Thrive Capital, the New York-based venture capital firm helmed by 26-year-old Josh Kushner*, announced today that it has successfully raised a $150 million fund for early and later stage startups. The news comes almost a year to the day after Thrive announced a $40 million raise from investors like Princeton University. The fresh $150 million comes from a slew of some of the same investors, including Princeton, Wellcome Trust and Hall Capital Partners.
We had no idea. Really. These dudes tell us nothing. Nobody wants this to be an Arrington-SV Angel style relationship more than us, but they’re not buying it.
As we reported earlier today, Thrive Capital just had a big, 17X exit with GroupMe that is a feather in the cap of the young fund.
Now Fortune is reporting that Thrive Capital has raised a new, $40 million fund, a step up from their first $10 million fund. Aside from GroupMe, Thrive also had an exit when Hot Potato sold to Facebook. OnSwipe, a Thrive company, recently raised $5 million.
Small VCs, like start-ups, would be wise to close their financing now, before macro-economic uncertainties get any worse.
The seed stage investors in GroupMe featured a lot of the same twenty-something investors Betabeat wrote about in our Littlest Angels feature back in February. David Tisch, Ben Lerer and Josh Kushner all saw their first big exits when Skype bought GroupMe, and according to one source, it was a doozy.
The seed stage round for GroupMe was $850,000 dollars, and according to sources, made at a pre-money valuation of around $4 million. That would mean a post-money figure of 4.85 million, which, given the reported exit price of $85 million, would be a multiple of roughly 17X.
Pot Calling the Kettle
From the department of glass houses and stones, social gaming giant Zynga is suing Vostu, the biggest social gaming company in Brazil.
Vostu was co-founded by Josh Kushner, one of New York’s most active angel investors, and, full disclosure, a backer of Betabeat.
Zynga writes that Vostu has copied, “all of our key product features, product strategy, branding, mission statement and employee benefits lock, stock and barrel.”
Tech Bubble Watch
Justin Wohlstadter navigated easily through the crush of long-legged beauties and laptop jockeys crowding the lobby of the Ace Hotel on a chilly Thursday night. His informal office when he’s not in the U.K. doing postgraduate work at Oxford, the wood-paneled bar is also his hunting ground for tech deals to fund Read More