US-based venture firm Founders Fund gathers $1B to invest in startups
Founders Fund announced that it has raised $1 billion for its fifth investment fund called Founder Fund V. The venture capital giant plans to invest the capital in startups from various industries, according to VentureBeat.
The Wall Street Journal (WSJ) cited Founder Fund partner Luke Nosek saying: "We want to find companies across all sectors and stages that are passionate about developing technologies to address the world's most critical problems."
The fundraising for this large fund was led by PayPal's Peter Thiel. Other investors include Founders Fund partners Ken Howery, Luke Nosek, Lauren Gross, Geoff Lewis, Scott Nolan, and Brian Singerman. The firm's most recent fund reached the $625-million mark. To date, the company has raised $1.15 billion for its previous four funds, the report detailed.
The San Francisco-based firm typically invests a large amount in consumer, health, energy, tech, and Internet firms. Its portfolio includes Hampton Creek Foods, Palantir, SpaceX, and the Climate Corp, WSJ reported.