August 1, 2025 – CRV, a 55-year-old venture capital firm, has successfully raised $750 million for its twentieth flagship fund, signaling its continued focus on early-stage investments despite a recent shift away from late-stage funding.
The new fund is notably smaller than its previous $1 billion fund, which closed in the fall of 2022. At the same time, CRV had announced the creation of a $500 million Select fund designed to back late-stage rounds for existing portfolio companies. However, this new flagship fund will not include a late-stage component, reflecting CRV’s decision to return $275 million from its Select fund due to concerns that follow-on rounds might diminish overall returns.
The $750 million fund was raised in just four weeks, highlighting strong demand among investors, with interest surpassing the raised amount by two times. This enthusiastic response underscores CRV’s continued reputation as a leader in early-stage venture funding, particularly in the consumer and devtools sectors.
CRV’s Strategic Shift and Focus
The new fund will primarily target seed and Series A investments in consumer startups and devtools companies. CRV’s previous successful investments include DoorDash’s seed financing, along with Mercury and Vercel — a cloud platform for web developers that was last valued at $3.25 billion.
Since its founding in 1970, CRV has backed more than 750 startups, with 80 companies eventually going public. This track record of successful exits has made the firm a trusted partner for high-growth companies in their early stages.
Recent Investments and Future Plans
CRV’s recent investments include CodeRabbit, a startup focused on AI-powered code reviews, and Outtake, which uses AI for cybersecurity. These investments demonstrate the firm’s ongoing commitment to backing innovative startups that harness the potential of artificial intelligence and other cutting-edge technologies.
The firm’s twentieth flagship fund reflects the growing importance of early-stage investments in today’s venture capital landscape. By focusing on the consumer and devtools sectors, CRV aims to nurture the next generation of groundbreaking companies that will lead the way in emerging technologies.
