New venture funds filed in February 2025
82 new venture funds and 230 SPVs filed their first Form D with the SEC in February 2025, with $4.41B in total target capital across the 62 funds that stated a size. The largest were Base10 Seed & Series A IV, L.P. (Base10) and Base10 Series B II, L.P. (Base10), at $450M each; California led with 34 new funds; the most common sponsor sectors were B2B Software (19), AI & ML (16) and Healthcare (10). New fund filings were down 34% from January 2025 (124).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 82
- 124 in January
- New SPVs
- 230
- 334 in January
- Target capital
- $4.41B
- across 62 funds with a stated size
- Median fund
- $20M
- offering size
- Largest fund
- $450M
- 2 tied
- Sponsoring firms
- 67
- most in California
What was the largest venture fund filed in February 2025?
Base10 Seed & Series A IV, L.P. (Base10) and Base10 Series B II, L.P. (Base10) tied at $450M each.
Which states had the most new venture funds in February 2025?
California (34), Texas (9), New York (6), Florida (6) and Massachusetts (5), counted by the sponsoring firm's home state. California's new funds target $3.22B in total.
What sectors do the firms behind February's new funds invest in?
B2B Software (19), AI & ML (16), Healthcare (10), Media, Gaming & Creator (7) and Developer Tools (6) 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 February 2025?
230 new SPVs and other deal vehicles filed a first Form D in February 2025, against 82 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does February 2025 compare with January 2025?
82 new funds against 124 (−34%), 230 SPVs against 334, and $4.41B of target capital against $6.62B.
Every new venture fund in February 2025
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 |
|---|---|---|---|---|---|
| Base10 | Base10 Seed & Series A IV, L.P. | $450M | CA | SEC filing | |
| Base10 | Base10 Series B II, L.P. | $450M | CA | SEC filing | |
| Obvious Ventures | Obvious Ventures V, L.P. | $400M | CA | SEC filing | |
| Atlas Growth | Atlas Growth, L.P. | $350M | CA | SEC filing | |
| Decibel | Decibel Partners III, LP | $317M | CA | SEC filing | |
| Bonfire Ventures | Bonfire Ventures IV, LP | $240M | CA | SEC filing | |
| Kindred | Kindred Ventures IV, L.P. | $230M | CA | SEC filing | |
| Camber Creek | Camber Creek Fund V, LP | $225M | MD | SEC filing | |
| Footwork | Footwork Fund II, L.P. | $225M | CA | SEC filing | |
| NextView | NextView Ventures VI, L.P. | $135M | MA | SEC filing | |
| Kindred | Kindred Selector II, L.P. | $100M | CA | SEC filing | |
| 8VC AI | 8VC DSS, L.P. | $100M | TX | SEC filing | |
| 2048 Ventures | 2048 Ventures III, LP | $82M | NJ | SEC filing | |
| Sazze | Sazze Fund III, LP | $78.7M | CA | SEC filing | |
| Crossbeam | Crossbeam Venture Partners Fund III LP | $75M | NY | SEC filing | |
| 8VC AI | 8VC DSS A, L.P. | $75M | TX | SEC filing | |
| NextView | NextView All Access II, L.P. | $65M | MA | SEC filing | |
| Orange Collective | Orange Collective Fund I L.P. | $59M | CA | SEC filing | |
| Valkyrie | Valkyrie Fund II LP | $50M | CO | SEC filing | |
| Heavybit | Heavybit Holdings V Opportunity, L.P. | $50M | CA | SEC filing | |
| CHVC | CHVC Fund I LP | $50M | MA | SEC filing | |
| AJRX | AJRX, LLC | $45M | FL | SEC filing | |
