New venture funds filed in September 2023
86 new venture funds and 219 SPVs filed their first Form D with the SEC in September 2023, with $5.81B in total target capital across the 61 funds that stated a size. The largest was WTI Fund XI, LLC (WTI) at $600M; California led with 31 new funds; the most common sponsor sectors were AI & ML (18), Healthcare (13) and Climate & Energy (8). New fund filings were up 8% from August 2023 (80).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 86
- 80 in August
- New SPVs
- 219
- 345 in August
- Target capital
- $5.81B
- across 61 funds with a stated size
- Median fund
- $50M
- offering size
- Largest fund
- $600M
- WTI
- Sponsoring firms
- 81
- most in California
What was the largest venture fund filed in September 2023?
WTI Fund XI, LLC, sponsored by WTI (CA), with a $600M offering, first filed on Sep 27, 2023. The next largest was DCVC Bio III, L.P. (DCVC) at $400M.
Which states had the most new venture funds in September 2023?
California (31), New York (12), Massachusetts (10), Washington (7) and Florida (7), counted by the sponsoring firm's home state. California's new funds target $3.73B in total.
What sectors do the firms behind September's new funds invest in?
AI & ML (18), Healthcare (13), Climate & Energy (8), Biotech & Pharma (8) and B2B Software (7) lead, by the sectors each sponsoring firm backs. 42 of the 86 funds come from firms with no sector on record yet.
How many SPVs were filed in September 2023?
219 new SPVs and other deal vehicles filed a first Form D in September 2023, against 86 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does September 2023 compare with August 2023?
86 new funds against 80 (+8%), 219 SPVs against 345, and $5.81B of target capital against $5.62B.
Every new venture fund in September 2023
86 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 |
|---|---|---|---|---|---|
| WTI | WTI Fund XI, LLC | $600M | CA | SEC filing | |
| DCVC | DCVC Bio III, L.P. | $400M | CA | SEC filing | |
| TCG Labs | TCG Labs Fund I, LP | $400M | CA | SEC filing | |
| Bioluminescence Ventures | Bioluminescence Ventures Fund I, L.P. | $350M | CA | SEC filing | |
| Electric Capital Venture | Electric Capital Venture Fund III, LP | $300M | CA | SEC filing | |
| Upfront | Upfront VIII, L.P. | $280M | CA | SEC filing | |
| Valspring Capital | Valspring Capital Fund I, L.P. | $254M | MA | SEC filing | |
| AiiM | AiiM Partners II, LP | $250M | CA | SEC filing | |
| Upfront | Upfront Growth IV, L.P. | $200M | CA | SEC filing | |
| Cherryrock Capital | Cherryrock Capital Fund I, LP | $172M | CA | SEC filing | |
| Crosslink | Crosslink Endeavour Fund II, L.P. | $150M | CA | SEC filing | |
| Boulder Food Group | Boulder Food Group III-QP, LP | $150M | CO | SEC filing | |
| Tribeca | Tribeca Access Fund II, L.P. | $150M | NY | SEC filing | |
| Fathom | Fathom Fund I, L.P. | $150M | TX | SEC filing | |
| Collective Global | Collective Global Fund I, L.P. | $145M | TX | SEC filing | |
| Bioluminescence Ventures | Bioluminescence Ventures Fund II, L.P. | $127M | CA | SEC filing | |
| Voyager Capital | Voyager Capital Fund VI, L.P. | $125M | WA | SEC filing | |
| SNR -5 dB | SNR -5 DB, L.P. | $125M | WA | SEC filing | |
| RA Capital | RA Capital Planetary Health Fund, L.P. | $122M | MA | SEC filing | |
| Electric Capital Venture | Electric Capital Venture Fund III Feeder, LP | $100M | CA | SEC filing | |
| Sandbox | Sandbox Clinical Ventures Fund, LP | $100M | IL | SEC filing | |
