General Catalyst
{{Short description|American venture capital firm}}
{{Use mdy dates|date=April 2024}}
{{Infobox company
| name = General Catalyst
| logo = General Catalyst logo.png
| type = Private
| industry = Venture capital
| products = Investments
| founded = {{Start date and age|2000}}
| founders = {{ubl|Joel Cutler|David Fialkow}}
| area_served = {{ubl|United States| Europe| India|Israel|LATAM}}
| key_people = {{ubl|Hemant Taneja (CEO & managing director)|Ken Chenault (chairman & managing director)}}
| locations = {{ubl|San Francisco| New York|London|Berlin|Bangalore|Cambridge}}
| aum = {{US$|33B+|link=yes}} (December 2024){{cite web |title=General Catalyst |url=https://www.generalcatalyst.com/ |access-date=April 29, 2025}}
| num_employees = 250+
| hq_location = Cambridge, Massachusetts, US
| website = {{URL| generalcatalyst.com}}
}}
General Catalyst (GC) is a global investment and transformation company that makes seed to growth stage investments and beyond.{{Cite web |last=Jennings |first=Katie |title=Defying Pullback In Investments, General Catalyst Launches $670 Million Healthcare Fund |url=https://www.forbes.com/sites/katiejennings/2022/07/20/defying-pullback-in-investments-general-catalyst-launches-670-million-healthcare-fund/ |access-date=June 5, 2023 |website=Forbes |language=en}}{{Cite news |last=Chernova |first=Yuliya |date=July 12, 2023 |title=Venture Firm General Catalyst Seeks Bigger Funds Despite Market Downturn |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/venture-firm-general-catalyst-seeks-bigger-funds-despite-market-downturn-6a34e51c |access-date=October 23, 2023 |issn=0099-9660}}{{Cite news |date=April 25, 2023 |title=VC General Catalyst to boost India investments |work=The Times of India |url=https://timesofindia.indiatimes.com/business/india-business/vc-general-catalyst-to-boost-india-investments/articleshow/99745064.cms |access-date=June 5, 2023 |issn=0971-8257}}{{Cite news |last=Chernova |first=Yuliya |title=Goldman Sachs to Buy $200 Million Stake in General Catalyst |url=https://www.wsj.com/articles/goldman-sachs-to-buy-200-million-stake-in-general-catalyst-1543887667 |access-date=July 17, 2023 |website=WSJ |language=en-US}} The firm has invested in 800+ businesses, including global companies such as Airbnb, Anduril Industries, Applied Intuition, Glean Technologies, Guild Education, HubSpot, Kayak, Datalogix, Datto, Livongo, Gusto, Zepto, Ramp, Deliveroo, Samsara, Stripe, Snap, Mistral, and Helsing.{{Cite news |last=Farrell |first=Maureen |date=November 8, 2021 |title=A former SoftBank executive will join the Silicon Valley venture firm General Catalyst. |language=en-US |work=The New York Times |url=https://www.nytimes.com/live/2021/11/08/business/news-business-stock-market |access-date=June 14, 2023 |issn=0362-4331}}{{Cite web |last=Bertoni |first=Steven |title=Venture Capital Firm General Catalyst Raises $2.3 Billion Amid Coronavirus Crisis. |url=https://www.forbes.com/sites/stevenbertoni/2020/03/30/venture-capital-firm-general-catalyst-raises-23-billion-amid-coronavirus-crisis/ |access-date=June 5, 2023 |website=Forbes |language=en}}{{Cite web |last=Alspach |first=Kyle |date=December 23, 2013 |title=General Catalyst raises $675M seventh fund, cites growing focus on Silicon Valley |url=https://www.bizjournals.com/boston/blog/startups/2013/12/general-catalyst-raises-675m-seventh.html |access-date=June 13, 2023 |website=www.bizjournals.com}}{{Cite news |last1=Jin |first1=Berber |last2=Schechner |first2=Sam |last3=Dotan |first3=Tom |date=9 May 2024 |title=AI Challenger Mistral Set to Nearly Triple Valuation to $6 Billion in Six Months |url=https://www.wsj.com/tech/ai/french-ai-startup-taking-on-silicon-valley-is-set-to-stuff-its-war-chest-4071522a |access-date=15 July 2024 |work=The Wall Street Journal}}{{Cite web |last=Butcher |first=Mike |date=2024-07-11 |title=Defense AI startup Helsing raises $487M Series C, plans Baltic expansion to combat Russian threat |url=https://techcrunch.com/2024/07/11/defence-ai-startup-helsing-raises-487m-series-c-plans-baltic-expansion-to-combat-russian-threat/ |access-date=2024-07-16 |website=TechCrunch |language=en-US}}{{Cite web|date=2021-11-11|title=Applied Intuition valued at $6 billion in new funding round|url=https://www.bloomberg.com/news/articles/2021-11-11/google-vets-raise-175-million-for-automotive-software-tools|access-date=2024-08-30|website=Bloomberg|language=en}}
History
