New venture funds filed in November 2023
84 new venture funds and 202 SPVs filed their first Form D with the SEC in November 2023, with $6.28B in total target capital across the 57 funds that stated a size. The largest was Flagship Pioneering Fund VIII, L.P. (Flagship Pioneering) at $2.59B; California led with 31 new funds; the most common sponsor sectors were AI & ML (19), Cybersecurity (12) and Healthcare (11). New fund filings were up 24% from October 2023 (68).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 84
- 68 in October
- New SPVs
- 202
- 360 in October
- Target capital
- $6.28B
- across 57 funds with a stated size
- Median fund
- $29M
- offering size
- Largest fund
- $2.59B
- Flagship Pioneering
- Sponsoring firms
- 75
- most in California
What was the largest venture fund filed in November 2023?
Flagship Pioneering Fund VIII, L.P., sponsored by Flagship Pioneering (MA), with a $2.59B offering, first filed on Nov 29, 2023. The next largest was Ballistic Ventures II, LP (Ballistic Ventures) at $357M.
Which states had the most new venture funds in November 2023?
California (31), New York (12), Massachusetts (11), Utah (4) and Texas (3), counted by the sponsoring firm's home state. California's new funds target $1.59B in total.
What sectors do the firms behind November's new funds invest in?
AI & ML (19), Cybersecurity (12), Healthcare (11), Deep Tech (9) and Climate & Energy (7) lead, by the sectors each sponsoring firm backs. 36 of the 84 funds come from firms with no sector on record yet.
How many SPVs were filed in November 2023?
202 new SPVs and other deal vehicles filed a first Form D in November 2023, against 84 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does November 2023 compare with October 2023?
84 new funds against 68 (+24%), 202 SPVs against 360, and $6.28B of target capital against $3.4B.
Every new venture fund in November 2023
84 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 |
|---|---|---|---|---|---|
| Flagship Pioneering | Flagship Pioneering Fund VIII, L.P. | $2.59B | MA | SEC filing | |
| Ballistic Ventures | Ballistic Ventures II, LP | $357M | CA | SEC filing | |
| Cota | Cota Enterprise Ventures III, L.P. | $250M | CA | SEC filing | |
| Savory | Savory Fund III QP LP | $250M | UT | SEC filing | |
| InvOpps | InvOpps FT3 LP | $205M | NY | SEC filing | |
| AN Venture Partners | AN Venture Partners I, LP | $197M | CA | SEC filing | |
| AI Venture | AI Venture Fund II, L.P. | $189M | CA | SEC filing | |
| Cintrifuse Fund III R1 | Cintrifuse Fund III R1, LLC | $175M | OH | SEC filing | |
| Windham Life Sciences Partners | Windham Life Sciences Partners IV, L.P. | $150M | NY | SEC filing | |
| Work-Bench Ventures | Work-Bench Ventures IV, LP | $125M | NY | SEC filing | |
| J2 Ventures Strategic | J2 Ventures Argonne Fund (A), L.P. | $120M | MA | SEC filing | |
| Fund Launch Partners | Fund Launch Partners I LP | $100M | UT | SEC filing | |
| SVC Catalyst | SVC Catalyst Fund LP | $100M | GA | SEC filing | |
| Slauson | Slauson & Co. Fund II, L.P. | $100M | CA | SEC filing | |
| TKF | TKF II L.P. | $100M | MO | SEC filing | |
| Mauloa | Mauloa Fund I, LLC | $100M | MD | SEC filing | |
| Pulse Pioneer | Pulse Pioneer Fund, LP | $100M | DE | SEC filing | |
| Founder Collective | Founder Collective V, L.P. | $95.2M | MA | SEC filing | |
| Essentia Ventures | Essentia Ventures Early Stage, L.P. | $80M | CA | SEC filing | |