| Liquid | Liquid 2 Winners Fund I, L.P. | $99.9M | CA | SEC filing | |
| Nexus NeuroTech | Nexus NeuroTech Fund I, L.P. | $99.5M | CA | SEC filing | |
| Strong Ventures | Strong Ventures V, L.P. | $80M | CA | SEC filing | |
| NVP Capital | NVP Capital Fund II, L.P. | $79.6M | NY | SEC filing | |
| Verdis Seed Venture Capital | Verdis Seed Venture Capital III, L.P. | $75M | PA | SEC filing | |
| Underscore.VC | Underscore.VC Fund III, L.P. | $58.2M | MA | SEC filing | |
| Play Time Ventures | Play Time Ventures I, L.P. | $50.5M | CA | SEC filing | |
| Zell Capital | Zell Capital | $50M | OH | SEC filing | |
| Cadenza | Cadenza AI Ventures Fund I, LP | $50M | NY | SEC filing | |
| Max Ventures | Max Ventures Fund III, LP | $50M | NY | SEC filing | |
| Georgian | Georgian Fund III G Invest LP | $42M | A6 | SEC filing | |
| Karman Ventures | Karman Ventures Fund 1, LP | $41.6M | WA | SEC filing | |
| Moses Capital | Moses Capital Fund I, LP | $38.5M | DE | SEC filing | |
| RA Capital | RA Capital Planetary Health International Fund, L.P. | $30.3M | MA | SEC filing | |
| Catalyst Fund Resilience | Catalyst Fund Resilience I, L.P. | $29.1M | MA | SEC filing | |
| GGV Capital | GGV Capital IX Kohl L.P. | $26M | CA | SEC filing | |
| Branded Hospitality | Branded Hospitality Venture Fund III LLC | $25M | NY | SEC filing | |
| Preferred Stakes Partners | Preferred Stakes Partners, LLC | $25M | NY | SEC filing | |
| FPG Big Tree | FPG Big Tree, LLC | $21.3M | IL | SEC filing | |
| VCP | VCP Fund III, LP | $20.6M | UT | SEC filing | |
| Agate Hound | Agate Hound Fund I, LP | $19.6M | WA | SEC filing | |
| 500 Latam SEED | 500 Latam SEED IV, L.P. | $15.8M | CA | SEC filing | |
| Bedrock | Bedrock Mount Jade LP | $15.1M | CA | SEC filing | |
| Dhow Ventures | Dhow Ventures Fund I LP | $15M | DC | SEC filing | |
| dlab | dlab Fund I LP | $10.3M | MA | SEC filing | |
| Atomic Labs | Atomic Labs Partners IV, L.P. | $10M | FL | SEC filing | |
| Treeo VC | Treeo VC Fund I, LP | $8.97M | FL | SEC filing | |
| PIF RS | PIF RS I Ltd. | $8.06M | NV | SEC filing | |
| H o M Opportunity II, LLC | H o M Opportunity II, LLC | $8M | CA | SEC filing | |
| R3CS Fund EMB | R3CS Fund EMB, LLC | $6.6M | FL | SEC filing | |
| Alpha Edison | Alpha Edison Westwood XV, L.L.C. | $6.14M | CA | SEC filing | |
| Not Yet Ventures | Not Yet Ventures Fund I, LP | $6.05M | VA | SEC filing | |
| Proof | Proof DPI2, LLC | $5.86M | VA | SEC filing | |
| Hub Angel Investment Group | Hub Angel Investment Group Fund VII, LP | $5.52M | MA | SEC filing | |
| New Louisiana | New Louisiana Angel Fund 3, LLC | $5M | LA | SEC filing | |
| Washington Harbour | Washington Harbour Adlumin LLC | $5M | VA | SEC filing | |
| Integra Global Advisors VC | Integra Global Advisors VC Access Fund LP - Europe I Series | $4.04M | CT | SEC filing | |
| AGDF2 | AGDF2 LP | $3.65M | NY | SEC filing | |
| OurCrowd | Ourcrowd 50 V-QP, L.P. | $3.01M | L3 | SEC filing | |
| Rizvi | Rizvi Energy II LLC | $3M | FL | SEC filing | |
| Maniv Mobility | Maniv Mobility Special Opportunities, L.P. (Series 8) | — | NY | SEC filing | |
| Collab Strategic Ownership Group | Collab Strategic Ownership Group, LLC | — | NY | SEC filing | |
| FIM | FIM Fund I LP | — | FL | SEC filing | |
| Freeflow | Freeflow Entos III, LLC | — | CA | SEC filing | |
| Greylock | Greylock 17-A Limited Partnership | — | CA | SEC filing | |
| Greylock | Greylock 17 Limited Partnership | — | CA | SEC filing | |
| Greylock 17 Principals | Greylock 17 Principals LP | — | MA | SEC filing | |
