Acrew Capital has secured $700 million in new funding. The San Francisco-based venture capital firm made the announcement in a blog post on Thursday, revealing its plans to invest in companies focused on data and security, healthcare, or fintech. This latest fundraising round brings the firm’s total assets under management to $1.7 billion.

It’s unclear how the $700 million will be divided between Acrew’s early-stage strategy, which typically invests $1 million to $15 million in seed and Series A companies, and its discovery strategy, which provides funding of $10 million to $20 million for Series B and Series C companies.

This news comes as the firm celebrates its fifth anniversary, a noteworthy milestone in a challenging year for venture funds and fundraising. According to PitchBook data, U.S. VC firms have raised $65.1 billion across 305 funds so far this year. Despite surpassing last year’s fundraising totals, 2024 is still expected to fall short of the levels seen in 2019.

Despite the difficult fundraising environment, Acrew’s success can be attributed to its impressive portfolio. The firm has already seen several successful exits, including Divvy, a corporate spending platform acquired by BILL for $2.5 billion in May 2021, and Superpeer, a creator platform acquired by Skillshare earlier this year. Additionally, Acrew has investments in high-profile private companies such as At-Bay, an insurance cybersecurity startup valued at $1.3 billion, and Pie Insurance, a small business insurance startup valued at nearly $1 billion.

Acrew Capital was founded in 2019 by Theresia Gouw, Lauren Kolodny, Vishal Lugani, Asad Khaliq, and Mark Kraynak, all of whom continue to play key roles at the firm. The firm’s initial fund was $258 million.