| Parceiro Ventures | Parceiro Ventures II, L.P. | $40M | MN | SEC filing | |
| Seven Stars Ventures | Seven Stars Ventures I, L.P. | $40M | CA | SEC filing | |
| IronArc | IronArc Opportunities V, LP | $37.1M | TX | SEC filing | |
| KRM Investment Partners | KRM Investment Partners LLC | $36M | CA | SEC filing | |
| Immad Akhund Ventures | Immad Akhund Ventures, L.P. | $26M | CA | SEC filing | |
| SPIR | SPIR LLC | $25M | FL | SEC filing | |
| Xtal Ventures | Xtal Ventures Fund I LP | $24.8M | CA | SEC filing | |
| 3i Partners | 3i Partners Fund II, LLC | $23.5M | CA | SEC filing | |
| 2946 Ventures | 2946 Ventures FUND I, LLLP | $20M | IA | SEC filing | |
| Slipstream | Slipstream Investors II, LP | $20M | MD | SEC filing | |
| SYON | SYON Capital DB, LP | $19.9M | CA | SEC filing | |
| Highland Creek Partners | Highland Creek Partners Fund I-B, LP | $15.4M | CA | SEC filing | |
| Operator Collective | Operator Collective Fund III, L.P. | $15M | CA | SEC filing | |
| Wellness Growth Ventures | Wellness Growth Ventures I LP | $15M | CA | SEC filing | |
| Founder Capital | Founder Capital Fund I, LP | $15M | CA | SEC filing | |
| Claritas Signal Partners | Claritas Signal Partners II, LLC | $13M | TN | SEC filing | |
| 111 West Capital | 111 West Capital CC LLC | $12.1M | WY | SEC filing | |
| 8VC AI | 8VC Entrepreneurs Fund VI, L.P. | $10.5M | TX | SEC filing | |
| Hallstone Ventures | Hallstone Ventures Fund 1, LP | $10M | CA | SEC filing | |
| Liberty Ventures | Liberty Ventures Fund I, LP | $10M | PA | SEC filing | |
| WAVE | WAVE Technology Impact Fund, LP | $10M | TX | SEC filing | |
| Blockchange | Blockchange Fund Parallel Investments (2025) Feeder, L.P. | $10M | FL | SEC filing | |
| Blockchange | Blockchange Fund Parallel Investments (2025), L.P. | $10M | FL | SEC filing | |
| U.S. Venture Partners | U.S. Venture Partners Select Fund I-A, L.P. | $10M | CA | SEC filing | |
| 111 West Capital | 111 West Capital CS LLC | $9.91M | WY | SEC filing | |
| IronArc | IronArc Opportunities VIII, LP | $8.36M | TX | SEC filing | |
| 111 West Capital | 111 West Capital AB LLC | $8.07M | WY | SEC filing | |
| Corner | Corner XE, LLC | $8M | NY | SEC filing | |
| Wings of | Wings of Mercury XX LP | $7.8M | TX | SEC filing | |
| Chapel Oak Capital | Chapel Oak Capital, L.P. | $5.88M | MI | SEC filing | |
| Highland Creek Partners | Highland Creek Partners Fund I-A, LP | $5.66M | CA | SEC filing | |
| Blockstreet Capital | Blockstreet Capital Fund I, LP | $5M | CA | SEC filing | |
| Goodwater Pacific | Goodwater Pacific, L.P. | $5M | CA | SEC filing | |
| WSC | WSC Fund 9, LP | $4.32M | NC | SEC filing | |
| 111 West Capital | 111 West Capital CB LLC | $4.2M | WY | SEC filing | |
| Tal-SNR plus1 dBS | Tal-SNR plus1 dBS, L.P. | $4.1M | WA | SEC filing | |
| WSC | WSC Fund 7, LP | $3.79M | NC | SEC filing | |
| Hivemind | Hivemind Futureplay III, LLC | $3.4M | NY | SEC filing | |
| MET Fund II Ventures | MET Fund II Ventures LP | $3.25M | MA | SEC filing | |
| Socratic nEye | Socratic nEye Holdings LLC | $3.1M | MA | SEC filing | |
| FPV | FPV Fund II, L.P. | — | WY | SEC filing | |
| Logos | Logos Opportunities Fund V LP | — | CA | SEC filing | |
| Epic Ventures | Epic Ventures VII, L.P. | — | UT | SEC filing | |
| Grit Capital Seed | Grit Capital Seed III, LP | — | MD | SEC filing | |
