Thrive Capital

Thrive Capital is an American venture capital firm based in New York City. It focuses on media and internet investments.[2] The firm was founded by Joshua Kushner who is also co-founder of Oscar Health and minority owner of the Memphis Grizzlies.[3][4]

Thrive Capital Management, LLC
TypePrivate
IndustryVenture Capital
Founded2009 (2009)
FounderJoshua Kushner
HeadquartersNew York City, New York, U.S.
ProductsInvestments
AUMUS$16 billion (2022)
Number of employees
57 (2022)
Websitethrivecap.com
Footnotes / references
[1]

Background

Joshua Kushner is son of billionaire real estate developer Charles Kushner.[2][3][4] His brother Jared Kushner is the son-in-law and former senior advisor to former U.S. President Donald Trump.[3][4]

After graduating from Harvard College in 2008, Kushner spent a year at Goldman Sachs working in its private equity division.[4] In 2009, he enrolled at Harvard Business School and used his earning from Goldman Sachs and money from his trust funds to invest in companies like Kickstarter and GroupMe.[4] He caught the attention of Joel Cutler, co-founder of General Catalyst who convinced Kushner to start his own venture capital firm.

At only 24, Kushner founded Thrive Capital in 2009.[2][3][4] Cutler and General Catalyst provided the initial $5 million in seed money for the firm in 2010 as well as introduced investors to the firm and Kusher.[4]

In 2011, the firm raised another $40 million from Princeton University, Wellcome Trust, Peter Thiel and other investors.[2][3][4]

In 2017, the firm underwent complications as it was connected to Donald Trump who was now serving as the U.S. President.[5] Concerns were raised about a conflict of interest from its connection to the Trump administration.[5][6] Kushner's brother, Jared who was Trump's son-in-law and senior advisor was also a general partner at the firm and had holdings in it.[6][7] In that year, Jared sold his entire stake in the firm and severed his connections with it.[6][7]

In May 2021, Petershill Partners had invested around $120 million in Thrive Capital for a 3% stake.[3][8] It valued the firm at $3.6 billion.[3][8]

In September 2021, the firm registered as an investment adviser with the U.S. Securities and Exchange Commission.[9] The firm stated it planned to have some funds that will make investments in public companies and cryptocurrencies.

In January 2023, a group of five investors Bob Iger, Mukesh Ambani, Henry Kravis, Xavier Niel and Jorge Paulo Lemann paid $175 million for a 3% stake of Thrive Capital.[10][11]

The firm is noted for being an early investors in several high profile technology platforms such as Instagram, GitHub, Spotify and Twitch.[3][4]

Notable employees of the firm include Jared Weinstein and Willem Van Lancker.[12]

Funds
Fund[13] Vintage Year Committed Capital ($m)
Thrive Capital Partners I 2009 USD 10
Thrive Capital Partners II 2011 USD 40
Thrive Capital Partners III 2012 USD 150
Thrive Capital Partners IV 2014 USD 400
Thrive Capital Partners V 2016 USD 700
Thrive Capital Partners VI 2018 USD 1,000
Thrive Capital Partners VII[14] 2021 USD 2,000
Thrive Capital Partners VIII[12][15] 2022 USD 3,000

Notable investments

References
  1. "Form ADV" (PDF). SEC. Retrieved 23 December 2022.
  2. Rusli, Evelyn M. (2011-08-22). "Joshua Kushner's Thrive Capital Raises $40 Million". DealBook. Retrieved 2022-12-23.
  3. "How Joshua Kushner – not Jared – became his family's first billionaire". South China Morning Post. 2022-05-09. Retrieved 2022-12-23.
  4. Durot, Matt. "Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire". Forbes. Retrieved 2022-12-23.
  5. Bertoni, Steven. "Josh Kushner's Complex World: How Jared's Liberal Brother Runs A Billion Dollar Fund In Trump Era". Forbes. Retrieved 2022-12-23.
  6. Singh, Yuliya Chernova and Preeti (2021-01-25). "Joshua Kushner's Thrive Capital Goes for Mega-Fundraise". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-12-23.
  7. Disis, Jill (2017-04-18). "Jared Kushner is still selling off business assets". CNNMoney. Retrieved 2022-12-23.
  8. "Goldman Sachs Is Said to Invest in Josh Kushner's Thrive Capital". Bloomberg.com. 2021-05-19. Retrieved 2022-12-23.
  9. Chernova, Yuliya (2021-11-29). "Josh Kushner's Thrive Capital Gains More Flexibility to Invest in Crypto, Public Stocks". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-12-23.
  10. Hayes, Dade (2023-01-24). "Bob Iger Joins Investors Taking Minority Stake In Venture Firm Thrive Capital". Deadline. Retrieved 2023-01-29.
  11. Jin, Berber. "WSJ News Exclusive | Robert Iger, Henry Kravis to Buy Minority Stake in Thrive Capital". WSJ. Retrieved 2023-01-29.
  12. Loizos, Connie (2022-02-17). "New York's Thrive Capital closes its eighth fund with a whopping $3 billion". TechCrunch. Retrieved 2022-12-23.
  13. "Thrive Capital | Palico". www.palico.com. Retrieved 2022-12-23.
  14. "Joshua Kushner's Thrive Capital raises $2 billion for latest funds". Reuters. 2021-02-11. Retrieved 2022-12-23.
  15. Chernova, Yuliya (2022-02-17). "Thrive Capital Reloads With $3 Billion in New Funds". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-12-23.
  16. Cutler, Kim-Mai (2015-03-24). "Cadre Raises $18.3M From Thrive, General Catalyst To Build Software For Big Commercial Real Estate". TechCrunch. Retrieved 2022-12-23.
  17. "Hiring Software Juggernaut Greenhouse Swallows $35M Series C | TechCrunch". 2015-09-04. Archived from the original on 2015-09-04. Retrieved 2022-12-23.
  18. Higgins, Tim. "SoftBank Leads $164 Million Bet on Digital-Mapping Startup Mapbox". WSJ. Retrieved 2022-12-23.
  19. O'Hear, Steve (2017-02-23). "Confirmed: UK challenger bank Monzo raises £19.5M with another £2.5M in crowdfunding planned". TechCrunch. Retrieved 2022-12-23.
  20. Shontell, Alyson. "An Admirable New Startup, Neverware, Has Raised $1 Million To Try And Save Schools A Lot Of Money". Business Insider. Retrieved 2022-12-23.
  21. "OpenGov Receives $4M for Transparency Software". SiliconANGLE. 2013-07-03. Retrieved 2022-12-23.
  22. Buhr, Sarah (2016-01-19). "Patreon Gains $30 Million Series B Funding To Support Growth". TechCrunch. Retrieved 2022-12-23.
  23. "David and Alan Tisch raise $7.5 million for stealthy startup Spring". Fortune. Retrieved 2022-12-23.
  24. Lawler, Ryan (2014-05-19). "Whisper Confirms $36M In New Funding, Adds Related Posts, Categories, And Explore Feature To App". TechCrunch. Retrieved 2022-12-23.
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