Technology Crossover Ventures, which has backed vacation rental company Airbnb, exercise equipment maker Peloton Interactive and video streaming service Netflix, has returned to the fundraising circuit and is targeting $5.5bn for its latest flagship private-equity fund, according to people familiar with the effort.
The latest fundraising efforts by the firm also known as TCV come almost a year after the Menlo Park, Calif.-based growth investor secured $4 billion for a predecessor fund, TCV XI LP.
The pandemic accelerated innovation in many of TCV’s key areas of sector specialization, including SaaS, edtech, remote collaboration, fitness, media/entertainment, touchless commerce, and digital banking. In 2020 the firm made big bets in companies aligned with secular technology trends across fintech (Klarna, Mambu, Mollie, Revolut, Wealthsimple), digital health and fitness (Strava), e-commerce enablement (Spryker) and SaaS (OneTrust, Oversight, Redis Labs).
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TCV has been very active in the pandemic, not just with private startup investments but seeing one of its most successful startups go public. Airbnb boldly went for an IPO in December, in the wake of a year that saw its business providing accommodation and other services to travellers come to a grinding halt.
The IPO was an example of the kind of more long-term investing that the firm is keen on doing (and very much has the funds to do now) despite current market conditions. Doran pointed out that TCV remains a “big believers in the Airbnb story,” investing in more shares in the company in the IPO.
Technology Crossover Ventures, founded in 1995, is a leading provider of capital to growth-stage private and public companies in the technology industry. With nearly $10 billion in capital raised, TCV has invested in more than 200 technology companies over the last 18 years.
Source: Wall Street Journal
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