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CRV (venture capital firm)

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CRV is a venture capital firm focused on enterprise and consumer startups that are early stage.[1] Its name comes from the Boston area Charles River. The firm has two Bay Area offices in San Francisco and Palo Alto.[1][2]

History

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CRV
Company typePrivate
IndustryVenture capital
Founded1970
HeadquartersPalo Alto, California, United States
ProductsInvestments
Number of employees
20+
Websitewww.crv.com

The firm was founded in 1970 to commercialize research that came out of MIT.[2] The company was renamed CRV in 2014 after the closing of its 16th fund[3][2] and moved to Northern California in 2021.[2]

CRV’s early investments in DoorDash, spanning its initial funding rounds, generated significant returns for the firm following DoorDash’s IPO in December 2020.[4]

In 2024, CRV returned 275 million dollars from the 500 million it had raised in its current fund back to investors, stating that their focus would shift away from late-stage investments and focus on early stage.[2]

The 2024 Midas List included investors Murat Bicer, Saar Gur, and Max Gazor.[5]

The founders of Airtable, Postman, and Vercel attribute CRV's early funding and valuations for part of their growth.[6] CRV has held roundtable forums[7] that discuss topics surrounding the startup industry.[8][9] At a roundtable forum in January 2025, CRV general partner Murat Bicer[10] emphasized the importance of in-office work for startups.[9] CRV hosts events for founders and venture capitalists, including a pickleball tournament in 2023.[11]

Investments

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The firm has deployed just under $5 billion to over 500 companies since inception across 19 funds.[6] CRV's 14th fund raised $320 million of commitments.[12] CRV's 15th fund closed in February 2012 with $375 million of investor commitments.[13][14] In 2013, it purchased a large portion of Pebble Technology for $15 million and is credited as the primary reason why Pebble was sold to Fitbit in December 2016. This netted CRV nearly $40 million.[15] The 17th CRV fund totaled $600 million.[16] CRV raised its 18th fund focused on early stage startups during the coronavirus outbreak.[17] The 19th CRV fund raised consisted of two funds totaling $1.5 billion in capital.[6]

Notable investments

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Companies that CRV invested in early on that grew into successful businesses include Airtable[6][18] (led the Series A), Aviatrix[19] (led the Series B), Cribl[20], DoorDash[21][6][22] (led the seed), Iterable[23] (led the Series A), Kong[24], Mercury[25] (led the Series A), Postman[6][26] (led the Series B), Vercel[27][6] (led the Series A) and Zip.[28]

Artifical intelligence (AI) investments

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CRV has invested in early stage AI companies. Their notable AI investments include CodeRabbit[29](led the Series A), LanceDB[30] (led the seed), Napkin[31] (co-led the seed), Protege[32] (led the seed), 7AI[33], Siro[34] (led the Series A), Skild AI[35], Standard AI[36][37][38][39] (formerly known as Standard Cognition and led the seed) and Voyage AI[40] (led the Series A).

Cloud investments

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Cloud startups that CRV invested in include Aviatrix[41] (led the Series B), Kong[24], Vercel[6][27] (led the Series A), TailScale[42] (co-led the Series B) and Tinybird[43] (led the Series A).

Consumer investments

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Among the consumer startups CRV invested in are ClassPass[44][21], Dropbox[21], Niantic[21], Patreon[45][21][6] (led the seed) and X[46][47].

Developer tools investments

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In the developer tools space, CRV backed startups like Kong[21], Postman[6][26] (led the Series B), Vercel[6][27] (led the Series A), Browserbase[48][49] (co-led the Series A) and Clerk[50] (led the Series B).

Security investments

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Security startups that CRV invested in include Cribl[20], Astrix Security[51] (led the Series A), Doppler[52] (led the Series A), Fleet[53][54] (led the Series A), GreyNoise[55], Impart Security[56] (led the seed round), Legit Security[57] (led the Series B) and TailScale[58] (co-led the Series B).

Y combinator investments

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CRV invested in a number of Y Combinator companies including DoorDash[21][22][6] (led the seed), Zip[28], Carrot[59] (led the Series A), Encord[60] (led the Series A), Jeeves[61] (led the Series B), Squire[62] (led the Series B) and Standard AI[36][63][39] (formerly known as Standard Cognition and led the seed).

