New venture funds filed in February 2023
85 new venture funds and 197 SPVs filed their first Form D with the SEC in February 2023, with $8.89B in total target capital across the 65 funds that stated a size. The largest was GGV Capital IX L.P. (GGV Capital) at $2.5B; California led with 28 new funds; the most common sponsor sectors were B2B Software (12), AI & ML (10) and Climate & Energy (10). New fund filings were down 21% from January 2023 (108).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 85
- 108 in January
- New SPVs
- 197
- 356 in January
- Target capital
- $8.89B
- across 65 funds with a stated size
- Median fund
- $47M
- offering size
- Largest fund
- $2.5B
- GGV Capital
- Sponsoring firms
- 76
- most in California
What was the largest venture fund filed in February 2023?
GGV Capital IX L.P., sponsored by GGV Capital (CA), with a $2.5B offering, first filed on Feb 8, 2023. The next largest was Nexus Ventures VII, L.P. (Nexus Ventures) at $700M.
Which states had the most new venture funds in February 2023?
California (28), New York (8), Florida (6), Massachusetts (6) and Texas (5), counted by the sponsoring firm's home state. California's new funds target $5.12B in total.
What sectors do the firms behind February's new funds invest in?
B2B Software (12), AI & ML (10), Climate & Energy (10), Healthcare (9) and Deep Tech (9) lead, by the sectors each sponsoring firm backs. 43 of the 85 funds come from firms with no sector on record yet.
How many SPVs were filed in February 2023?
197 new SPVs and other deal vehicles filed a first Form D in February 2023, against 85 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does February 2023 compare with January 2023?
85 new funds against 108 (−21%), 197 SPVs against 356, and $8.89B of target capital against $8.86B.
Every new venture fund in February 2023
85 funds, largest first. Size is the total offering amount on the fund’s latest Form D; “—” means the filing gives no amount (often an indefinite offering).
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| GGV Capital | GGV Capital IX L.P. | $2.5B | CA | SEC filing | |
| Nexus Ventures | Nexus Ventures VII, L.P. | $700M | CA | SEC filing | |
| Frontier | Frontier Fund I, LP | $500M | CA | SEC filing | |
| Fulcrum Growth | Fulcrum Growth Fund V, LLC | $375M | GA | SEC filing | |
| Fulcrum Growth | Fulcrum Growth Fund V QP, LLC | $375M | GA | SEC filing | |
| Arthur Ventures | Arthur Ventures V, LP | $300M | MN | SEC filing | |
| Zigg | Zigg Capital III, L.P. | $300M | NY | SEC filing | |
| Sound Ventures | SOUND Ventures AI FUND, L.P. | $266M | CA | SEC filing | |
| Hatteras | Hatteras Venture Partners VII, LP | $250M | NC | SEC filing | |
| Theory Ventures | Theory Ventures, L.P. | $235M | CA | SEC filing | |
| United Airlines Ventures Sustainable Flight | United Airlines Ventures Sustainable Flight Fund, LP | $228M | IL | SEC filing | |
| Costanoa | Costanoa Ventures V, L.P. | $225M | CA | SEC filing | |
| Costanoa | Costanoa Ventures Opportunity Fund III, L.P. | $175M | CA | SEC filing | |
| Arthur Ventures | Arthur Ventures Growth IV, LP | $170M | MN | SEC filing | |
| Exor Ventures | Exor Ventures, L.P. | $165M | NY | SEC filing | |
| Butcher Investments | Butcher Investments, LLC | $163M | WI | SEC filing | |
| Prudence | Prudence FUND III QP, LP | $150M | NY | SEC filing | |
| Canaan | Canaan Gold Coast L.P. | $135M | CT | SEC filing | |
| Hatteras | Hatteras Opportunity Fund I, LP | $125M | NC | SEC filing | |
| Atento Capital | Atento Capital Fund I, LP | $106M | OK | SEC filing | |
| Flume Ventures | Flume Ventures I, L.P. | $100M | NV | SEC filing | |
| Galileo | Galileo Fund I, LP | $100M | CA | SEC filing | |
| Plug & Play | Plug & Play Sustainability Fund I, L.P. | $100M | CA | SEC filing | |
