New venture funds filed in March 2023
105 new venture funds and 429 SPVs filed their first Form D with the SEC in March 2023, with $9.79B in total target capital across the 80 funds that stated a size. The largest was Addition Five, L.P. (Addition) at $1.5B; California led with 27 new funds; the most common sponsor sectors were AI & ML (22), Healthcare (18) and B2B Software (13). New fund filings were up 24% from February 2023 (85).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 105
- 85 in February
- New SPVs
- 429
- 197 in February
- Target capital
- $9.79B
- across 80 funds with a stated size
- Median fund
- $20.4M
- offering size
- Largest fund
- $1.5B
- Addition
- Sponsoring firms
- 95
- most in California
What was the largest venture fund filed in March 2023?
Addition Five, L.P., sponsored by Addition (NY), with a $1.5B offering, first filed on Mar 29, 2023. The next largest was Industry Ventures Secondary X, L.P. (Industry Ventures) at $1.46B.
Which states had the most new venture funds in March 2023?
California (27), New York (17), Texas (10), Massachusetts (10) and Florida (7), counted by the sponsoring firm's home state. California's new funds target $4.65B in total.
What sectors do the firms behind March's new funds invest in?
AI & ML (22), Healthcare (18), B2B Software (13), Cybersecurity (9) and Climate & Energy (7) lead, by the sectors each sponsoring firm backs. 49 of the 105 funds come from firms with no sector on record yet.
How many SPVs were filed in March 2023?
429 new SPVs and other deal vehicles filed a first Form D in March 2023, against 105 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does March 2023 compare with February 2023?
105 new funds against 85 (+24%), 429 SPVs against 197, and $9.79B of target capital against $8.89B.
Every new venture fund in March 2023
105 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 |
|---|---|---|---|---|---|
| Addition | Addition Five, L.P. | $1.5B | NY | SEC filing | |
| Industry Ventures | Industry Ventures Secondary X, L.P. | $1.46B | CA | SEC filing | |
| Felicis Ventures | Felicis Ventures IX, L.P. | $825M | CA | SEC filing | |
| Thrive Capital Partners | Thrive Capital Partners VIII Growth-B, LLC | $745M | NY | SEC filing | |
| Eclipse | Eclipse Fund V, L.P. | $720M | CA | SEC filing | |
| Eclipse | Eclipse Early Growth Fund II, L.P. | $510M | CA | SEC filing | |
| Winslow Growth Capital | Winslow Growth Capital Fund III, L.P. | $500M | MN | SEC filing | |
| NFX Capital | NFX Capital Fund IV, LP | $450M | CA | SEC filing | |
| Rally Ventures | Rally Ventures Fund V, L.P. | $275M | MN | SEC filing | |
| Addition | Addition Five Partners, L.P. | $225M | NY | SEC filing | |
| Imperative Ventures | Imperative Ventures Fund II, LP | $200M | MN | SEC filing | |
| Basis Set | Basis Set Ventures III, L.P. | $185M | CA | SEC filing | |
| Sorenson | Sorenson Ventures III, L.P. | $150M | UT | SEC filing | |
| Origin Ventures | Origin Ventures VI, L.P. | $130M | IL | SEC filing | |
| A1 Health Ventures | A1 Health Ventures I, LP | $100M | IL | SEC filing | |
| Planeteer Capital | Planeteer Capital, L.P. | $100M | NY | SEC filing | |
