TCV Raises $4 Billion To Fund High-Tech Investments

Venture capital firm TCV has raised $4 billion for its “largest fund to date.” The company said it would use the new fund “to capture the vast opportunities presented by digital transformation and rapid technology adoption.”

In a press release, TCV said that since the firm was started in 1995, it has invested more than $14 billion in over 350 growth stage technology companies. “We lived up to our middle name, ‘crossover,’ by supporting our portfolio companies throughout their entire lifecycle as private and public companies,” TCV said in the announcement.

“Over a quarter century, Netflix has gone from an outrageous idea to one of the world’s leading entertainment companies — and TCV has supported us every step of the way,” said Reed Hastings, co-founder and co-CEO of Netflix, in the release.

TCV is “the best late-stage growth capital partner,” said John Foley, founder and CEO of Peloton. He pointed to TCV’s “knowledge of and experience with digital media, global technology platforms and subscription businesses, stemming from … long-term involvement with leading franchises” such as Netflix, Spotify, Dollar and Shave Club.

Menlo Park, California-based TCV has funded such FinTechs as Klarna, Mambu, Mollie, Revolut and Wealthsimple. In addition, it has funded such companies as eCommerce tech platform Spryker and software-as-a-service (SaaS) companies like OneTrust, Oversight and Redis Labs.

The release said that TCV has “100 people across offices in Silicon Valley, New York, and London. … TCV’s investments beyond North America today exceed $4 billion.”

Meanwhile, the pandemic is rocking the traditional retail world and has pushed other industries, such as healthcare, to take on new technology, including telehealth.

Will people go back to their old patterns of shopping and buying services as the population is increasingly vaccinated? According to a new PYMNTS report — Mapping Consumers’ Return to the Physical World: Why Digital-First Behaviors Are Here to Stay — many of the changes people have made in their old routines won’t fade away quickly. Research shows that 54 percent of consumers who have moved at least one of their routine activities online since the pandemic began are very or extremely interested in getting vaccinated. However, about three-quarters of them still do not plan to go back to shopping in stores the way they did before.