| Speedinvest | Speedinvest Opportunity I EuVECA GmbH & Co KG | $85.8M | C4 | SEC filing | |
| Congruent | Congruent Cosine Fund I, LP | $85M | CA | SEC filing | |
| Silverstone Redpine | Silverstone Redpine Limited Partnership | $75.4M | DE | SEC filing | |
| VXI Capital | VXI Capital Fund I LP | $75M | UT | SEC filing | |
| Enable Ventures | Enable Ventures Fund I, L.P. | $75M | VA | SEC filing | |
| New Form Capital | New Form Capital II, L.P. | $75M | FL | SEC filing | |
| GTMfund | GTMfund II, LP | $60M | AZ | SEC filing | |
| Seabright SFO2 | Seabright SFO2, L.P. | $60M | CA | SEC filing | |
| Kapor Capital | Kapor Capital Opportunity Fund I, L.P. | $50M | CA | SEC filing | |
| Swell Collective | Swell Collective I, LP | $47M | UT | SEC filing | |
| ex/ante | ex/ante Fund I, LP | $40M | NY | SEC filing | |
| Wings of | Wings of Mercury X, L.P. | $30.7M | TX | SEC filing | |
| House Of | House Of Ventures I LP | $30M | CA | SEC filing | |
| Nebular | Nebular Fund I, LP | $30M | NY | SEC filing | |
| Omnivore | Omnivore Agritech & Climate Sustainability Fund 3 | $28M | K7 | SEC filing | |
| Franklin | Franklin Ventures Investments, L.P. - Opportunities Fund Series II | $26.6M | CA | SEC filing | |
| Leap Forward Ventures | Leap Forward Ventures Fund I, L.P. | $25M | CA | SEC filing | |
| VertueLab Climate Impact | VertueLab Climate Impact Fund II LLC | $25M | OR | SEC filing | |
| Backswing Ventures | Backswing Ventures Fund II, LP | $25M | FL | SEC filing | |
| Atento Capital | Atento Capital Pre-Seed Fund I, LP | $20M | OK | SEC filing | |
| DNX Partners | DNX Global SEED FUND, LP | $20M | CA | SEC filing | |
| Foster Ventures | Foster Ventures Fund I, LP | $15.2M | CA | SEC filing | |
| Washington Harbour | Washington Harbour Metaverse XI, LLC | $11.9M | VA | SEC filing | |
| Selah Ventures | Selah Ventures Fund I, LP | $11.5M | NY | SEC filing | |
| Gatsby | Gatsby Rocket V LP | $11.2M | TX | SEC filing | |
| Speedinvest | Speedinvest Industry & Climate Opportunity EuVECA GmbH & Co KG | $10.6M | C4 | SEC filing | |
| ATX Alpha | ATX Alpha Fund, LP | $10M | TX | SEC filing | |
| Zenture Capital | Zenture Capital Fund I, LP | $10M | CT | SEC filing | |
| Interstate Fusion Ventures | Interstate Fusion Ventures, LP | $10M | OH | SEC filing | |
| Cancer | Cancer FUND I, LLC | $10M | AZ | SEC filing | |
| RT Icon | RT ICON Holdings II, LLC | $9.25M | FL | SEC filing | |
| Avesta Colorado | Avesta Colorado Fund I, L.P. | $9M | CO | SEC filing | |
| Grotech AK | Grotech AK Holdings, LLC | $6M | MD | SEC filing | |
| Partner Pooling | Partner Pooling I, LP I | $5.53M | NY | SEC filing | |
| MVC | MVC Fund III LLC Series C Units | $5.46M | WI | SEC filing | |
| Meridian Bay | Meridian Bay LLC | $5.15M | FL | SEC filing | |
| Reach | Reach Founders' Fund, L.P. | $5M | CA | SEC filing | |
| Dry Line | Dry Line Opportunity II, LLC | $4.14M | TX | SEC filing | |
| A.R.I. Venture Debt | A.R.I. Venture Debt Opportunities Feeder Fund LP | $3.67M | CA | SEC filing | |
| Predictive Venture Partners | Predictive Venture Partners IV, LLC | $3.33M | NY | SEC filing | |
| Houston Auscultation Group | Houston Auscultation Group LLC | $3.05M | TX | SEC filing | |
| 8090 Odeko | 8090 Odeko, LLC | $3.02M | NV | SEC filing | |
| Founders Circle Capital | Founders Circle Capital IV Affiliates FUND, L.P. | — | CA | SEC filing | |
| Gopher US FoF | Gopher US FoF I, LP | — | CA | SEC filing | |
| NYVC F1 | NYVC F1, LP | — | FL | SEC filing | |
| Galileo | Galileo Fund I Offshore, LP | — | CA | SEC filing | |
| Longevity Venture Partners | Longevity Venture Partners Fund II, LP | — | MD | SEC filing | |
| AV Deep Tech | AV Deep Tech Fund 4, LLC | — | MA | SEC filing | |
| AV Deep Tech Fund 4Q | AV Deep Tech Fund 4Q, LLC | — | MA | SEC filing | |