| IronArc | IronArc Opportunities X, LP | — | TX | SEC filing | |
| Intudo | Intudo Serendipity I, LLC | — | CA | SEC filing | |
| Anansi Capital | Anansi Capital FUND I LP | — | CA | SEC filing | |
| Quiet | Quiet AD, LP | — | CA | SEC filing | |
| Sound Ventures | Sound Ventures AI Co-Investment A-II, L.P. | — | CA | SEC filing | |
| Ethereum Aligned Ventures | Ethereum Aligned Ventures Fund I LP | — | FL | SEC filing | |
| Worldbuild Ventures | Worldbuild Ventures I, LP | — | NY | SEC filing | |
| GC AVANTech | GC AVANTech III LP | — | NY | SEC filing | |
| GC AVANTech | GC AVANTech II LP | — | NY | SEC filing | |
| Coalition Operators | Coalition Operators Fund II, LP | — | DE | SEC filing | |
| Quiet | Quiet S1, LP | — | CA | SEC filing | |
| Terrain | Terrain Opportunity I, LP | — | MD | SEC filing | |
| Transcend Network | Transcend Network Fund I, LP | — | FL | SEC filing | |
| Latitude Capital | Latitude Capital I, LP | — | CA | SEC filing | |
| CCDV Nuclear | CCDV Nuclear LLC | — | TX | SEC filing | |
| Mudita Venture | Mudita Venture Fund II LLC | — | MI | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 34 | 15 | $3.22B |
| Texas | 9 | 10 | $249M |
| New York | 6 | 15 | $86.4M |
| Florida | 6 | 7 | $90M |
| Massachusetts | 5 | 9 | $256M |
| Wyoming | 5 | 2 | $34.2M |
| Maryland | 4 | 0 | $245M |
| North Carolina | 2 | 4 | $8.11M |
| Michigan | 2 | 1 | $5.88M |
| Washington | 1 | 94 | $4.1M |
| Delaware | 1 | 49 | — |
| New Jersey | 1 | 2 | $82M |
| Minnesota | 1 | 1 | $40M |
| Colorado | 1 | 0 | $50M |
| Iowa | 1 | 0 | $20M |
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 |
|---|---|---|---|
| B2B Software | 19 | 13 | $965M |
| AI & ML | 16 | 76 | $2.27B |
| Healthcare | 10 | 19 | $469M |
| Media, Gaming & Creator | 7 | 6 | $1.13B |
| Developer Tools | 6 | 10 | $571M |
| Crypto & Web3 | 5 | 6 | $23.4M |
| Fintech | 5 | 6 | $114M |
| Biotech & Pharma | 3 | 24 | $10M |
| E-commerce & Retail | 3 | 2 | $63.9M |
| Consumer | 2 | 14 | $275M |
| Deep Tech | 2 | 10 | $90M |
| Cybersecurity | 2 | 6 | $332M |
| Climate & Energy | 1 | 29 | — |
| Mobility & Logistics | 0 | 44 | — |
| Food & Agriculture | 0 | 19 | — |
New SPVs and deal vehicles in February 2025
The 50 largest of 230; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| Operator Collective | Operator Collective Fund III - Q, L.P. | $125M | CA | SEC filing | |
| Parkway | Parkway Co-Investment 12 (Figure Series C) QP LP | $86.6M | NY | SEC filing | |
| Capital Factory | AP-1125 Fund V, a series of Capital Factory, LP | $77.6M | WA | SEC filing | |
| Eclipse | Eclipse SPV XX, L.P. | $75M | CA | SEC filing | |
| 8VC Build Saronic | 8VC Build Saronic SPV II, LLC | $53.4M | TX | SEC filing | |
| 021 Capital | Fund I, a series of 021 Capital, LP | $30M | WA | SEC filing | |
| K5 Tech | K5 Tech Fund I, LP - Series 112 | $27.5M | FL | SEC filing | |
| 8VC EPSD | 8VC EPSD SPV I-A, LLC | $25M | TX | SEC filing | |
| 8VC Build Saronic | 8VC Build Saronic SPV II-A, LLC | $21.6M | TX | SEC filing | |
| 111 West Capital | 111 West Capital SPV-2 LLC | $15.5M | WY | SEC filing | |
| Eclipse | Eclipse SPV XXIII, L.P. | $15M | CA | SEC filing | |
| E1 Ventures | Foundation VII a Series of E1 Ventures Master LLC | $11M | DE | SEC filing | |
