Bob Iger Joins VC Fund Thrive Capital from Josh Kushner

Former Disney CEO Bob Iger is returning to the venture capital firm that he briefly worked at the last time he exited the entertainment giant.

Iger is joining Thrive Capital, the New York-based VC firm founded by Joshua Kushner. Kushner announced Iger’s return Thursday, writing that “Bob leads with boldness and conviction because he knows what he is building and why. He is rejoining Thrive at a time when that kind of leadership matters most.”

He added that “we are living through the most consequential technology shift of our lifetimes, where AI will democratize access to intelligence in the way the internet democratized access to information,” and that Iger’s experience with both technology and creativity will be pivotal in that new world.

Iger was in New York earlier this week, where he attended the world premiere of The Devil Wears Prada 2.

Thrive, which announced a $10 billion raise for a new fund earlier this year, has backed companies like OpenAI, Spotify and A24. In fact, it was through Thrive where Iger was first connected with OpenAI CEO Sam Altman, a source says. That meeting ultimately led to the Disney-OpenAI deal last year, which was unwound after OpenAI exited the generative video business last month.

Iger previously joined Thrive in Sep. of 2022 as a venture partner and a mentor to some of its portfolio CEOs. He returned to Disney in November of that year, and acquired a small stake in the firm the following year.

This time, he is said to be joining Thrive as an advisor. Kushner’s wife, Karlie Kloss, has also made her own investments in the media business through her holding company Bedford Media.

During his foray outside of Disney, Iger also invested in companies like Genies, Funko and GoPuff. He and his wife Willow Bay also acquired the Angel City Football Club, a soccer team in the NWSL.