Thiel’s Founders Fund cements place among venture big guns with $1bn fund close


dollar large_sqThe venture capital firm co-launched by PayPal co-founder Peter Thiel has pulled in a weighty $1bn for its fifth fund.

Founders Fund’s latest vehicle is the biggest close for a venture fund since Greylock Partners pulled in more than $1bn in September last year.

The fundraise means Founders Fund has gathered $2bn since it was founded in 2005, which it has used to target sectors including aerospace, artificial intelligence, health and consumer internet.

Founder and partner Luke Nosek said, “We have a clear vision of what the world should look like decades from now, and we seek out entrepreneurs that can partner with us to build toward that future.

“We want to find companies across all sectors and stages that are passionate about developing technologies to address the world’s most critical problems.”

Fellow founder and partner Ken Howery added, “We invest in founders we believe in, not companies we want to run.

“We find the best entrepreneurs, empower them to make decisions in the long-term interests of their companies, and offer them strategic guidance at every step of the way.

“We see ourselves as partners to our founders, not adult supervision.”

Founders Fund was the first institutional investor in revolutionary companies SpaceX and Palantir Technologies, and one of the earliest investors in Facebook.

Copyright © 2014 AltAssets