New venture funds filed in March 2025
121 new venture funds and 292 SPVs filed their first Form D with the SEC in March 2025, with $5.94B in total target capital across the 91 funds that stated a size. The largest was Ribbit Bullfrog III, L.P. (Ribbit Bullfrog) at $650M; California led with 48 new funds; the most common sponsor sectors were AI & ML (20), B2B Software (18) and Healthcare (9). New fund filings were up 48% from February 2025 (82).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 121
- 82 in February
- New SPVs
- 292
- 230 in February
- Target capital
- $5.94B
- across 91 funds with a stated size
- Median fund
- $27.4M
- offering size
- Largest fund
- $650M
- Ribbit Bullfrog
- Sponsoring firms
- 110
- most in California
What was the largest venture fund filed in March 2025?
Ribbit Bullfrog III, L.P., sponsored by Ribbit Bullfrog (CA), with a $650M offering, first filed on Mar 19, 2025. The next largest was Ribbit Capital Y, L.P. (Ribbit Capital) at $500M.
Which states had the most new venture funds in March 2025?
California (48), New York (26), Texas (11), Florida (10) and Massachusetts (7), counted by the sponsoring firm's home state. California's new funds target $3.43B in total.
What sectors do the firms behind March's new funds invest in?
AI & ML (20), B2B Software (18), Healthcare (9), Biotech & Pharma (9) and Deep Tech (7) lead, by the sectors each sponsoring firm backs. 61 of the 121 funds come from firms with no sector on record yet.
How many SPVs were filed in March 2025?
292 new SPVs and other deal vehicles filed a first Form D in March 2025, against 121 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does March 2025 compare with February 2025?
121 new funds against 82 (+48%), 292 SPVs against 230, and $5.94B of target capital against $4.41B.
Every new venture fund in March 2025
121 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 |
|---|---|---|---|---|---|
| Ribbit Bullfrog | Ribbit Bullfrog III, L.P. | $650M | CA | SEC filing | |
| Ribbit Capital | Ribbit Capital Y, L.P. | $500M | CA | SEC filing | |
| Construct Capital | Construct Capital III, L.P. | $300M | DC | SEC filing | |
| BCAP | BCAP Growth II, LP | $288M | CA | SEC filing | |
| BCAP | BCAP VII, LP | $288M | CA | SEC filing | |
| Trust Ventures | Trust Ventures Fund IV, LP | $225M | TX | SEC filing | |
| Shine Capital | Shine Capital III, L.P. | $200M | NY | SEC filing | |
| UP Ventures | UP Labs Fund I, L.P. | $200M | CA | SEC filing | |
| Harmony Partners | Harmony Partners VI, L.P. | $200M | NY | SEC filing | |
| Lux Defense Leaders | Lux Defense Leaders, L.P. | $200M | NY | SEC filing | |
| Bison Ventures | Bison Ventures Fund 2, L.P. | $175M | CA | SEC filing | |
| Conviction Partners | Conviction Partners Expansion I, L.P. | $150M | CA | SEC filing | |
| Brick & Mortar Ventures | Brick & Mortar Ventures III, L.P. | $150M | CA | SEC filing | |
| Nexus NeuroTech | Nexus NeuroTech Fund II, L.P. | $126M | CA | SEC filing | |
| Cosmic | Cosmic 20251, L.P. | $101M | CA | SEC filing | |
| Calibrate | Calibrate Ventures III, LP | $100M | CA | SEC filing | |
| Will Ventures | Will Ventures Fund III, L.P. | $87M | MA | SEC filing | |
| Cottonwood Technology | Cottonwood Technology Fund IV, LP | $80M | NM | SEC filing | |
| Mucker | Mucker Pre-Seed VII, L.P. | $80M | TX | SEC filing | |
| Techstars Accelerator Middle East | Techstars Accelerator Middle East 2025, L.P. | $80M | NY | SEC filing | |
