General Catalyst Reportedly Set to Raise $6B for Tech Startups

General Catalyst, the venture capital investor that has made investments in Stripe, Snap, and Mistral, is reportedly raising $6 billion for its latest flagship fund for technology startups.

The firm is expected to close its latest fund as soon as next month, according to the Financial Times, citing sources familiar with the matter.

The funds will be allocated to different sectors including defense, space, climate, FinTech, and healthcare in Europe, India, and the U.S.

If Fund XII reaches the reported $6 billion goal it would make it the firm’s largest raise to date.

Fund XII arrives just two weeks after another VC giant, Andreessen Horowitz, raised $7.2 billion for a series of vehicles targeting AI, infrastructure and defense.

The firm said most of the fresh capital, $3.75 billion, will assist finance projects in Andreessen Horowitz’s “Growth” category, for later-stage startups, while $1.25 billion will be set aside for firms building AI infrastructure and $1 billion for startups developing AI apps.

The FT, citing data from Pitchbook, said General Catalyst and Andreessen Horowitz’s funds will be the largest raised since the end of 2022.