General Catalyst was founded in 2000 in Massachusetts by Joel Cutler and David Fialkow.{{Cite web |date=December 23, 2013 |title=General Catalyst closes $675M fund to expand presence in Silicon Valley |url=https://venturebeat.com/entrepreneur/general-catalyst-closes-675m-fund-to-expand-presence-in-silicon-valley/ |access-date=June 13, 2023 |website=VentureBeat |language=en-US}}{{Cite web |last=Jennings |first=Katie |title=Defying Pullback In Investments, General Catalyst Launches $670 Million Healthcare Fund |url=https://www.forbes.com/sites/katiejennings/2022/07/20/defying-pullback-in-investments-general-catalyst-launches-670-million-healthcare-fund/ |access-date=June 5, 2023 |website=Forbes |language=en}}{{Cite news |last=Maheshwari |first=Sapna |date=November 8, 2021 |title=Macy's plans to raise wages and offer tuition assistance in the race for hourly workers. |language=en-US |work=The New York Times |url=https://www.nytimes.com/live/2021/11/08/business/news-business-stock-market |access-date=June 5, 2023 |issn=0362-4331}}{{Cite web |title=Venture firm General Catalyst loses co-founder |url=https://fortune.com/2012/07/20/venture-firm-general-catalyst-loses-co-founder/ |access-date=September 8, 2023 |website=Fortune |language=en}}
In 2010, the company opened a Silicon Valley office. In 2021, the firm managed more than $8 billion in assets.{{Cite news |last=Kruppa |first=Miles |date=September 29, 2021 |title=General Catalyst launches fund to buy future earnings of tech start-ups |work=Financial Times |url=https://www.ft.com/content/fe595ab3-5c89-4501-bb06-b5fb7917bb66 |access-date=June 9, 2023}} In February 2022, it raised $4.6 billion for its 11th general fund. This brought the firm's total raised in its 20-year history to $14.75 billion.{{Cite web |last=Jennings |first=Katie |title=Defying Pullback In Investments, General Catalyst Launches $670 Million Healthcare Fund |url=https://www.forbes.com/sites/katiejennings/2022/07/20/defying-pullback-in-investments-general-catalyst-launches-670-million-healthcare-fund/ |access-date=June 14, 2023 |website=Forbes |language=en}}
In 2021, the firm opened a London office.{{Cite news |last=Hammond |first=George |date=October 16, 2023 |title=General Catalyst in German VC tie-up as part of European tech push |work=Financial Times |url=https://www.ft.com/content/6bc919bc-096b-4ab4-a0fe-b9d6af9199d0 |access-date=October 23, 2023}}{{Cite web |last=Butcher |first=Mike |date=February 4, 2021 |title=General Catalyst pushes farther into Europe/Israel, hiring Chris Bischoff for London office |url=https://techcrunch.com/2021/02/03/general-catalyst-pushes-further-into-europe-israel-hiring-chris-bischoff-for-london-office/ |access-date=June 9, 2023 |website=TechCrunch |language=en-US}} By September 2022, General Catalyst had invested in 17 European startups.{{Cite web |last=Lewin |first=Amy |date=December 14, 2021 |title=US VC giant General Catalyst has opened an office in Europe |url=https://sifted.eu/articles/general-catalyst-vc-london-office}} By April 2023, the company had invested in 25 Indian startups, including CRED, Uni, Spinny, Orange Health, FarMart, and Loop Health with investments ranging in all stages.{{Cite web |date=April 25, 2023 |title=General Catalyst expects to invest $100 million in Indian start-ups |url=https://www.thehindubusinessline.com/companies/general-catalyst-expects-to-invest-100-million-in-indian-start-ups/article66774576.ece |access-date=June 9, 2023 |website=www.thehindubusinessline.com |language=en}}
In March 2023, General Catalyst was a supporter of the Silicon Valley Bank (SVB), after U.S. regulators shut it down after a significant number of the bank's customers sought to withdraw funds after dropping stock prices.{{Cite web |last=Joyner |first=April |title=More than 110 VC firms, led by General Catalyst, are banding together in support of Silicon Valley Bank |url=https://www.businessinsider.com/silicon-valley-bank-general-catalyst-vc-firms-support-statement-2023-3 |access-date=June 9, 2023 |website=Business Insider |language=en-US}}{{Cite news |date=March 11, 2023 |title=Top VCs in a huddle to discuss Silicon Valley Bank collapse, vow to be 'supportive' |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/technology/top-vcs-in-a-huddle-to-discuss-silicon-valley-bank-collapse-vow-to-be-supportive/articleshow/98557217.cms?from=mdr |access-date=June 9, 2023 |issn=0013-0389}} General Catalyst, which was a SVB customer,{{Cite web |title=More than 1,000 VC, PE, and investment firms held capital at SVB in 2022 |url=https://fortune.com/2023/03/12/venture-firms-custodied-silicon-valley-bank/ |access-date=June 14, 2023 |website=Fortune |language=en}} organized a joint statement of support signed by more than 110 venture capital firms.