Other investments

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In 2024, CRV co-led the Series A in Flipturn[64], an electric vehicle fleet management and charging platform, and it also co-led the Series B in Apex[65], a space technology company. That same year CRV also led the Series A in the drone software startup Aerodome.[66][67] CRV also led the Series A in Factorial[68], a Spanish startup focused on HR automation in 2020, and backed a French AI infused help desk startup called Gorgias[69][70] at its seed stage in 2016[71].

References

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  1. ^ a b Dorbian, Iris (2023-01-31). "Early-stage investor CRV promotes Bolnick Rellas to GP". Venture Capital Journal. Retrieved 2025-01-30.
  2. ^ a b c d e Griffith, Erin (Oct 2, 2024). "A Venture Capital Firm Does Something Rare: Give Money Back". New York Times. Archived from the original on Oct 2, 2024. Retrieved Oct 2, 2024.
  3. ^ Lawler, Ryan (14 July 2014). "Now That Charles River Ventures Has Closed Its 16th Fund, It Wants To Be Called CRV". TechCrunch. Retrieved 2016-07-15.
  4. ^ Loizos, Connie (2020-12-10). "Early DoorDash investor Saar Gur makes the case for 10x growth from here". TechCrunch. Retrieved 2025-01-25.
  5. ^ "Forbes 2024 Midas List - The Top Venture Capital Investors Ranked". Forbes. Retrieved 2025-02-04.
  6. ^ a b c d e f g h i j k l Sternlicht, Alexandra. "CRV is launching two funds worth $1.5 billion to back early-stage companies: 'Some of our best investments are actually made right after these downturns'". Fortune. Retrieved 2025-01-25.
  7. ^ writer, Benjamin Pimentel | Examiner staff (2023-08-25). "TECH&AI: SF's Mission District is epicenter of the AI frenzy". San Francisco Examiner. Retrieved 2025-01-25.
  8. ^ CRV (August 16, 2023). "Journalists, Founders and Executives Gather at CRV for a Future of Work Discussion". Medium.
  9. ^ a b Garfinkle, Allie. "For startups, remote work versus return-to-office is a balance—and an experiment". Fortune. Retrieved 2025-01-25.
  10. ^ "Murat Bicer". Forbes. Retrieved 2025-01-25.
  11. ^ Palazzolo, Stephanie. "VCs have swapped out tennis rackets and golf clubs for pickleball paddles. Here's why the sport has become one of the hottest hobbies in Silicon Valley". Business Insider. Retrieved 2025-01-30.
  12. ^ Charles River Ventures Raises $320 Million For Its Fourteenth Fund. TechCrunch, March 30, 2009
  13. ^ Charles River Raises A $375M Fifteenth Fund For Early Stage Investing. peHUB, February 28, 2012
  14. ^ Mitroff, Sarah (2012-02-28). "Charles River closes $375M to invest in mobile and software startups". VentureBeat. Retrieved 2025-01-30.
  15. ^ Orlowski, Andrew. "Who killed Pebble? Easy: The vulture capitalists". www.theregister.co.uk.
  16. ^ Mack, Heather (2018-05-11). "CRV Closes $600 Million Fund". Wall Street Journal. ISSN 0099-9660. Retrieved 2025-01-25.
  17. ^ "Venture Firm CRV Announces $600 Million Fund, Raised Entirely Over Zoom". The Information. Retrieved 2025-01-25.
  18. ^ Hay, By Timothy (2015-06-29). "Airtable Raises Series A to Give Regular People Database-Building Tools". Wall Street Journal. ISSN 0099-9660. Retrieved 2025-02-04.
  19. ^ FinSMEs (2017-01-18). "Aviatrix Systems Secures $15m in Series B Funding". FinSMEs. Retrieved 2025-02-04.
  20. ^ a b "Data Startup Cribl Valued at $3.5 Billion in New Funding Round". Bloomberg.com. 2024-08-27. Retrieved 2025-02-04.
  21. ^ a b c d e f g Cohen-Peckham, Eric (2020-05-08). "CRV's Saar Gur wants to invest in a new wave of games built for VR, Twitch and Zoom". TechCrunch. Retrieved 2025-02-04.
