137 Ventures closed a $700 million fund to invest in growth-stage startups. The firm manages two vehicles from this capital raise.
The VC shop backs some of the most valuable private companies in the U.S. Its portfolio includes SpaceX, the Elon Musk-led rocket manufacturer valued at $180 billion. Anduril, a defense tech startup co-founded by Palmer Luckey, sits in the portfolio. So does Hadrian, which builds autonomous systems for manufacturing.
137 Ventures focuses on companies scaling past Series B, typically investing $10 million to $100 million per deal. The firm's strategy targets founders solving hard infrastructure, defense, and space problems. Rather than chase consumer apps, 137 Ventures backs companies with long sales cycles and high barriers to entry.
The fund raise arrives as venture capital tightens for late-stage rounds. Growth-stage capital dried up significantly after 2021's frenzied fundraising. 137 Ventures' ability to raise $700 million signals strong LP conviction in its track record and thesis. The firm's exits include the Relativity Space SPAC deal and other notable liquidity events.
This capital positions 137 Ventures to lead larger rounds and reserve capital for follow-on investments in existing portfolio companies.