 | |
.jpg) Headquarters at
Puck Building | |
| Company type | Private |
|---|---|
| Industry | Venture Capital |
| Founded | 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 |
| 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]
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 $175 million for the same stake in 2021. [1]
The firm is noted for being an early investors in several high-profile technology platforms such as Instagram, GitHub, Spotify and Twitch. [5] [6] Thrive has also invested in Stripe, Airtable, Glossier, Plaid, Anduril, Ramp, and OpenAI. [1] [15] [16]
Funds
| Fund [17] | Vintage Year | Committed Capital ($m) |
|---|---|---|
| Thrive Capital Partners I | 2009 | USD 10 |
| Thrive Capital Partners II | 2011 | USD 40 |
| Thrive Capital Partners III | 2012 | USD 150 |
| Thrive Capital Partners IV | 2014 | USD 400 |
| Thrive Capital Partners V | 2016 | USD 700 |
| Thrive Capital Partners VI | 2018 | USD 1,000 |
| Thrive Capital Partners VII [18] | 2021 | USD 2,000 |
| Thrive Capital Partners VIII [19] [20] | 2022 | USD 3,000 |
Notable investments
- Affirm Holdings [11] [20]
- Artsy [4]
- Anduril [1]
- Airtable [6]
- Cadre [21]
- ClassPass [5]
- Compass, Inc. [11]
- Codecademy [1]
- Fanatics [6] [20]
- GroupMe [4]
- Glossier [1]
- GitHub [6]
- Greenhouse Software [22]
- Hims & Hers Health [11]
- Instagram [5] [6]
- Kickstarter [5]
- Lemonade, Inc. [11]
- Mapbox [23]
- Monzo [24]
- Neverware [25]
- Nubank [20]
- OpenAI [1]
- Opendoor [11]
- OpenGov [26]
- Oscar Health [5] [6] [11] [20]
- Patreon [27]
- Plaid [6]
- Robinhood Markets [6] [20]
- Skims [5] [6]
- Slack Technologies [6]
- Spotify [5] [6]
- Spring [28]
- Stripe [6] [20]
- Twitch [6]
- Whisper [29]
- Unity Technologies [11]
- Warby Parker [6]
References
- ^ a b c d e f g h i j k Abram Brown; Kate Clark (February 24, 2023). "Josh Kushner's Budding Empire". The Information. Retrieved May 12, 2023.
- ^ Matt Durot (April 5, 2022). "Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire". Forbes. Retrieved May 12, 2023.
- ^ "Form ADV" (PDF). SEC. Retrieved December 23, 2022.
- ^ a b c d e Rusli, Evelyn M. (August 22, 2011). "Joshua Kushner's Thrive Capital Raises $40 Million". DealBook. Retrieved December 23, 2022.
- ^ a b c d e f g h i j k l "How Joshua Kushner – not Jared – became his family's first billionaire". South China Morning Post. May 9, 2022. Retrieved December 23, 2022.
- ^ a b c d e f g h i j k l m n o p q r Durot, Matt. "Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire". Forbes. Retrieved December 23, 2022.
- ^ "ANNUAL REPORT TO CONGRESS ON WHITE HOUSE OFFICE PERSONNEL" (PDF). Trump White House Archives. June 30, 2017. Retrieved July 7, 2023.
- ^ 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.
- ^ 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.
- ^ Disis, Jill (April 18, 2017). "Jared Kushner is still selling off business assets". CNNMoney. Retrieved December 23, 2022.
- ^ a b c d e f g h i "Goldman Sachs Is Said to Invest in Josh Kushner's Thrive Capital". Bloomberg.com. May 19, 2021. Retrieved December 23, 2022.
- ^ a b 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.
- ^ Hayes, Dade (January 24, 2023). "Bob Iger Joins Investors Taking Minority Stake In Venture Firm Thrive Capital". Deadline. Retrieved January 29, 2023.
- ^ 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.