| Urban Innovation | Urban Innovation Fund IV, L.P. | $80M | CA | SEC filing | |
| FJ Labs | FJ Labs IV, LP | $73.5M | NY | SEC filing | |
| WndrCo Seed | WndrCo Seed III LP | $65M | CA | SEC filing | |
| BCAP | BCAP VII Feeder, LP | $63.5M | CA | SEC filing | |
| Treadstone | Treadstone Opportunity, LLC | $57.5M | UT | SEC filing | |
| DTX VC | DTX VC Fund I, L.P. | $50.7M | TX | SEC filing | |
| Ascent Energy Ventures | Ascent Energy Ventures II, LP | $50M | CO | SEC filing | |
| Grit Road | Grit Road Fund II, LP | $50M | NE | SEC filing | |
| Serendipity Impact VC | Serendipity Impact VC Fund I, LP | $50M | NJ | SEC filing | |
| FCVI | Fcvi-E LP | $50M | WA | SEC filing | |
| FCVI | FCVI-Q LP | $50M | WA | SEC filing | |
| Hustle | Hustle Fund IV, L.P. | $50M | CA | SEC filing | |
| Tamarack Global | Tamarack Figure III, LP | $50M | CT | SEC filing | |
| Pax Ventures | Pax Ventures Fund I, L.P. | $50M | CA | SEC filing | |
| A100x | A100x Fund II, L.P. | $50M | MA | SEC filing | |
| Tribe Capital | Tribe Capital Firstlook CAR-12, L.P. | $47.8M | CA | SEC filing | |
| Fermi | Fermi 42 Opportunity Fund I, LP | $46.9M | DE | SEC filing | |
| Valuestream Ventures | Valuestream Ventures 2023 FUND L.P. | $44.6M | FL | SEC filing | |
| Otherwise | Otherwise Fund V, L.P. | $40.2M | CA | SEC filing | |
| TVP Bitcoin Venture | TVP Bitcoin Venture Fund II, L.P. | $40M | TX | SEC filing | |
| BCAP | BCAP Growth II Feeder, LP | $38M | CA | SEC filing | |
| Menlo Inflection | Menlo Inflection AI Partners II, L.P. | $37.8M | CA | SEC filing | |
| Dauntless | Dauntless VC Fund I, L.P. | $34.1M | UT | SEC filing | |
| Advaita Capital | Advaita Capital Fund V LP | $30.8M | MA | SEC filing | |
| Homegrown Capital | Homegrown Capital Fund II, LP | $30M | SD | SEC filing | |
| First Close Partners | First Close Partners II QP, LP | $27.4M | NY | SEC filing | |
| Brasstown Bald by Bedrock | Brasstown Bald by Bedrock, LP | $25M | CA | SEC filing | |
| CNL Strategic Venture Partners | CNL Strategic Venture Partners, LLC | $25M | FL | SEC filing | |
| Main Character | Main Character Fund I, LP | $25M | CA | SEC filing | |
| Wilshire Lane Capital | Wilshire Lane Capital Institutional Fund II LP | $22.3M | CA | SEC filing | |
| UP Abundance | UP Abundance I, L.P. | $20M | CA | SEC filing | |
| Mahway Inception | Mahway Inception 2, LLC | $20M | CA | SEC filing | |
| Quorum Capital Partners | Quorum Capital Partners Fund I, LP | $20M | FL | SEC filing | |
| DoD Accelerator | DoD Accelerator Fund L.P. | $18.9M | MA | SEC filing | |
| IronArc | IronArc Opportunities IX LP | $18.7M | TX | SEC filing | |
| Fika | Fika BuildOps I, L.P. | $17.5M | CA | SEC filing | |
| Graham & Walker Venture | Graham & Walker Venture Fund II, LP | $15M | WA | SEC filing | |
| MSIV | MSIV Fund II, L.P. | $15M | CA | SEC filing | |
| Redpoint Omega | Redpoint Omega IV-F, L.P. | $15M | CA | SEC filing | |
| Wings of | Wings of Mercury XI, L.P. | $14.7M | TX | SEC filing | |
| Tribe Capital | Tribe Capital Firstlook KRA-07, L.P. | $12.3M | CA | SEC filing | |
| SpaceLinQ Ventures | SpaceLinQ Ventures, LLC | $12M | NY | SEC filing | |
| BSV | BSV Holdings I LP | $11.5M | TX | SEC filing | |
| Roaring Brook Finance | Roaring Brook Finance II, LLC | $11.4M | FL | SEC filing | |
| KR Investment Partners | KR Investment Partners III, LLC | $10.3M | CA | SEC filing | |
