Acrew Capital hits five years, raises $700M

Acrew Capital has raised $700 million in fresh funds.

The San Francisco-based venture capital firm announced in a blog post on Thursday that it raised $700 million to invest in companies building in data and security, healthcare, or fintech. This fundraise brings the firm’s assets under management to $1.7 billion.

It’s unclear how much of the $700 million will go to the firm’s early-stage strategy, which invests $1 million to $15 million into seed and Series A companies, and how much will go for its discovery strategy, which cuts checks of $10 million to $20 million for Series B and Series C companies.

This news comes as the firm turns five years old, a milestone worth celebrating during a particularly tough year for venture funds and fundraising. So far this year, U.S. VC firms have raised $65.1 billion across 305 funds, according to PitchBook data. While 2024’s fundraising totals are on track to surpass 2023, it will still pale in comparison to any year past 2019.

The firm was likely still able to fundraise in these tougher conditions due to its notable portfolio so far.

Acrew has seen multiple exits so far, including corporate spending platform Divvy, which sold to BILL for $2.5 billion in May 2021, and creator platform Superpeer, which was acquired by Skillshare for an undisclosed amount earlier this year, among others.

The firm is also investors in notable private companies, including At-Bay, an insurance cybersecurity startup that was last valued at $1.3 billion, and Pie Insurance, a small business insurance startup, that PitchBook estimates is valued at nearly $1 billion.

Acrew was launched in 2019 by Theresia Gouw, Lauren Kolodny, Vishal Lugani, Asad Khaliq, and Mark Kraynak, all of whom are still in the same roles at the firm. Acrew’s first fund was $258 million.