New venture funds filed in May 2023
90 new venture funds and 327 SPVs filed their first Form D with the SEC in May 2023, with $6.7B in total target capital across the 71 funds that stated a size. The largest was Khosla Ventures Excelsior, L.P. (Khosla Ventures) at $1B; California led with 33 new funds; the most common sponsor sectors were AI & ML (21), Healthcare (17) and Fintech (12). New fund filings were down 21% from April 2023 (114).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 90
- 114 in April
- New SPVs
- 327
- 354 in April
- Target capital
- $6.7B
- across 71 funds with a stated size
- Median fund
- $20M
- offering size
- Largest fund
- $1B
- Khosla Ventures
- Sponsoring firms
- 79
- most in California
What was the largest venture fund filed in May 2023?
Khosla Ventures Excelsior, L.P., sponsored by Khosla Ventures (CA), with a $1B offering, first filed on May 26, 2023. The next largest was Mayfield Xvii, a Delaware Limited Partnership (Mayfield Xvii, a Delaware) at $580M.
Which states had the most new venture funds in May 2023?
California (33), New York (10), Florida (9), Texas (6) and Washington (4), counted by the sponsoring firm's home state. California's new funds target $3.51B in total.
What sectors do the firms behind May's new funds invest in?
AI & ML (21), Healthcare (17), Fintech (12), B2B Software (10) and Climate & Energy (9) lead, by the sectors each sponsoring firm backs. 32 of the 90 funds come from firms with no sector on record yet.
How many SPVs were filed in May 2023?
327 new SPVs and other deal vehicles filed a first Form D in May 2023, against 90 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does May 2023 compare with April 2023?
90 new funds against 114 (−21%), 327 SPVs against 354, and $6.7B of target capital against $12.3B.
Every new venture fund in May 2023
90 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 |
|---|---|---|---|---|---|
| Khosla Ventures | Khosla Ventures Excelsior, L.P. | $1B | CA | SEC filing | |
| Mayfield Xvii, a Delaware | Mayfield Xvii, a Delaware Limited Partnership | $580M | CA | SEC filing | |
| Mayfield | Mayfield Select III, a Delaware Limited Partnership | $550M | CA | SEC filing | |
| Volta | Volta Energy Storage Fund II, LP | $500M | IL | SEC filing | |
| AmFam VC | AmFam VC Fund IV LP | $419M | WI | SEC filing | |
| Ascenta Capital | Ascenta Capital Fund I, L.P. | $350M | DE | SEC filing | |
| Matter Venture Partners | Matter Venture Partners Fund I, L.P. | $300M | CA | SEC filing | |
| Alta Partners NextGen | Alta Partners NextGen Fund IV, L.P. | $250M | WY | SEC filing | |
| Good Growth Capital | Good Growth Capital Fund III, LP | $250M | SC | SEC filing | |
| Juxtapose Ventures | Juxtapose Ventures III, L.P. | $240M | NY | SEC filing | |
| Ulu Ventures | Ulu Ventures Fund IV, L.P. | $200M | CA | SEC filing | |
| Navitas | Navitas Capital IV, L.P. | $200M | CA | SEC filing | |
| Zeal Capital Partners | Zeal Capital Partners Fund II, LP | $120M | DC | SEC filing | |
| AE Blue Capital | AE Blue Capital Fund I LP | $100M | CA | SEC filing | |
| Elefund | Elefund III, L.P. | $100M | CA | SEC filing | |
| Bakar Entrepreneurship | Bakar Entrepreneurship Fund I, L.P. | $100M | CA | SEC filing | |
| RW3 Ventures | RW3 Ventures Offshore I LP | $100M | MA | SEC filing | |
| 7BC Venture Capital | 7BC Venture Capital Fund IV LLC | $75M | TX | SEC filing | |
| Aurelia Foundry | Aurelia Foundry I, L.P. | $75M | MA | SEC filing | |
| TenOneTen Ventures | TenOneTen Ventures IV, L.P. | $75M | CA | SEC filing | |
| Exponent Founders Capital | Exponent Founders Capital II, LP | $72.3M | NJ | SEC filing | |