| Tribe Capital | Tribe Capital AI Fund II, L.P. | $10.1M | CA | SEC filing | |
| VamosVentures CIB | VamosVentures CIB Fund I, L.P. | $10.1M | CA | SEC filing | |
| SF Venture Capture | SF Venture Capture Fund LP | $10M | FL | SEC filing | |
| Zigg | Zigg SL Opportunity I, LLC | $10M | NY | SEC filing | |
| Mindful Venture Capital I Side | Mindful Venture Capital I Side Fund, LLC | $10M | CA | SEC filing | |
| Stratus Ventures | Stratus Ventures Fund 1, LP | $10M | SC | SEC filing | |
| Grit Capital Seed | Grit Capital Seed 2, LLC | $9.69M | MD | SEC filing | |
| HLV Space Exploration | HLV Artificial Intelligence Fund LLC | $9.42M | NY | SEC filing | |
| Wings of | Wings of Mercury XII LP | $8.8M | TX | SEC filing | |
| Upfront | Upfront Secondary II-A, L.P. | $8M | CA | SEC filing | |
| SCP Dragon Investments | SCP Figai LLC | $8M | NY | SEC filing | |
| Sunrlver BIM | Sunrlver BIM, LP | $7.07M | TX | SEC filing | |
| MBX Capital | MBX Capital NYS SSBCI Fund, LP | $6M | NY | SEC filing | |
| Curie Bio | Curie Bio Seed Fund II-A, L.P. | $5.71M | MA | SEC filing | |
| JStar | JStar Capital Investments III, LLC | $5.5M | TX | SEC filing | |
| SFV | SFV Fund II LP | $5.3M | NY | SEC filing | |
| Batch Ventures | Batch Ventures 2025, LP | $5M | CA | SEC filing | |
| Tru Arrow Technology Partners CIV | Tru Arrow Technology Partners CIV III, LP | $5M | NY | SEC filing | |
| Deep Ventures Capital | Deep Ventures Capital Fund I, LP | $5M | NJ | SEC filing | |
| Roo Capital | Roo Capital Scamnetic Holdings, LLC | $5M | FL | SEC filing | |
| HLV Space Exploration | HLV Space Exploration Fund LLC | $4.81M | NY | SEC filing | |
| First Close Partners II AI | First Close Partners II AI, LP | $4.58M | NY | SEC filing | |
| Thrive Capital Partners | Thrive Capital Partners VIII-B, LLC | $4.05M | NY | SEC filing | |
| IFC Wolverton | IFC Wolverton, LLC | $4M | CA | SEC filing | |
| JStar | JStar Capital Investments II, LLC | $3.3M | TX | SEC filing | |
| Ground Up Ventures | Ground Up Ventures Opportunity Fund, LP | $3M | NY | SEC filing | |
| Arch View Ventures | Arch View Ventures Fund 1, LLC | — | MA | SEC filing | |
| AV Allen Street Ventures | AV Allen Street Ventures Fund 3 LLC | — | MA | SEC filing | |
| Bessemer Venture | Bessemer Venture Partners India 2 Institutional L.P. | — | NY | SEC filing | |
| Definition | Definition II LP | — | NY | SEC filing | |
| Scrum | Scrum Hokkaido Fund I, LP | — | CA | SEC filing | |
| Biprogy & Translink Sustainability & Innovation | Biprogy & Translink Sustainability & Innovation FUND, L.P. | — | CA | SEC filing | |
| Cheyenne Radiant Partners | Cheyenne Radiant Partners, LLC | — | CA | SEC filing | |
| Performance Venture Capital Reinvestment | Performance Venture Capital Reinvestment Fund, L.P. | — | CT | SEC filing | |
| Industry Ventures | Industry Ventures Primary VII - NH, L.P. | — | CA | SEC filing | |
| Sprout & Oak | Sprout & Oak Fund I, L.L.C. | — | CA | SEC filing | |
| Quiet | Quiet Select HOF, LP | — | CA | SEC filing | |
| WillowTree Ventures | WillowTree Ventures Fund III, LP | — | NY | SEC filing | |
| Focal Ventures | Focal Ventures II QP, LP | — | FL | SEC filing | |
| Frazier Life Sciences | Frazier Life Sciences XII, L.P. | — | CA | SEC filing | |
| Gcperegrinefund1 | Gcperegrinefund1, LLC | — | CA | SEC filing | |
| C2V Capital Partners | C2V Tributary Fund II, LP | — | NY | SEC filing | |