| Valley Capital Partners | Valley Capital Partners II, L.P. | $100M | PA | SEC filing | |
| Nanban Ventures Nile | Nanban Ventures Nile Fund LP | $100M | TX | SEC filing | |
| DeepWork | DeepWork Fund III, LP | $100M | FL | SEC filing | |
| Allegis Capital | Allegis Capital X, LP | $93M | CA | SEC filing | |
| Parkway | Parkway Fund 3 QP LP | $89.3M | NY | SEC filing | |
| Linse Capital | Linse Capital RED II LLC | $75M | PR | SEC filing | |
| Trucks Venture | Trucks Venture Fund 3, LP | $75M | CA | SEC filing | |
| Adverb Ventures | Adverb Ventures Fund I, L.P. | $75M | CA | SEC filing | |
| Kitsch | Kitsch Access Institutional, LP | $67.7M | TX | SEC filing | |
| Mirian | Mirian, LP | $64.8M | CA | SEC filing | |
| Indie | Indie Fund I, L.P. | $59M | UT | SEC filing | |
| Section Ventures | Section Ventures II, LP | $50M | CA | SEC filing | |
| Applico Capital B2B | Applico Capital B2B I, LP | $50M | FL | SEC filing | |
| Saildrone Blocker | Saildrone Blocker LLC | $47.3M | NV | SEC filing | |
| Fabric VC | Fabric VC Fund, L.P. | $40M | CA | SEC filing | |
| TCP Exploration | TCP Exploration Fund 2023, LP | $37.8M | CA | SEC filing | |
| LMNT Ventures | LMNT Ventures, L.P. | $36.2M | WA | SEC filing | |
| WAVE | WAVE Venture Fund, L.P. | $35M | TX | SEC filing | |
| Banter Capital | Banter Capital Fund I LP | $31.5M | FL | SEC filing | |
| Origin Ventures | Origin Ventures VI-A, L.P. | $30M | IL | SEC filing | |
| Blockchain Builders | Blockchain Builders Fund I, LP | $27.5M | NY | SEC filing | |
| Oyster | Oyster Angel Fund II, LP | $27.1M | FL | SEC filing | |
| Monarch Collective | Monarch Collective Fund, LP | $23M | CA | SEC filing | |
| IA Venture Strategies | IA Venture Strategies KC, LP | $20.7M | NY | SEC filing | |
| ATX Alpha | ATX SetPoint Asset Backed Yield, LP | $20M | TX | SEC filing | |
| BizCo | BizCo Fund I, LLC | $20M | TX | SEC filing | |
| Valor Ventures | Valor Ventures Fund 3 LP | $16M | GA | SEC filing | |
| Upstream VC | Upstream VC Fund I, LP | $15.3M | UT | SEC filing | |
| Iron Prairie | Iron Prairie Fund, LP | $15M | KS | SEC filing | |
| Vermilion Cliffs Ventures | Vermilion Cliffs Ventures Fund I, LP | $13.1M | NY | SEC filing | |
| OurCrowd | OurCrowd (Investment in Biocatch) L.P. | $13M | L3 | SEC filing | |
| Lobster Capital | Lobster Capital Fund I, LP | $12.3M | I0 | SEC filing | |
| MW LSVC Anduril | MW LSVC Anduril, LLC | $12M | CA | SEC filing | |
| Echelon | Echelon 2022, L.P. | $11.3M | WY | SEC filing | |
| Weis | Weis FUND II LP | $11M | CA | SEC filing | |
| Nordwand | Nordwand Early Opportunities I LLC | $11M | PA | SEC filing | |
| Washington Harbour | Washington Harbour Metaverse XII, LLC | $10.9M | VA | SEC filing | |
| 8VC AI | 8VC Entrepreneurs Fund V, L.P. | $10.8M | TX | SEC filing | |
| Emprendeduros | Emprendeduros Fund A, L.P. | $10M | TX | SEC filing | |
| Aware Partners | Aware Partners Fund I LP | $10M | PR | SEC filing | |
| First Check Ventures LatAm | First Check Ventures LatAm Fund I, LP | $10M | PR | SEC filing | |
| Washington Harbour | Washington Harbour Metaverse XIII, LLC | $10M | VA | SEC filing | |
