Thrive Capital

Thrive Capital is an American venture capital firm based in New York City. It focuses on media and internet investments.[4] The firm was founded by Joshua Kushner who is also co-founder of Oscar Health and minority owner of the Memphis Grizzlies.[5][6]

Thrive Capital Management, LLC
TypePrivate
IndustryVenture Capital
Founded2010 (2010)[1][2]
FounderJoshua Kushner
HeadquartersNew York City, New York, U.S.
Key people
Nitin Nohria, Executive chair
ProductsInvestments
AUMUS$16 billion (2022)
Number of employees
57 (2022)
Websitethrivecap.com
Footnotes / references
[3]

Background

Joshua Kushner is son of billionaire real estate developer Charles Kushner.[4][5][6] His brother Jared Kushner is the son-in-law and former senior advisor to former U.S. President Donald Trump.[5][6]

After graduating from Harvard College in 2008, Kushner spent a year at Goldman Sachs working in its private equity division.[6] 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.[6] 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.[4][5][6] 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.[6]

In 2011, the firm raised another $40 million from Princeton University, Wellcome Trust, Peter Thiel and other investors.[4][5][6]

In 2017, the firm underwent complications as it was connected to Donald Trump who was now serving as the U.S. President.[7] Concerns were raised about a conflict of interest from its connection to the Trump administration.[7][8] 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.[8][9] In that year, Jared sold his entire stake in the firm and severed his connections with it.[8][9]

In May 2021, Petershill Partners had invested around $120 million in Thrive Capital for a 3% stake.[5][10] It valued the firm at $3.6 billion.[5][10] In September 2021, the firm registered as an investment adviser with the U.S. Securities and Exchange Commission.[11] The firm stated as part of its regulatory filing that it planned to have some funds that will make investments in public companies and crypto assets.

In 2021, 10 of Thrive’s portfolio companies went public, including Affirm and Nubank.[1]

In 2022, the firm announced its $3 billion Thrive Capital Partners VIII fund. The same year, Nitin Nohria was brought on as the firm’s first executive chair.[1]

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.[12][13] 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.[1]

The firm is noted for being an early investors in several high profile technology platforms such as Instagram, GitHub, Spotify and Twitch.[5][6] Thrive has also invested in Stripe, Airtable, Glossier, Plaid, Anduril, and OpenAI.[1][14]

Funds
Fund[15] 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[16] 2021 USD 2,000
Thrive Capital Partners VIII[17][18] 2022 USD 3,000

Notable investments

References
  1. Abram Brown; Kate Clark (February 24, 2023). "Josh Kushner's Budding Empire". The Information. Retrieved May 12, 2023.
  2. Matt Durot (April 5, 2022). "Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire". Forbes. Retrieved May 12, 2023.
  3. "Form ADV" (PDF). SEC. Retrieved 23 December 2022.
  4. Rusli, Evelyn M. (2011-08-22). "Joshua Kushner's Thrive Capital Raises $40 Million". DealBook. Retrieved 2022-12-23.
  5. "How Joshua Kushner – not Jared – became his family's first billionaire". South China Morning Post. 2022-05-09. Retrieved 2022-12-23.
  6. Durot, Matt. "Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire". Forbes. Retrieved 2022-12-23.
  7. 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.
  8. 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.
  9. Disis, Jill (2017-04-18). "Jared Kushner is still selling off business assets". CNNMoney. Retrieved 2022-12-23.
  10. "Goldman Sachs Is Said to Invest in Josh Kushner's Thrive Capital". Bloomberg.com. 2021-05-19. Retrieved 2022-12-23.
  11. 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.
  12. Hayes, Dade (2023-01-24). "Bob Iger Joins Investors Taking Minority Stake In Venture Firm Thrive Capital". Deadline. Retrieved 2023-01-29.
  13. Jin, Berber. "WSJ News Exclusive | Robert Iger, Henry Kravis to Buy Minority Stake in Thrive Capital". WSJ. Retrieved 2023-01-29.
  14. Jon Victor; Erin Woo (April 17, 2023). "OpenAI Wraps Up Tender as AI Talent War Heats Up". The Information. Retrieved May 12, 2023.
  15. "Thrive Capital | Palico". www.palico.com. Retrieved 2022-12-23.
  16. "Joshua Kushner's Thrive Capital raises $2 billion for latest funds". Reuters. 2021-02-11. Retrieved 2022-12-23.
  17. Loizos, Connie (2022-02-17). "New York's Thrive Capital closes its eighth fund with a whopping $3 billion". TechCrunch. Retrieved 2022-12-23.
  18. Chernova, Yuliya (2022-02-17). "Thrive Capital Reloads With $3 Billion in New Funds". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-12-23.
  19. 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.
  20. "Hiring Software Juggernaut Greenhouse Swallows $35M Series C | TechCrunch". 2015-09-04. Archived from the original on 2015-09-04. Retrieved 2022-12-23.
  21. Higgins, Tim. "SoftBank Leads $164 Million Bet on Digital-Mapping Startup Mapbox". WSJ. Retrieved 2022-12-23.
  22. 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.
  23. 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.
  24. "OpenGov Receives $4M for Transparency Software". SiliconANGLE. 2013-07-03. Retrieved 2022-12-23.
  25. Buhr, Sarah (2016-01-19). "Patreon Gains $30 Million Series B Funding To Support Growth". TechCrunch. Retrieved 2022-12-23.
  26. "David and Alan Tisch raise $7.5 million for stealthy startup Spring". Fortune. Retrieved 2022-12-23.
  27. 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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