IVP

IVP Seeks $1.8B Fund, Reports 31.1% Net IRR

Institutional Venture Partners (IVP) is raising $1.8 billion for its 19th flagship fund and tells prospective limited partners it has generated a 31.1% net internal rate of return since its 1980 founding. Fund documents reviewed by Newcomer show IVP is seeking premium economics — 2% management fee in year one, 2.25% thereafter, 25% carry stepping to 30% after a 2.5x hurdle, and a 3% GP commitment. The firm’s historical performance includes a 1996 fund that returned 6.7x net DPI (94.5% IRR); more recent vintages range from 1.2x net TVPI (2024) to 2.0x DPI (2015 vintage, 22.7% IRR). IVP highlights investments such as Perplexity, Baseten, ClickHouse, Chainguard, and Abridge, notes a major but not largest Anthropic stake, and appears to have missed OpenAI and SpaceX.

Suno Raises $400M Series D Amid Copyright Lawsuits

Suno, an AI music-generation company, raised $400 million in a Series D round that values the business at $5.4 billion. The financing, led by Bond Capital with participation from IVP, Forerunner, Union Square Ventures, Alkeon, Quiet and returning investors including Matrix, Lightspeed, Menlo Ventures and Schroders Capital, comes despite ongoing copyright litigation. Major labels Universal Music Group and Sony (and German collection society GEMA) are suing Suno over its training data; the labels recently moved to amend complaints to allege more than 61,000 additional copyrighted songs were used. Warner Music Group settled previously and reached a licensing deal. Suno continues to report heavy user activity and App Store chart success.

Wonderful Secures $150M to Expand Global AI Solutions

Israeli AI agent startup Wonderful raised $150 million in a Series B round at a $2 billion valuation, four months after a $100 million Series A. The round was led by Insight Partners with participation from existing investors Index Ventures, IVP, Bessemer Venture Partners and Vine Ventures, bringing Wonderful’s total funding to $286 million. Thirteen months after founding, the company says demand for its customer-service AI agent platform is strong across telecom, finance, healthcare and manufacturing. Wonderful focuses on non-English markets, tailoring deployments for language, cultural norms and local regulation and sending engineering teams — sometimes on-premises — to integrate and customize solutions. Operating in 30 countries across Europe, Latin America and Asia-Pacific, Wonderful plans to expand geographically and increase headcount from about 300 to 900.