New venture funds filed in December 2023
82 new venture funds and 242 SPVs filed their first Form D with the SEC in December 2023, with $9.82B in total target capital across the 71 funds that stated a size. The largest was Horsley Bridge Venture 15, L.P. (Horsley Bridge Venture) at $1.45B; California led with 38 new funds; the most common sponsor sectors were AI & ML (23), B2B Software (16) and Healthcare (12). New fund filings were down 2% from November 2023 (84).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 82
- 84 in November
- New SPVs
- 242
- 202 in November
- Target capital
- $9.82B
- across 71 funds with a stated size
- Median fund
- $32M
- offering size
- Largest fund
- $1.45B
- Horsley Bridge Venture
- Sponsoring firms
- 73
- most in California
What was the largest venture fund filed in December 2023?
Horsley Bridge Venture 15, L.P., sponsored by Horsley Bridge Venture (CA), with a $1.45B offering, first filed on Dec 5, 2023. The next largest was Spark Capital Growth Fund V, L.P. (Spark Capital) at $1.4B.
Which states had the most new venture funds in December 2023?
California (38), New York (12), Massachusetts (8), Florida (6) and Washington (5), counted by the sponsoring firm's home state. California's new funds target $4.54B in total.
What sectors do the firms behind December's new funds invest in?
AI & ML (23), B2B Software (16), Healthcare (12), Deep Tech (10) and Climate & Energy (9) lead, by the sectors each sponsoring firm backs. 37 of the 82 funds come from firms with no sector on record yet.
How many SPVs were filed in December 2023?
242 new SPVs and other deal vehicles filed a first Form D in December 2023, against 82 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does December 2023 compare with November 2023?
82 new funds against 84 (−2%), 242 SPVs against 202, and $9.82B of target capital against $6.28B.
Every new venture fund in December 2023
82 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 |
|---|---|---|---|---|---|
| Horsley Bridge Venture | Horsley Bridge Venture 15, L.P. | $1.45B | CA | SEC filing | |
| Spark Capital | Spark Capital Growth Fund V, L.P. | $1.4B | MA | SEC filing | |
| DFJ Growth | DFJ Growth V, L.P. | $1.05B | CA | SEC filing | |
| Spark Capital | Spark Capital VIII, L.P. | $700M | MA | SEC filing | |
| Accel | Accel XVI L.P. | $650M | CA | SEC filing | |
| Alpha Square Group | Alpha Square Group Fund III, LP | $400M | NY | SEC filing | |
| Red Tree | Red Tree Venture Fund II, L.P. | $350M | CA | SEC filing | |
| Energize Ventures | Energize Ventures Fund III LP | $312M | IL | SEC filing | |
| NewView | NewView Capital Special Opportunities Fund III, L.P. | $300M | CA | SEC filing | |
| Safar Partners | Safar Partners Fund III, L.P. | $300M | MA | SEC filing | |
| Neon | Neon Fund I, LP | $250M | NY | SEC filing | |
| BoxGroup | BoxGroup Picks, LP | $213M | NY | SEC filing | |
| BoxGroup | BoxGroup Six, LP | $213M | NY | SEC filing | |
| Longwood Special Situations | Longwood Special Situations Fund, L.P. | $200M | MA | SEC filing | |
| Audacious | Audacious Ventures II, L.P. | $151M | CA | SEC filing | |
| Constructor Capital | Constructor Capital I US LP | $150M | DE | SEC filing | |
| Mosaic Ventures | Mosaic Ventures III, L.P. | $150M | NY | SEC filing | |
| Gasima | Gasima Growth Fund I LP | $100M | FL | SEC filing | |
| Gasima | Gasima Growth Offshore Fund I LP | $100M | FL | SEC filing | |
