Thrive Holdings, the year-old holding company affiliated with Josh Kushner’s Thrive Capital, is reportedly raising about $2 billion from a group of high-profile investors to expand its AI-driven acquisition strategy.

The financing is expected to include backing from SoftBank, Altimeter Capital, and D1 Capital Partners, The Information reported. The capital would be used to acquire traditional service businesses and overhaul their operations using artificial intelligence.

Rather than investing directly in AI startups, Thrive Holdings acquires controlling stakes in established service businesses that have already consolidated smaller operators, then deploys AI to automate workflows and improve efficiency. 

The latest fundraising comes after Thrive Holdings previously secured $1 billion from institutional investors connected to Thrive Capital, Bloomberg reported.

The firm first invested in OpenAI in 2023, when the company was valued at $29 billion. According to The Information, engineers from both companies developed an AI-powered tax-processing agent using OpenAI’s Codex that is now being used by Current, a Thrive Holdings portfolio company that has acquired 48 accounting firms.

Accounting and IT services have been the firm’s initial focus, reflecting its thesis that AI can automate repetitive work, lower operating costs and improve margins across fragmented industries.

The reported financing would deepen ties between Thrive Holdings and several of the technology sector’s most active AI investors. SoftBank, Altimeter and D1 have all backed major AI companies, while SoftBank alone has committed more than $64 billion to OpenAI.

In February, Thrive Capital raised more than $10 billion for a new fund, Thrive X, which targeted investments in AI applications, infrastructure, robotics, and life sciences.

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