| Aspenwood | Aspenwood II, L.P. | $75M | CA | SEC filing | |
| OSS Capital | OSS Capital III, L.P. | $75M | CA | SEC filing | |
| Female Founders | Female Founders Fund IV, L.P. | $75M | NY | SEC filing | |
| Black Opal Ventures | Black Opal Ventures Fund I, L.P. | $62.7M | NY | SEC filing | |
| Linse Capital | Linse Capital VER II LLC | $55M | PR | SEC filing | |
| UNION Labs Ventures | UNION Labs Ventures II, L.P. | $50M | CA | SEC filing | |
| FirstLook Partners | FirstLook Partners Fund I, L.P. | $40M | CA | SEC filing | |
| Trinity Alps Venture | Trinity Alps Venture Opportunities Fund II LP | $35M | CA | SEC filing | |
| Equitage Ventures | Equitage Ventures, L.P. | $29.9M | CO | SEC filing | |
| DFJ Growth | DFJ Growth ANDL Investors, L.P. | $29M | CA | SEC filing | |
| SaaS Ventures | SaaS Ventures III, L.P. | $28.6M | FL | SEC filing | |
| Tramway Venture Partners | Tramway Venture Partners III, LP | $26.7M | NM | SEC filing | |
| Magnolia | Magnolia Opportunities LLC 2 | $21.5M | NE | SEC filing | |
| Stormbreaker | Stormbreaker FUND II LP | $20.6M | CO | SEC filing | |
| Fulcrum Venture | Fulcrum Venture Fund I LP | $20M | CA | SEC filing | |
| Blackwood Healthcare Breakthroughs | Blackwood Healthcare Breakthroughs Fund I, L.P. | $20M | CA | SEC filing | |
| ECP Opportunities C1 | ECP O2, LLC | $19.8M | CA | SEC filing | |
| Uc Impower | Uc Impower FUND I LP | $18.5M | WA | SEC filing | |
| Cosmic | Cosmic 20231, L.P. | $18.3M | CA | SEC filing | |
| Overlap | Overlap Holdings Flagship Fund 1 QP, LP | $16M | NY | SEC filing | |
| Breakthrough Ventures | Breakthrough Ventures Fund 1, Limited Partnership | $15M | WY | SEC filing | |
| Northgate Direct | Northgate Growth Fund III, L.P. | $14.5M | CA | SEC filing | |
| FCC FH SMA | FCC FH SMA II, L.P. | $14.1M | CA | SEC filing | |
| Tamiami | Tamiami Angel Fund V, LLC | $12.5M | FL | SEC filing | |
| Greenfield Technology Partners | Greenfield Technology Partners Fund LP | $12M | UT | SEC filing | |
| Overlap | Overlap Holdings Flagship Fund 1, LP | $10.7M | NY | SEC filing | |
| Trust Ventures | Trust Ventures AI Fund, LP | $10M | TX | SEC filing | |
| Forum Ventures | Forum Ventures Accelerator Fund V, LP | $9.65M | NY | SEC filing | |
| MVC | MVC Opportunity Q Fund, LLC Series A Units | $8.9M | WI | SEC filing | |
| Mauloa | Mauloa - Oc, LLC | $7.5M | MD | SEC filing | |
| Swizzle Ventures | Swizzle Ventures Fund I, LP | $6.64M | WA | SEC filing | |
| Momentum | Momentum FUND I, LP | $6.35M | NY | SEC filing | |
| Service Provider Capital | Service Provider Capital Midwest Fund III, LP | $6M | CO | SEC filing | |
| WIV Ventures | WIV Ventures Fund I, LP | $6M | TX | SEC filing | |
| C5 Energy | C5 Energy Investors II LP | $6M | DC | SEC filing | |
| CircularIT Ventures | CircularIT Ventures Fund I, LP | $5M | CA | SEC filing | |
| gener8tor | gener8tor Great Plains Fund I, LLC | $4.2M | WI | SEC filing | |
| Comstock | Comstock Fund 5 LLC | $3.38M | AZ | SEC filing | |
| Nico Ferreyra | Nico Ferreyra Fund IV, LP | — | CA | SEC filing | |
| Levelized Capital | Levelized Capital I LP | — | CA | SEC filing | |
| SaaS Ventures | SaaS Ventures III-A, L.P. | — | FL | SEC filing | |
| BSF | BSF Opportunity Fund I, LP | — | CA | SEC filing | |
| DXII | DXII Fund, LP | — | TX | SEC filing | |
| Curiosity Group | Curiosity Group Opportunity One, LP | — | CA | SEC filing | |
| Quiet | Quiet Access X, LP | — | CA | SEC filing | |
| Quiet | Quiet Oa Access LP | — | CA | SEC filing | |