| E1 Ventures | Foundation IX a Series of E1 Ventures Master LLC | $10.4M | DE | SEC filing | |
| Engine | Engine Fund I SPV-F, LLC | $9.5M | MA | SEC filing | |
| K5 Tech | K5 Tech Fund I, LP - Series 114 | $8.39M | FL | SEC filing | |
| E1 Ventures | Defense IV a Series of E1 Ventures Master LLC | $8.33M | DE | SEC filing | |
| Parkway | Parkway Co-Investment 12 (Figure Series C) LP | $7.72M | NY | SEC filing | |
| E1 Ventures | Collective Synergy I a Series of E1 Ventures Master LLC | $7.35M | DE | SEC filing | |
| E1 Ventures | Colossus West III a Series of E1 Ventures Master LLC | $7.16M | DE | SEC filing | |
| Nowadays | Nowadays SPV LLC | $6.81M | MA | SEC filing | |
| FDVC LFG | Aethel Energy SPV I a Series of FDVC LFG LLC | $6.67M | DE | SEC filing | |
| AGC | AGC Series IX Fund I, a series of AGC Opportunities Fund I, LP | $6.28M | C0 | SEC filing | |
| K5 Tech | K5 Tech Fund I, LP - Series 108 | $6M | FL | SEC filing | |
| Harbour25 | Harbour25 Fund, L.P. - Series 4 | $5.12M | AZ | SEC filing | |
| Silent Capital | Silent Capital XV, a Series of Silent Capital Holdings, LP | $5.01M | WA | SEC filing | |
| SidecarAI Ventures | Fund 1, a series of SidecarAI Ventures, LP | $5M | WA | SEC filing | |
| 8VC EPSD | 8VC EPSD SPV, LLC | $5M | TX | SEC filing | |
| Hiive Perplexity | Hiive PAI Series I a Series of Hiive Perplexity LLC | $5M | DE | SEC filing | |
| Also Capital | NO-0111 Fund I, a series of Also Capital, LP | $4.84M | NY | SEC filing | |
| E1 Ventures | Galaxy II a Series of E1 Ventures Master LLC | $4.79M | DE | SEC filing | |
| ECS | Emergence Capital Mercor a Series of ECS LLC | $4.1M | DE | SEC filing | |
| Imbolc Partners | Imbolc I a Series of Imbolc Partners LLC | $3.5M | DE | SEC filing | |
| Thirdbase | Thirdbase Opportunity LP - Series SX | $3.22M | NY | SEC filing | |
| Engage Venture | SPV012 a Series of Engage Venture Partners Investments LLC | $3.16M | GA | SEC filing | |
| LBS Investments | W25, a series of LBS Investments I, LP | $3M | WA | SEC filing | |
| RPA Sirona | RPA Nomi I, LP | $2.8M | MA | SEC filing | |
| Thirdbase | Thirdbase Opportunity LP - Series XXVI | $2.77M | NY | SEC filing | |
| Hiive Lightmatter | Hiive Lightmatter II a Series of Hiive Lightmatter LLC | $2.61M | DE | SEC filing | |
| Underscore | CL-0107 Fund II, a series of Underscore Funds, LP | $2.57M | WA | SEC filing | |
| RPA Sirona | RPA Booster I, LP | $2.5M | MA | SEC filing | |
| KittyHawk Heavy | KittyHawk Heavy SPV GoaTherapeutics LLC | $2.32M | CA | SEC filing | |
| TGVG | Fund I, a series of TGVG Funds, LP | $2.22M | WA | SEC filing | |
| Proof | PROOF II Oakhouse IBQP, LLC | $2.15M | VA | SEC filing | |
| ANTH | ANTH Fund II Jan 2025 a Series of CGF2021 LLC | $2.01M | DE | SEC filing | |
| Crstcw | Crstcw, LLC | $2M | TX | SEC filing | |
| Corner | Corner Hack Special Opportunities, LLC | $2M | NY | SEC filing | |
| Giordano Capital | KraX, a series of Giordano Capital X, LP | $2M | SD | SEC filing | |
| Zachary Ginsburg | EP-1219 Gaingels Fund II, a series of Zachary Ginsburg Funds, LP | $1.98M | WA | SEC filing | |
| Hi Ventures | Hi Ventures IV LP | $1.75M | O5 | SEC filing | |
| Archangel | Archangel SpaceX SPV, a series of Archangel-1, LP | $1.7M | WY | 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 February 2025. 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.