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]
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] |
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 $175 million for the same stake in 2021.[1]
The firm is noted for being an early investors in several high-profile technology platforms such as Instagram, GitHub, Spotify and Twitch.[5][6] Thrive has also invested in Stripe, Airtable, Glossier, Plaid, Anduril, Ramp, and OpenAI.[1][15][16]
Fund[17] | Vintage Year | Committed Capital ($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 |