As of 2020, it was ranked as one of America's largest venture capital firms.{{Cite news |last=Chernova |first=Yuliya |date=July 12, 2023 |title=WSJ News Exclusive {{!}} Venture Firm General Catalyst Seeks Bigger Funds Despite Market Downturn |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/venture-firm-general-catalyst-seeks-bigger-funds-despite-market-downturn-6a34e51c |access-date=November 21, 2023 |issn=0099-9660}}
In June 2022, the company made an investment in Multiverse as part of a $220 million investment round.{{Cite web |last=Lunden |first=Ingrid |date=2022-06-08 |title=Multiverse nabs $220M at a $1.7B valuation to expand its tech apprenticeship platform |url=https://techcrunch.com/2022/06/08/multiverse-nabs-220m-at-a-1-7b-valuation-to-expand-its-tech-apprenticeship-platform/ |access-date=2025-06-03 |website=TechCrunch |language=en-US}}
In June 2024, General Catalyst acquired La Famiglia, a German venture capital firm, after which La Famiglia's founding partner Jeannette zu Fürstenberg became a managing director at General Catalyst, overseeing its European business.{{Cite web |last=Warnock |first=Eleanor |title=German fund La Famiglia merges with General Catalyst |url=https://sifted.eu/articles/la-famiglia-general-catalyst |access-date=June 26, 2024 |date=October 16, 2023 |website=Sifted}} In the same month, General Catalyst acquired Venture Highway, an early-stage investor based in New Delhi.{{Cite news |last=Sharma |first=Samidha |date=2024-06-20 |title=Silicon Valley VC fund General Catalyst acquires Venture Highway; will deploy $1 billion in India |url=https://economictimes.indiatimes.com/tech/funding/silicon-valley-vc-fund-general-catalyst-acquires-venture-highway-will-deploy-1-billion-in-india/articleshow/111126809.cms?from=mdr |access-date=2025-04-03 |work=The Economic Times |issn=0013-0389}}{{Cite news |last=Ramasubramanian |first=Sowmya |date=2024-06-20 |title=VC firm General Catalyst acquires Venture Highway to expand in India {{!}} Mint |url=https://www.livemint.com/companies/start-ups/vc-firm-general-catalyst-venture-highway-heman-taneja-startups-startup-funding-meesho-moglix-cred-11718863067879.html |archive-url=http://web.archive.org/web/20240829202446/https://www.livemint.com/companies/start-ups/vc-firm-general-catalyst-venture-highway-heman-taneja-startups-startup-funding-meesho-moglix-cred-11718863067879.html |archive-date=2024-08-29 |access-date=2025-04-03 |work=mint |language=en}}
In October 2024, General Catalyst announced the raise of $8 billion in new funds, including $4.5 billion for their core venture funds, making it their largest fundraise yet.{{cite web |last1=Taneja |first1=Hemant |title=Announcing Fund XII: Let's Venture Beyond |url=https://www.generalcatalyst.com/stories/fundxii |access-date=26 October 2024}}
In May 2025, the company launched a £30 million medical technology venture fund with the UK's National Health Service along with Speedinvest.{{Cite web |last=Curran |first=Niamh |date=2025-05-12 |title=NHS trusts back £30m venture fund to aid medical tech firms |url=https://www.thetimes.com/business-money/entrepreneurs/article/venture-capitalists-raise-30m-for-fund-to-aid-medical-tech-firms-enterprise-network-kl0gfq9qt |access-date=2025-05-17 |website=www.thetimes.com |language=en}}
Investments
