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CRV has announced a $10 million seed round for the AI startup Protege, welcoming the team led by Bobby Samuels and Travis May. This move comes as CRV right-sizes its fund in response to the current market conditions, a strategy reminiscent of their disciplined approach in 2002. The decision to reduce the fund size and potentially return undeployed cash to limited partners reflects a broader trend among venture capital firms adjusting to new financial realities. The announcement was made by general partner @saarsaar, highlighting the team's relocation to SF.
Always found the @CRV folks to be a class act, highly focused, and uber menschs. Smart move here and fantastic for their LPs. well done @saarsaar @maxgazor @itsbeecher. Disclosure: I was an intern there 15 years ago - very fond memories of the quality of people! https://t.co/GVb57THjOZ
probably many large VCs have to follow this example as the performance numbers wouldn’t be sufficient in the end. And it’s not really give back but the fund size reduction. It’s a negative signal but not a surprise overall, and a necessary move. https://t.co/VeLJqlOhT1
Congrats team, welcome to SF! #proudinvestor https://t.co/ZoP1R75JmG
