Austin-based totally totally missionary agency 8VC, led by using controversial Palantir founder Joe Lonsdale, has raised $880 million in its 5th fund.
In a weblog submit posted these days, Lonsdale — who serves as 8VC’s famous companion — stated that his company’s venture is “to restore a damaged global.”
While he did not specify which industries the brand new fund would possibly goal or common check length for, Lonsdale did display that 8VC now manages “over $6 billion in committed capital” and plans to invest “at every level” as well as build its own teams. He moreover shared that the 8VC group has grown to greater than 60 human beings.
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8VC relocated its headquarters from San Francisco to Austin, Texas, in 2020. At the time, Lonsdale tweeted that Austin had became “a long way” extra tolerant of ideological range than San Francisco.” He delivered: “It’s normally an high-quality concept to have superb left hippies spherical for fantastic subcultures, tunes, food, and so forth… Simply alternatively, they don’t all run the u . S . A ..”
Today, he wrote that 8VC’s new headquarters in the Texas capital have “become a magnet for marketers and developers from internationally.”
The fund is thought to be the biggest Texas-based mission fund for startups, consistent with AustinInno.
The tone of Lonsdale’s book about the new fund was philosophical. “There are extremely traumatic conditions coping with our civilization, to be certain, and stressful situations for entrepreneurship as properly,” he wrote. “But as marketers, damaged topics present possibilities.” And whilst we appearance deeper, we see first rate changes taking vicinity all round us. AI is transforming the arena outside and inside of pc systems; genomic engineering and new medical know-how are remodeling the world of cells; superior manufacturing is reworking the area of machines; and new business models, incentives, and innovation are transforming how we get preserve of our healthcare. “These are a number of our frontiers.”
Over the years, 8VC has invested in groups spanning quite a few industries, including logistics, life sciences, healthcare, IT infrastructure, government and safety, financial offerings, clients, and organizations. In total, it has made around 500 investments, according to PitchBook. Among its portfolio organizations are Asana, Blend, Flexport, hims and hers, Mammoth Biosciences, Elon Musk’s The Boring Company, Qualia, and Wish.
At instances, Lonsdale has attracted as a whole lot interest to himself as his portfolio corporations. In the early part of the yr, he made headlines and ruffled more than a few feathers after his tweets about about “woke” tech range. Other controversies wherein he has been embroiled encompass a breakup with in advance making investment partners and a excessive-profile lawsuit filed with the aid of a former Stanford student that have become later dropped.
Lonsdale moreover, with regards to the paternity leave of Secretary of Transportation Pete Buttigieg, tweeted in overdue 2021 that “any man in a critical role who takes 6 months of go away for a new child is a loser.”
He has frequently defended himself against next backlashes, pronouncing his words have been misconstrued or taken out of context.
In a New Yorker article this month on the transformation of Austin in current years from a liberal bastion to “a metropolis greater oriented closer to libertarianism than liberalism,” Lonsdale talked with the component’s author approximately his adopted metropolis, telling him that a part of its attraction is that politics may be mentioned in a civil manner.
“In San Francisco,” Lonsdale is quoted as pronouncing, “once I could pass in the direction of someone, they’d be, like, ‘You’re an evil man or woman.’ So there’s a few thing however very wholesome about Texas. I actually desire we can preserve it this way.”
According to SEC filings, 8VC closed its ultimate flagship fund with $640 million in capital commitments in 2021; it has additionally raised numerous unique purpose motors in the present day years, in keeping with filings.
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