General Catalyst makes capital investments in seed-stage companies, early-stage businesses and later-stage companies.{{Cite web |date=June 25, 2020 |title=Top 10 venture capital firms: General Catalyst |url=https://fintechmagazine.com/venture-capital/top-10-venture-capital-firms-general-catalyst |access-date=June 9, 2023 |website=fintechmagazine.com |language=en}}{{Cite web |last=Loizos |first=Connie |date=March 18, 2019 |title=General Catalyst just carved out an aggressive new seed-stage program -- here's what to know |url=https://techcrunch.com/2019/03/18/general-catalyst-just-carved-out-an-aggressive-new-seed-stage-program-heres-what-to-know/ |access-date=June 9, 2023 |website=TechCrunch |language=en-US}}{{Cite web |last=Bruce |first=Giles |date=August 29, 2022 |title=General Catalyst: Why the VC firm with an unassuming name should have healthcare's attention |url=https://www.beckershospitalreview.com/innovation/general-catalyst-why-the-vc-firm-with-an-unassuming-name-should-have-healthcare-s-attention.html |access-date=June 9, 2023 |website=www.beckershospitalreview.com |language=en-gb}}
= Healthcare fund =
In 2021, General Catalyst raised $600 million for a new Health Assurance Fund.{{Cite web |last=Konrad |first=Alex |title=General Catalyst Doubles Down On Healthcare With $600 Million New Fund |url=https://www.forbes.com/sites/alexkonrad/2021/04/01/general-catalyst-doubles-down-on-healthcare-with-600-million-fund/ |access-date=June 14, 2023 |website=Forbes |language=en}}{{Cite web |last=Szkutak |first=Rebecca |date=October 14, 2023 |title=Why does General Catalyst want to buy a healthcare system? |url=https://techcrunch.com/2023/10/14/deal-dive-general-catalyst-healthcare-system/ |access-date=October 23, 2023 |website=TechCrunch |language=en-US}}
In July 2022, the firm raised an additional $670 million. The money is invested in healthcare businesses.{{Cite news |last=Chernova |first=Yuliya |title=WSJ News Exclusive {{!}} Venture Firm General Catalyst Seeks Bigger Funds Despite Market Downturn |url=https://www.wsj.com/articles/venture-firm-general-catalyst-seeks-bigger-funds-despite-market-downturn-6a34e51c |access-date=July 17, 2023 |website=WSJ |language=en-US}}{{Cite web |date=October 10, 2023 |title=General Catalyst announces new healthcare company, intent to purchase health system |url=https://www.mobihealthnews.com/news/general-catalyst-announces-new-healthcare-company-intent-purchase-health-system |access-date=October 23, 2023 |website=MobiHealthNews |language=en}} General Catalyst has been the most active investor in healthcare since the beginning of 2020.{{Cite web |last=Szkutak |first=Rebecca |date=October 14, 2023 |title=Why does General Catalyst want to buy a healthcare system? |url=https://techcrunch.com/2023/10/14/deal-dive-general-catalyst-healthcare-system/ |access-date=November 21, 2023 |website=TechCrunch |language=en-US}}{{Cite web |last=Jennings |first=Katie |title=Why VC Firm General Catalyst Wants To Spend Billions To Buy A Hospital System |url=https://www.forbes.com/sites/katiejennings/2023/10/24/why-vc-firm-general-catalyst-wants-to-spend-billions-to-buy-a-hospital-system/ |access-date=November 21, 2023 |website=Forbes |language=en}}
In October 2023, the company announced plans to acquire a health system and "then use it as a proving ground for technology that its portfolio companies sell, including generative artificial intelligence-powered solutions applied to health care problems."{{Cite web |last=Ravindranath |first=Mohana |date=November 1, 2023 |title=Venture capitalists want to own hospitals. Can they do better than private equity? |url=https://www.statnews.com/2023/11/01/general-catalyst-venture-capital-health-system-ownership/ |access-date=November 21, 2023 |website=STAT |language=en-US}}
General Catalyst spent $485 million to purchase Summa Health and convert a non-profit health network into for-profit.{{Cite web |last=Julie Washington |first=cleveland com |date=2024-11-07 |title=Akron’s SummaHealth moves closer to sale; deal to for-profit firm placed at $485 million |url=https://www.cleveland.com/news/2024/11/akrons-summahealth-moves-closer-to-sale-deal-to-for-profit-firm-placed-at-485-million.html |access-date=2024-12-05 |website=cleveland |language=en}}