| Contour Venture Partners | Contour Venture Partners V, L.P. | $70M | NY | SEC filing | |
| Gigafund | Gigafund 0.22, LP | $65M | TX | SEC filing | |
| Fabrica Ventures | Fabrica Ventures Fund II-A, LP | $55M | CA | SEC filing | |
| South Loop Ventures | South Loop Ventures, L.P. | $50M | TX | SEC filing | |
| Crestone EM Fintech | Crestone EM Fintech Fund I, LP | $50M | MD | SEC filing | |
| RPC Ventures | RPC Ventures Fund II LP | $50M | MN | SEC filing | |
| CitizenX Crypto Ventures | CitizenX Crypto Ventures Fund II, LP | $50M | TN | SEC filing | |
| Wildwood Ventures Active Studio | Wildwood Ventures Active Studio Fund I, LP | $45M | CO | SEC filing | |
| Swift | Swift Ventures Fund II, L.P. | $43.4M | CA | SEC filing | |
| Otherwise | Otherwise Fund IV, L.P. | $35M | CA | SEC filing | |
| Nosara | Nosara LL 2, L.P. | $32.3M | CT | SEC filing | |
| Jibe Ventures | Jibe Ventures Select 1, LP | $30M | WA | SEC filing | |
| Gold & Black Agri-Food | Gold & Black Agri-Food Fund, LP | $27M | IN | SEC filing | |
| Context Cowpens | Context Cowpens Fund I, L.P. | $25M | WA | SEC filing | |
| Valo Ventures | Valo Ventures II, L.P. | $20M | CA | SEC filing | |
| BSV | BSV Fund X LLC | $20M | TX | SEC filing | |
| Fabrica Ventures | Fabrica Ventures Fund II-B, LP | $20M | CA | SEC filing | |
| FreshTracks Green Mountain | FreshTracks Green Mountain Fund, L.P. | $19M | VT | SEC filing | |
| Noho | Noho Holdings III LLC | $18.3M | NY | SEC filing | |
| Primer Ventures | Primer Ventures I, LP | $17.1M | CA | SEC filing | |
| R&R MatrixSpace | R&R MatrixSpace Holdings LLC | $17.1M | MA | SEC filing | |
| Gurtin | Gurtin Ventures LP | $16M | CA | SEC filing | |
| Eclipse | Eclipse Partners Fund V, L.P. | $15M | CA | SEC filing | |
| Puma VC | PUMA VC Fund I LP | $14.9M | CA | SEC filing | |
| Matrix Partners India | Matrix Partners India IV-A, L.P. | $14.8M | FL | SEC filing | |
| Mayfield | Mayfield Select III Holdings, a Delaware Limited Partnership | $14.5M | CA | SEC filing | |
| Rittenhouse Ventures | Rittenhouse Ventures III, L.P. | $14M | PA | SEC filing | |
| JLS | JLS Fund II LP | $13M | NY | SEC filing | |
| Global Food Innovation | Global Food Innovation Fund II LP | $12.5M | FL | SEC filing | |
| RHI | RHI Holdings 3-SI, LP | $12.5M | NY | SEC filing | |
| SSV | SSV Fund I LP | $12M | FL | SEC filing | |
| Hinge Capital LD | Hinge Capital LD Fund 2, L.P. | $10.5M | NJ | SEC filing | |
| Wave | WAVE Equity Warehouse II LLC | $10.5M | MA | SEC filing | |
| ResilienceVC | ResilienceVC Fund I LP | $10.5M | DC | SEC filing | |
| Boot64 Magnolia | Boot64 Magnolia Fund I LP | $10M | LA | SEC filing | |
| Horn of Africa | Horn of Africa Fund I LP | $10M | VA | SEC filing | |
| Ikigai Healthcare | Ikigai Healthcare Fund II, LP | $10M | CO | SEC filing | |
| Natural Capital Discover | NATURAL CAPITAL DISCOVER I LLC, Series 2 | $10M | CA | SEC filing | |
| Natural Capital Discover | NATURAL CAPITAL DISCOVER I LLC, Series 3 | $10M | CA | SEC filing | |
| Mayfield | Mayfield Xvii Holdings A, a Delaware Limited Partnership | $9.5M | CA | SEC filing | |
| Strategic Equity Path | Strategic Equity Path, LP | $9.22M | FL | SEC filing | |
| Navitas | Navitas Capital IV SG, L.P. | $6M | CA | SEC filing | |
| Tribe Capital | Tribe Capital Firstlook APO-05, L.P. | $6M | CA | SEC filing | |
| AGDF1 | AGDF1 LP | $5.86M | NY | SEC filing | |
| Mayfield | Mayfield Xvii Holdings B, a Delaware Limited Partnership | $5M | CA | SEC filing | |
| Alchemy | Alchemy Fund 3, LLC | $5M | CA | SEC filing | |
| Frontline | Frontline EMEA Expansion Fund II LP | $5M | L2 | SEC filing | |