| Pelion | Pelion Ventures VIII Financial Institutions Fund, L.P. | $91.2M | UT | SEC filing | |
| Antler | Antler US Fund II-A LP | $89.8M | NY | SEC filing | |
| MonCap Fertility | MonCap Fertility Fund, L.P. | $75M | CO | SEC filing | |
| Betaworks Ventures 3.0 | Betaworks Ventures 3.0, LP | $75M | NY | SEC filing | |
| Kearny Jackson | Kearny Jackson Fund III, L.P. | $66.8M | CA | SEC filing | |
| Ludlow Ventures Detroit | Ludlow Ventures Detroit IV LP | $65M | MI | SEC filing | |
| Character VC | Character VC 2, L.P. | $52M | WI | SEC filing | |
| Wavemaker | Wavemaker Pacific 4, L.P. | $50.3M | CA | SEC filing | |
| Ascendo Ventures | Ascendo Ventures I, L.P. | $50M | FL | SEC filing | |
| IA Global | IA Global Fund I, LP | $50M | TX | SEC filing | |
| Asia2G Capital | Asia2G Capital Fund I, L.P. | $50M | CA | SEC filing | |
| Bow-Hico Silicon Valley | Bow-Hico Silicon Valley Fund, LP | $50M | CA | SEC filing | |
| Upfront | Upfront Secondary I, L.P. | $50M | CA | SEC filing | |
| Wavemaker | Wavemaker Pacific 5, L.P. | $41.5M | CA | SEC filing | |
| Wavemaker | Wavemaker Pacific 3, L.P. | $37.4M | CA | SEC filing | |
| NewBuild VC | NewBuild VC Fund I, L.P. | $35M | CA | SEC filing | |
| Highbury | Highbury Holdings XIV, LLC | $32M | WA | SEC filing | |
| Musa Capital | Musa Capital Fund I, LP | $25M | CA | SEC filing | |
| Menlo | Menlo Ventures XVI, L.P. | $25M | CA | SEC filing | |
| DFJ Growth | DFJ Growth V Parallel Fund, LLC | $25M | CA | SEC filing | |
| Demand Signal Ventures | Demand Signal Ventures Fund I, LP | $25M | FL | SEC filing | |
| Fannin | Fannin PI Holdings VII, LLC | $21.3M | TX | SEC filing | |
| OPC | OPC Opportunity Fund I LP | $20M | NC | SEC filing | |
| Contour Venture Partners | Contour Venture Partners V-A, L.P. | $20M | NY | SEC filing | |
| Two Ravens | Two Ravens Fund I, L.P. | $20M | WA | SEC filing | |
| Burnt Island Ventures | BURNT Island Ventures FUND II, LP | $18.5M | NY | SEC filing | |
| Gigafund | Gigafund 0.24, LP | $16M | TX | SEC filing | |
| Carrick | Carrick Capital Partners IV Co-Investment Fund II, L.P. | $15M | CA | SEC filing | |
| Carrick | Carrick Daylight II, LLC | $14.8M | CA | SEC filing | |
| Embedding VC | Embedding VC Fund I, LP | $14.2M | CA | SEC filing | |
| R&R Pallidus | R&R Pallidus Holdings II LLC | $12M | MA | SEC filing | |
| Antler | Antler US Fund II LP | $10.9M | NY | SEC filing | |
| Fuse | Fuse Zuper I, LLC | $10.6M | WA | SEC filing | |
| Rock Yard Ventures | Rock Yard Ventures I, LP | $10M | CA | SEC filing | |
| Prime Set Group | Prime Set Group II, LLC | $10M | CA | SEC filing | |
| Base4 Private Ventures | Base4 Private Ventures III LP | $9.5M | CA | SEC filing | |
| Chateau Latour SPVI | Chateau Latour SPVI LLC | $9M | CA | SEC filing | |
| Renew Capital | Renew Capital Fund 1 LLC | $9M | CO | SEC filing | |
| Markham Valley Ventures | Markham Valley Ventures I, LP | $8.32M | CA | SEC filing | |
| Breakwater Ventures | Breakwater Ventures Fund I, LP | $7.8M | WA | SEC filing | |
| Carrick | Carrick Daylight AB, LLC | $7.4M | CA | SEC filing | |
| Stepchange | Stepchange Fund I, LP | $7.23M | WA | SEC filing | |
| XBTO Humla | XBTO Humla Ventures BSP IV LLC | $7M | NY | SEC filing | |
| Liquid | Liquid OSS LLC | $6.9M | CA | SEC filing | |
| Chakra Growth | Chakra Growth FUND I LLC | $6.58M | CA | SEC filing | |
| Crosslink | Crosslink Bayview X, L.P. | $6M | CA | SEC filing | |
