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NEA's $468M Secondaries Fund

NEA's $468M Secondaries Fund

Noel Moldvai
August 29, 2024

Good Afternoon! As of 2023, NEA has a new RIA badge and is stepping back into the secondaries game with a modest new opportunities fund. It's crazy to think that a secondary fund of over $400 million has become elusive… news cycles and coverage these days... Enjoy the rest of this week’s tech news!

TL;DR

NEA quietly reenters the secondaries market.
Cribl raises $319 million at a $3.5 billion valuation.
France formally charges Telegram founder, Pavel Durov, over organized crime on the messaging app.
OpenAI in talks for funding round valuing it above $100 billion.

NEA quietly reenters the secondaries market

NEA reentered the secondaries market by raising over $468 million for its NEA Secondary Opportunity Fund, which closed on July 3, 2024. The firm, now a registered investment advisor, previously exited the secondaries market in 2018. The timing aligns with increased activity in secondaries, with $706 million invested in the first half of 2024.

Read the full article here on TechCrunch

Cribl raises $319 million at a $3.5 billion valuation

Cribl, a data infrastructure startup, raised $200 million in a Series E round, alongside a $119 million secondary offering, boosting its valuation to $3.5 billion. Led by GV and joined by CapitalG, Cribl has now raised $600 million since its 2018 founding. The company aims to address IT and security challenges in managing data.

Read the full article here on SVI

France formally charges Telegram founder, Pavel Durov, over organized crime on the messaging app

Telegram founder Pavel Durov has been formally charged in France with multiple crimes, including complicity in distributing child sexual abuse material, facilitating drug trafficking, and money laundering. He was arrested on August 24 and released on bail, with restrictions to remain in France during the investigation. The investigation, which began due to Telegram’s lack of cooperation with law enforcement, is expected to continue for several months.

Read the full article here on TechCrunch

OpenAI in talks for funding round valuing it above $100 billion

OpenAI is in talks to raise billions in a funding round led by Thrive Capital, which could value the company above $100 billion. Microsoft is also expected to invest. The new funding will support OpenAI’s efforts to maintain its AI leadership, including developing more advanced models.

Read the full article here on WSJ