| Arsenal Bridge Venture | Arsenal Bridge Venture II-B, LLC | $4.7M | TX | SEC filing | |
| Cosmic Venture Partners | Cosmic Venture Partners Fund I, LLC | $3.4M | TX | SEC filing | |
| Jibe Ventures | Jibe Ventures QP, LP - C2 | $3.31M | WA | SEC filing | |
| Discover Financial Health Improvement | Discover Financial Health Improvement Fund, LLC | — | DC | SEC filing | |
| LSPV | LSPV II LP | — | NY | SEC filing | |
| PVP Ventures | PVP Ventures Fund I (AI), LP | — | FL | SEC filing | |
| PVP Ventures | PVP Ventures Fund I (KY), LLC | — | FL | SEC filing | |
| PVP Ventures | PVP Ventures Fund I (QP), LP | — | FL | SEC filing | |
| Cohen Circle FinTech Ventures | Cohen Circle FinTech Ventures Partners, L.P. | — | NY | SEC filing | |
| JAY Khatri | JAY Khatri FUND IV, LP | — | CA | SEC filing | |
| Seva | Seva I LP | — | NY | SEC filing | |
| Borderless Liquid Multi Strategy | Borderless Liquid Multi Strategy Fund (US) LP | — | FL | SEC filing | |
| Borderless xChain | Borderless xChain Fund (US) LP | — | FL | SEC filing | |
| Canaan | Canaan Wheelhouse L.P. | — | CT | SEC filing | |
| Greycroft | Greycroft CCS Sustainability Fund, L.P. | — | NY | SEC filing | |
| Acrew | Acrew Capital Fund III, L.P. | — | CA | SEC filing | |
| Acrew | Acrew Diversify Capital Fund II, L.P. | — | CA | SEC filing | |
| Include Venture Partners | Include Venture Partners Fund I, LP | — | CA | SEC filing | |
| Kinship | Kinship Opportunity Fund, L.P. | — | CA | SEC filing | |
| Acequia Capital | Acequia Capital ISM Atomic Industries LP | — | WA | SEC filing | |
| Exponent Founders Capital | Exponent Founders Capital AI, LP | — | NJ | SEC filing | |
| Institutional Venture Partners | Institutional Venture Partners XVIII-P, L.P. | — | CA | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 33 | 11 | $3.51B |
| New York | 10 | 14 | $359M |
| Florida | 9 | 2 | $48.5M |
| Texas | 6 | 3 | $218M |
| Washington | 4 | 204 | $58.3M |
| Massachusetts | 4 | 5 | $203M |
| District of Columbia | 3 | 1 | $130M |
| New Jersey | 3 | 0 | $82.8M |
| Colorado | 2 | 3 | $55M |
| Connecticut | 2 | 1 | $32.3M |
| Delaware | 1 | 42 | $350M |
| Pennsylvania | 1 | 4 | $14M |
| Illinois | 1 | 1 | $500M |
| Indiana | 1 | 1 | $27M |
| Maryland | 1 | 1 | $50M |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 32 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 21 | 65 | $2.77B |
| Healthcare | 17 | 27 | $2.03B |
| Fintech | 12 | 9 | $865M |
| B2B Software | 10 | 36 | $526M |
| Climate & Energy | 9 | 31 | $1.91B |
| Biotech & Pharma | 6 | 26 | $1.07B |
| Education | 5 | 1 | $699M |
| Insurtech | 5 | 0 | $998M |
| Cybersecurity | 4 | 14 | $500M |
| Media, Gaming & Creator | 4 | 7 | $445M |
| Crypto & Web3 | 3 | 8 | $156M |
| Hardware & Robotics | 3 | 6 | $133M |
| Industrial & Manufacturing | 3 | 3 | $61M |
| Food & Agriculture | 2 | 22 | $39.5M |
| Deep Tech | 2 | 10 | $10.5M |
New SPVs and deal vehicles in May 2023
The 50 largest of 327; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| Elephant Partners | Elephant Partners 2023 SPV-A, L.P. | $151M | MA | SEC filing | |
| Radical Ventures | Radical Ventures Fund III (International), L.P. | $49.5M | A6 | SEC filing | |
| RHI | RHI Holdings 3 SPV, LP | $44.4M | NY | SEC filing | |
| Pioneer | Pioneer Fund III (U.S.) L.P. | $39.5M | WA | SEC filing | |
| Utsav Somani Investments | Fund III, a series of Utsav Somani Investments, LP | $35M | WA | SEC filing | |
| THVC | THVC (Tonal AA), LLC | $32M | CA | SEC filing | |
| RHI | RHI Holdings 3 SPV (Offshore), LP | $26.3M | NY | SEC filing | |
| FortySix Venture Capital | Fund I , a series of FortySix Venture Capital, LP | $25M | WA | SEC filing | |
