAI. [1] [15] [16]

Funds

Fund [17] Vintage YearCommitted Capital ($m)
Thrive Capital Partners I2009USD 10
Thrive Capital Partners II2011USD 40
Thrive Capital Partners III2012USD 150
Thrive Capital Partners IV2014USD 400
Thrive Capital Partners V2016USD 700
Thrive Capital Partners VI2018USD 1,000
Thrive Capital Partners VII [18] 2021USD 2,000
Thrive Capital Partners VIII [19] [20] 2022USD 3,000

Notable investments

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References

  1. 1 2 3 4 5 6 7 8 9 10 11 Abram Brown; Kate Clark (February 24, 2023). "Josh Kushner's Budding Empire". The Information. Retrieved May 12, 2023.
  2. ↑ Matt Durot (April 5, 2022). "Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire". Forbes. Retrieved May 12, 2023.
  3. ↑ "Form ADV" (PDF). SEC. Retrieved December 23, 2022.
  4. 1 2 3 4 5 Rusli, Evelyn M. (August 22, 2011). "Joshua Kushner's Thrive Capital Raises $40 Million". DealBook. Retrieved December 23, 2022.
  5. 1 2 3 4 5 6 7 8 9 10 11 12 "How Joshua Kushner – not Jared – became his family's first billionaire". South China Morning Post. May 9, 2022. Retrieved December 23, 2022.
  6. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Durot, Matt. "Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire". Forbes. Retrieved December 23, 2022.
  7. ↑ "ANNUAL REPORT TO CONGRESS ON WHITE HOUSE OFFICE PERSONNEL" (PDF). Trump White House Archives. June 30, 2017. Retrieved July 7, 2023.
  8. ↑ Bertoni, Steven. "Josh Kushner's Complex World: How Jared's Liberal Brother Runs A Billion Dollar Fund In Trump Era". Forbes. Retrieved December 23, 2022.
  9. ↑ Singh, Yuliya Chernova and Preeti (January 25, 2021). "Joshua Kushner's Thrive Capital Goes for Mega-Fundraise". Wall Street Journal. ISSN   0099-9660 . Retrieved December 23, 2022.
  10. ↑ Disis, Jill (April 18, 2017). "Jared Kushner is still selling off business assets". CNNMoney. Retrieved December 23, 2022.
  11. 1 2 3 4 5 6 7 8 9 "Goldman Sachs Is Said to Invest in Josh Kushner's Thrive Capital". Bloomberg.com. May 19, 2021. Retrieved December 23, 2022.
  12. 1 2 Chernova, Yuliya (November 29, 2021). "Josh Kushner's Thrive Capital Gains More Flexibility to Invest in Crypto, Public Stocks". Wall Street Journal. ISSN   0099-9660 . Retrieved December 23, 2022.
  13. ↑ Hayes, Dade (January 24, 2023). "Bob Iger Joins Investors Taking Minority Stake In Venture Firm Thrive Capital". Deadline. Retrieved January 29, 2023.
  14. ↑ Jin, Berber (January 24, 2023). "WSJ News Exclusive | Robert Iger, Henry Kravis to Buy Minority Stake in Thrive Capital". Wall Street Journal. Retrieved January 29, 2023.
  15. ↑ Jon Victor; Erin Woo (April 17, 2023). "OpenAI Wraps Up Tender as AI Talent War Heats Up". The Information. Retrieved May 12, 2023.
  16. ↑ Azevedo, Mary Ann (August 22, 2023). "Fintech startup Ramp raises $300M at a 28% lower valuation of $5.8B". TechCrunch. Retrieved October 19, 2023.
  17. ↑ "Thrive Capital | Palico". www.palico.com. Retrieved December 23, 2022.
  18. ↑ "Joshua Kushner's Thrive Capital raises $2 billion for latest funds". Reuters. February 11, 2021. Retrieved December 23, 2022.
  19. ↑ Loizos, Connie (February 17, 2022). "New York's Thrive Capital closes its eighth fund with a whopping $3 billion". TechCrunch. Retrieved December 23, 2022.
  20. 1 2 3 4 5 6 7 Chernova, Yuliya (February 17, 2022). "Thrive Capital Reloads With $3 Billion in New Funds". Wall Street Journal. ISSN   0099-9660 . Retrieved December 23, 2022.
  21. ↑ Cutler, Kim-Mai (March 24, 2015). "Cadre Raises $18.3M From Thrive, General Catalyst To Build Software For Big Commercial Real Estate". TechCrunch. Retrieved December 23, 2022.
  22. ↑ "Hiring Software Juggernaut Greenhouse Swallows $35M Series C | TechCrunch". September 4, 2015. Archived from the original on September 4, 2015. Retrieved December 23, 2022.
  23. ↑ Higgins, Tim (October 10, 2017). "SoftBank Leads $164 Million Bet on Digital-Mapping Startup Mapbox". Wall Street Journal. Retrieved December 23, 2022.
  24. ↑ O'Hear, Steve (February 23, 2017). "Confirmed: UK challenger bank Monzo raises £19.5M with another £2.5M in crowdfunding planned". TechCrunch. Retrieved December 23, 2022.
  25. ↑ Shontell, Alyson. "An Admirable New Startup, Neverware, Has Raised $1 Million To Try And Save Schools A Lot Of Money". Business Insider. Retrieved December 23, 2022.
  26. ↑ "OpenGov Receives $4M for Transparency Software". SiliconANGLE. July 3, 2013. Retrieved December 23, 2022.
  27. ↑ Buhr, Sarah (January 19, 2016). "Patreon Gains $30 Million Series B Funding To Support Growth". TechCrunch. Retrieved December 23, 2022.
  28. ↑ "David and Alan Tisch raise $7.5 million for stealthy startup Spring". Fortune. Retrieved December 23, 2022.
  29. ↑ Lawler, Ryan (May 19, 2014). "Whisper Confirms $36M In New Funding, Adds Related Posts, Categories, And Explore Feature To App". TechCrunch. Retrieved December 23, 2022.
  30. ↑ Lawler, Ryan (May 9, 2024). "Wiz's $12B Valuation Steals The RSA Conference Buzz, Amid VC Reset". Forbes. Retrieved May 9, 2024.
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