Technology Crossover Ventures, the VC that has backed the likes of Facebook, Spotify, LinkedIn, WorldRemit and Zillow as well as more nascent investments, has closed a fund that will see the company taking many more bets in the near future. TechCrunch has learned and confirmed that it has now closed TCV IX, a $2.5 billion fund that it plans to use for growth-stage investments.
“We expect to be investing out of TCV IX soon,” a spokesperson for the VC firm told TechCrunch.
The fund size, and the fact that it is dedicated to growth stage investments — that is later rounds in large companies — underscores a trend that we reported on in July, where the number of deals are down, but individual deal sizes for the biggest companies are still going up, despite some mark downs in the wider market.
The company’s previous fund, TCV VIII, was for $2.2 billion, with one notable investment from that portfolio recently exiting: Dollar Shave Club was acquired reportedly for $1 billionby Unilever last month.
There have been several Form D’s filed with the SEC for Fund IX (here, here, and here), but this is the first formal confirmation of the amount, we understand.
More to come.
Source: TechCrunch
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