The pandemic has spelled economic setbacks for many people and industries, but the capital swirling about the technology world continues to roar along. In the latest development, TCV — the storied venture capital firm behind the likes of Airbnb, Spotify, Peloton and Facebook — has closed a record $4 billion for its latest fund.

This is not only the company’s biggest fund to date, but it also speaks to just how fast the tech industry is accelerating in terms of capital and how much of it tech is attracting. In 25 years of operations (a milestone it passed in 2020) TCV invested $14 billion across hundreds of startups. This latest $4 billion fund raised in a matter of months represents nearly 30% of that figure.

(It’s also more than the company originally targeted, which was $3.25 billion.)

Parter John Doran told TechCrunch the plan will be to use the money to continue backing existing portfolio companies, as well as make new bets, both in areas that have shown to be very strong winners in the last year — e-commerce, education, and tools to enable working in the cloud, for example — but also investments in areas that may not be doing as well right now, but TCV will believes will return, like travel.

“We have to take a long term view,” he said in an interview. “It’s about great founders and CEOs, and where those in areas like travel, you’ll still see the startups get funded at up rounds. Besides, who will be better positioned to grow and take advantage of a world that’s now more digital? That is a huge opportunity in the long term.”

Read the full press release