About This Fund
CRV XX, LP is a $750 million early-stage venture capital fund representing the twentieth flagship vehicle of CRV, formerly known as Charles River Ventures, one of the longest-tenured venture capital firms in the United States with roots dating to 1970. The fund achieved both its first and final close simultaneously on August 6, 2025, raising its full $750 million target in approximately four weeks with reported LP demand exceeding double the fund size. CRV XX reflects the firm's deliberate strategic refocus on early-stage conviction investing following its exit from late-stage venture in 2024, when it returned $275 million to limited partners from its Select Fund II vehicle rather than deploy capital into what it viewed as unattractive mature-company valuations.
CRV XX is dedicated to leading seed and Series A investment rounds in foundational technology companies, continuing the firm's longstanding strategy of entering at the earliest institutional stage. Investment themes include consumer technology, developer tools, cybersecurity, and businesses that integrate artificial intelligence as a horizontal capability across industry verticals rather than treating AI as a standalone category. CRV describes its approach as backing companies that blend AI with distinct domains to build defensible, infrastructure-grade businesses. The fund is deliberately sized at $750 million, below the $1 billion raised by predecessor Fund XIX in 2022, to preserve the conviction-per-bet ratio that CRV believes is essential at the seed and Series A stage.
CRV's 55-year track record encompasses more than 750 investments across its flagship funds, with notable portfolio companies and exits including DoorDash, Mercury, Vercel, Browserbase, and CodeRabbit. The firm operates as a concentrated partnership offering hands-on founder engagement at the earliest stages. Fund XIX raised $1 billion in 2022, and the decision to downsize CRV XX to $750 million while turning away significant excess demand underscores the firm's conviction that fund size discipline is central to sustaining top-quartile returns in early-stage venture capital.