| Inspiration | Inspiration DP 2023-D, LP | $4.4M | CA | SEC filing | |
| Starshot Ventures | Starshot Ventures Fund II LP | $4.15M | FL | SEC filing | |
| AGDF3 | AGDF3 LP | $3.91M | NY | SEC filing | |
| Ballistic Ventures | Ballistic Ventures II Advisors, LP | $3.65M | CA | SEC filing | |
| Xplorer Capital | Xplorer Capital continuation Fund I, LLC | $3.14M | CA | SEC filing | |
| Alpha Edison | Alpha Edison Westwood XVII, L.L.C. | $3M | CA | SEC filing | |
| AV Comm Ave Ventures | AV Comm Ave Ventures Fund 2, LLC | — | MA | SEC filing | |
| AV Stadium Avenue Ventures | AV Stadium Avenue Ventures Fund 2, LLC | — | MA | SEC filing | |
| Transformation Capital | Transformation Capital Partners I-DV, L.P. | — | MA | SEC filing | |
| PSCK | PSCK Fund IV, LP | — | CA | SEC filing | |
| Ruud Visser | Ruud Visser Fund IV, LLC | — | CA | SEC filing | |
| Audaz Capital | Audaz Capital Fund I, LP | — | TX | SEC filing | |
| GRCF2 Happy | GRCF2 Happy SPV1, LP | — | CA | SEC filing | |
| HCM S14Ai | HCM S9Aiii LP | — | CA | SEC filing | |
| Dot Capital | Dot Capital 8, LP | — | FL | SEC filing | |
| 500 Global | Sanabil 500 Mena Accelerator II, L.P. | — | CA | SEC filing | |
| Vree Ventures | Vree Ventures Fund I, L.P. | — | NC | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 38 | 17 | $4.54B |
| New York | 12 | 18 | $1.45B |
| Massachusetts | 8 | 8 | $2.61B |
| Florida | 6 | 6 | $279M |
| Washington | 5 | 121 | $77.7M |
| Texas | 4 | 4 | $87.3M |
| Colorado | 2 | 2 | $84M |
| North Carolina | 2 | 2 | $20M |
| Delaware | 1 | 36 | $150M |
| Illinois | 1 | 3 | $312M |
| Utah | 1 | 1 | $91.2M |
| Wisconsin | 1 | 1 | $52M |
| Michigan | 1 | 0 | $65M |
| New Hampshire | 0 | 5 | — |
| Vermont | 0 | 3 | — |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 37 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 23 | 57 | $4.82B |
| B2B Software | 16 | 24 | $1.88B |
| Healthcare | 12 | 23 | $1.3B |
| Deep Tech | 10 | 11 | $785M |
| Climate & Energy | 9 | 25 | $779M |
| Cybersecurity | 7 | 10 | $142M |
| Developer Tools | 4 | 0 | $502M |
| Mobility & Logistics | 3 | 54 | $37.2M |
| Fintech | 3 | 16 | $415M |
| Media, Gaming & Creator | 2 | 21 | $7M |
| Biotech & Pharma | 2 | 18 | $221M |
| Industrial & Manufacturing | 2 | 6 | $612M |
| Hardware & Robotics | 2 | 2 | $69.9M |
| Space | 1 | 10 | $10.6M |
| Consumer | 1 | 5 | $10M |
New SPVs and deal vehicles in December 2023
The 50 largest of 242; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| NewView | NewView HI SPV, LLC | $50.2M | CA | SEC filing | |
| Wavemaker | Wavemaker Impact VCC - Wavemaker Impact Sub-Fund 1 | $18M | CA | SEC filing | |
| Engine | Engine Fund I SPV-D, LLC | $14M | MA | SEC filing | |
| Climate Capital Seed | Fund I, a series of Climate Capital Seed, LP | $10M | WA | SEC filing | |
| Versus Ventures | Versus Ventures Fund 1, a series of Versus Ventures, LP | $10M | WA | SEC filing | |
| Rockstart Emerging Tech Ventures | Latam Fund I, a series of Rockstart Emerging Tech Ventures, LP | $6M | WA | SEC filing | |
| Valor Venture Fund Syndicates | CO-1124 Fund I, a series of Valor Venture Fund Syndicates, LP | $5.26M | WA | SEC filing | |
| Harbright | Harbright 2023 SonoVascular Series, a series of Harbright LLC | $3M | NC | SEC filing | |
| Stonks SPVs | SpaceX May 2023 a Series of Stonks SPVs LLC | $2.95M | CA | SEC filing | |
| LTMR | LTMR C , LP | $2.58M | TX | SEC filing | |
