New venture funds filed in April 2025
128 new venture funds and 248 SPVs filed their first Form D with the SEC in April 2025, with $14.2B in total target capital across the 88 funds that stated a size. The largest was Founders Fund Growth III, LP (Founders) at $4.6B; California led with 51 new funds; the most common sponsor sectors were AI & ML (20), Healthcare (16) and B2B Software (14). New fund filings were up 6% from March 2025 (121).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 128
- 121 in March
- New SPVs
- 248
- 292 in March
- Target capital
- $14.2B
- across 88 funds with a stated size
- Median fund
- $28.6M
- offering size
- Largest fund
- $4.6B
- Founders
- Sponsoring firms
- 117
- most in California
What was the largest venture fund filed in April 2025?
Founders Fund Growth III, LP, sponsored by Founders (WA), with a $4.6B offering, first filed on Apr 11, 2025. The next largest was HX One L.P. (HX One) at $1B.
Which states had the most new venture funds in April 2025?
California (51), New York (21), Massachusetts (15), Washington (9) and Texas (4), counted by the sponsoring firm's home state. California's new funds target $5B in total.
What sectors do the firms behind April's new funds invest in?
AI & ML (20), Healthcare (16), B2B Software (14), Biotech & Pharma (12) and Fintech (7) lead, by the sectors each sponsoring firm backs. 71 of the 128 funds come from firms with no sector on record yet.
How many SPVs were filed in April 2025?
248 new SPVs and other deal vehicles filed a first Form D in April 2025, against 128 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does April 2025 compare with March 2025?
128 new funds against 121 (+6%), 248 SPVs against 292, and $14.2B of target capital against $5.94B.
Every new venture fund in April 2025
128 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 |
|---|---|---|---|---|---|
| Founders | Founders Fund Growth III, LP | $4.6B | WA | SEC filing | |
| HX One | HX One L.P. | $1B | UT | SEC filing | |
| PeakSpan | PeakSpan Capital Growth Partners IV, L.P. | $800M | NY | SEC filing | |
| DCVC | DCVC VII, L.P. | $800M | CA | SEC filing | |
| Lightspeed | Lightspeed Co-Investment Fund I, L.P. | $601M | CA | SEC filing | |
| S32 | S32 Fund 6, LP | $600M | CA | SEC filing | |
| PVP | PVP Fund V, L.P. | $415M | NY | SEC filing | |
| Amplify | Amplify Partners VI, L.P. | $400M | CA | SEC filing | |
| Arthur Ventures | Arthur Ventures VI, LP | $395M | MN | SEC filing | |
| Threshold Ventures | Threshold Ventures V, L.P. | $350M | CA | SEC filing | |
| Amplify | Amplify Partners Select Fund VI, L.P. | $300M | CA | SEC filing | |
| XPV | XPV Fund 1, LP | $300M | CA | SEC filing | |
| Venture Guides | Venture Guides Fund II, L.P. | $263M | MA | SEC filing | |
| Altimeter | Altimeter Growth Olympic Fund II, L.P. | $250M | MA | SEC filing | |
| Marathon | Marathon Management Partners Fund I, LP | $250M | CA | SEC filing | |
| Arthur Ventures | Arthur Ventures Growth V, LP | $205M | MN | SEC filing | |
| Primary | Primary Select Fund IV, L.P. | $200M | NY | SEC filing | |
| Amplify | Amplify Bio I, L.P. | $200M | CA | SEC filing | |
| Verified | Verified Capital Fund I, LP | $175M | CA | SEC filing | |
| Sunflower | Sunflower Capital Investment Fund II LP | $150M | CA | SEC filing | |
| Volt | Volt Opportunities Fund III-B, L.P. | $140M | NY | SEC filing | |
| Ballistic Ventures | Ballistic Ventures Fund A, LP | $130M | CA | SEC filing | |
| Baukunst | Baukunst Fund II, L.P. | $100M | MA | SEC filing | |
| Relentless Investments | Relentless Investments Fund I, L.P. | $100M | CA | SEC filing | |
| Corazon Capital | Corazon Capital IV LP | $100M | IL | SEC filing | |
| Thrive Capital Partners | Thrive Capital Partners IX Growth-F, LLC | $94.6M | NY | SEC filing | |
