- General
- November 20, 2020
- 5 minutes read
Revolution Seeks New $500M Fund
Revolution Growth, the venture firm chaired by Steve Case, is seeking to raise $500 million for a new fund as…
Revolution Growth, the venture firm chaired by Steve Case, is seeking to raise $500 million for a new fund as indicated by paperwork filed with the US Securities and Exchanges Commission (SEC).
Revolution Growth is seeking up to $500 million for what is its fourth fund so far and an amount that’s on par with its third fund of $525 million that it closed in 2016. Going by its paperwork, the firm has just initiated the new fundraising and doesn’t seem to have taken any commitments yet.
Revolution is a well-known venture capital firm that was originally founded in 2005 by Steve Case who is a well-known entrepreneur that co-founded America Online (AOL), an internet giant in its heyday. At AOL, Case spearheaded a merger with Time Warner that today remains the largest merger in modern business history even though it ended up ill-fated.
‘Revolution Growth’ is a unit under the broader ‘Revolution’ corporate entity that launched in 2011 with $450 million of initial capital. Case set up the unit together with Ted Leonsis, a former AOL executive just like him.
Under Steve Case’s leadership, Revolution Growth has backed many companies including well-known names such as Sweetgreen, the salad chain; Scopely, the mobile gaming company; DraftKings, a sports betting company that became publicly-traded this year; and BigCommerce, an e-commerce software company that also held a public offering this year.
Revolution Growth has particularly drawn attention for its “Rise of the Rest” seed fund that targets companies outside the usual technology hubs. The fund has drawn investments from a party of big-name entrepreneurs such as Amazon’s Jeff Bezos, Spanx’s Sara Blakely, Tory Burch of the eponymous fashion brand, and venture capitalist Jim Breyer.
With notable exits like DraftKings and BigCommerce under its belt, Revolution has apparently hit the roadshow again to raise a new big fund.
Photo: Revolution Founder Steve Case by TechCrunch is licensed under CC BY 2.0
