Jul 31, 2023 - Economy & Business

Scoop: Greenoaks raises $2.1 billion for new VC fund

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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