Scoop: Bond raises $2.5 billion for third growth equity fund
Bond Capital, the growth equity firm co-founded by Mary Meeker, has raised $2.5 billion for its third fund, Axios has learned.
Why it matters: Many growth equity investors, particularly mutual funds and hedge funds, are slowing down their investment pace as public tech valuations decline and IPOs prove elusive. Firms like Bond, however, will remain dedicated to the space, as it doesn't have another business line.
Background: San Francisco-based Bond was formed in late 2018 as a spinout from VC firm Kleiner Perkins. It raised $1.25 billion for its debut fund and $2 billion for its second fund.
- In addition to Meeker, the founding team included Mood Rowghani. Noah Knauf and Juliet de Baubigny. A subsequent hire was former Atlassian president Jay Simons, who now leads enterprise investing.
- Portfolio companies include Canva, Relativity Space, ReTool and Ironclad.