Venture capital firm General Catalyst is pursuing a massive funding round of about $10 billion, according to people familiar with the matter. The firm, which has recently expanded beyond traditional venture capital into broader financial services, is in active discussions with investors to secure the substantial capital infusion. This move signals a significant shift in the firm's strategy and ambitions.

General Catalyst's transformation from a pure-play venture capital firm to a more diversified financial services company represents a notable evolution in the industry. The firm has been building out its capabilities in areas such as late-stage investing, growth equity, and even some banking-adjacent services. This $10 billion fundraising effort would provide the firepower needed to execute on this expanded vision and compete with larger, more diversified investment firms.

The timing of this fundraising push comes as the venture capital landscape faces headwinds, with many firms struggling to deploy capital in a challenging exit environment. General Catalyst's ability to secure such a large sum would demonstrate continued investor confidence in the firm's strategy and leadership. The success of this fundraising could position General Catalyst as a more formidable player in the broader financial services ecosystem.