Well, that didn’t take long. JP Morgan has officially raised $1.2 billion for a digital growth fund, which will invest in late-stage tech startups.That’s about double the amount that the fund was previously reported to be raising. It’s not clear whether the previously reported amount was wrong or whether JP Morgan raised more than they’d previously intended. Also unclear is whether that fund will invest like a late-stage venture firm/private equity fund and directly invest and take board seats, or whether they’ll invest through secondary markets.
One thing is for sure: there’s an extra billion out there for hot big tech companies.