Jul 31, 2023 - Economy

Scoop: Greenoaks raises $2.1 billion for new VC fund

Kia Kokalitcheva

Illustration of stacks of money with a strap that travels upward and forms an upward pointing arrow — Illustration: Annelise Capossela/Axios

Venture capital firm Greenoaks recently raised $2.1 billion for its fifth fund, Axios has learned.

Why it matters: This is slightly more than the San Francisco-based firm secured for its fourth fund in 2021, bucking a difficult fundraising environment for multi-stage and growth-stage firms.

Behind the scenes: Greenoaks, which employs a concentrated fund strategy, returned capital to LPs last year via distributions from companies like Toast, Coupang and Robinhood.

On the flipside, it also was an investor in failed crypto exchange FTX.
Recently, Greenoaks participated in the $270 million round for Kim Kardashian’s shapewear brand, Skims, at a $4 billion valuation.
The firm, which has been a registered investment advisor since its 2012 formation, also began amassing a 6% stake in listed used car marketplace Carvana late last year. The company's stock is up over 850% year-to-date.

Greenoaks declined to comment.

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Scoop: Greenoaks raises $2.1 billion for new VC fund

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