As OpenAI raced to raise almost $7bn last month, one investor was always on hand. Thrive Capital stayed close to the AI start-up’s co-founder and chief executive Sam Altman and contributed over $1bn to a funding round that valued the artificial intelligence group at $150bn.
The bet is the boldest yet for the New York-based firm founded by Josh Kushner, adding to the $130mn Thrive invested in OpenAI last year, on top of an undisclosed amount of stock it has bought from employees plus an option to invest a further $1bn by the end of 2025.
It also typifies the approach Kushner has developed since launching Thrive 14 years ago: get close to founders, remain loyal through crises and concentrate funds in a small number of companies.