Tiger Global is backing OpenAI in new $6.6 billion investment round
- OpenAI announced it raised $6.6 billion in new funding at a $157 billion post-money valuation.
- Tiger Global Management is part of this round, according to two sources familiar with the matter.
Tiger Global Management is doubling down on OpenAI, investing in the ChatGPT maker's massive new funding round, according to a source familiar with the matter.
OpenAI announced Wednesday it raised $6.6 billion in new funding at a $157 billion post-money valuation. Thrive Capital is leading the round, according to Bloomberg. Other investors in this round include Cathie Wood's ARK Venture Fund, Microsoft, Nvidia, Fidelity, and Altimeter.
The amount of Tiger's investment couldn't be learned but investors are required to put in a minimum of $250 million, The Information previously reported.
Tiger Global, founded by Chase Coleman, invested at a furious pace during the tech boom, making 335 investments in 2021, according to Crunchbase. As the market soured, the firm has been much quieter, but it did purchase $125 million of OpenAI shares at the end of 2021.
The closure of OpenAI's new funding round comes just a week after three of its top leaders suddenly resigned. Last week, former CTO Mira Murati, former Chief Research Officer Bob McGrew, and former VP of Research for Post Training Barret Zoph announced they were leaving the company.
Reuters reported last week that OpenAI is currently working to transform its corporate structure to become a for-profit benefit corporation no longer under the control of the company's non-profit arm.