Josh Kushner raised $2bn to buy the companies AI is coming for
Almost every AI business sells a product. Someone builds a model or a tool, licenses it, and hopes the customer works out what to do with it.
Thrive Holdings inverts that. It buys accounting firms and IT services companies outright, puts its own engineers inside them, and rebuilds how the work gets done. It now owns more than 70 businesses.
On Wednesday it said it had raised more than $2bn in new capital at a $12bn valuation. The New York Times reported it first. Total capital raised since inception now passes $3bn.
The first outside money it has taken
SoftBank Group, D1 Capital Partners and Altimeter Capital led the round. Until now Thrive Holdings had run on roughly $1bn in commitments from Thrive Capital’s own institutional base, Tech Funding News reported. This is the first time outside investors have backed the vehicle.
Kushner spun Thrive Holdings out of Thrive Capital...
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