| AKC International TID | AKC International TID Fund I LLC | — | FL | SEC filing | |
| Going Twice | Going Twice Investors, LP | — | FL | SEC filing | |
| Signalfire | SignalFire Sage Fund, L.P. | — | CA | SEC filing | |
| Picks & Shovels | Picks & Shovels Fund II, LP | — | NY | SEC filing | |
| EchoVC | EchoVC Eco Pilot Fund I LP | — | MA | SEC filing | |
| Also Capital | Also Capital II LP | — | NY | SEC filing | |
| Cercano Big Hat Venture Capital | Cercano Integrity Venture Capital LP | — | WA | SEC filing | |
| FC Gecko | FC Gecko, LP | — | MA | SEC filing | |
| Intudo | Intudo Ventures IV, LP | — | CA | SEC filing | |
| JAM Urbanic Target | JAM Urbanic Target Fund, L.P. | — | CA | SEC filing | |
| Willow Growth Partners | Willow Growth Partners Fund II, LP | — | WY | SEC filing | |
| GRCF2 LemonPerfect | GRCF2 LemonPerfect SPV5 LP | — | CA | SEC filing | |
| Sunstone Dream | Sunstone Dream Fund, L.P. | — | CA | SEC filing | |
| Upekkha Accelerator | Upekkha Accelerator Fund I, L.P. | — | WA | SEC filing | |
| Sage Venture | Sage Venture LP | — | NY | SEC filing | |
| Sequoia Capital | Sequoia Capital US/E Seed Partners Fund V, L.P. | — | CA | SEC filing | |
| HCM S14Ai | HCM S12A LP | — | CA | SEC filing | |
| PACF Asia Venture Capital | PACF Asia Venture Capital LP | — | WA | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 31 | 14 | $3.73B |
| New York | 12 | 7 | $383M |
| Massachusetts | 10 | 4 | $510M |
| Washington | 7 | 128 | $311M |
| Florida | 7 | 2 | $28.6M |
| Virginia | 3 | 1 | $16.9M |
| Texas | 2 | 5 | $295M |
| Illinois | 2 | 4 | $121M |
| Delaware | 1 | 31 | $38.5M |
| Nevada | 1 | 7 | $8.06M |
| Colorado | 1 | 0 | $150M |
| Connecticut | 1 | 0 | $4.04M |
| District of Columbia | 1 | 0 | $15M |
| Louisiana | 1 | 0 | $5M |
| Ohio | 1 | 0 | $50M |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 42 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 18 | 57 | $1.65B |
| Healthcare | 13 | 19 | $1.24B |
| Climate & Energy | 8 | 30 | $1.33B |
| Biotech & Pharma | 8 | 18 | $1.14B |
| B2B Software | 7 | 22 | $975M |
| Deep Tech | 6 | 6 | $1.07B |
| Consumer | 4 | 7 | $18.9M |
| Crypto & Web3 | 4 | 2 | $58.1M |
| Cybersecurity | 3 | 9 | $158M |
| Space | 3 | 5 | $46.6M |
| Media, Gaming & Creator | 3 | 2 | $136M |
| Mobility & Logistics | 2 | 71 | $250M |
| Food & Agriculture | 2 | 17 | $160M |
| Fintech | 2 | 4 | $8.06M |
| Industrial & Manufacturing | 2 | 4 | $5M |
New SPVs and deal vehicles in September 2023
The 50 largest of 219; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| Wavecrest Growth Partners | Wavecrest Growth Partners Cardata SPV, L.P. | $31.3M | MA | SEC filing | |
| Applico Capital | Fund I, a series of Applico Capital, LP | $30M | WA | SEC filing | |
| Ben s Bites | Fund I, a series of Ben s Bites Fund, LP | $20M | WA | SEC filing | |
| Ratio Ventures | Ratio Fund II, a series of Ratio Ventures, LP | $20M | WA | SEC filing | |
| Eclipse | Eclipse SPV XVI, L.P. | $15M | CA | SEC filing | |
| Higher Order Capital | Higher Order Capital SPV 01, LLC | $10M | TX | SEC filing | |
| HyperGuap | Atlantis, a series of HyperGuap, LP | $10M | WA | SEC filing | |
| Beehive | Beehive Fund I a Series of Beehive Fund LLC | $10M | DE | SEC filing | |
| Kube VC | Fund I, a series of Kube VC, LP | $10M | WA | SEC filing | |
| Reasons to Be Optimistic | Fund I, a series of Reasons to Be Optimistic, LP | $5.8M | WA | SEC filing | |
| Pulsar Capital Assiduus | Pulsar Capital Assiduus Series A, a Series of Vauban Platform LP | $5.13M | DE | SEC filing | |
