Thrive Capital

Last updated

Thrive Capital Management, LLC
Company type
 Private
Industry Venture capital
Founded2009;17 years ago (2009)
Founder Joshua Kushner
Headquarters Puck Building, New York City, New York, U.S.
Key people
 Nitin Nohria (executive chair)
Products Investments
AUM US$50 billion (2026) [1]
OwnerJoshua Kushner (96.7%) [2]
Number of employees
64 (2024)
Website thrivecap.com
Footnotes /references
[3]

Thrive Capital Management, LLC, commonly Thrive Capital, is an American venture capital firm based in New York City. It focuses on software and internet investments. [4] The firm was founded by Joshua Kushner, who is also a co-founder of Oscar Health and minority owner of the Miami Heat. [5] [6]

Contents

History

Joshua Kushner founded Thrive Capital in 2009, at 24 years old. [4] [5] [6] [7] General Catalyst co-founder Joel Cutler provided the initial $5 million in seed money for the firm in 2010 as well as introduced investors to the firm and Kushner. [6]

In 2011, the firm launched its first institutional fund, raising another $40 million from Princeton University, Wellcome Trust, Peter Thiel and other investors. [4] [5] [6] General Catalyst served as the core LP yet again for this second funding round. [7]

Following the 2016 United States presidential election, Jared Kushner was appointed as Senior Advisor to the President. [8] Jared sold his entire Thrive Capital stake to avoid conflict of interest between him and the Trump administration. [9] [10] [11]

In May 2021, Petershill Partners invested around $120 million in Thrive Capital for a 3% stake, [5] [12] [13] which valued the firm at $3.6 billion. [5] [12] In September 2021, the firm registered as an investment adviser with the U.S. Securities and Exchange Commission. [14] The firm stated as part of its regulatory filing that it planned to use some funds to investment in public companies and crypto assets. [14] The same year, ten of Thrive's portfolio companies went public, including Affirm and Nubank. [7] In 2022, Nitin Nohria, former dean of Harvard Business School, became the firm's first executive chairman. [7]

In 2022, Thrive invested $130 million in OpenAI at a $29 billion valuation, the only term sheet the organization received at the time. [15]

In January 2023, a group of five investors, Bob Iger, Mukesh Ambani, Henry Kravis, Xavier Niel and Jorge Paulo Lemann, acquired a 3.3% stake of Thrive Capital. [16] [17] This put Thrive at a $5.3 billion valuation - a 50% increase from when Goldman Sachs paid $175 million for the same stake in 2021. [7] Thrive then raised $1.8 billion in March 2023 to invest into Stripe at a $50 billion valuation. [18]

Thrive announced in August 2024 that it raised over $5 billion for Thrive IX, its biggest-ever set of funds and among the “largest completed this year by a venture firm.” The funds will be split between a $4 billion late-stage investment fund and a $1 billion fund dedicated to early-stage ventures. [18]

The firm is noted for being an early investor in several high-profile technology platforms such as Instagram, GitHub, Spotify and Twitch, Physical Intelligence, and Anysphere. [5] [6] Thrive has also invested in Scale AI, A24, Stripe, Airtable, Glossier, Plaid, Anduril, Ramp, and Databricks. [7] [19] [20] [21] [22] [23]

In November 2024, Financial Times detailed how Thrive’s strategy is “investing heavily in fewer companies [to] provide a closer relationship with founders and more visibility into companies”; the firm is able to simultaneously “remain faithful to early-stage investing” while also participating in growth and late stage investments. [21]

In April 2026, Thrive bought a stake in the San Francisco Giants of Major League Baseball. [24]

Funds

As of 2026, Thrive has raised a total of $22.3bn, and has over $50bn under management. [21]

Fund [25] Vintage YearCommitted Capital ($m)
Thrive Capital Partners I20095
Thrive Capital Partners II201140
Thrive Capital Partners III2012150
Thrive Capital Partners IV2014400
Thrive Capital Partners V2016700
Thrive Capital Partners VI20181,000
Thrive Capital Partners VII [26] 20212,000
Thrive Capital Partners VIII [27] [28] 20223,000
Thrive Capital Partners IX [18] 20245,000
Thrive Capital Partners X [29] 202610,000+

