137 Ventures raises more than $700 million for growth-stage funds

On Thursday, the venture capital firm 137 Ventures announced that it has raised more than $700 million across two new growth-stage funds. The firm defines growth-stage funds as investment funds focused on companies that have moved past the startup phase. This capital raise represents an expansion of the firm’s capacity to support these businesses. According to 137 Ventures, this newly secured capital is designated to back companies “with the potential for significant market impact.”

The fundraise follows an active period of capital deployment for the firm. Over the past year, 137 Ventures has deployed more than a billion dollars into companies building in defense, artificial intelligence, and industrial systems. The firm was founded by Justin Fishner-Wolfson, who previously served as an investor at Founders Fund. Under his leadership, 137 Ventures has focused on these capital-intensive and technical sectors. These investments reflect the firm’s strategy of targeting sectors with the potential for significant market impact. Its current portfolio includes several companies in these fields, such as the AI agent company Cognition, the AI-powered manufacturing company Hadrian Automation, and the defense company Anduril.

In addition to its recent investments, 137 Ventures maintains a long-term position in the aerospace company SpaceX. This historical exposure is distinct from the firm’s newly raised growth-stage funds, representing a separate, long-term bet. Bloomberg reported that 137 Ventures first backed SpaceX in 2010 and has since cut around two dozen checks to the company. The firm’s early and repeated backing of SpaceX highlights its long-term investment approach in the aerospace sector. SpaceX is expected to have a historic IPO—or Initial Public Offering—this year. The IPO could value the company at more than a trillion dollars, representing a milestone for its early backers.

Why it matters

137 Ventures’ latest raise signals continued investor appetite for capital-intensive sectors like defense and industrial AI, even as the firm maintains its long-term bets on high-profile companies like SpaceX.