TCV (investment firm)

TCMI, Inc. better known by the name TCV (Technology Crossover Ventures) is an American investment firm based in Menlo Park, California. The firm mainly invests in public and private growth-stage companies in the technology industry.[2]

TCMI, Inc.
TCV
TypePrivate
IndustryInvestment management
Founded1995 (1995)
FounderRichard H. Kimball
Jay Hoag
HeadquartersMenlo Park, California, U.S.
ProductsPrivate Equity
Venture Capital
AUMUS$25 billion (2022)
Websitewww.tcv.com
Footnotes / references
[1]

Background

TCV was founded in 1995 by Richard H. Kimball and Jay Hoag.[2][3][4][5]

The firm is headquartered in Menlo Park with additional offices in New York and London.[6]

In 2021, the firm founded TCV Acquisition, a Special-purpose acquisition company (SPAC)with no commercial operations.[4] It was formed to raise capital to acquire private companies. On 14 April, it was listed on the Nasdaq under the ticker 'TCVA' and raised $350 million.[6] In April 2023, the SPAC was liquidated as no deal could be found within the given timeframe. [7]

The typical size of an investment that TCV makes in companies ranges from $3 million to $300 million. As of 2020, TCV has invested over $13 billion in over 350 companies. Notable private investments include Airbnb,[8] ByteDance,[9] Facebook,[8] GoFundMe[10] and Spotify.[8] The firm also makes public investments in companies it previously backed when they were private such as Netflix, Zillow and LinkedIn.[2][11]

Funds
Fund[12] Vintage Year Committed Capital ($m)
Technology Crossover Ventures I 1995 USD 100
Technology Crossover Ventures II 1996 USD 195
Technology Crossover Ventures III 1999 USD 417
Technology Crossover Ventures IV 2000 USD 1,700
Technology Crossover Ventures V 2004 USD 900
Technology Crossover Ventures VI 2006 USD 1,400
Technology Crossover Ventures VII 2008 USD 3,000
Technology Crossover Ventures VIII 2013 USD 2,230
Technology Crossover Ventures IX 2016 USD 2,500
Technology Crossover Ventures Sports 2018 USD 55
Technology Crossover Ventures X 2019 USD 3,000
Technology Crossover Ventures XI 2020 USD 4,000

References
  1. "FORM ADV" (PDF). AdviserInfo.sec.gov.
  2. "Technology Crossover Ventures: Playing the Private and Public Markets to Optimize Returns". The Software Report. 14 November 2017.
  3. Shu, Catherine. "VC Firm Becomes Bigger Netflix Player". www.wsj.com.
  4. Capital, Renaissance. "Technology Crossover Ventures' SPAC TCV Acquisition files for a $350 million IPO". www.nasdaq.com. Retrieved 2021-05-24.
  5. Archives, L. A. Times (2000-04-04). "New TCV Fund Raises Record $1.6 Billion". Los Angeles Times. Retrieved 2023-02-06.
  6. Corp, TCV Acquisition. "TCV Acquisition Corp. Announces Pricing of $350,000,000 Initial Public Offering". www.prnewswire.com (Press release). Retrieved 2021-05-24.
  7. Corp, TCV Acquisition. "TCV Acquisition Corp. Announces Liquidation". www.prnewswire.com. Retrieved 2023-07-15.
  8. "TCV closes record $4B fund to invest in e-commerce, fintech, edtech, travel and more". TechCrunch. 27 January 2021. Retrieved 2021-05-24.
  9. "The Funded: Silicon Valley backers try to save TikTok in the U.S." www.bizjournals.com. Retrieved 2021-05-24.
  10. "GoFundMe Confirms Its Funding Round, Which Valued It At $500M". TechCrunch. 18 June 2015.
  11. "Top 10 venture capital firms: TCV | Financial Services (FinServ)". Fintech Magazine. 22 June 2020. Retrieved 2021-05-24.
  12. "Technology Crossover Ventures VII | Palico". www.palico.com. Retrieved 2021-05-24.
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