Generic catalytic converter — which investments include Airbnb, Instacart AND Mistral AI — raised $8 billion in new capital because it looks to turbocharge its investments in sectors reminiscent of artificial intelligence, defense, climate, healthcare and fintech.
The company’s newest fund, Fund XII, will receive roughly $6 billion in new capital, including roughly $4.5 billion in core funds focused on seed capital and growth and $1.5 billion in creation strategy. The remaining $2 billion will likely be allocated to individually managed accounts.
“We are ready to be the company that drives transformation, global resilience and applies artificial intelligence to the world,” he wrote Hemant TanejaCEO and Managing Director of General Catalyst, wr blog announcement of the new capital. “We have early-stage venture capital at our core and are excited to pursue bigger dreams and co-create with our GC Famiglia of founders, business leaders and decision-makers to expand opportunities.”
I’m not slowing down
General Catalyst has been busy despite the fact that much of the enterprise capital world has slowed down in recent years.
Last yr, the Cambridge, Massachusetts-based company closed 99 different financing deals, in line with Crunchbase data. This yr, General Catalyst has already concluded 102 transactions.
This includes some recent major deals, reminiscent of a leading transportation payments solutions provider DUNGEON$130 million Series C of Bloomberg Beta last month and an AI-powered coding assistant Codiumfor a $150 million Series C in August.
General Catalyst’s news comes after it was announced earlier this month CRV he told his investors this will return $275 million that it has not yet invested its $500 million Select fund in more mature startups. The company says it is doing this because valuations are too high relative to potential profits.