| Ae Industrial Horizonx Venture | Ae Industrial Horizonx Venture Co-Investment FUND I, LP | $10M | FL | SEC filing | |
| ETA Capital Partners | ETA Capital Partners, LLC | $10M | MA | SEC filing | |
| Parkway | Parkway Fund 3 LP | $9.83M | NY | SEC filing | |
| XRC | XRC Fund IX LP | $9M | SC | SEC filing | |
| Kitsch Access Friends & Family | Kitsch Access Friends & Family, LP | $7.77M | TX | SEC filing | |
| RESW1 | RESW1, L.P. | $7.4M | CA | SEC filing | |
| Shift Left Ventures | Shift Left Ventures Fund I, LP | $6.97M | TX | SEC filing | |
| Unitus Ventures | Unitus Ventures Opportunity Fund I, LP | $6.68M | WA | SEC filing | |
| K Street Capital | K Street Capital Fund I, LP | $6.53M | VA | SEC filing | |
| Aligne-Oberland | Aligne-Oberland, LLC | $6M | WA | SEC filing | |
| Telescope | Telescope ME Investor, LLC | $6M | CA | SEC filing | |
| BGA Horizon | BGA Horizon Fund, LLC - BCV 2022 Series | $5.95M | MA | SEC filing | |
| Redstick Ventures | Redstick Ventures Fund I, LP | $5M | MO | SEC filing | |
| Telescope | Telescope BE Investor, LLC | $5M | CA | SEC filing | |
| MBX Capital | MBX Capital II-A, LP | $4.49M | NY | SEC filing | |
| Jumpstart | Jumpstart 2023, LLC | $4.31M | TN | SEC filing | |
| Florida Innovation Capital | Florida Innovation Capital Fund I, LP | $4.28M | FL | SEC filing | |
| Angel Acceleration | Angel Acceleration Master Fund, LP - A2 | $4.25M | WA | SEC filing | |
| Hivemind | Hivemind Futureplay, LLC | $4.1M | NY | SEC filing | |
| Betasv | Betasv II, L.P. | $4M | CA | SEC filing | |
| OPAC Revel | OPAC Revel LLC | $3.69M | IL | SEC filing | |
| TCP Exploration | TCP Exploration Fund II 2023, LP | $3.37M | CA | SEC filing | |
| Flywheel Capital | Flywheel Capital Fund I, LLC | — | CA | SEC filing | |
| Twelve Below | Twelve Below II LP | — | NY | SEC filing | |
| Twelve Below | Twelve Below Twilight LP | — | NY | SEC filing | |
| California Innovation | California Innovation Opportunities, L.P. | — | CA | SEC filing | |
| Dvrgnt Ventures | Dvrgnt Ventures FUND I, LP | — | CA | SEC filing | |
| Frazier | Frazier FUND '23, LP | — | WA | SEC filing | |
| Ah STAH | Ah STAH, L.P. | — | CA | SEC filing | |
| Revelation | Revelation Healthcare Fund IV, L.P. | — | CA | SEC filing | |
| AV Arbor Street Ventures | AV Arbor Street Ventures Fund 2, LLC | — | MA | SEC filing | |
| AV Emmet Street Ventures | AV Emmet Street Ventures Fund 2, LLC | — | MA | SEC filing | |
| AV Expo Ventures | AV Expo Ventures Fund 2, LLC | — | MA | SEC filing | |
| AV Franklin Street Ventures | AV Franklin Street Ventures Fund 1, LLC | — | MA | SEC filing | |
| AV Potomac Ventures | AV Potomac Ventures Fund 1, LLC | — | MA | SEC filing | |
| AV Fowler Street Ventures | AV Fowler Street Ventures Fund 1, LLC | — | MA | SEC filing | |
| GC Venture | GC Venture XI (S), LP | — | MA | SEC filing | |
| Trail Mix Ventures | Trail Mix Ventures Fund III, LP | — | NY | SEC filing | |
| B4 Entrepreneurs | B4 Entrepreneurs, LP | — | TX | SEC filing | |
| Andav Capital | Andav Capital I, L.P. | — | NY | SEC filing | |
| RPA Sirona | RPA Sirona I, LP | — | MA | SEC filing | |
| Nordwand | Nordwand Special Opportunities I LLC | — | PA | SEC filing | |