| Innovation Studio | Innovation Studio Fund 1, LP | $2.5M | TN | SEC filing | |
| FDVC | FDVC & SPV, LP | $2.48M | WA | SEC filing | |
| Trucks Growth | JE-0726 Fund I, a series of Trucks Growth Fund LP | $2.34M | WA | SEC filing | |
| SP Mount Guardian | SP Mount Guardian, LLC | $2.27M | TX | SEC filing | |
| XBTO Humla | XBTO Humla Ventures BSP III LLC | $2.27M | NY | SEC filing | |
| TWO Bear Capital | TWO Bear Capital SPV III, LP | $2.25M | MT | SEC filing | |
| FDVC | FDVC SPA SPV, LP | $2.16M | WA | SEC filing | |
| XBTO Humla | XBTO Humla Ventures BSP II LLC | $2.15M | NY | SEC filing | |
| FPG Ad | FPG Ad Nexum I, LP | $2M | IL | SEC filing | |
| Wavemaker | Wavemaker Labs PTE. LTD. | $1.92M | CA | SEC filing | |
| GSBackers Cambium | GSBackers Cambium Fund I a Series of CGF2021 LLC | $1.69M | DE | SEC filing | |
| Ready Entertainment | Ready Entertainment, LLC | $1.65M | GA | SEC filing | |
| Giant Leap Masters | Andromeda a Series of Giant Leap Masters LLC | $1.65M | DE | SEC filing | |
| MVC | MVC Fund III, LLC Series F Units | $1.62M | WI | SEC filing | |
| Vibe Bio Platform | Vibe Bio Fund I a Series of Vibe Bio Platform LLC | $1.58M | DE | SEC filing | |
| Breakwater Ventures | Breakwater Ventures Fund I-A, LP | $1.55M | WA | SEC filing | |
| OpenAI InvestX Capital | OpenAI InvestX Capital USA a Series of CGF2021 LLC | $1.55M | DE | SEC filing | |
| Renew Venture Lab | Renew Venture Lab Fund 1 LLC | $1.53M | CO | SEC filing | |
| Parade VC | CA-1108 Fund V, a series of Parade VC, LP | $1.51M | WA | SEC filing | |
| Alpha Edison | Alpha Edison Westwood XVI, L.L.C. | $1.5M | CA | SEC filing | |
| Silent Capital | Silent Capital VIII, a series of Silent Capital Holdings, LP | $1.5M | WA | SEC filing | |
| BCGConvexVoia1 | BCGConvexVoia1, LLC | $1.3M | FL | SEC filing | |
| Anchor Capital | Vesta FFH Nov 2023 a Series of Anchor Capital GP II LLC | $1.25M | MA | SEC filing | |
| Riptide Syndicate | Riptide NeuroIntact, a Series of Riptide Syndicate Master LP | $1.23M | DE | SEC filing | |
| Greentrail Private | Greentrail Private Opportunities IX LLC | $1.12M | P7 | SEC filing | |
| HPA 2025 H Investment | HPA 2023 A Investment, LLC | $1.11M | IL | SEC filing | |
| Lunch Pail | VE-0915 Fund I, a series of Lunch Pail Ventures, LP | $1.09M | WA | SEC filing | |
| FF ValiCyber | FF ValiCyber Fund LLC a Series of CGF2021 LLC | $1.05M | DE | SEC filing | |
| Nural | Nural Delta a Series of Nural Opportunities LLC | $1.02M | DE | SEC filing | |
| Exceptional | Exceptional Fund I, a series of Exceptional Fund, LP | $1M | WA | SEC filing | |
| Wavemaker | Wavemaker Pacific 1 PTE LTD | $1M | CA | SEC filing | |
| Gateway VCA | Gateway VCA 1123, LP | $1M | TX | SEC filing | |
| XBTO Humla | Humla Opportunity SPV I LLC | $1000K | NY | SEC filing | |
| XBTO Humla | XBTO Humla Ventures BSP I LLC | $1000K | NY | SEC filing | |
| Features Capital | Features Capital Opp Aug 2023 a Series of CGF2021 LLC | $977K | VT | SEC filing | |
| AVSF | AVSF - Earli 2023, LLC | $968K | NH | SEC filing | |
| DVx Interstellar | DVx Interstellar SPV, L.P. | $940K | MA | SEC filing | |
| Omri Dahan | SN-1107 Fund I, a series of Omri Dahan Funds, LP | $910K | WA | SEC filing | |
| XC Fiscal Note | XC Fiscal Note - C, LLC | $905K | CA | SEC filing | |
| HSI Phaidra | HSI Phaidra II LLC | $805K | CA | 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 December 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.