- ^ Jon Victor; Erin Woo (April 17, 2023). "OpenAI Wraps Up Tender as AI Talent War Heats Up". The Information. Retrieved May 12, 2023.
- ^ Azevedo, Mary Ann (August 22, 2023). "Fintech startup Ramp raises $300M at a 28% lower valuation of $5.8B". TechCrunch. Retrieved October 19, 2023.
- ^ "Thrive Capital | Palico". www.palico.com. Retrieved December 23, 2022.
- ^ "Joshua Kushner's Thrive Capital raises $2 billion for latest funds". Reuters. February 11, 2021. Retrieved December 23, 2022.
- ^ Loizos, Connie (February 17, 2022). "New York's Thrive Capital closes its eighth fund with a whopping $3 billion". TechCrunch. Retrieved December 23, 2022.
- ^ a b c d e f g Chernova, Yuliya (February 17, 2022). "Thrive Capital Reloads With $3 Billion in New Funds". Wall Street Journal. ISSN 0099-9660. Retrieved December 23, 2022.
- ^ 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.
- ^ "Hiring Software Juggernaut Greenhouse Swallows $35M Series C | TechCrunch". September 4, 2015. Archived from the original on September 4, 2015. Retrieved December 23, 2022.
- ^ Higgins, Tim (October 10, 2017). "SoftBank Leads $164 Million Bet on Digital-Mapping Startup Mapbox". Wall Street Journal. Retrieved December 23, 2022.
- ^ 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.
- ^ 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.
- ^ "OpenGov Receives $4M for Transparency Software". SiliconANGLE. July 3, 2013. Retrieved December 23, 2022.
- ^ Buhr, Sarah (January 19, 2016). "Patreon Gains $30 Million Series B Funding To Support Growth". TechCrunch. Retrieved December 23, 2022.
- ^ "David and Alan Tisch raise $7.5 million for stealthy startup Spring". Fortune. Retrieved December 23, 2022.
- ^ 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.
External links
|
| |
|
Headquarters at
Puck Building | |
| Company type | Private |
|---|---|
| Industry | Venture Capital |
| Founded | 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 |
| 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]
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 $175 million for the same stake in 2021. [1]
The firm is noted for being an early investors in several high-profile technology platforms such as Instagram, GitHub, Spotify and Twitch. [5] [6] Thrive has also invested in Stripe, Airtable, Glossier, Plaid, Anduril, Ramp, and OpenAI. [1] [15] [16]
Funds
| Fund [17] | Vintage Year | Committed Capital ($m) |
|---|---|---|
| Thrive Capital Partners I | 2009 | USD 10 |
| Thrive Capital Partners II | 2011 | USD 40 |
| Thrive Capital Partners III | 2012 | USD 150 |
| Thrive Capital Partners IV | 2014 | USD 400 |
| Thrive Capital Partners V | 2016 | USD 700 |
| Thrive Capital Partners VI | 2018 | USD 1,000 |
| Thrive Capital Partners VII [18] | 2021 | USD 2,000 |
| Thrive Capital Partners VIII [19] [20] | 2022 | USD 3,000 |
Notable investments
- Affirm Holdings [11] [20]
- Artsy [4]
- Anduril [1]
- Airtable [6]
- Cadre [21]
- ClassPass [5]
- Compass, Inc. [11]
- Codecademy [1]
- Fanatics [6] [20]
- GroupMe [4]
- Glossier [1]
- GitHub [6]
- Greenhouse Software [22]
- Hims & Hers Health [11]
- Instagram [5] [6]
- Kickstarter [5]
- Lemonade, Inc. [11]
- Mapbox [23]
- Monzo [24]
- Neverware [25]
- Nubank [20]
- OpenAI [1]
- Opendoor [11]
- OpenGov [26]
- Oscar Health [5] [6] [11] [20]
- Patreon [27]
- Plaid [6]
- Robinhood Markets [6] [20]
- Skims [5] [6]
- Slack Technologies [6]
- Spotify [5] [6]
- Spring [28]
- Stripe [6] [20]
- Twitch [6]
- Whisper [29]
- Unity Technologies [11]
- Warby Parker [6]
References
- ^ a b c d e f g h i j k Abram Brown; Kate Clark (February 24, 2023). "Josh Kushner's Budding Empire". The Information. Retrieved May 12, 2023.
