Thrive Capital
{{Short description|American venture capital firm}}
{{Use mdy dates|date=December 2023}}
{{Infobox company
| name = Thrive Capital Management, LLC
| logo = Thrive Capital.svg
| image = Puck Building (51660567363).jpg
| image_caption = Headquarters at Puck Building
| type = Private
| industry = Venture Capital
| predecessor =
| foundation = {{start date and age|2010}}{{cite web|url=https://www.forbes.com/sites/mattdurot/2022/04/05/thrives-josh-kushner-the-other-brother-becomes-familys-first-billionaire/?sh=1e20e25bc8db|title=Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire|website=Forbes|date=April 5, 2022|author=Matt Durot|access-date=May 12, 2023}}
| location = New York City, New York, U.S.
| founder = Joshua Kushner
| products = Investments
| aum = US$25 billion (November 2024)
| num_employees = 64 (2024)
| key_people = Nitin Nohria (executive chair)
| homepage = {{URL|thrivecap.com}}
}}
Thrive Capital Management, LLC, commonly Thrive Capital, is an American venture capital firm based in New York City. It focuses on software and internet investments.{{Cite web |last=Rusli |first=Evelyn M. |date=August 22, 2011 |title=Joshua Kushner's Thrive Capital Raises $40 Million |url=https://dealbook.nytimes.com/2011/08/22/joshua-kushners-thrive-capital-raises-40-million/ |access-date=December 23, 2022 |website=DealBook |language=en}} The firm was founded by Joshua Kushner who is also co-founder of Oscar Health and minority owner of the Memphis Grizzlies.{{Cite web |last=Simpson |first=Leah |date=May 9, 2022 |title=How Joshua Kushner – not Jared – became his family's first billionaire |url=https://www.scmp.com/magazines/style/celebrity/article/3176770/joshua-kushner-his-familys-first-billionaire-not-jared |access-date=December 23, 2022 |website=South China Morning Post |language=en}}{{Cite web |last=Durot |first=Matt |title=Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire |url=https://www.forbes.com/sites/mattdurot/2022/04/05/thrives-josh-kushner-the-other-brother-becomes-familys-first-billionaire/ |access-date=December 23, 2022 |website=Forbes |language=en}}
History
Joshua Kushner founded Thrive Capital in 2010, at 24 years old.{{cite web|url=https://www.theinformation.com/articles/josh-kushners-budding-empire?rc=k76oqi|title=Josh Kushner's Budding Empire|website=The Information|date=February 24, 2023|author1= Abram Brown|author2=Kate Clark|access-date=May 12, 2023}} 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.
In 2011, the firm launched its first institutional fund, raising another $40 million from Princeton University, Wellcome Trust, Peter Thiel and other investors. General Catalyst served as the core LP yet again for this second funding round.
Following the 2016 United States presidential election, Jared Kushner was appointed as Senior Advisor to the President.{{cite web|url=https://trumpwhitehouse.archives.gov/sites/whitehouse.gov/files/docs/disclosures/07012017-report-final.pdf|title=ANNUAL REPORT TO CONGRESS ON WHITE HOUSE OFFICE PERSONNEL|website=Trump White House Archives|date=June 30, 2017|access-date=July 7, 2023}} Jared sold his entire Thrive Capital stake to avoid conflict of interest between him and the Trump administration.{{Cite web |last=Bertoni |first=Steven |title=Josh Kushner's Complex World: How Jared's Liberal Brother Runs A Billion Dollar Fund In Trump Era |url=https://www.forbes.com/sites/stevenbertoni/2017/04/10/josh-kushners-complicated-world-how-jareds-brother-runs-a-billion-dollar-fund-in-the-age-of-trump/ |access-date=December 23, 2022 |website=Forbes |language=en}}{{Cite news |last=Singh |first=Yuliya Chernova and Preeti |date=January 25, 2021 |title=Joshua Kushner's Thrive Capital Goes for Mega-Fundraise |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/joshua-kushners-thrive-capital-goes-for-mega-fundraise-11611570601 |access-date=December 23, 2022 |issn=0099-9660}}{{Cite web |last=Disis |first=Jill |date=April 18, 2017 |title=Jared Kushner is still selling off business assets |url=https://money.cnn.com/2017/04/18/news/jared-kushner-divestments/index.html |access-date=December 23, 2022 |website=CNNMoney}}
In May 2021, Petershill Partners had invested around $120 million in Thrive Capital for a 3% stake, which valued the firm at $3.6 billion.{{Cite news |last=Roof |first=Katie |date=May 19, 2021 |title=Goldman Sachs Is Said to Invest in Josh Kushner's Thrive Capital |url=https://www.bloomberg.com/news/articles/2021-05-19/goldman-sachs-is-said-to-invest-in-josh-kushner-s-thrive-capital |access-date=December 23, 2022 |work=Bloomberg |language=en}} In September 2021, the firm registered as an investment adviser with the U.S. Securities and Exchange Commission.{{Cite news |last=Chernova |first=Yuliya |date=November 29, 2021 |title=Josh Kushner's Thrive Capital Gains More Flexibility to Invest in Crypto, Public Stocks |url=https://www.wsj.com/articles/josh-kushners-thrive-capital-gains-more-flexibility-to-invest-in-crypto-public-stocks-11638181801 |access-date=December 23, 2022 |work=The Wall Street Journal |language=en-US |issn=0099-9660}} The firm stated as part of its regulatory filing that it planned to use some funds to investment in public companies and crypto assets. The same year, ten of Thrive's portfolio companies went public, including Affirm and Nubank. In 2022, Nitin Nohria was brought on as the firm's first executive chair.
