About This Fund
Spark Capital Growth Fund V, L.P. is the fifth growth-stage venture capital fund raised by Spark Capital, a multi-stage Boston-headquartered firm founded in 2005 by Bijan Sabet, Paul Conway, Santo Politi, and Todd Dagres. The fund reached its final close on 4 March 2024 at USD 1.54 billion, surpassing its initial USD 1.4 billion target. Its closing was announced alongside Spark Capital VIII, a USD 700 million early-stage fund, as part of a combined USD 2.3 billion capital raise — the largest simultaneous fundraise in the firm's history. The fund is organized as a Delaware limited partnership, managed by Spark Growth Management Partners V, LLC, with general partners Alex Finkelstein, Jeremy Philips, Santo Politi, Yasmin Razavi, and Will Reed.
Spark Capital Growth Fund V deploys capital into technology companies that have achieved demonstrable product-market fit and are scaling into large addressable markets, typically at Series B through growth equity stages. The fund's investment mandate spans Spark Capital's core thesis areas: consumer internet, enterprise software, artificial intelligence, fintech, gaming, infrastructure technologies, hardware, and semiconductors. Spark Capital is known for its anti-thesis philosophy — targeting non-consensus product bets that contradict prevailing venture trends — which informs how the growth team identifies inflection points. Check sizes range from approximately USD 10 million to USD 100 million per investment, with primary focus on North American companies. The firm maintains a small team and makes a concentrated number of new investments per year, favoring deep operational partnership over portfolio breadth.
Spark Capital Growth Fund V is the fifth vehicle in a growth fund series: Growth Fund I (USD 375M, 2014), Growth Fund II (USD 600M, 2016), Growth Fund III (USD 900M, 2020), and Growth Fund IV (USD 1.44B, 2021). Across its full platform of approximately USD 15 billion in AUM, Spark Capital has backed over 333 companies since 2005, generating 45 unicorns, 15 IPOs, and 89 acquisitions including Twitter, Oculus VR, Affirm, Coinbase, Discord, Slack, Plaid, Scale AI, Ramp, Anthropic, Carta, and Deel. The fund has approximately 22 limited partners; confirmed LPs include the Alaska Permanent Fund. Recent investments include Gambit Security (network security), Anrok (fintech/tax), and Retym (semiconductors), demonstrating sector diversity across the firm's technology thesis.