San Mateo-based venture firm DFJ Growth has announced the close of its fifth flagship fund, DFJ Growth Fund V at $1.2 billion, marking its largest fundraise to date. Originally targeting $800 million, the fund was upsized following stronger-than-expected demand from LPs.
The new fund arrives at a time when growth-stage capital is more crucial than ever. With the IPO market still slow and many late-stage startups opting to stay private longer, DFJ Growth is doubling down on its thesis: that bold, category-defining companies need sustained capital to scale beyond the venture lifecycle.
DFJ’s investment focus for Fund V aligns closely with today’s most transformative sectors, including AI infrastructure and applications, robotics and automation, aerospace and defense, and biotech. These are industries where capital-intensive innovation is redefining global markets—and where DFJ believes it can generate venture-scale returns.
The firm, which launched in 2005, has already put Fund V to work. Recent investments include leading roles in Endor Labs’ $93 million Series B, focused on application security, and Hidden Level’s $65 million Series C, which develops drone detection and airspace monitoring technologies. Both deals highlight DFJ’s appetite for high-growth, high-impact platforms in frontier sectors.
Nearly Two Decades of High-Stakes Growth Investing
Since its inception, DFJ Growth has carved out a reputation for backing bold bets—and winning big. The firm’s portfolio includes major names like Tesla, SpaceX, Coinbase, Unity, and Anduril, companies that have each shaped their respective industries. At the same time, like many top-tier VCs, it has absorbed losses, including investments in now-defunct Katerra and the once-hot virtual events platform Hopin.
Still, in venture capital, the power law reigns. A few massive wins can carry an entire portfolio—and DFJ’s track record suggests it has consistently identified category leaders early in their scaling journey. Crunchbase data shows the firm has participated in at least 143 known investments over nearly two decades, confirming its place among the most active and durable growth-stage investors in Silicon Valley.
DFJ raised $290 million for its debut fund back in 2007, and $1 billion for Fund IV in 2021. The jump to $1.2 billion in DFJ Growth Fund V not only reflects larger average round sizes in growth-stage investing but also growing conviction among institutional investors in DFJ’s disciplined approach and sector expertise.
As the venture ecosystem enters a new phase marked by AI disruption, defense tech resurgence, and biotech breakthroughs, DFJ Growth is positioning itself to be a lead player in funding the next wave of market-defining companies.