| Great Wave Ventures | Great Wave Ventures Fund II L.P. | — | NY | SEC filing | |
| Alumni Ventures AI | Alumni Ventures AI Fund Q4 2023 A, LLC | — | MA | SEC filing | |
| Alumni Ventures AI | Alumni Ventures AI Fund Q4 2023 Q, LLC | — | MA | SEC filing | |
| AV Fowler Street Ventures | AV Fowler Street Ventures Fund 2, LLC | — | MA | SEC filing | |
| AV Franklin Street Ventures | AV Franklin Street Ventures Fund 2, LLC | — | MA | SEC filing | |
| AV Potomac Ventures | AV Potomac Ventures Fund 2, LLC | — | MA | SEC filing | |
| Enduring Love | Enduring Love LLC Healthy EFG | — | CA | SEC filing | |
| Enduring Love | Enduring Love LLC Love in Healthcare | — | CA | SEC filing | |
| Enduring Love | Enduring Love LLC Loving in Healthcare | — | CA | SEC filing | |
| Ex Nihilo | Ex Nihilo Fund, LP | — | NY | SEC filing | |
| AV Sports | AV Sports Fund 1, LLC | — | MA | SEC filing | |
| C5 Energy | C5 Diverse Founders Fund LP | — | DC | SEC filing | |
| General Catalyst Group | General Catalyst Group XII, L.P. | — | NY | SEC filing | |
| Harpoon Ventures | Harpoon Ventures Fund IV-A, L.P. | — | CA | SEC filing | |
| Philo | Philo Advisors Holdings, LLC | — | UT | SEC filing | |
| AV Doctors Innovate | AV Doctors Innovate Fund 1, LLC | — | MA | SEC filing | |
| AV Yoshino Ventures | AV Yoshino Ventures Fund 2, LLC | — | MA | SEC filing | |
| GreatPoint | GreatPoint Opportunity Fund I, L.P. | — | CA | SEC filing | |
| GreatPoint | GreatPoint Ventures Innovation Fund IV, L.P. | — | CA | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 31 | 10 | $1.59B |
| New York | 12 | 10 | $660M |
| Massachusetts | 11 | 5 | $2.81B |
| Utah | 4 | 6 | $362M |
| Texas | 3 | 4 | $16M |
| Florida | 3 | 3 | $41.1M |
| Colorado | 3 | 2 | $56.4M |
| Washington | 2 | 114 | $25.2M |
| Wisconsin | 2 | 2 | $13.1M |
| District of Columbia | 2 | 0 | $6M |
| Maryland | 2 | 0 | $108M |
| Delaware | 1 | 17 | $100M |
| Arizona | 1 | 0 | $3.38M |
| Georgia | 1 | 0 | $100M |
| Missouri | 1 | 0 | $100M |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 36 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 19 | 42 | $1.44B |
| Cybersecurity | 12 | 11 | $1.12B |
| Healthcare | 11 | 28 | $3.05B |
| Deep Tech | 9 | 6 | $2.99B |
| Climate & Energy | 7 | 21 | $124M |
| B2B Software | 6 | 21 | $413M |
| Media, Gaming & Creator | 6 | 3 | $192M |
| Biotech & Pharma | 5 | 18 | $2.96B |
| Developer Tools | 5 | 1 | $508M |
| Industrial & Manufacturing | 3 | 5 | $155M |
| GovTech & Public Sector | 3 | 0 | $147M |
| Consumer | 2 | 11 | $106M |
| Food & Agriculture | 2 | 9 | $2.59B |
| Hardware & Robotics | 2 | 7 | $50M |
| Space | 2 | 5 | $155M |
New SPVs and deal vehicles in November 2023
The 50 largest of 202; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| SVP Deal | SVP Deal Fund II - restor3d LP | $55M | CO | SEC filing | |
| MIH Capital | Fund I, a series of MIH Capital, LP | $10M | WA | SEC filing | |
| RET Ventures | RET Ventures SPV III, L.P. | $9.3M | UT | SEC filing | |
| Ventioneers Advised | SP-1013 Fund I, a series of Ventioneers Advised Funds, LP | $8.28M | TX | SEC filing | |
| FCA Hi - JV | FCA Hi - JV SPV, LLC | $7.11M | TN | SEC filing | |
| Red Tree | Red Tree SPV MI, L.P. | $5M | CA | SEC filing | |
| Crossbeam | Crossbeam - Spot II Equity SPV LLC | $4.59M | NY | SEC filing | |
| Node | Tenstorrent Sep 2023 a Series of Node Master LLC | $4.38M | DE | SEC filing | |
