General Catalyst Lands A Massive $8B In New Capital For Funds

General Catalyst — whose investments include Airbnb, Instacart and Mistral AI — has raised $8 billion in new capital as it looks to “turbocharge” its investments in sectors like AI, defense, climate, healthcare and fintech.

The firm’s latest fund — Fund XII — will see about $6 billion of the new capital, including around $4.5 billion for its core funds focused on seed and growth equity, and $1.5 billion for its creation strategy. The remaining $2 billion will go toward separately managed accounts.

“We are ready to be the company that drives transformations, global resilience and applied AI for the world,” wrote Hemant Taneja, CEO and managing director at General Catalyst, in a blog announcing the new capital. “We are powered by early-stage venture capital at our core and excited to dream bigger and co-create with our GC Famiglia of founders, business leaders and policymakers to expand what’s possible.”

Not slowing down

General Catalyst has been busy even as much of the venture world has slowed in recent years.

Last year, the Cambridge, Massachusetts-based firm made 99 different funding deals, per Crunchbase data. This year, General Catalyst already has made 102 deals.

That includes some recent large deals, such as leading transportation payment solutions provider AtoB’s $130 million Series C with Bloomberg Beta last month and AI-powered coding assistant Codeium’s $150 million Series C in August.

General Catalyst’s news comes after earlier this month it was reported CRV told its investors it will return the $275 million that it has not yet invested from its $500 million Select fund for more mature startups. The firm said it was doing so because valuations were too high as they relate to potential returns.

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Illustration: Dom Guzman