| Pascal | Pascal Flagship LP | — | FL | SEC filing | |
| Earthrise Ventures | Earthrise Ventures I, LP | — | NY | SEC filing | |
| Remarkable Ventures | Remarkable Ventures Climate Fund, LP | — | NY | SEC filing | |
| TBD Labs Es | TBD Labs Es FUND I, LP | — | NC | SEC filing | |
| TCP Exploration | TCP Exploration Fund II 2022, LP | — | CA | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 27 | 25 | $4.65B |
| New York | 17 | 16 | $2.74B |
| Texas | 10 | 7 | $278M |
| Massachusetts | 10 | 5 | $15.9M |
| Florida | 7 | 6 | $223M |
| Washington | 5 | 273 | $53.1M |
| Illinois | 4 | 3 | $264M |
| Utah | 3 | 4 | $224M |
| Virginia | 3 | 3 | $27.4M |
| Pennsylvania | 3 | 2 | $111M |
| Puerto Rico | 3 | 1 | $95M |
| Minnesota | 3 | 0 | $975M |
| Georgia | 1 | 3 | $16M |
| Nevada | 1 | 2 | $47.3M |
| North Carolina | 1 | 1 | — |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 49 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 22 | 91 | $3.16B |
| Healthcare | 18 | 41 | $2.97B |
| B2B Software | 13 | 31 | $2.11B |
| Cybersecurity | 9 | 35 | $1.24B |
| Climate & Energy | 7 | 41 | $1.68B |
| Industrial & Manufacturing | 7 | 1 | $1.54B |
| Biotech & Pharma | 6 | 43 | $604M |
| Space | 6 | 13 | $137M |
| Consumer | 5 | 27 | $1.75B |
| Defense & Aerospace | 5 | 1 | $876M |
| Fintech | 4 | 12 | $130M |
| Deep Tech | 4 | 9 | $235M |
| Media, Gaming & Creator | 4 | 8 | $35.4M |
| Real Estate & PropTech | 4 | 1 | $1.94B |
| E-commerce & Retail | 3 | 3 | $1.73B |
New SPVs and deal vehicles in March 2023
The 50 largest of 429; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| Smash Capital | Smash Capital Romeo SPV LP | $44.7M | CA | SEC filing | |
| Schnitzel Capital AL | Impatient Fund I, a series of Schnitzel Capital AL, LP | $25M | WA | SEC filing | |
| ATX Alpha | ATX Global Co-Invest Pensa, LP | $20M | TX | SEC filing | |
| J-Ventures | J-Ventures Fund II B, a series of J-Ventures Fund, LP | $9.7M | WA | SEC filing | |
| Marketplace Capital | Fund I, a series of Marketplace Capital, LP | $6.31M | WA | SEC filing | |
| Arka Venture | Fund II, a series of Arka Venture Labs, LP | $5.5M | WA | SEC filing | |
| Orchid Irala Ventures | Orchid Irala Ventures I, LP - Parafin Series | $5.11M | CA | SEC filing | |
| Animal Capital | Animal Capital Colossal SPV II LLC | $5M | NC | SEC filing | |
| LBS Investments | W23, a series of LBS Investments, LP | $5M | WA | SEC filing | |
| UpHonest | UpHonest SPV IV LLC | $5M | CA | SEC filing | |
| Fuel Venture Capital | Series N-1, LLC an Individual Protected Series of Fuel Venture Capital Co-Invest Series, LLC a Series LLC | $5M | FL | SEC filing | |
| Scale Venture Studio | Fund I, a series of Scale Venture Studio, LP | $5M | WA | SEC filing | |
| ego death | FE-0206 Fund I, a series of ego death capital, awaken investments, LP | $3.67M | WA | SEC filing | |
| Nelstone Ventures | AL-0109 Fund I, a series of Nelstone Ventures, LP | $3.32M | WA | SEC filing | |
| Jones Trauber Capital | Influencer Fund I, a series of Jones Trauber Capital, LP | $3M | WA | SEC filing | |
| Collin Wallace | W23, a series of Collin Wallace Funds, LP | $3M | WA | SEC filing | |
