8VC raises $880 million in new fund that aims to ‘fix a broken world’

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Austin-based venture firm 8VC, led by controversial Palantir founder Joe Lonsdale, has raised $880 million in its fifth fund.

In a blog post published today, Lonsdale — who serves as 8VC’s general partner — said his company’s mission is “to mend a broken world.”

While he didn’t specify which sectors the new fund would target or average check size, Lonsdale did reveal that 8VC now manages “more than $6 billion in committed capital” and plans to invest “at every stage.” and build your own businesses. . He also shared that the 8VC team has grown to more than 60 people.

In 2020, 8VC famous moved headquarters from San Francisco to Austin, Texas. Back then, Lonsdale tweeted that was Austin “*much* more tolerant of ideological diversity than SF.” He added, “It’s generally a good idea to have great left-wing hippies around for great culture/music/food etc… but not all of them run the state.”

Today, he wrote that 8VC’s new headquarters in the Texas capital has become “a magnet for entrepreneurs and builders from around the world.”

The fund is considered the largest Texas-based venture capital fund for startups, according to AustinInno.

Lonsdale’s post about the new fund had a philosophical tone. “There are undoubtedly enormous challenges for our civilization, as well as for entrepreneurship,” he wrote. “But as entrepreneurs, broken things offer opportunities. And when we look deeper, we see amazing transformations happening all around us. AI transforms the world inside and outside of computers; genomic engineering and new scientific knowledge are transforming the world of cells; advanced manufacturing transforms the world of machines; new business models, incentives and innovation transforming how we receive our healthcare. These are some of our limits.”

Over the years, 8VC has invested in companies across industries as diverse as logistics, life sciences, healthcare, IT infrastructure, government and defense, financial services, consumer and enterprise. According to PitchBook, it has a total of about 500 investments have been made. To be below portfolio companies are Asana, Blend, Flexport, his and hers, Mammoth Biosciences, Elon Musk’s The Boring Company, Qualia, and Wish.

At times, Lonsdale has attracted as much attention for itself as for its portfolio companies. Early last year, he made headlines and made more than a few feathers after his tweets about “awake” technical diversity. Other controversies in which he has been embroiled include one break up with previous investment partners and a high-profile lawsuit filed by a former Stanford student that was later dropped.

Lonsdale also, in connection with Secretary of Transportation Pete Buttigieg’s paternity leave, tweeted at the end of 2021 that “any man in a major position who takes 6 months leave for a newborn… is a loser.”

He has often defended himself against later comments by saying that his words were misinterpreted or taken out of context.

In an article in the New Yorker this month about the transformation of Austin in recent years from liberal bastion to “closer to libertarianism than to liberalism,” Lonsdale spoke to the article’s author about his adopted town, telling him that part of its enchantment is that politics can be done in a civilized way. discussed.

“In San Francisco,” says Lonsdale, “if I went up against someone, they’d say, ‘You’re a bad person.’ So there’s still something very healthy about Texas, I really hope we can keep it that way.”

According to SEC filings, 8VC closed its latest flagship fund with $640 million in capital commitments in 2021; it has also produced numerous special purpose vehicles in recent years, show registrations.


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