Charles River Ventures

Charles River Ventures

Venture capital firm focusing on enterprise, consumer & bioengineering.

CRV, formerly known as Charles River Ventures, is a bi-coastal venture capital firm founded in 1970 that is headquartered in Palo Alto, California and has offices in Cambridge, Massachusetts. CRV is named after the Charles River located in Boston, Massachusetts, and was initially headquartered in Cambridge, Massachusetts before relocating its headquarters to San Francisco, California. The firm focuses on investing in early-stage startups in the fields of enterprise, consumer, and deep insight bioengineering. Charles River Ventures rebranded to CRV in 2014 shortly after raising their 16th investment fund.

Investments

The company invests in ideas and startups using the concept of equality with the entrepreneurs leading each company. As per CRV's manifesto, partnerships are built with equal title, pay, carry, and votes with every investment. The partners of the firm will form deal teams where a few partners asses companies and decide if they want to pitch the company to the rest of the CRV team. If a deal team decides to pitch a company to the rest of the CRV partners, any CRV partner that takes out their mobile device for any reason during a pitch is fined $10,000.

Notable investments found in CRV's portfolio include Twitter, Zendesk, Amgen, Hubspot, Equallogic, Yammer, Airtable, Bird, Millennial Media, Netezza, EqualLogic, and Parametric Technologies.CRV added growth ventures to the company in 2018 in an attempt to invest in exclusive companies as they mature. From 2004 to 2014 CRV had 8 exits with over $1 billion valuations or above, and as of August 2019 the firm has made a total of 479 investments, 121 lead investments, and 121 exits. CRV has made 657 investments and 260 exits since the company was founded in 1970.

In 2017 CRV raised their first dedicated growth equity fund worth $400 million that was led by General Atlantic. In 2018 CRV chose to scrap their dedicated growth equity fund, and raise their 17th fund worth $600 million with $150 million for allocation into growth equity. After CRV scraped their dedicated growth equity fund and completed raising their 17th investment fund they released the following public statement:

CRV is one of first firms in country to raise a 17th fund and we are incredibly honored by the support from the two audiences that matter most: Entrepreneurs and LPs. The new fund allows us to execute on our continued early-stage focus but with an additional mandate to invest in very selective growth opportunities we believe can drive venture returns.

Investment funds

Fund name
Date
Amount raised

Charles River Partnership XIII

April 1, 2007

$285 million

Charles River Partnership XIV

March 30, 2009

$320 million

Charles River Partnership XV

February 28, 2012

$375 million

Charles River Partnership XVI

July 7, 2014

$393 million

Fund XVII

May 11, 2018

$600 million

Timeline

2016

CRV provided seed funding to Fauna in 2016.

Funded Companies

Company
Description
Industry
Website
Location
Symantec

Symantec is a Mountain View, California-based cybersecurity company providing security, storage, and systems management solutions for consumers and enterprises.

Upstream Security is an artificial intelligence company founded by Yoav Levy that develops automotive cloud security software.

InCountry is a San Francisco-based data residency-as-a-service platform that enables global data compliance for international business.

Mercury is a company making banking products for startups based in San Francisco and backed by a16z.

Scribd is a digital library providing subscription service for e-books, audiobooks and other documents.

A technology company building products for enabling the autonomous operation of self-driving vehicles.

A company developing a cloud-based collaboration platform for professional teams to build software specific to their line of work or particular project. It was founded in 2013 and is located in San Francisco, California.

An insurance technology company offering a platform for healthcare organizations to access health insurance data to improve their ability to bring new products and services to market.

An e-learning company that has a digital education platform. It was founded in 2011 and is located in Mountain View, California.

DoorDash is a food delivery company. It participated in the S13 cohort of Y Combinator.

Viz.ai is a healthcare startup that uses artificial intelligence to identify early signs of stroke.

See how Rethink and our smart, collaborative robot Sawyer, are leading the way with a complete cobot solution that enables manufacturers to automate more.

A technology that designs carbon nanotube electronics, which can be used as memory devices. It was founded in 2001 and is located in Woburn, Massachusetts.

Iterable is a San Francisco-based company founded by Andrew Boni.

CloudGenix is a U.S-based company developing software-defined WAN.

Yammer is a San Francisco-based social enterprise company founded by David O. Sacks.

Lola is an e-commerce company delivering a lifelong brand of feminine hygiene products.

A company that participated in the W11 cohort of Y Combinator

Freshplum is a company developing data science-based revenue analytics solutions for e-commerce companies.

Rapportive provides an email add-on displaying social media information about contacts inside the users’ inbox.