| AH Bio | AH Bio Fund V, L.P. | — | CA | SEC filing | |
| First Harmonic Affiliates | First Harmonic Affiliates Fund I LP | — | CA | SEC filing | |
| RV II The Wellness | RV II The Wellness Fund LP | — | TN | SEC filing | |
| Protagonist VVRL | Protagonist VVRL I LP | — | FL | SEC filing | |
| Type Capital | Type Capital Fund I LP | — | NY | SEC filing | |
| Creator Ventures | Creator Ventures Fund II LP | — | NY | SEC filing | |
| Grix | Grix VC Fund II, LP | — | UT | SEC filing | |
| Quiet | Quiet Select IQ, LP | — | CA | SEC filing | |
| Six Point Ventures | Six Point Ventures I, LP | — | NY | SEC filing | |
| Vanara Capital Salathe | Vanara Capital Salathe, LP | — | CA | SEC filing | |
| Anzu North America Tech Leaders | Anzu North America Tech Leaders Annex, L.P. | — | FL | SEC filing | |
| Anzu North America Tech Leaders | Anzu North America Tech Leaders Fund, L.P. | — | FL | SEC filing | |
| Forum Ventures | Forum Ventures Accelerator Fund VI, L.P. | — | NY | SEC filing | |
| Raytex Capital Partners | Raytex Capital Partners Fund I, L.P. | — | NY | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 48 | 38 | $3.43B |
| New York | 26 | 18 | $853M |
| Texas | 11 | 10 | $465M |
| Florida | 10 | 4 | $116M |
| Massachusetts | 7 | 5 | $192M |
| Washington | 3 | 105 | $115M |
| Utah | 3 | 3 | $91.6M |
| Connecticut | 2 | 4 | $50M |
| New Jersey | 2 | 3 | $55M |
| Delaware | 1 | 49 | $46.9M |
| District of Columbia | 1 | 2 | $300M |
| Tennessee | 1 | 2 | — |
| Maryland | 1 | 1 | $9.69M |
| South Dakota | 1 | 1 | $30M |
| Colorado | 1 | 0 | $50M |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 61 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 20 | 80 | $1.29B |
| B2B Software | 18 | 11 | $734M |
| Healthcare | 9 | 36 | $235M |
| Biotech & Pharma | 9 | 21 | $402M |
| Deep Tech | 7 | 28 | $555M |
| Media, Gaming & Creator | 7 | 19 | $218M |
| Fintech | 7 | 18 | $411M |
| Climate & Energy | 6 | 32 | $386M |
| Crypto & Web3 | 5 | 20 | $610M |
| Space | 5 | 18 | $69.2M |
| Cybersecurity | 5 | 11 | $563M |
| Mobility & Logistics | 4 | 53 | $504M |
| Real Estate & PropTech | 4 | 5 | $200M |
| Hardware & Robotics | 3 | 10 | $625M |
| Food & Agriculture | 2 | 31 | $80M |
New SPVs and deal vehicles in March 2025
The 50 largest of 292; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| 8VC LBSD | 8VC LBSD SPV, LLC | $25.3M | TX | SEC filing | |
| Cocoa VC | Fund II, a series of Cocoa VC, LP | $23.1M | WA | SEC filing | |
| Capital Factory Alpha Associates | Capital Factory Alpha Associates LLC - Series II | $17.4M | NY | SEC filing | |
| Architect Juul | Architect Juul SPV II, LLC | $16.2M | CA | SEC filing | |
| Tyrell Ventures | Apptronik I, a series of Tyrell Ventures Funds, LP | $15.9M | PR | SEC filing | |
| E1 Ventures | Social X II II a Series of E1 Ventures Master LLC | $10.6M | DE | SEC filing | |
| Industrious Ventures | Industrious-ST-1014 Fund I, a series of Industrious Ventures, LP | $10M | UT | SEC filing | |
| GSBackers Auradine | GSBackers Auradine Fund II a Series of CGF2021 LLC | $8.26M | DE | SEC filing | |
| FBV SMA | FBV SMA LLC - Series A1 | $7M | DE | SEC filing | |
| Sunriver | Sunriver Venture Fund I SPV, LP | $6.52M | TX | SEC filing | |
| avra | avra SPV II LP | $6M | CA | SEC filing | |
| AGC AI Nexus | Groq V a Series of AGC AI Nexus Fund LLC | $5.54M | DE | SEC filing | |
