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New York-based is looking to raise a new $1.5 billion even as the venture capital market continues its slowdown, per a .

The firm, which has invested in such startups as , and , was founded by former executive in 2020 and has made more than 100 deals, .

Most recently, Addition took part in ’s $350 million Series B. It was the new money gives the San Francisco-based startup a post-money valuation of at least $1 billion.

Like most firms, Addition has significantly cut the pace of its dealmaking, per SA¹ú¼Ê´«Ã½ data. It made 54 deals in 2021, but that number fell to only 29 last year.

So far this year, it has taken part in only six funding deals.

Bucking a trend

Addition’s decision to raise a new fund comes even as some big-named firms have slashed their fundraising targets.

Earlier this week, it was New York-based has significantly cut the $20 billion target for its latest fund — while also saying it would slow down its pace of dealmaking — and has raised only about $2 billion for the fund.

In February, Fixel’s previous employer, Tiger Global, had reduced the target size for its latest venture fund to $5 billion — down from a $6 billion target it set last fall and down more than 50% of what the firm anticipated raising earlier last year, according to a in .

Those cuts come as the venture market has continued to tumble from its 2021 highs. Global venture funding in 2022 hit $445 billion — marking a 35% decline year over year from the $681 billion invested in 2021 — according to an analysis of SA¹ú¼Ê´«Ã½ data.

Those numbers have continued to decline into 2023.

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