Thrive Capital, An Openai Backer, Plans To Raise $3 Billion Amid A Tech Downturn

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Thrive Capital is allegedly planning to raise at least $3 billion amid a drop in tech financing.

The anticipated fundraising, as reported by the Financial Times (FT) on Sunday (Jan. 7), would place Thrive, a significant investor in OpenAI, among the few large growth funds soliciting investors for new money.

According to sources, fundraising is still in its early stages and will most likely begin formally in the next few months. One Thrive investor stated that the fundraising will serve as “a very interesting litmus test” for other investors in a sector where investment had declined drastically.

“It’s not going to be a slam dunk,” the investor explained. “I’d expect investors to push back on funds attempting to raise funds at the same level as in 2021 or 2020. Today, every institutional investor faces a higher standard.”

As we reported last week, fundraising for 2023 is expected to be at its lowest level since 2015, with a more than 50% drop from the previous year. Venture capital (VC) investors raised $67 billion in 2023, the lowest total since 2017. This decline has had a global impact on startups, resulting in large layoffs and fewer opportunities to cash out.