| Nassau Street Ventures | Nassau Street Ventures Fund 6Q, LLC | — | MA | SEC filing | |
| Purple Arch Ventures | Purple Arch Ventures Fund 7, LLC | — | NH | SEC filing | |
| Purple Arch Ventures | Purple Arch Ventures Fund 7Q, LLC | — | NH | SEC filing | |
| AV Seed | AV Seed Fund 7, LLC | — | MA | SEC filing | |
| AV Seed Fund 7Q | AV Seed Fund 7Q, LLC | — | MA | SEC filing | |
| Archerman | Archerman Fund II, L.P. | — | MA | SEC filing | |
| Founders Network | Founders Network Fund, LP | — | CA | SEC filing | |
| GG1 | GG1, LP | — | CA | SEC filing | |
| CEDAR | CEDAR II LP | — | FL | SEC filing | |
| Goodfinch | Goodfinch FUND IV, LP | — | CA | SEC filing | |
| Goodfinch | Goodfinch FUND IV Parallel, LP | — | CA | SEC filing | |
| Bee Connect | Bee Connect FUND I (US) LP | — | CA | SEC filing | |
| GC&H Investments | GC&H Investments, LLC | — | CA | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 28 | 21 | $5.12B |
| New York | 8 | 10 | $705M |
| Florida | 6 | 6 | $114M |
| Massachusetts | 6 | 1 | — |
| Texas | 5 | 5 | $59.1M |
| New Hampshire | 2 | 2 | — |
| Virginia | 2 | 2 | $87M |
| Minnesota | 2 | 1 | $470M |
| Nevada | 2 | 1 | $103M |
| North Carolina | 2 | 1 | $375M |
| Utah | 2 | 1 | $122M |
| Arizona | 2 | 0 | $70M |
| Connecticut | 2 | 0 | $145M |
| Georgia | 2 | 0 | $750M |
| Maryland | 2 | 0 | $6M |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 43 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| B2B Software | 12 | 15 | $3.03B |
| AI & ML | 10 | 49 | $1.5B |
| Climate & Energy | 10 | 11 | $572M |
| Healthcare | 9 | 12 | $1.73B |
| Deep Tech | 9 | 5 | $1.06B |
| Biotech & Pharma | 4 | 11 | $1.57B |
| Developer Tools | 4 | 2 | $250M |
| Cybersecurity | 3 | 7 | $152M |
| Industrial & Manufacturing | 3 | 2 | $108M |
| Crypto & Web3 | 3 | 0 | $341M |
| Food & Agriculture | 2 | 16 | $28M |
| Media, Gaming & Creator | 2 | 12 | $56M |
| Consumer | 2 | 9 | $50M |
| Space | 2 | 4 | $23.1M |
| Fintech | 2 | 2 | $106M |
New SPVs and deal vehicles in February 2023
The 50 largest of 197; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| ATMA Partners | ATMA Partners Fund I (Delaware), L.P. | $25M | DE | SEC filing | |
| Big Sky Capital VC | Fund I, a series of Big Sky Capital VC, LP | $20M | FL | SEC filing | |
| Voltron Capital | Fund II, a series of Voltron Capital, LP | $20M | WA | SEC filing | |
| iSelect | iSelect Agtech Fund I, a series of iSelect Rolling Fund, LLC | $10M | MO | SEC filing | |
| Montreux Growth | Montreux Growth SPV V, LLC | $10M | CA | SEC filing | |
| EFC-CM | EFC-CM Nov 2022 a Series of EFC-CM LLC | $8.34M | DE | SEC filing | |
| Sonder | Sonder SPV II C, LLC | $5M | CA | SEC filing | |
| Antigravity Capital | Antigravity Capital Fund I a Series of Antigravity Capital LLC | $5M | CA | SEC filing | |
| Saints Capital | Saints Capital Master, LP - Series SV II - A | $4.24M | CO | SEC filing | |
| Chris Golda Investments | W23, a series of Chris Golda Investments, LP | $4M | WA | SEC filing | |
| AT Fundomo Mana Ventures | AT Fundomo Mana Ventures Fund I, a series of MV Funds, LP | $3.57M | WA | SEC filing | |
| MoSe | MoSe G.O.A.T. Fuel 2022 SPV LLC | $3.53M | TX | SEC filing | |
| Contrary | Contrary XVI, a series of Contrary Holdings, LLC | $2.94M | CA | SEC filing | |
| Speedinvest | Speedinvest IV EuVECA GmbH & Co KG | $2.82M | C4 | SEC filing | |
| UpHonest | UpHonest SPV I LLC | $2.7M | CA | SEC filing | |
| Long Ecommerce Ventures | Long Ecommerce Ventures Fund II, LP | $2.46M | CA | SEC filing | |
| Penultima Capital | Penultima Capital SPV-1, LLC | $2.33M | PA | SEC filing | |
| OPA Airspace Data | OPA Airspace Data SPV II, LLC | $2.15M | FL | SEC filing | |
| eGateway Capital | eGateway Capital II - 4, LLC | $2.1M | KY | SEC filing | |
