In a surprising turn of events, venture capital firm General Catalyst, an early investor of companies like Snap Inc., Stripe and Mistral, is on the brink of raising nearly $6 billion for tech start-up investments, despite the current fundraising drought in the sector.
What Happened: General Catalyst could finalize its latest fund as early as next month, Financial Times reported on Sunday. The firm plans to utilize the new funds to invest in various sectors including defense, space, climate, fintech, and healthcare in the U.S., Europe, and India.
This significant investment indicates that institutional investors, endowments, and foundations, also known as limited partners, are still willing to support well-known firms even amid a broader fundraising crunch.
Under the leadership of Hemant Taneja, who took over in 2021, General Catalyst has been focusing on “responsible ...