| Divya Bhat Investments | W23, a series of Divya Bhat Investments, LP | $3M | WA | SEC filing | |
| Ethan Perlstein | W23, a series of Ethan Perlstein Funds, LP | $3M | WA | SEC filing | |
| K6 Collective | K6 Collective Fund, L.P. | $2.98M | UT | SEC filing | |
| NI12 | NI12 Fund I, a series of Roll Up Vehicles, LP | $2.96M | WA | SEC filing | |
| AVSF | AVSF - Kyte 2022, LLC | $2.94M | NH | SEC filing | |
| Suvan Ventures | Suvan Ventures FUND I, LP | $2.81M | CA | SEC filing | |
| Decentral Park Investments | Decentral Park Investments LLC (Investment Series 8) | $2.76M | DC | SEC filing | |
| Smart Partnership Capital | Smart Partnership Capital LLC | $2.67M | DE | SEC filing | |
| Uncorrelated StashFin | Uncorrelated StashFin 2022 LLC | $2.65M | NV | SEC filing | |
| Hivemind | Hivemind Music Renaissance II, LLC | $2.45M | NY | SEC filing | |
| Ascent Productions | Spirit of the Game, a Series of Ascent Productions LP | $2.21M | UT | SEC filing | |
| Key Value | Key Value, LP-I | $2.11M | WA | SEC filing | |
| Seed Healthcare Investment | PE-0928 Fund I, a series of Seed Healthcare Investment, LP | $2.01M | WA | SEC filing | |
| Stakeboat Investments | Stakeboat Investments, LP - I | $2M | WA | SEC filing | |
| DFS Lab Digital Economy | DFS Lab Stellar Africa Fund I, a Series of DFS Lab Digital Economy Fund, LLC | $2M | MT | SEC filing | |
| Stonks SPVs | Stonks Y Combinator Winter 2023 Access Fund, a series of Stonks Funds, LP | $2M | CA | SEC filing | |
| Upper Cumberland Investment Alliance | Upper Cumberland Investment Alliance LLC | $2M | TN | SEC filing | |
| Northgate Direct | Northgate Direct Opportunities V, LLC | $2M | CA | SEC filing | |
| Heavybit | Heavybit Holdings SPV II, L.P. | $2M | CA | SEC filing | |
| Fuel Venture Capital | Fuel Venture Capital Flagship Fund II 3(c)(1), LP | $1.78M | FL | SEC filing | |
| AVSF | AVSF - Stable 2022, LLC | $1.75M | NH | SEC filing | |
| Sonder | Sonder SPV II B, LLC | $1.65M | CA | SEC filing | |
| Fundomo Syndicates | AT-1205 Fund I, a series of Fundomo Syndicates, LP | $1.61M | WA | SEC filing | |
| BAJ Editmentor | BAJ Embodied SPV, LLC | $1.54M | NY | SEC filing | |
| Preston-Werner Ventures | Preston-Werner Ventures Rolling Fund, LP - A1 | $1.5M | WA | SEC filing | |
| FB Ha | FB HA Holdings LP | $1.47M | CA | SEC filing | |
| Moving Capital Rocket | Moving Capital Rocket II, LP | $1.47M | TX | SEC filing | |
| AT13 | AT13 Fund I, a series of Roll Up Vehicles, LP | $1.45M | WA | SEC filing | |
| AVSF | AVSF - Satellite Bio 2022, LLC | $1.41M | NH | SEC filing | |
| Cpoint 73V | CP-0111 Fund I, a series of Cpoint 73V, LP | $1.35M | WA | SEC filing | |
| Future Archives | RA-0826 Fund I, a series of Future Archives, LP | $1.34M | WA | SEC filing | |
| Truffle Ventures OP FOF | Truffle Ventures OP FOF, LP | $1.3M | PR | SEC filing | |
| Capital Factory | AP-0127 Fund III, a series of Capital Factory, LP | $1.28M | WA | SEC filing | |
| An Oxcart Natural Jawn | AC-0130 Fund II, a series of An Oxcart Natural Jawn, LP | $1.26M | 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 March 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.