| igniteXL Growth | igniteXL Growth Master, LP - Ettitude & iiRCADE | $2.02M | CA | SEC filing | |
| Caresource Diversity & Social Impact Investment FUND - Iowa | Caresource Diversity & Social Impact Investment FUND - Iowa, LLC | $2M | IA | SEC filing | |
| Interstate Fusion Ventures | Interstate Fusion Ventures SPV, LP | $2M | OH | SEC filing | |
| Kalytix Ventures x Strongroom AI | Kalytix Ventures x Strongroom AI SPV I LLC. | $1.99M | TX | SEC filing | |
| SGV | SGV20, a series of SGV I, LLC | $1.86M | CA | SEC filing | |
| Nassau Street Ventures | Nassau Street Ventures Fund 6, LLC | $1.81M | MA | SEC filing | |
| AVSF | AVSF - Carry1st 2022, LLC | $1.72M | NH | SEC filing | |
| ABC MoonActive | ABC MoonActive, LLC | $1.7M | CO | SEC filing | |
| UpHonest | UpHonest SPV III LLC | $1.69M | CA | SEC filing | |
| Angel Collective | Angel Collective Opportunity Fund, LP - C1 | $1.67M | WA | SEC filing | |
| FootPrint Coalition | FootPrint Coalition Ventures Early Stage Fund, LP - C1 | $1.64M | WA | SEC filing | |
| Beyond Capital | Beyond Capital Fund II, LLC | $1.63M | WA | SEC filing | |
| Moderne | Moderne CoInvest Fund VII - Aerwave, LLC | $1.62M | IL | SEC filing | |
| Camber TaxCloud | Camber TaxCloud LLC | $1.42M | NY | SEC filing | |
| Zach's AL SpaceX | Zach's AL SpaceX SPV, LP | $1.36M | NY | SEC filing | |
| Sybil Venture Capital Fund I Segregated Portfolio of Sybil Ventures SPC | Sybil Venture Capital Fund I Segregated Portfolio of Sybil Ventures SPC Ltd. | $1.36M | TX | SEC filing | |
| HPA 2025 H Investment | HPA 2022 N Investment, LLC | $1.23M | IL | SEC filing | |
| 4pmmxxii | 4pmmxxii, LLC | $1.23M | UT | SEC filing | |
| ghw ventures | ghw ventures LP - SCMF Series IV | $1.21M | CA | SEC filing | |
| Hayden Investment Group | Hayden Investment Group a Series of CGF2021 LLC | $1.21M | DE | SEC filing | |
| Rapha Capital | Rapha Capital PE Life Sciences Fund VI, LP | $1.1M | FL | SEC filing | |
| UpHonest | UpHonest SPV II LLC | $1.09M | CA | SEC filing | |
| Balaji | Balaji Rolling Fund, LP - A1 | $1.08M | WA | SEC filing | |
| 1984 Ventures | 1984 Ventures Master Series, LP - van Gogh II | $1.04M | NY | SEC filing | |
| Pathfinder | Pathfinder Fund I, LP - 1 | $1.04M | WA | SEC filing | |
| Siddiqui Capital | Siddiqui Capital, LP - I | $1M | WA | SEC filing | |
| OurCrowd | OurCrowd (Investment in Launch) L.P. | $1M | L3 | SEC filing | |
| V360 | V360 Holdings LLC Series ZC 1 | $1M | NC | SEC filing | |
| Math & Magic | Math & Magic XIX LLC | $1M | CA | SEC filing | |
| Palo Santo MAPS | Palo Santo MAPS SPV, LLC | $970K | NY | SEC filing | |
| RBH Ventures | HI Fund I, a series of RBH Ventures Ltd, LP | $969K | WA | SEC filing |
How we count
A new fund is a pooled investment vehicle that a US issuer marked “Venture Capital Fund” on SEC Form D, whose first original Form D notice (amendments don’t count) is dated in February 2023. Each one is attributed to the firm that sponsors it. A fund is counted once, in the month it first filed, however many amendments follow. Parallel and feeder vehicles that file separately are counted separately.
SPVs are single-deal, co-investment, sidecar and syndicate vehicles, series of a master fund, and offerings under $3M; they are counted apart from funds. Target capital is the sum of the total offering amounts on each fund’s latest Form D, for funds that state one; it is what the fund is raising, not what has closed. State and sector come from the sponsoring firm’s profile.
Form D filings can arrive late, so recent months can grow after a data rebuild. Months are published once they have at least 10 new funds. The data covers the last 15 quarters of the SEC’s Form D data sets. Full sources and field definitions are in the methodology.