It’s a good week to be Josh Kushner, venture capitalist, founder of the health insurance unicorn Oscar, brother to President Donald Trump’s senior advisor Jared Kushner and son of real estate tycoon Charles Kushner.
Days after marrying supermodel Karlie Kloss, Kushner’s VC firm Thrive Capital has announced the close of $1 billion in new capital for its sixth flagship venture fund. The firm has raised $600 million for late-stage deals and an additional $400 million for earlier bets.
Thrive is stage and industry agnostic with investments in Oscar, Cadre, a real estate software company co-founded by the Kushner brothers, Glossier, Warby Parker, Slack, Robinhood and Stripe. Its exits include Spotify, Twitch and GitHub, of which it owned a 9 percent stake at the time of its $7.5 billion sale to Microsoft earlier this year.
Kushner, a close friend to Instagram’s former chief executive officer Kevin Systrom, famously doubled his money in 72 hours after investing in the photo-sharing app days before Facebook’s acquisition. He launched Thrive in 2009 and has quickly risen to prominence as both a founder and successful venture investor.
The New York-based firm’s funds have grown successively larger. Its fifth fund closed on $700 million in 2016. Before that, Thrive brought in $400 million in October 2014 for its fourth effort, $150 million in 2012 for its third, $40 million in 2011 for its second and $10 million for its 2009 debut fund.
The $1 billion vehicle is its largest to date.
Kushner, who at just 33 years old is one of the youngest billion-dollar fund managers, has been on a fundraising spree as of late. Oscar secured a $165 million investment in March at a reported valuation of $3.2 billion, bringing its total raised to date to some $1.2 billion.
Thrive’s latest infusion brings its total assets under management to date to $2.5 billion.
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