- ^ Matt Durot (April 5, 2022). "Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire". Forbes. Retrieved May 12, 2023.
- ^ "Form ADV" (PDF). SEC. Retrieved December 23, 2022.
- ^ a b c d e Rusli, Evelyn M. (August 22, 2011). "Joshua Kushner's Thrive Capital Raises $40 Million". DealBook. Retrieved December 23, 2022.
- ^ a b c d e f g h i j k l "How Joshua Kushner – not Jared – became his family's first billionaire". South China Morning Post. May 9, 2022. Retrieved December 23, 2022.
- ^ a b c d e f g h i j k l m n o p q r Durot, Matt. "Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire". Forbes. Retrieved December 23, 2022.
- ^ "ANNUAL REPORT TO CONGRESS ON WHITE HOUSE OFFICE PERSONNEL" (PDF). Trump White House Archives. June 30, 2017. Retrieved July 7, 2023.
- ^ 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.
- ^ 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.
- ^ Disis, Jill (April 18, 2017). "Jared Kushner is still selling off business assets". CNNMoney. Retrieved December 23, 2022.
- ^ a b c d e f g h i "Goldman Sachs Is Said to Invest in Josh Kushner's Thrive Capital". Bloomberg.com. May 19, 2021. Retrieved December 23, 2022.
- ^ a b 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.
- ^ Hayes, Dade (January 24, 2023). "Bob Iger Joins Investors Taking Minority Stake In Venture Firm Thrive Capital". Deadline. Retrieved January 29, 2023.
- ^ 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.
- ^ Jon Victor; Erin Woo (April 17, 2023). "OpenAI Wraps Up Tender as AI Talent War Heats Up". The Information. Retrieved May 12, 2023.
- ^ Azevedo, Mary Ann (August 22, 2023). "Fintech startup Ramp raises $300M at a 28% lower valuation of $5.8B". TechCrunch. Retrieved October 19, 2023.
- ^ "Thrive Capital | Palico". www.palico.com. Retrieved December 23, 2022.
- ^ "Joshua Kushner's Thrive Capital raises $2 billion for latest funds". Reuters. February 11, 2021. Retrieved December 23, 2022.
- ^ Loizos, Connie (February 17, 2022). "New York's Thrive Capital closes its eighth fund with a whopping $3 billion". TechCrunch. Retrieved December 23, 2022.
- ^ a b c d e f g Chernova, Yuliya (February 17, 2022). "Thrive Capital Reloads With $3 Billion in New Funds". Wall Street Journal. ISSN 0099-9660. Retrieved December 23, 2022.
- ^ 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.
- ^ "Hiring Software Juggernaut Greenhouse Swallows $35M Series C | TechCrunch". September 4, 2015. Archived from the original on September 4, 2015. Retrieved December 23, 2022.
- ^ Higgins, Tim (October 10, 2017). "SoftBank Leads $164 Million Bet on Digital-Mapping Startup Mapbox". Wall Street Journal. Retrieved December 23, 2022.
- ^ 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.
- ^ 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.
- ^ "OpenGov Receives $4M for Transparency Software". SiliconANGLE. July 3, 2013. Retrieved December 23, 2022.
- ^ Buhr, Sarah (January 19, 2016). "Patreon Gains $30 Million Series B Funding To Support Growth". TechCrunch. Retrieved December 23, 2022.
- ^ "David and Alan Tisch raise $7.5 million for stealthy startup Spring". Fortune. Retrieved December 23, 2022.
- ^ 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.