February 21, 2024

graycroftThe self-described “seed-to-growth” venture capital firm today announced the closing of more than $1 billion in capital commitments for the new fund.

Two of the firm’s flagship products, Greycroft Partners VII and Greycroft Growth IV, closed at more than $980 million, according to co-founder and managing partner Dana Settle — cash that will be used to invest in early- and growth-stage businesses and consumer business.

“Greycroft’s bi-coastal foundations in Los Angeles and New York provide us with unique access and insight into technological advances that advance emerging themes and reshape industries at the intersection of culture and commerce,” Settle said in a pre-release statement explain. “Our investment approach remains the same, identifying companies that are finding new applications for next-generation technologies and supporting them at critical junctures for commercialization.”

Co-founded by Settle, Ian Sigalow and Alan Patricof in 2006, Greycroft manages more than $2 billion in capital and holds stakes in companies including Bird, Bumble, HuffPost, Goop, The RealReal and Venmo. The firm aims to invest $500,000 to $50 million in early-stage and high-growth companies globally, with operations in nearly 20 countries.

Greycroft’s Growth Fund allows investment in growth-stage deals, with commitments starting at $10 million and going up to $35 million. Meanwhile, its venture fund invested $500,000 to $5 million in the first check.

Greycroft previously raised approximately $700 million ($678 million) through two funds, Greycroft VI ($310 million) and Greycroft Growth III ($368 million), bringing its total capitalization to $2 billion. Since 2006, the firm’s capital commitments have grown from $75 million to $3 billion, and it has partnered with more than 250 portfolio companies.

“We are witnessing a once-in-a-generation industrial transformation driven by advances in artificial intelligence and the growing demand for sustainable products,” Sigalow added in a release. The industry creates new opportunities. We’ve been here before and it’s great to see the innovative and trailblazing entrepreneurs we expect to emerge from this period of change.”