8VC, a San Francisco-based venture capital firm led by serial entrepreneur Joe Lonsdale, has raised $640 million for its second core fund, according to Axios.
The latest $640 million flagship fund brings the firm’s total capital raised to $1.5 billion since its formation in 2015, following the break-up of Lonsdale’s former firm Formation 8.
The early-stage Silicon Valley VC closed its debut fund with $425 million, along with a separate $50 million seed fund. A few years back, 8VC also went under the radar with $400 million in capital commitments for a late-stage “co-invest” fund.
8VC, which employs a firm mantra of “The world is broken; lets fix it,” focuses on supporting companies it sees fit to transform global industries, including governments, healthcare, finance and many others. The firm’s website reads, “We are lucky to have leaders of global banks, the biggest hedge and private equity funds, and a wide swath of global executives and government leaders as limited partners and friends.”
Working closing with other technology funds and partners at top VC firms, 8VC lists co-investors such as the four partners at Founders Fund, Marc Andreessen, Ben Horowitz and others at a16z, Ping Li and others at Accel, Aydin Senkut and others at Felicis, Josh Kushner, Jared Weinstein and others at Thrive, several others at LightSpeed, Social+, and “other great funds.”
Portfolio companies include mobile commerce app Wish, fintech software provider Addepar, co-living startup Common and cancer diagnostics company Guardant Health. As it evolves, 8VC has doubled down on the biotech space. An entire section of the VC’s website titled, “Tackling the bio-IT wave,” highlights eight areas of emerging technology that it’s tracking, along with seven of its related startup bets including deep data platform Mantra Bio. As part of this initiative, 8VC has brought on former CEO of GlazoSmithKline and venture partner Andrew Witty as an advisor.
Another area of focus for the VC firm has been the logistics space. Earlier in April, 8VC co-invested alongside publicly traded logistics giant Schneider National in Platform Science, a firm which aims to launch an IoT system for the transportation industry.