| Orange Collective | Fund I, a series of Orange Collective Access Fund, LP | $5M | CA | SEC filing | |
| THVC | THVC (Verana Bridge), LLC | $5M | CA | SEC filing | |
| GSBackers Machina Labs | GSBackers Machina Labs Fund I a Series of CGF2021 LLC | $4.97M | DE | SEC filing | |
| Magnolia | Magnolia Opportunities LLC - Series 1 | $4.8M | NE | SEC filing | |
| Parallax Ventures | Parallax Ventures SPV II, a Series of Vauban Platform LP | $4.05M | DE | SEC filing | |
| Oca TMP | Oca TMP SPV, LLC | $3.74M | IL | SEC filing | |
| Eastlink Capital | Eastlink DB II, a series of Eastlink Capital Opportunity Fund, LP | $3.61M | CA | SEC filing | |
| THVC | THVC (Resper), LLC | $3M | CA | SEC filing | |
| Spring Tide | Impulse Aug 2023 a Series of Spring Tide Master II LLC | $2.76M | DE | SEC filing | |
| SP Hawk Mountain | SP Hawk Mountain, LLC | $2.55M | TX | SEC filing | |
| HSI MAPS PBC | HSI MAPS PBC I LLC | $2.46M | CA | SEC filing | |
| Congruent | Congruent Opportunity Fund B, LLC | $2.31M | CA | SEC filing | |
| CMT Digital | CMT Digital Investments I LLC - Series 12 | $2.24M | IL | SEC filing | |
| Ethan Perlstein | S23, a series of Ethan Perlstein Funds, LP | $2M | WA | SEC filing | |
| AVSF | AVSF - CarbonCapture 2023, LLC | $1.99M | NH | SEC filing | |
| Strive Ventures GAIA | Strive Ventures GAIA SPV III, a Series of Vauban Platform LP | $1.94M | DE | SEC filing | |
| AVSF | AVSF - Entos 2023, LLC | $1.54M | NH | SEC filing | |
| LvlUp | LvlUp MrktStar SPV, LLC | $1.51M | CA | SEC filing | |
| Untapped Capital | Untapped Capital Fund II, LP | $1.46M | WA | SEC filing | |
| Enki Solar | Enki Solar Venture IV, a Series of Vauban Platform LP | $1.46M | DE | SEC filing | |
| AVSF | AVSF - OfferFit 2023, LLC | $1.18M | NH | SEC filing | |
| Fund 1 S062023 | Fund 1 S062023, LP | $1.11M | TX | SEC filing | |
| Sonder | Sonder SPV B, LP | $1.1M | CA | SEC filing | |
| Heron Rock AL | HE-0216 Fund IV AL Vehicle, a series of Heron Rock AL Access Funds, LP | $1.09M | WA | SEC filing | |
| What If Ventures | Replay Bio-A a Series of What If Ventures Master LLC | $992K | DE | SEC filing | |
| CMT Digital | CMT Digital Investments LLC - Class B | $947K | IL | SEC filing | |
| Capita3 Venture | Capita3 Venture Fund II LP | $921K | MN | SEC filing | |
| Chasing Rainbows | Chasing Rainbows Fund I, LP | $885K | CA | SEC filing | |
| Ridgeview Arc Capital | Ridgeview Arc Capital LLC - Series 12 | $877K | CA | SEC filing | |
| FF Betr | FF Betr Fund 2 LLC a Series of CGF2021 LLC | $850K | DE | SEC filing | |
| Machina Labs | Machina Labs I, A Series of Republic Deal Room Master Fund, LP | $830K | NY | SEC filing | |
| Ackerley Partners EPL | Ackerley Partners EPL Aug 2023 a Series of CGF2021 LLC | $824K | DE | SEC filing | |
| Ascenta Capital | Ascenta Capital Project Turing SPV, L.P. | $820K | DE | SEC filing | |
| ICS Private | ICS BFF II a Series of ICS Private Markets LLC | $775K | DE | SEC filing | |
| HENRY Collective Ventures | MA-0626 Fund II, a series of HENRY Collective Ventures, LP | $764K | WA | SEC filing | |
| Rogue Women | FU-0821 Fund I, a series of Rogue Women, LP | $695K | WA | SEC filing | |
| AA Ventures | ST-0809 Fund I, a series of AA Ventures, LP | $656K | WA | SEC filing | |
| Cohere-MAV Alternate | Cohere-MAV Alternate Fund I, LP | $623K | K8 | SEC filing | |
| Capitalize | S23 Capitalize Fund NM, a series of Capitalize Funds LP | $622K | NV | 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 September 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.