| Array Ventures | Array Ventures IV, L.P. | $75M | CA | SEC filing | |
| FDVC | FDVC Fund II, LP | $53.7M | WA | SEC filing | |
| Switch Ventures | Switch Ventures IV, L.P. | $50M | CA | SEC filing | |
| Twine Ventures | Twine Ventures Fund II LP | $50M | CA | SEC filing | |
| Hoist Capital Partners SBIC | Hoist Capital Partners SBIC I, L.P. | $50M | AL | SEC filing | |
| Grossman Ventures | Grossman Ventures Fund I, L.P. | $50M | ID | SEC filing | |
| Clocktower | Clocktower Latin American Technologies II LP | $50M | CA | SEC filing | |
| Cosmic | Cosmic 20252, L.P. | $50M | CA | SEC filing | |
| Next Legacy Emerging Leaders | Next Legacy Emerging Leaders 2, L.P. | $50M | CA | SEC filing | |
| SATS Credit | SATS Credit Fund LP | $46.3M | TN | SEC filing | |
| Cultivation Capital Life Sciences | Cultivation Capital Life Sciences Fund IV, LP | $40M | MO | SEC filing | |
| TK MediaTech Ventures | TK MediaTech Ventures, L.P. | $40M | CA | SEC filing | |
| CrossLayer Capital | CrossLayer Capital Fund II Feeder, L.P. | $37.8M | CA | SEC filing | |
| Harmonic Growth Partners | Harmonic Growth Partners II, L.P. | $35.3M | MD | SEC filing | |
| V1 VC | V1 VC III, LP | $30M | CO | SEC filing | |
| Sandbox Studios.vc | Sandbox Studios.vc Fund 2, L.P. | $30M | CA | SEC filing | |
| Daft Capital | Daft Capital Fund I, LP | $30M | CA | SEC filing | |
| MW LSVC Bytedance | MW LSVC Bytedance, LLC | $30M | CA | SEC filing | |
| CrossLayer Capital | CrossLayer Capital Fund II, L.P. | $27.3M | CA | SEC filing | |
| Magnolia | Magnolia Opportunities LLC Series 3 | $25.5M | NE | SEC filing | |
| JStar | JStar Capital Investments IV, LLC | $25.4M | TX | SEC filing | |
| Inverted Capital | Inverted Capital I, LP | $25M | NY | SEC filing | |
| Tribe Capital | Tribe Capital Firstlook CAR-13, L.P. | $20.9M | CA | SEC filing | |
| Ua1 | UA1 Fund, L.P. | $20.8M | IL | SEC filing | |
| Conteur Capital | Conteur Capital Partners Fund I LP | $20M | NY | SEC filing | |
| Tribe Capital | Tribe Capital Firstlook KRA-08, L.P. | $16.5M | CA | SEC filing | |
| Catalio | Catalio Genesis Fund VI, LLC | $15.5M | NY | SEC filing | |
| Catalio | Catalio Genesis Fund VIII, LLC | $15.2M | NY | SEC filing | |
| January Ventures | January Ventures Fund III, LP | $15.1M | MA | SEC filing | |
| Lockstep Partners | Lockstep Partners Fund I, L.P. | $13M | CA | SEC filing | |
| Arithmos VC | Arithmos VC, LP - F2 | $12.8M | WA | SEC filing | |
| Dangerous Ventures | Dangerous Ventures New Mexico Fund I, LP | $10.7M | NM | SEC filing | |
| Notable Capital | Notable Capital Growth, L.L.C. | $10M | CA | SEC filing | |
| IVP | IVP Xvii-F, L.P. | $10M | CA | SEC filing | |
| BOC Ventures | BOC AI BET 1 LLC | $10M | NY | SEC filing | |
| Atas VC | Atas VC Fund I, L.P. | $10M | CA | SEC filing | |
| Lionheart | Lionheart Ventures Ii-A, L.P. | $10M | CA | SEC filing | |
| Optimist Ventures | Optimist Ventures Fund I, L.P. | $10M | NY | SEC filing | |
| UTXO Bitcoin Ecosystem US | UTXO Bitcoin Ecosystem US Fund 1 LP | $9.93M | PR | SEC filing | |
| Mission 3A | Mission 3A Healthcare Fund I, LP | $9.67M | TX | SEC filing | |
| Rackhouse | Rackhouse Bottled-In-Bond III LLC | $8.13M | CA | SEC filing | |
| Arsenal Bridge Venture | Arsenal Bridge Venture III, LP | $7M | TX | SEC filing | |
| Wisdom Ventures | Wisdom Ventures Fund II LP | $6.7M | CA | SEC filing | |
| ForDenverFC Capital Partners | ForDenverFC Capital Partners LLC | $6.1M | DE | SEC filing | |
| FinTech Collective | FinTech Collective SM1 LLC | $5.66M | NY | SEC filing | |
| Strategic Growth Ventures | Strategic Growth Ventures II, LLC | $5.58M | FL | SEC filing | |
| SYON | Syon Capital PL10, LP | $5.08M | CA | SEC filing | |
| Washington Harbour | Washington Harbour Globo LLC | $5.01M | VA | SEC filing | |
| Cistern Wellness Ventures | Cistern Wellness Ventures I LP | $5M | NY | SEC filing | |