Notable investments

References

  1. ↑ Hyde, Caroline (February 17, 2026). "Josh Kushner's Thrive Capital Raises $10 Billion in New Funding" . Bloomberg News .{{cite news}}: CS1 maint: deprecated archival service (link)
  2. ↑ Shontell, Alyson (August 30, 2024). "The rise of Joshua Kushner: How the young VC quietly built Thrive Capital into the powerhouse leading OpenAI to a $100 billion valuation" . Fortune.{{cite magazine}}: CS1 maint: deprecated archival service (link)
  3. ↑ "Form ADV" (PDF). SEC. Retrieved December 23, 2022.
  4. 1 2 3 4 5 Rusli, Evelyn M. (August 22, 2011). "Joshua Kushner's Thrive Capital Raises $40 Million". DealBook. Retrieved December 23, 2022.
  5. 1 2 3 4 5 6 7 8 9 10 11 12 Simpson, Leah (May 9, 2022). "How Joshua Kushner – not Jared – became his family's first billionaire". South China Morning Post. Retrieved December 23, 2022.
  6. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Durot, Matt. "Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire". Forbes. Retrieved December 23, 2022.
  7. 1 2 3 4 5 6 7 8 9 10 Abram Brown; Kate Clark (February 24, 2023). "Josh Kushner's Budding Empire". The Information. Retrieved May 12, 2023.
  8. ↑ "ANNUAL REPORT TO CONGRESS ON WHITE HOUSE OFFICE PERSONNEL" (PDF). Trump White House Archives. June 30, 2017. Retrieved July 7, 2023.
  9. ↑ Bertoni, Steven. "Josh Kushner's Complex World: How Jared's Liberal Brother Runs A Billion Dollar Fund In Trump Era". Forbes. Retrieved December 23, 2022.
  10. ↑ Singh, Yuliya Chernova and Preeti (January 25, 2021). "Joshua Kushner's Thrive Capital Goes for Mega-Fundraise". Wall Street Journal. ISSN   0099-9660 . Retrieved December 23, 2022.
  11. ↑ Disis, Jill (April 18, 2017). "Jared Kushner is still selling off business assets". CNNMoney. Retrieved December 23, 2022.
  12. 1 2 3 4 5 6 7 8 9 Roof, Katie (May 19, 2021). "Goldman Sachs Is Said to Invest in Josh Kushner's Thrive Capital". Bloomberg. Retrieved December 23, 2022.
  13. ↑ Matt Durot (April 5, 2022). "Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire". Forbes. Retrieved May 12, 2023.
  14. 1 2 Chernova, Yuliya (November 29, 2021). "Josh Kushner's Thrive Capital Gains More Flexibility to Invest in Crypto, Public Stocks". The Wall Street Journal. ISSN   0099-9660 . Retrieved December 23, 2022.
  15. ↑ Stern, Jeremy. "Josh Kushner, Thrive, and the New World". Colossus. Retrieved November 2, 2025.
  16. ↑ Hayes, Dade (January 24, 2023). "Bob Iger Joins Investors Taking Minority Stake In Venture Firm Thrive Capital". Deadline. Retrieved January 29, 2023.
  17. ↑ Jin, Berber (January 24, 2023). "Robert Iger, Henry Kravis to Buy Minority Stake in Thrive Capital". The Wall Street Journal. Retrieved January 29, 2023.
  18. 1 2 3 4 5 Jin, Berber (August 5, 2024). "Thrive Capital Raises $5 Billion for Venture Funds on Heels of OpenAI Bet". The Wall Street Journal. Retrieved August 8, 2024.
  19. ↑ Jon Victor; Erin Woo (April 17, 2023). "OpenAI Wraps Up Tender as AI Talent War Heats Up". The Information. Retrieved May 12, 2023.
  20. ↑ Azevedo, Mary Ann (August 22, 2023). "Fintech startup Ramp raises $300M at a 28% lower valuation of $5.8B". TechCrunch. Retrieved October 19, 2023.
  21. 1 2 3 4 5 George Hammond (November 20, 2024). "Thrive Capital: the venture firm staking billions on a few big bets". Financial Times . Retrieved December 13, 2024.