  22. ^ a b Newcomer, Eric. "The Story of a Cap Table: DoorDash". www.newcomer.co. Retrieved 2025-02-04.
  23. ^ Rogers, Stewart (2016-01-21). "Iterable raises $8M to help marketers bridge the personalization gap". VentureBeat. Retrieved 2025-02-04.
  24. ^ a b "API management company Kong raises $175M to provide connectivity for next-generation AI". SiliconANGLE. 2024-11-19. Retrieved 2025-02-04.
  25. ^ Lunden, Ingrid (2019-09-26). "Mercury banks $20M for its banking service aimed at startups". TechCrunch. Retrieved 2025-02-04.
  26. ^ a b Singh, Manish (2019-06-19). "Postman raises $50 million to grow its API development platform". TechCrunch. Retrieved 2025-02-04.
  27. ^ a b c "Vercel, Formerly Known as Zeit, Raises $21 Million to Expand Platform | Built In San Francisco". Built In. Retrieved 2025-02-04.
  28. ^ a b Liu, Phoebe. "Procurement Startup Zip Announces $100 Million In New Funding At A $1.5 Billion Valuation". Forbes. Retrieved 2025-02-04.
  29. ^ "AI code review startup CodeRabbit raises $16M to help developers debug code faster". SiliconANGLE. 2024-08-14. Retrieved 2025-02-04.
  30. ^ Yeung, Ken (2024-05-15). "LanceDB raises $11M to build an open-source multimodal AI database for app development". VentureBeat. Retrieved 2025-02-04.
  31. ^ Contreras, Brian (2024-08-08). "How These Ex-Google Engineers Raised $10 Million for Their AI Startup". Inc. Archived from the original on 2024-10-21. Retrieved 2025-02-04.
  32. ^ FinSMEs (2024-09-11). "Protege Raises $10M in Seed Funding". FinSMEs. Retrieved 2025-02-04.
  33. ^ Chernova, Yuliya; Gormley, Brian (2024-06-06). "Exclusive | Greylock Leads $36 Million Financing for Cybersecurity Startup Seven AI". Wall Street Journal. ISSN 0099-9660. Retrieved 2025-02-04.
  34. ^ "IVP's Risky Perplexity Bet; CRV Funds Salestech Startup; OpenAI's First-Mover Hangover". The Information. Retrieved 2025-02-04.
  35. ^ "Skild AI raises $300M to build a general-purpose, AI-powered brain for any robot". SiliconANGLE. 2024-07-09. Retrieved 2025-02-04.
  36. ^ a b jhaxell (2017-10-11). "AI-powered checkout system Standard Cognition bags $5m seed". FinTech Global. Retrieved 2025-02-04.
  37. ^ Geron, Tomio (2018-11-15). "Standard Cognition Raises $40 Million for Autonomous Checkout". Wall Street Journal. ISSN 0099-9660. Retrieved 2025-02-04.
  38. ^ Wiggers, Kyle (2019-07-25). "Standard Cognition raises $35 million to bring cashierless experiences to more stores". VentureBeat. Retrieved 2025-02-04.
  39. ^ a b Dorbian, Iris (2021-02-17). "Standard Cognition lands $150m Series C". Venture Capital Journal. Retrieved 2025-02-04.
  40. ^ Wiggers, Kyle (2024-10-03). "Voyage AI is building RAG tools to make AI hallucinate less". TechCrunch. Retrieved 2025-02-04.
  41. ^ jhaxell (2019-10-28). "Aviatrix closes $40m Series C round led by CRV". FinTech Global. Retrieved 2025-02-04.
  42. ^ Wiggers, Kyle (2022-05-04). "Tailscale lands $100 million to 'transform' enterprise VPNs". TechCrunch. Retrieved 2025-02-04.
  43. ^ Dillet, Romain (2022-04-05). "Tinybird adds $37 million to run realtime analytics APIs for you". TechCrunch. Retrieved 2025-02-04.
  44. ^ "ClassPass Acquired by Mindbody – AlleyWatch". Retrieved 2025-02-04.
  45. ^ Cohen-Peckham, Eric (2019-02-12). "The founding story of Patreon". TechCrunch. Retrieved 2025-02-04.
  46. ^ Koetsier, John (September 13, 2013). "Twitter investor George Zachary's $250K could soon be worth $150M". Reuters.
  47. ^ "Twitter rebrands to 'X' as Elon Musk loses iconic bird logo". NBC News. 2023-07-24. Retrieved 2025-02-04.