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Associated investment funds

Investment Fund
Total offering (USD)
Total sold (USD)
Location
Date signed
Charles River Friends XIV-A, LP
2,750,000
2,750,000
January 28, 2010
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People

Name
Role
LinkedIn

Adam Enbar

Employee

Anil Rachakonda

Employee

Annie Kadavy

Employee

Bill Tai

Employee

Bruce Sachs

Employee

Claudean Ostrom

Employee

Danny Crichton

Employee

David Cancel

Advisor

David Gifford

Investor

Devdutt Yellurkar

Employee

Elias Bizannes

Employee

George Zachary

Employee

Hillary Frank

Employee

Izhar Armony

Employee

Jake Cui

Employee

Jim Scheinman

Employee

Jon Auerbach

Employee

Justine Moore

Employee

Mark Jacobstein

Employee

Mathew G. Johnson

Employee

Matt Heiman

Employee

Max Gazor

Employee

Murat Bicer

Employee

Olivia Moore

Employee

Paulina Rychenkova

Employee

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Further reading

Title
Author
Link
Type
Date

A VC firm redesigned its website to say 'F*ck Trump'

Biz Carson

Web

August 24, 2016

After a partner's cancer scare, this tech fund is now investing in health

Christina Farr

Web

June 9, 2017

An old-guard investment firm, CRV, has made a hire to compete for the new megadeals

Theodore Schleifer

Web

November 5, 2018

Charles River Ventures Invests in $35 Million Series B Financing Round for TerraPower

Charles River Ventures

Web

June 14, 2010

Charles River Ventures Raises $320 Million For Its Fourteenth Fund

Erick Schonfeld

Web

March 30, 2009

Charles River Ventures Raises $375 Million For Its 15th Fund

Alexia Tsotsis

Web

February 28, 2012

Charles River Ventures Raises $393 Million For Its 16th Fund

Colleen Taylor

Web

July 3, 2014

Charles River Ventures Wins Big On Zendesk's IPO, But For Boston Venture It's Bittersweet

Alex Konrad

Web

May 15, 2014

Charles River Ventures' Seven $1 Billion+ Wins

Peter Cohan

Web

December 17, 2013

Chatbot Builder Drift Gets $32M from GC, Sequoia, HubSpot, CRV

Jeff Bauter Engel

Web

September 26, 2017

CRV announces $600M fund, focuses on growth investing

Brett Rochkind

Web

May 11, 2018

CRV hires Anna Khan as a general partner focused on enterprise

Kate Clark

Web

July 31, 2019

CRV leads $5 mln round for Standard Cognition - PE Hub

Iris Dorbian

Web

October 10, 2017

CRV XVII: 48 Years of History and a New Chapter

CRV

Web

May 11, 2018

Exclusive: CRV scraps growth equity fund it had already raised

Dan Primack

Web

May 11, 2018

How A Boston Venture Capital Firm Grew Into A Silicon Valley Powerhouse

Matthew Lynley

Web

February 27, 2014

Latest venture capital firm scouting space in Cambridge: Charles River Ventures

Scott Krisner

Web

May 13, 2011

This VC had a near-death experience and it totally changed what he invests in

Christina Farr

Web

May 20, 2017

Venture Firm Is Giving Loans a Try

Miguel Helft

News

November 1, 2006

Documentaries, videos and podcasts

Title
Date
Link

- Startups - George Zachary of Charles River Ventures - TWiST #237

March 1, 2012

George Zachary (Charles River Ventures) at Startup Grind 2014

February 4, 2014

George Zachary (Charles River Ventures) at Startup Grind San Francisco

September 18, 2012

Mistakes to Avoid When Scaling Your Startup - Box, GoodData, Lightspeed VP, Charles River Ventures

October 7, 2013

The Yammer Story with David Sacks, Emergence Capital Partners, and Charles River Ventures

January 10, 2013

Watch Your Step, Giants Ahead George Zachary, Charles River Ventures Eric Migicovsky, Pebble

February 11, 2015

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
July 18, 2019
WebWire
SAN FRANCISCO -- July 18th, 2019 -- InCountry, the first Data-Residency-as-a-Service platform, has raised $15 million in Series A funding led by Arbor Ventures of Singapore, Global Founders Capital of Berlin, and Mubadala of Abu Dhabi, with participation from previous investors including Caffeinated Capital, Felicis Ventures,
May 2, 2019
WebWire
SAN FRANCISCO, Calif. -- May 2, 2019 -- InCountry, the first data residency-as-a-service platform, today announced the launch of its service and first product offering. The company is also announcing $7 million in seed funding from Caffeinated Capital, Felicis Ventures, Ridge Ventures, Bloomberg Beta, Charles River Ventures, Global Founders Capital, Parade Ventures, MState, and a series of angel investors. Already operating in 50 countries, the funding will be used to grow the...

References

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