  22. ↑ de la Merced, Michael (November 4, 2024). "Physical Intelligence, a Robot A.I. Specialist, Raises Millions From Bezos". The New York Times. Retrieved December 14, 2024.
  23. ↑ "Anysphere". Forbes. Retrieved December 14, 2024.
  24. ↑ Kate Clark (April 24, 2026). "Thrive Bets on Sports With San Francisco Giants Stake". WSJ.com. Retrieved April 24, 2026.
  25. ↑ "Thrive Capital | Palico". www.palico.com. Retrieved December 23, 2022.
  26. ↑ Nishant, Niket (February 11, 2021). "Joshua Kushner's Thrive Capital raises $2 billion for latest funds". Reuters. Retrieved December 23, 2022.
  27. ↑ Loizos, Connie (February 17, 2022). "New York's Thrive Capital closes its eighth fund with a whopping $3 billion". TechCrunch. Retrieved December 23, 2022.
  28. 1 2 3 4 5 6 7 Chernova, Yuliya (February 17, 2022). "Thrive Capital Reloads With $3 Billion in New Funds". The Wall Street Journal. ISSN   0099-9660 . Retrieved December 23, 2022.
  29. ↑ "Josh Kushner's Thrive Capital Raises $10 Billion in New Funding". Bloomberg News. February 17, 2026. Retrieved February 17, 2026.
  30. ↑ Cutler, Kim-Mai (March 24, 2015). "Cadre Raises $18.3M From Thrive, General Catalyst To Build Software For Big Commercial Real Estate". TechCrunch. Retrieved December 23, 2022.
  31. ↑ de la Merced, Michael J. (January 14, 2025). "Anysphere, a Maker of A.I. Coding Software, Raises $105 Million". The New York Times. ISSN   0362-4331 . Retrieved March 5, 2025.
  32. ↑ "Hiring Software Juggernaut Greenhouse Swallows $35M Series C | TechCrunch". September 4, 2015. Archived from the original on September 4, 2015. Retrieved December 23, 2022.
  33. ↑ Higgins, Tim (October 10, 2017). "SoftBank Leads $164 Million Bet on Digital-Mapping Startup Mapbox". Wall Street Journal. Retrieved December 23, 2022.
  34. ↑ O'Hear, Steve (February 23, 2017). "Confirmed: UK challenger bank Monzo raises £19.5M with another £2.5M in crowdfunding planned". TechCrunch. Retrieved December 23, 2022.
  35. ↑ Shontell, Alyson. "An Admirable New Startup, Neverware, Has Raised $1 Million To Try And Save Schools A Lot Of Money". Business Insider. Retrieved December 23, 2022.
  36. ↑ Cade Metz (October 2, 2024). "OpenAI Completes Deal That Values Company at $157 Billion". The New York Times. Retrieved December 14, 2024.
  37. ↑ Deepa Seetharaman; Tom Dotan; Berber Jin (October 2, 2024). "OpenAI Nearly Doubles Valuation to $157 Billion in Funding Round". WSJ. Retrieved December 18, 2024.
  38. ↑ "OpenGov Receives $4M for Transparency Software". SiliconANGLE. July 3, 2013. Retrieved December 23, 2022.
  39. ↑ Buhr, Sarah (January 19, 2016). "Patreon Gains $30 Million Series B Funding To Support Growth". TechCrunch. Retrieved December 23, 2022.
  40. ↑ "David and Alan Tisch raise $7.5 million for stealthy startup Spring". Fortune. Retrieved December 23, 2022.
  41. ↑ Lawler, Ryan (May 19, 2014). "Whisper Confirms $36M In New Funding, Adds Related Posts, Categories, And Explore Feature To App". TechCrunch. Retrieved December 23, 2022.
  42. ↑ Lawler, Ryan (May 9, 2024). "Wiz's $12B Valuation Steals The RSA Conference Buzz, Amid VC Reset". Forbes. Retrieved May 9, 2024.
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