8VC raises $880 million in new fund aimed at ‘fixing a broken world’

8VC raises 0 million in new fund aimed at ‘fixing a broken world’

Austin-based venture firm 8VC, led by controversial Palantir founder Joe Lonsdale, has raised $880 million in its fifth fund.

In a blog post published today, Lonsdale, who serves as a general partner at 8VC, said his company’s mission is “to fix a broken world.”

While he did not specify which sectors the new fund would target or the average size of checks, Lonsdale said 8VC now manages “more than $6 billion in committed capital” and plans to invest “at every stage.” and build businesses. . He also shared that the 8VC team has grown to more than 60 people.

In 2020, the famous 8VC moved its headquarters from San Francisco to Austin, Texas. Then Lonsdale tweeted that Austin was “*much* more tolerant of ideological diversity than FC”. He added: “It’s usually a good idea to have great hippies to enjoy good culture/music/food etc., but not all of them run the state.”

Today, he wrote that 8VC’s new headquarters in the Texas capital “has become a magnet for contractors and builders around the world.”

According to Austininno, the fund is the largest Texas-based venture capital fund for startups.

Lonsdale’s post about the new fund has a philosophical tone. “Our civilization, of course, faces enormous challenges as well as entrepreneurial challenges,” he wrote. “But as an entrepreneur, broken things offer opportunities. And if we look closer, we will see incredible transformations happening all around us. AI is changing the world inside and outside of computers; Genetic engineering and new scientific discoveries are changing the world of cells; advanced manufacturing is changing the machine world; New business models, incentives and innovations are changing the way we receive our healthcare. These are some of our limits.”

Over the years, 8VC has invested in companies in a variety of industries, including logistics, life sciences, healthcare, IT infrastructure, government and defense, financial services, consumer and enterprise. According to Pitch Book, he made about 500 investments in total. Portfolio companies include Asana, Blend, Flexport, His and Hers, Mammoth Biosciences, Elon Musk’s The Boring Company, Qualia and Wish.

Lonsdale has at times attracted as much attention for herself as for her portfolio companies. Early last year, he made headlines and caused more than one stir with his tweets about “awakening” technological diversity. Other controversies he’s embroiled in include a split with previous investment partners and a high-profile lawsuit by a Stanford graduate who later backed out.

Lonsdale has also been linked to Transport Secretary Pete Buttigieg’s paternity leave. tweeted by the end of 2021 that “any man in a high position who takes 6 months off to care for a newborn … is a loser”.

He has always defended himself against backlash by saying his words were misinterpreted or taken out of context.

In an article in this month’s New Yorker about Austin’s transformation in recent years from a liberal stronghold to “more libertarianism than libertarianism,” Lonsdale spoke to the article’s author about his adopted homeland, telling him that it is part of its charm was that one could talk politics in a cultured manner.

“In San Francisco,” Lonsdale reportedly said, “when I competed against someone, they said, ‘You’re a bad man.’ So something very healthy is still happening in Texas, I really hope we can continue like this.”

According to SEC filings, 8VC closed its most recent core fund with $640 million in commitments in 2021; In recent years he has also shown various special vehicles, show performances.

Source: La Neta Neta