| Hiive Perplexity | Hiive PAI Series II a Series of Hiive Perplexity LLC | $5.52M | DE | SEC filing | |
| Raba Partners | THNDR Jan 2025 a Series of Raba Partners LLC | $5.01M | DE | SEC filing | |
| Quona | Quona Co-Invest LLC | $5M | DC | SEC filing | |
| GMW All-Star | GMW All-Star SPV, LLC | $5M | PA | SEC filing | |
| CIV TNC | CIV TNC SPV I, LLC | $5M | CA | SEC filing | |
| FCA Management Group | FCA VI - ED SPV 2025, LLC | $4.78M | TN | SEC filing | |
| Blu Venture | BVI Core Q12025-1 Series, a Series of Blu Venture Investors Core, LLC | $4.3M | VA | SEC filing | |
| Family Fund HAPPY DAD | Family Fund HAPPY DAD SPV a Series of CGF2021 LLC | $3.86M | DE | SEC filing | |
| Hampton VC | FI-0208 Fund III, a series of Hampton VC Funds, LP | $3.85M | WA | SEC filing | |
| Hiive Anthropic | Hiive Anthropic Series VI a Series of Hiive Anthropic LLC | $3.32M | DE | SEC filing | |
| Ipo CLUB | America 2030, a Series of Ipo CLUB II LLC | $3.26M | FL | SEC filing | |
| Opulentia Ventures | OPX2025 Anduril, a Series of Opulentia Ventures X, LLC | $3.1M | VA | SEC filing | |
| Pharos Ventures | Fund I, a series of Pharos Ventures, LP | $3M | WA | SEC filing | |
| MOG Apkudo Investment | MOG Apkudo Investment III, LLC | $2.92M | PA | SEC filing | |
| Capital Factory Alpha Associates | Capital Factory Alpha Associates LLC - Series II-A | $2.86M | NY | SEC filing | |
| Sunriver | Sunriver BIM Ill, LP | $2.68M | TX | SEC filing | |
| First Close Partners | First Close Partners I QP, LP | $2.59M | NY | SEC filing | |
| Rami Essaid | W25, a series of Rami Essaid Funds, LP | $2.5M | WA | SEC filing | |
| Nordwand | Nordwand Healthcare Opportunities I LLC | $2.5M | PA | SEC filing | |
| Pathlight Ventures | Pathlight Ventures AI Fund II, LP | $2.5M | NJ | SEC filing | |
| Decisive | Decisive Point - Standard Nuclear II, LLC | $2.45M | NY | SEC filing | |
| Tribe Capital | Tribe Capital Firstlook SHP-04, L.P. | $2.44M | CA | SEC filing | |
| Backbone NC | Backbone I a Series of Backbone NC LLC | $2.41M | DE | SEC filing | |
| FDVC | TU-0213 Fund V, a series of FDVC, LP | $2.36M | WA | SEC filing | |
| V360 | V360 Holdings LLC Series Statespace Fund I | $2.31M | NC | SEC filing | |
| Fifth Era | Fifth Era Coinvestors, LLC - Helix | $2.3M | CA | SEC filing | |
| FDVC | AND III, a series of FDVC Growth, LP | $2.27M | WA | SEC filing | |
| Blu Venture | BVI Core Q12025-2 Series, a Series of Blu Venture Investors Core, LLC | $2.25M | VA | SEC filing | |
| E1 Ventures | Collective Synergy II a Series of E1 Ventures Master LLC | $2.24M | DE | SEC filing | |
| Silent Capital | Silent Capital XIV, a series of Silent Capital Holdings, LP | $2.21M | WA | SEC filing | |
| Capital Factory Alpha Associates | Capital Factory Alpha Associates LLC - Series III | $2.21M | NY | SEC filing | |
| V360 | V360 Holdings LLC Series oneNav Fund I | $2.15M | NC | SEC filing | |
| Zetta | Zetta II AU SPV, LLC | $2.1M | CA | SEC filing | |
| Sunriver | Sunriver BIM II, LP | $2.06M | TX | SEC filing | |
| FJ Labs | JO-0224 Fund II, a series of FJ Labs Funds, LP | $2.01M | NY | SEC filing | |
| Kinship GPK SA | Kinship GPK SA LLC | $2M | CA | SEC filing | |
| Tamarack Earth AI | Tamarack Earth AI, LP | $2M | CT | SEC filing | |
| Azimuth Opportunity Kueski | Azimuth Opportunity Kueski, LLC | $2M | NC | 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 March 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.