Greycroft closes on over $1 billion across new funds
Reading Time: 2 minutesGreycroft, the self-styled ‘seed-to-growth’ venture capital firm, today announced the closing of over $1 billion in capital commitments across new funds.
The firm’s two flagship vehicles, Greycroft Partners VII and Greycroft Growth IV, closed on more than $980 million, according to co-founder and managing partner Dana Settle — cash that’ll be put toward investing in both early- and growth-stage enterprise and consumer businesses.
‘Greycroft’s bicoastal foundation in Los Angeles and New York has given us unique access and insights to the technological advancements that drive emerging themes and reshape industries at the intersection of culture and business,’ Settle said in a canned statement. ‘Our investment approach remains the same, identifying companies that are finding novel applications of next-generation technology and supporting them at the critical moment of commercialization.’
Co-founded by Settle, Ian Sigalow and Alan Patricof in 2006, Greycroft manages more than $2 billion in capital with stakes in companies including Bird, Bumble, HuffPost, Goop, The RealReal and Venmo. The firm targets investments from $500,000 up to $50 million in early-stage and high-growth companies globally, with a presence in close to 20 countries.
Greycroft’s growth funds allow for investment in growth-stage deals, with commitments starting at $10 million and scaling up to $35 million. Meanwhile, its venture fund invests between $500,000 and $5 million in a first check.
Greycroft previously closed around $700 million ($678 million) across two funds, Greycroft VI ($310 million) and Greycroft Growth III ($368 million), which brought its total capital to $2 billion. Since 2006, the firm has grown from $75 million to $3 billion in capital commitments and partnered with more than 250 portfolio companies.
‘We are witnessing a once-in-a-generation industrial transformation driven by advancements in artificial intelligence and the increasing need for sustainable products,’ Sigalow added in a press release. ‘These secular shifts are creating new opportunities across a wide range of sectors, despite the challenging economic conditions. We have been here before and are excited to see the innovations and trailblazing entrepreneurs that we anticipate will emerge from this period of change.’
Reference: https://techcrunch.com/2023/04/26/greycroft-closes-on-over-1-billion-across-new-funds/
Ref: techcrunch
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