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.{{Cite web |last=Hayes |first=Dade |date=January 24, 2023 |title=Bob Iger Joins Investors Taking Minority Stake In Venture Firm Thrive Capital |url=https://deadline.com/2023/01/bob-iger-joins-investors-minority-stake-venture-firm-thrive-capital-1235239492/ |access-date=January 29, 2023 |website=Deadline |language=en-US}}{{Cite news |last=Jin |first=Berber |date=January 24, 2023 |title=Robert Iger, Henry Kravis to Buy Minority Stake in Thrive Capital |url=https://www.wsj.com/articles/robert-iger-henry-kravis-to-buy-minority-stake-in-thrive-capital-11674560322 |access-date=January 29, 2023 |newspaper=The Wall Street Journal |language=en-US}} 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. Thrive then raised $1.8 billion in March 2023 to invest into Stripe at a $50 billion valuation.
Thrive announced in August 2024 that it raised over $5 billion for Thrive IX, its biggest-ever set of funds and among the “largest completed this year by a venture firm.” The funds will be split between a $4 billion late-stage investment fund and a $1 billion fund dedicated to early-stage ventures.
In October 2024, Thrive led a $6.6 billion funding round for OpenAI, contributing $1 billion; OpenAI’s valuation consequently increased to $157 billion.{{cite web |author=Cade Metz |date=October 2, 2024 |title=OpenAI Completes Deal That Values Company at $157 Billion |url=https://www.nytimes.com/2024/10/02/technology/openai-valuation-150-billion.html |access-date=December 14, 2024 |website=The New York Times}}{{cite web|url=https://www.wsj.com/tech/ai/openai-nearly-doubles-valuation-to-157-billion-in-funding-round-ee220607?mod=e2twd|title=OpenAI Nearly Doubles Valuation to $157 Billion in Funding Round|website=WSJ|date=October 2, 2024|author1=
Deepa Seetharaman|author2=Tom Dotan|author3=Berber Jin|access-date=December 18, 2024}}
The firm is noted for being an early investor in several high-profile technology platforms such as Instagram, GitHub, Spotify and Twitch, Physical Intelligence, and Anysphere. Thrive has also invested in Scale AI, A24, Stripe, Airtable, Glossier, Plaid, Anduril, Ramp, and Databricks.{{cite web|url=https://www.theinformation.com/articles/openai-wraps-up-tender-as-ai-talent-war-heats-up|title=OpenAI Wraps Up Tender as AI Talent War Heats Up|website=The Information|date=April 17, 2023|author1=Jon Victor|author2=Erin Woo|access-date=May 12, 2023}}{{Cite web |last=Azevedo |first=Mary Ann |date=August 22, 2023 |title=Fintech startup Ramp raises $300M at a 28% lower valuation of $5.8B |url=https://techcrunch.com/2023/08/22/fintech-startup-ramp-raises-300m-at-a-28-lower-valuation-of-5-8b/ |access-date=October 19, 2023 |website=TechCrunch |language=en-US}}{{cite web|url=https://www.ft.com/content/44c4504c-8d79-4b09-bf72-b04cf8082736|title=Thrive Capital: the venture firm staking billions on a few big bets|website=Financial Times|date=November 20, 2024|author=George Hammond|access-date=December 13, 2024}}{{cite web |author=de la Merced |first=Michael |date=November 4, 2024 |title=Physical Intelligence, a Robot A.I. Specialist, Raises Millions From Bezos |url=https://www.nytimes.com/2024/11/04/business/dealbook/physical-intelligence-robot-ai.html |access-date=December 14, 2024 |website=The New York Times}}{{cite web|url=https://www.forbes.com/profile/anysphere/|title=Anysphere|website=Forbes|access-date=December 14, 2024}}
In November 2024, Financial Times detailed how Thrive’s strategy is “investing heavily in fewer companies [to] provide a closer relationship with founders and more visibility into companies”; the firm is able to simultaneously “remain faithful to early-stage investing” while also participating in growth and late stage investments.
Funds
As of 2024, Thrive has raised a total of $12.3bn, and has almost $25bn under management.
