TCV raises $460m for expansion-stage Velocity to hunt for the next Netflix, Facebook, Airbnb

Veteran VC house Technology Crossover Ventures has raised $460m for TCV Velocity, which is geared towards expansion-stage investment opportunities.

The firm said the vehicle is ideally placed to take advantage of a growing investment segment and to engage in the shift from product-market fit to scaling up.

Never miss a story – click to sign up to AltAssets’ free daily PE newsletter

Velocity will focus on investments in e-commerce enablement, tech disruption across health and wellness, democratization of financial services, AI/machine learning adoption and supply chain digitization.

It has ready invested in medical machine learning applications BenchSci and e-commerce shipping carrier Passport.

Matt Brennan, general partner at TCV, said, “TCV is using its vast experience of taking companies to IPO and beyond to help expansion-stage companies with equivalent ambitions.

We’re enormously excited about the year ahead, as we formally bring to market this much anticipated new fund and engage with founders of companies that are rich with potential and aggressive ambition.”

Since its inception in 1995, TCV has carried out 79 public listings and 69 M&As as of the end of 2021. It has $28bn of assets under management as of September 30.

The firm closed its biggest fund ever early last year. TCV XI was closed on $4bn and was a significant increase from the firm’s $3.16bn tenth fund.

TCV focuses its investments in fintech, healthcare, vertical SaaS and DevOps security.

Recent investments include backing Brazilian challenger bank Nubank and leading a €90m series B funding round in fintech startup Mollie in 2020.

Previous investments include Airbnb, EA, Netflix, Spotify and Facebook.

Copyright © 2022 AltAssets

Source: https://www.altassets.net/private-equity-news/by-news-type/fund-news/tcv-raises-460m-for-expansion-stage-velocity-to-hunt-for-the-next-netflix-facebook-airbnb.html