Thrive Capital Management, LLC, commonly known as Thrive Capital, is an American venture capital firm headquartered in New York City. The firm specializes in software and internet investments, with a notable emphasis on backing high-growth technology companies from early-stage through late-stage funding rounds. Founded by Joshua Kushner in 2009, Thrive has grown into one of the most prominent venture firms in the technology sector, managing over $50 billion in assets as of 2026.
The firm is recognized for its concentrated investment strategy, often taking substantial positions in a relatively small number of companies. This approach aims to foster closer relationships with founders and provide deeper visibility into portfolio operations. Thrive's investments span a wide range of sectors, including Artificial intelligence, financial technology, healthcare, and consumer internet platforms.
History
Joshua Kushner founded Thrive Capital in 2009 at the age of 24. The firm received its initial $5 million in seed funding in 2010 from Joel Cutler, co-founder of General Catalyst, who also introduced Kushner to potential investors. In 2011, Thrive launched its first institutional fund, raising $40 million from Princeton University, the Wellcome Trust, Peter Thiel, and other investors, with General Catalyst serving as the core limited partner.
Following the 2016 United States presidential election, Jared Kushner, Joshua's brother, sold his entire stake in Thrive Capital to avoid conflicts of interest with his role as Senior Advisor to the President. In May 2021, Petershill Partners invested approximately $120 million for a 3% stake, valuing the firm at $4 billion. Later that year, Thrive registered as an investment adviser with the U.S. Securities and Exchange Commission, indicating plans to invest in public companies and crypto assets.
In 2022, Nitin Nohria, former dean of Harvard Business School, became the firm's first executive chairman. That same year, Thrive invested $130 million in OpenAI at a $29 billion valuation, reportedly the only term sheet the organization received at the time. In January 2023, a group of five investors - Bob Iger, Mukesh Ambani, Henry Kravis, Xavier Niel, and Jorge Paulo Lemann - acquired a 3.3% stake in Thrive, valuing the firm at $5.3 billion. Thrive subsequently raised $1.8 billion in March 2023 to invest in Stripe at a $50 billion valuation.
In August 2024, Thrive announced it had raised over $5 billion for Thrive IX, its largest-ever fund set, split between a $4 billion late-stage fund and a $1 billion early-stage fund. As of 2026, Thrive has raised a total of $22.3 billion and manages over $50 billion in assets.
Notable Investments
Thrive Capital is noted for being an early investor in several high-profile technology platforms, including Instagram, GitHub, Spotify, Twitch, Physical Intelligence, and Anysphere. The firm has also invested in Scale AI, A24, Stripe, Airtable, Glossier, Plaid, Anduril, Ramp, and Databricks. In 2021, ten of Thrive's portfolio companies went public, including Affirm and Nubank.
The firm's investment in OpenAI in 2022 marked a significant milestone in the Generative AI sector, positioning Thrive as a key backer of one of the leading Large language model developers. This investment aligns with Thrive's broader focus on Machine learning and Deep learning technologies, areas where the firm has demonstrated strong conviction.
Thrive Eternal
Thrive Eternal is a permanent capital investment vehicle launched by Thrive Capital to pursue long-term ownership stakes in iconic franchises and cultural assets. In April 2026, Thrive Eternal acquired a stake in the San Francisco Giants of Major League Baseball. On 28 July 2026, it was revealed that Thrive Eternal was expected to lead the investor group for FIFA Forward Enterprise, a proposed FIFA-controlled commercial entity. The group was reportedly expected to acquire around 20% of the entity through a minority, non-controlling stake, while FIFA would retain control over football governance and competitions.
Investment Strategy
Thrive's strategy, as detailed by the Financial Times in November 2024, involves investing heavily in fewer companies to provide a closer relationship with founders and more visibility into companies. The firm is able to simultaneously remain faithful to early-stage investing while also participating in growth and late-stage investments. This hybrid approach allows Thrive to maintain involvement across a company's lifecycle, from initial seed rounds to public offerings.
The firm's focus on Artificial intelligence extends beyond OpenAI, with investments in companies like Scale AI, which provides data labeling and infrastructure for Machine learning models. Thrive's portfolio also includes companies working on Neural network applications and Transformer (architecture) architectures, reflecting a deep engagement with cutting-edge AI research and commercialization.
Leadership and Governance
Joshua Kushner serves as the founder and managing partner of Thrive Capital. He is also a co-founder of Oscar Health and a minority owner of the Miami Heat. Nitin Nohria, former dean of Harvard Business School, joined as executive chairman in 2022, bringing academic and corporate governance expertise to the firm. The leadership team includes experienced investors and operators who work closely with portfolio companies to support scaling and strategic direction.