Notable investments
{{div col|colwidth=20em}}
- A24
- Affirm Holdings
- Artsy
- Anduril{{cite web|url=https://www.theinformation.com/articles/josh-kushners-budding-empire?rc=k76oqi|title=Josh Kushner's Budding Empire|website=The Information|date=February 24, 2023|author1= Abram Brown|author2=Kate Clark|access-date=May 12, 2023}}
- Airtable
- Cadre{{Cite web |last=Cutler |first=Kim-Mai |date=March 24, 2015 |title=Cadre Raises $18.3M From Thrive, General Catalyst To Build Software For Big Commercial Real Estate |url=https://techcrunch.com/2015/03/24/cadre/ |access-date=December 23, 2022 |website=TechCrunch |language=en-US}}
- ClassPass
- Compass, Inc.
- Codecademy
- Cursor{{Cite news |last=de la Merced |first=Michael J. |date=2025-01-14 |title=Anysphere, a Maker of A.I. Coding Software, Raises $105 Million |url=https://www.nytimes.com/2025/01/14/business/dealbook/anysphere-cursor-25-billion-valuation.html |access-date=2025-03-05 |work=The New York Times |language=en-US |issn=0362-4331}}
- Databricks
- Fanatics
- GroupMe
- Glossier
- GitHub
- Greenhouse Software{{Cite web |date=September 4, 2015 |title=Hiring Software Juggernaut Greenhouse Swallows $35M Series C {{!}} TechCrunch |url=http://techcrunch.com/2015/08/24/keeping-resources-human/ |access-date=December 23, 2022 |archive-url=https://web.archive.org/web/20150904050347/http://techcrunch.com/2015/08/24/keeping-resources-human/ |archive-date=September 4, 2015 }}
- Hims & Hers Health
- Kickstarter
- Lemonade, Inc.
- Mapbox{{Cite news |last=Higgins |first=Tim |title=SoftBank Leads $164 Million Bet on Digital-Mapping Startup Mapbox |url=https://www.wsj.com/articles/softbank-leads-164-million-bet-on-digital-mapping-startup-mapbox-1507640404 |access-date=December 23, 2022 |newspaper=Wall Street Journal |date=October 10, 2017 |language=en-US}}
- Monzo{{Cite web |last=O'Hear |first=Steve |date=February 23, 2017 |title=Confirmed: UK challenger bank Monzo raises £19.5M with another £2.5M in crowdfunding planned |url=https://techcrunch.com/2017/02/22/confirmed-uk-challenger-bank-monzo-raises-19-5m-with-another-2-5m-in-crowdfunding-planned/ |access-date=December 23, 2022 |website=TechCrunch |language=en-US}}
- Neverware{{Cite web |last=Shontell |first=Alyson |title=An Admirable New Startup, Neverware, Has Raised $1 Million To Try And Save Schools A Lot Of Money |url=https://www.businessinsider.com/neverware-juicebox-2012-12 |access-date=December 23, 2022 |website=Business Insider |language=en-US}}
- Nubank
- OpenAI
- Opendoor
- OpenGov{{Cite web |date=July 3, 2013 |title=OpenGov Receives $4M for Transparency Software |url=https://siliconangle.com/2013/07/03/opengov-receives-4m-for-transparency-software/ |access-date=December 23, 2022 |website=SiliconANGLE |language=en-US}}
- Oscar Health
- Patreon{{Cite web |last=Buhr |first=Sarah |date=January 19, 2016 |title=Patreon Gains $30 Million Series B Funding To Support Growth |url=https://techcrunch.com/2016/01/19/patreon-gains-30-million-series-b-funding-experiencing-major-growth/ |access-date=December 23, 2022 |website=TechCrunch |language=en-US}}
- Plaid
- Ramp
- Robinhood Markets
- Scale AI
- Skims
- Slack Technologies
- Spotify
- Spring{{Cite web |title=David and Alan Tisch raise $7.5 million for stealthy startup Spring |url=https://fortune.com/2014/07/09/david-alan-tisch-raise-7-million-spring-startup/ |access-date=December 23, 2022 |website=Fortune |language=en}}
- Stripe
- Twitch
- Whisper{{Cite web |last=Lawler |first=Ryan |date=May 19, 2014 |title=Whisper Confirms $36M In New Funding, Adds Related Posts, Categories, And Explore Feature To App |url=https://techcrunch.com/2014/05/19/whisper-v4/ |access-date=December 23, 2022 |website=TechCrunch |language=en-US}}
- Unity Technologies
- Warby Parker
- Wiz{{Cite web |last=Lawler |first=Ryan |date=May 9, 2024 |title=Wiz's $12B Valuation Steals The RSA Conference Buzz, Amid VC Reset |url= https://www.forbes.com/sites/rscottraynovich/2024/05/09/wizs-12-valuation-steals-the-rsa-conference-buzz-amid-vc-reset/?sh=7f4f46f13dcd |access-date=May 9, 2024 |website=Forbes |language=en-US}}
{{div col end}}
References
{{reflist}}
External links
- {{official website|https://thrivecap.com}}
{{Private equity and venture capital}}
{{authority control}}
Category:American companies established in 2009
Category:Financial services companies based in New York City
Category:Financial services companies established in 2009