Acrew Capital has raised $700 million in new funding.

The San Francisco-based venture capital firm announced in a blog post Thursday that it has raised $700 million to invest in companies specializing in data and security, healthcare or fintech. . This fundraising brings the company’s assets under management to $1.7 billion.

It’s unclear how much of the $700 million will go toward the company’s early-stage strategy, which invests between $1 million and $15 million in seed and Series A companies, and how much will go toward its discovery strategy that reduces checks by $10 million to $20 million. for Series B and Series C companies.

This news comes as the company celebrates its fifth anniversary, a milestone worth celebrating during a particularly challenging year for venture funds and fundraising. So far this year, U.S. venture capital firms have raised $65.1 billion across 305 funds, according to PitchBook data. Even though 2024’s fundraising total is on track to surpass 2023’s, it will still pale in comparison to any year after 2019.

The company has likely still been able to raise funds in these more difficult conditions due to its remarkable portfolio thus far.

Acrew has seen several exits so far, including business spending platform Divvy, which was sold to BILL for $2.5 billion in May 2021, and creation platform Superpeer, which was acquired by Skillshare for an undisclosed amount earlier this year, among other things.

The firm also invests in notable private companies, including At-Bay, a cybersecurity insurance startup last valued at $1.3 billion, and Pie Insurance, a small business insurance startup. companies, which PitchBook estimates to be worth nearly a billion dollars.

Acrew was launched in 2019 by Theresia Gouw, Lauren Kolodny, Vishal Lugani, Asad Khaliq and Mark Kraynak, all of whom still hold the same positions at the firm. Acrew’s first fund was $258 million.