Joe Lonsdale-Led 8VC Amasses $880M with a Mission “To Fix a Broken World”
Austin-based venture capital firm 8VC led by Palantir founder Joe Lonsdale has raised a massive $880 million in its fifth funding round.
While Lonsdale did not address which industries the new fund would target, he said in a recent blog post that the firm’s mission is to “fix a broken world.” He added that 8VC currently manages over $6 billion and further plans to invest “at every stage.” He also shared that the team has grown to more than 60 people.
8VC has invested in diverse businesses and companies from sectors such as life sciences, logistics, IT infrastructure, financial services, government and defense. As per Pitchbook, 8VC has made over 500 investments to date, including well-known companies Asana, Flexport, Blend, Mammoth Biosciences, Elon Musk‘s The Boring Company and others.
In 2020, 8VC shifted its office to Austin from San Francisco. Lonsdale said the new headquarters have “become a magnet for entrepreneurs and builders from the world over.” The relocation is part of a wave of venture capital firms that have moved to Austin or opened offices in the past five years, including Mithril Capital Management LLC and Breyer Capital and Moneta Ventures.
According to SEC filings, 8VC closed its last flagship fund with $640 million in 2021; it has also raised numerous special purpose vehicles.