  48. ^ "Microsoft Strikes Deals With OpenAI's Top Rivals For AI Coding Assistant". The Information. Retrieved 2025-02-04.
  49. ^ Chowdhry, Amit (2024-11-12). "Browserbase: Web Browser Automation Company Raises $21 Million (Series A)". Pulse 2.0. Retrieved 2025-02-04.
  50. ^ Wiggers, Kyle (2024-01-23). "Clerk, the authentication startup, lands $30M and inks a strategic deal with Stripe". TechCrunch. Retrieved 2025-02-04.
  51. ^ Wiggers, Kyle (2023-06-28). "Astrix Security, which uses ML to secure app integrations, raises $25M". TechCrunch. Retrieved 2025-02-04.
  52. ^ Wiggers, Kyle (2022-04-27). "Doppler lands $20M to help companies manage app secrets". TechCrunch. Retrieved 2025-02-04.
  53. ^ Bort, Maxwell Zeff, Julie (2024-07-19). "These startups are trying to prevent another CrowdStrike-like outage, according to VCs". TechCrunch. Retrieved 2025-02-04.{{cite web}}: CS1 maint: multiple names: authors list (link)
  54. ^ Wiggers, Kyle (2022-04-28). "Fleet nabs $20M to help enterprises manage their devices". TechCrunch. Retrieved 2025-02-04.
  55. ^ Naraine, Ryan (2022-06-15). "GreyNoise Attracts Major Investor Interest". SecurityWeek. Retrieved 2025-02-04.
  56. ^ Makris, Corinna (2022-07-27). "API security firm Impart Security promises solutions, not more alarms, for overwhelmed security staff". VentureBeat. Retrieved 2025-02-04.
  57. ^ Wiggers, Kyle (2023-09-20). "Legit Security lands $40M to lock down apps and dev environments". TechCrunch. Retrieved 2025-02-04.
  58. ^ Wiggers, Kyle (2022-05-04). "Tailscale lands $100 million to 'transform' enterprise VPNs". TechCrunch. Retrieved 2025-02-04.
  59. ^ Hernbroth, Megan. "This CEO just raised $11.5 million to fix the broken field of fertility treatment by helping companies offer it as an employee benefit: 'A problem I couldn't let go of'". Business Insider. Retrieved 2025-02-04.
  60. ^ www.bizjournals.com https://www.bizjournals.com/sanfrancisco/inno/stories/fundings/2021/10/14/early-money-8-local-startups-raise-series-a-rounds.html. Retrieved 2025-02-04. {{cite web}}: Missing or empty |title= (help)
  61. ^ Azevedo, Mary Ann (2021-09-02). "Fintech startup Jeeves raises $57M, goes from YC to $500M valuation in one year". TechCrunch. Retrieved 2025-02-04.
  62. ^ "| BeautyMatter". beautymatter.com. Retrieved 2025-02-04.
  63. ^ jhaxell (2017-10-11). "AI-powered checkout system Standard Cognition bags $5m seed". FinTech Global. Retrieved 2025-02-04.
  64. ^ Chowdhry, Amit (2024-11-29). "Flipturn: EV Fleet Management Company Raises $11 Million (Series A)". Pulse 2.0. Retrieved 2025-02-04.
  65. ^ Metinko, Chris (2024-06-12). "Space Tech Startup Lands $95M For Satellite Buses". Crunchbase News. Retrieved 2025-02-04.
  66. ^ MacColl, Margaux (2024-10-23). "Exclusive: Flock Safety paid over $300 million for 17-month-old drone startup Aerodome". TechCrunch. Retrieved 2025-02-04.
  67. ^ "This Startup Just Raised $21.5 Million to Replace First Responders With Drones". Inc.com. Archived from the original on 2024-09-17. Retrieved 2025-02-04.
  68. ^ Lunden, Ingrid (2020-04-27). "Factorial raises $16M to take on the HR world with a platform for SMBs". TechCrunch. Retrieved 2025-02-05.
  69. ^ Ha, Anthony (2019-11-26). "Gorgias raises $14M to help e-commerce companies deliver faster (and more lucrative) customer service". TechCrunch. Retrieved 2025-02-05.
  70. ^ "About us". www.gorgias.com. Retrieved 2025-02-05.
  71. ^ Dillet, Romain (2016-02-11). "Gorgias Uses Machine Learning To Suggest Customer Support Answers". TechCrunch. Retrieved 2025-02-05.
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