| Eclipse | Eclipse SPV XV, L.P. | $16M | CA | SEC filing | |
| Science | LI-0328 Fund II AL Vehicle, a series of Science Funds, LP | $15M | WA | SEC filing | |
| Nea CH | Nea SH SPV, L.P. | $12.5M | CA | SEC filing | |
| Katalyst.Ventures | Katalyst.Ventures SPV-D, L.P. | $11.2M | CA | SEC filing | |
| quadraScope | Fund 1, a series of quadraScope, LP | $10M | WA | SEC filing | |
| Cool Climate Collective | Fund I, a series of Cool Climate Collective, LP | $10M | WA | SEC filing | |
| F4 Ventures | Fund I, a series of F4 Ventures, LP | $10M | WA | SEC filing | |
| Stage 2 Capital | X Fund II, a series of Stage 2 Capital X Fund, LP | $10M | MA | SEC filing | |
| Atento Capital | Atento Capital Sidecar Fund I, LP | $10M | OK | SEC filing | |
| Pirque | AHEAD Fund I, a series of Pirque, LP | $8M | WA | SEC filing | |
| unDeFined Capital | Fund I, a series of unDeFined Capital Fund, LP | $8M | WA | SEC filing | |
| Silent Capital | Silent Capital IV, a series of Silent Capital Holdings, LP | $6.18M | WA | SEC filing | |
| FJ Labs | FJ Labs Entrepreneurs Fund 2023, a series of FJ Labs Funds, LP | $5.48M | NY | SEC filing | |
| Seaplane Ventures | Fund I, a series of Seaplane Ventures, LP | $5.34M | WA | SEC filing | |
| FP Capital SC | FP Capital Acronis II a Series of FP Capital SC LLC | $5M | DE | SEC filing | |
| FP Capital SC | FP Capital Acronis III a Series of FP Capital SC LLC | $3.62M | DE | SEC filing | |
| Cava Capital | Cava Capital SPV Xvi-A, LLC | $3.33M | CT | SEC filing | |
| Savano | Savano Opportunities Series, L.P. (Series 3) | $2.72M | MD | SEC filing | |
| SGV | SGV22, a series of SGV I, LLC | $2.71M | CA | SEC filing | |
| Underscore | CO-0307 Fund I AL Vehicle, a series of Underscore Funds, LP | $2.63M | WA | SEC filing | |
| Gateway VCA | Gateway VCA 0223, LLC | $2.6M | TX | SEC filing | |
| Proof | Proof ZLI, LLC | $2.56M | VA | SEC filing | |
| Saturn Five Chaos Industries | Saturn Five Chaos Industries SPV LLC | $2.5M | CO | SEC filing | |
| Eif | Eif Ap SPV, LLC | $2.25M | CA | SEC filing | |
| OurCrowd | OurCrowd (Investment in Cyab) L.P. | $2.24M | L3 | SEC filing | |
| ego death | FE-0320 Fund III, a series of ego death capital awaken investments, LP | $2.1M | WA | SEC filing | |
| S Capital III PF | S Capital III PF, L.P. | $2M | L3 | SEC filing | |
| Costanoa | Costanoa FP, L.P. | $2M | CA | SEC filing | |
| Pioneer | Pioneer Opportunity Fund, LP - B2 | $1.9M | WA | SEC filing | |
| FriedRichGauss | OP-0419 Fund I, a series of FriedRichGauss, LP | $1.66M | WA | SEC filing | |
| Frontline | Frontline Venture Fund III LP | $1.65M | L2 | SEC filing | |
| HealthTrend | HTC 232N a Series of HealthTrend Holdings LLC | $1.59M | DE | SEC filing | |
| HealthTrend | HTC 231G a Series of HealthTrend Holdings LLC | $1.57M | DE | SEC filing | |
| Angel Collective | Angel Collective Opportunity Fund, LP - C2 | $1.56M | WA | SEC filing | |
| Aum VC | AUM VC Fund LP | $1.5M | C0 | SEC filing | |
| Ikigai ProCredEx | Ikigai ProCredEx SPV, LP | $1.5M | CO | SEC filing | |
| What If Ventures | Kindbody 2023 a Series of What If Ventures Master LLC | $1.45M | DE | SEC filing | |
| Venley Capital | PT1 Mar 2023 a Series of Venley Capital Fund LLC | $1.45M | DE | SEC filing | |
| SL 1UpHealth | SL 1UpHealth, LP | $1.35M | AZ | SEC filing | |
| Decarbonise | Decarbonise (Blue Carbon Investments US) LLC | $1.34M | CO | SEC filing | |
| Operate Ventures | SailPlan Pre-B 2023 a Series of Operate Ventures Master LLC | $1.26M | DE | SEC filing | |
| Stellar | Stellar V, LP - C3 | $1.18M | 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 May 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.