About This Fund
General Catalyst's Customer Value Fund (CVF) is a $604 million venture capital vehicle that extends the firm's investment strategy into non-dilutive growth capital, offering post-product-market-fit technology companies an alternative to traditional equity rounds. Established by General Catalyst—one of the leading venture capital firms in the United States with a long track record backing transformative technology companies including Airbnb, Snap, and Stripe—the CVF targets high-growth companies that have demonstrated repeatable customer acquisition metrics and seek to scale aggressively without additional equity dilution.
The CVF operates under a distinctive financing model: it funds sales and marketing activities for technology companies that have achieved product-market fit, with repayment structured to track revenue generated from the funded customer acquisition activities, subject to a capped return to General Catalyst. This approach positions the CVF at the intersection of venture capital and revenue-based finance, targeting growth-stage and late-stage companies with strong unit economics and proven go-to-market playbooks. Portfolio companies range across sectors including fintech, remittance platforms, and enterprise software.
California Public Employees' Retirement System (CalPERS) is among the fund's four institutional limited partners, reflecting pension-grade confidence in the strategy's risk-adjusted return profile. General Catalyst subsequently launched a successor vehicle, GC Customer Value Fund II, further validating institutional appetite for this capital structure. The fund remains active and continues to build its portfolio, offering founders flexible, non-dilutive capital precisely calibrated to accelerate customer acquisition at scale.