Exclusive: Khosla Ventures raises its first opportunities fund

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The venture firm tells Nerdshala that Khosla Ventures has raised $557 million for its first opportunity fund.

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Why this matters: It’s the latest in a trend of early-stage venture capital firms raising funds to double as winners mature, or at least maintain their ownership status.

  • Most of the new funds will go into KV’s existing portfolio, though this fund can also invest in new companies.
  • KV, which raised $1.4 billion for its latest flagship and seed fund last year, recently laid off Brian Gartner from Apax Digital to focus on growth deals.

What are they saying: KV Partner Sameer Kaul explains, “As we put together our regular fundraising deck, we took a good look at the numbers and realized that even if we kept our pro rata it would be for everyone. Would have been a win/win.” “Instead, we basically assigned tremendous IRRs to growth funds from other firms.”

  • Some of KV’s big early stage hits include Affirm, DoorDash, Instacart, Rocket Labs and Square.
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