| Netz-Gaia Capital | Fund I, a series of Netz-Gaia Capital, LP | $4.06M | WA | SEC filing | |
| Penultima Capital | Penultima Capital SPV-II, LLC | $3.6M | PA | SEC filing | |
| Grix | Grix Onboard SPV I, LLC | $3.1M | UT | SEC filing | |
| Science | LI-1008 Fund III, a series of Science Funds, LP | $2.55M | WA | SEC filing | |
| Foundt Capital | Foundt Capital Fund LP | $2.5M | TX | SEC filing | |
| Anchor Capital | Petal Oct 2023 a Series of Anchor Capital GP II LLC | $2.41M | MA | SEC filing | |
| Beta12 | Beta12 LP | $2.39M | FL | SEC filing | |
| Cava Capital | Cava Capital SPV XVI-B, LLC | $2.33M | CT | SEC filing | |
| Albert | PR-1005 Fund I, a series of Albert Lai, LP | $2.25M | WA | SEC filing | |
| Wavemaker | Wavemaker 360 Camino, LLC | $2.23M | CA | SEC filing | |
| Grix | Grix Superconductive SPV I, LLC | $2.22M | UT | SEC filing | |
| Grix | Grix Pecora SPV I, LLC | $2.1M | UT | SEC filing | |
| Arete Tech | Arete Tech Fund 23, L.P. | $2M | IN | SEC filing | |
| Wavemaker | Wavemaker 360 Prollergy, LLC | $2M | CA | SEC filing | |
| Proof | Proof III PDI LLC | $1.93M | VA | SEC filing | |
| Bitcoin Magazine | Bitcoin Magazine Fund, LP - A2 | $1.86M | WA | SEC filing | |
| Darius - Chinedu | CO-0512 Fund I, a series of Darius - Chinedu Funds, LP | $1.67M | WA | SEC filing | |
| MissionOG | MissionOG ID Investment II LLC | $1.59M | PA | SEC filing | |
| FC SmithRx | FC SmithRx Series C, LP | $1.55M | MA | SEC filing | |
| Lit Venture Partners | Litquidity Venture Partners I a Series of Lit Venture Partners LLC | $1.5M | DE | SEC filing | |
| MVC | MVC Opportunity Fund, LLC Series D Units | $1.5M | WI | SEC filing | |
| 4p2024 | 4p2024, LLC | $1.5M | UT | SEC filing | |
| Santa Cruz Venture | Santa Cruz Venture Fund I, LP | $1.48M | CA | SEC filing | |
| Capital Factory Ventures | Capital Factory Ventures, LP - C3 | $1.27M | WA | SEC filing | |
| EBX MX | EBX MX, LP | $1.2M | CA | SEC filing | |
| What If Ventures | Alto Neuro C a Series of What If Ventures Master LLC | $1.16M | DE | SEC filing | |
| Venley Capital | SpaceX 3 Sep 2023 a Series of Venley Capital Fund LLC | $1.15M | DE | SEC filing | |
| Traxion Capital GA | Traxion Capital GA, LLC | $1.1M | CA | SEC filing | |
| MarketX Ventures | MarketX Stripe Fund I, a series of MarketX Ventures LLC | $1.1M | FL | SEC filing | |
| Siam Capital | Siam Capital PPL II, L.P. | $1.1M | NY | SEC filing | |
| Mentors | Mentors Fund II, LP - C2 | $1.05M | WA | SEC filing | |
| Amity SVMX | Amity SVMX Fund LP a Series of CGF2021 LLC | $1.01M | DE | SEC filing | |
| PBC | Palm Ventures - 001 a Series of PBC LLC | $950K | DE | SEC filing | |
| Geometric Capital | SM-0911 Fund II, a series of Geometric Capital, LP | $940K | WA | SEC filing | |
| Red Beard AN | Red Beard AN I, LP | $916K | NY | SEC filing | |
| Boon Fund Investments | PA-0323 Fund I, a series of Boon Fund Investments, LP | $911K | WA | SEC filing | |
| AVSF | AVSF - Hawkeye 2023, LLC | $881K | NH | SEC filing | |
| MVC | MVC Opportunity Fund, LLC Series E Units | $810K | WI | SEC filing | |
| Bee Partners | IR Fund III, a series of Bee Partners SPV, LP | $705K | CA | SEC filing | |
| CV IV Contact | CV IV Contact, LLC | $650K | CA | SEC filing | |
| Trucks Growth | Trucks Growth Fund LP - C3 | $637K | WA | SEC filing | |
| Tokenfolio | Tokenfolio Fund XIV, LP | $622K | K7 | 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 November 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.