SpaceX Investor 137 Raises $700 Million Ahead of Musk-Led IPO

137 Ventures, a repeat investor in Elon Musk’s SpaceX, has raised $700 million across two new funds to back startups over longer time horizons.

The capital will be split between two funds, one for primary investments and tenders and the other for founders and employees of startups backed by the firm, Managing Partner Justin Fishner-Wolfson told Bloomberg.

“We’ve been a little bit under the radar,” he said in an interview, adding the firm has built meaningful stakes “on a percentage and absolute dollar basis in some of the world’s most important companies.”

With the new capital, the ...