Chamath Palihapitiya is scaling back his ambitions for his venture firm's fifth fund.
Chamath Palihapitiya is reportedly re-focusing Social Capital, his venture outfit, on earlier stage companies.
As part of that shift, his Palo Alto venture firm's next fund — its fifth — will be significantly smaller and will have a more narrow focus than he originally planned,Thursday, citing a letter Palihapitiya sent to investors. He now plans to raise about $1 billion for the fund — instead of"billions" — and no longer plans to use it to back more mature startups or to make non-traditional venture investments, according to the report.
"While our early stage portfolio continued to thrive, we were disappointed in the broader growth stages of technology investing and their interest in valuation sobriety," Palihapitiya said in the letter, according to Axios. Palihapitiya himself will provide nearly 20% of the new fund's capital, according to the report. His contribution will likely included shares in companies backed by Social Capital's fourth fund, in which he was the sole investor, Axios reported.Xpansiv CBL Holding Group,
San Francisco, $125 million: Bank of America and Goldman Sachs invested in the latest round for this provider of an online marketplace for carbon emissions, water and other environmental commodities.San Francisco, $22 million: Norwest Venture Partners led the Series A round for this developer of software designed to help companies retain customers inadvertently lost due to failed payment transactions. Atomic, Transpose Platform and Spring Tide Capital also invested.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Scoop: Chamath Palihapitiya narrows his fundraising plansSocial Capital, the VC firm led by Chamath Palihapitiya, has narrowed the scope of its new fundraise, according to a letter sent to prospective investors and obtained by Axios.
Read more »
Brazil braces for possible repeat of capital rampageBrazil's 11-day-old government prepares for more protests by far-right ex-president Jair Bolsonaro's supporters, whose Sunday rampage through public buildings marked worst attack on the country's institutions in decades.
Read more »
Report: Venture capital deals in Q4 slow in Arizona, following nationwide trendThe top 10 VC investments in Phoenix included companies in a variety of industries.
Read more »
Alkimiya raises $7.2 million to build 'decentralized capital markets for blockspace'The protocol raised $7.2 million to 'build decentralized capital markets for blockspace' in a round led by 1kx and Castle Island Ventures.
Read more »
Bolivia's farm hub battles political capital over cattle and grainsJavier Monasterio, a rancher in Bolivia's lowland area of Santa Cruz, is feeling the economic hit of weeks-long protests and blockades since the dramatic arrest of the region's governor that has snarled domestic transport of grains and meat
Read more »
Bitcoin (BTC), Cardano (ADA): Crypto Capital Founder Predicts Bulls' Return Based on This One ThingBTC, ADA: 'Bears getting exhausted,' cryptocapital founder says on price action Bitcoin Cardano $BTC $ADA Crypto2023
Read more »