| Willpower VC | Willpower VC I LP | $5M | MD | SEC filing | |
| Venture Forward Capital | Venture Forward Capital Fund 1 LLC | $4.52M | IL | SEC filing | |
| Altelan | Altelan Fund I LP | $4.25M | WA | SEC filing | |
| MWPE | MWPE GGG, LLC | $4M | CA | SEC filing | |
| V0 Fund 5.1.2 | V0 Fund 5.1.2, LP | $3.99M | CA | SEC filing | |
| RW3 Titan | RW3 Titan Holdings LLC | $3.83M | MA | SEC filing | |
| RT-AQ | RT-AQ III LLC | $3.79M | FL | SEC filing | |
| CLAI Ventures | CLAI Ventures Fund I, LP | $3.65M | CA | SEC filing | |
| Alter VC | Alter VC Fund, LP - D3 | $3.28M | WA | SEC filing | |
| Portfolia Rising America | Portfolia Rising America Fund III, LLC | $3.28M | CA | SEC filing | |
| Jibe Ventures | Jibe Ventures, LP - E2 | $3.1M | WA | SEC filing | |
| House | House Fund Breakout IX, L.P. | $3M | NJ | SEC filing | |
| Saga Ventures | Saga Ventures Saria, LP | $3M | TX | SEC filing | |
| AV Expo Ventures | AV Expo Ventures Fund 4, LLC | — | MA | SEC filing | |
| BGV Opportunity Investments | BGV Opportunity Investments, LP | — | CA | SEC filing | |
| Triphammer Ventures | Triphammer Ventures Fund 8, LLC | — | NH | SEC filing | |
| AV Fowler Street Ventures | AV Fowler Street Ventures Fund 4, LLC | — | MA | SEC filing | |
| Westwood Ventures | Westwood Ventures Fund 6, LLC | — | MA | SEC filing | |
| 72MA Contour | 72MA Contour, LLC | — | FL | SEC filing | |
| Blue Ghost | Blue Ghost, LLC | — | NY | SEC filing | |
| Bochi BV CD | Bochi BV CD, LLC | — | OR | SEC filing | |
| GC Venture | GC Venture XII (T), LP | — | MA | SEC filing | |
| Levelized Capital | Levelized Series X I LLC | — | CA | SEC filing | |
| Starship Ventures | Starship Ventures Fund III LP | — | CA | SEC filing | |
| Swagar Capital Hubble Network | Swagar Capital Hubble Network Fund LP | — | CA | SEC filing | |
| Bochi GearUp Partners | Bochi GearUp Partners II LLC | — | OR | SEC filing | |
| Brainstorm Focal | Brainstorm Focal, LLC | — | CA | SEC filing | |
| Vibe Capital | Vibe Capital Fund IV LP | — | CA | SEC filing | |
| Juxta Venture Partners | Juxta Venture Partners LP | — | NY | SEC filing | |
| Cavu | CAVU Consumer Partners V, LP | — | NY | SEC filing | |
| HYVE | HYVE FUND I, LP | — | NY | SEC filing | |
| Volt | Volt Opportunities Fund III-A, L.P. | — | NY | SEC filing | |
| Ascend Venture Capital III FF | Ascend Venture Capital III FF, LP | — | WA | SEC filing | |
| Ascend Venture Capital | Ascend Venture Capital III, LP | — | WA | SEC filing | |
| Drew Exchange | Drew Exchange LP | — | NY | SEC filing | |
| Essential Innovation Partners | Essential Innovation Partners LP | — | CA | SEC filing | |
| Essential Innovation Partners | Essential Innovation Partners (Opportunities) LP | — | CA | SEC filing | |
| HV Acceleration | HV Acceleration Feeder Fund II LP | — | CA | SEC filing | |
| HV Acceleration | HV Acceleration Fund II LP | — | CA | SEC filing | |
| HV Early Stage | HV Early Stage Feeder Fund II LP | — | CA | SEC filing | |
| HV Early Stage | HV Early Stage Fund II LP | — | CA | SEC filing | |
| Artist Growth | Artist Growth Opportunity VI LP | — | NY | SEC filing | |
| RA Capital | RA Capital Nexus Fund IV, L.P. | — | MA | SEC filing | |
| RA Capital | RA Capital Nexus International Fund IV, L.P. | — | MA | SEC filing | |
| Radical Ventures | Radical Ventures Fund IV, L.P. | — | A6 | SEC filing | |
| Verissimo Ventures | Verissimo Ventures III, LP | — | WA | SEC filing | |
| Andromeda | Andromeda 2025 LP | — | DE | SEC filing | |
| Tenfore 4IR Value Opportunity Holding Company | Tenfore 4IR Value Opportunity Holding Company, L.P. | — | NY | SEC filing | |
| 116 Street Ventures | 116 Street Ventures Fund 7, LLC | — | MA | SEC filing | |
| AV Mirror Lake Ventures | AV Mirror Lake Ventures Fund 3, LLC | — | MA | SEC filing | |
| AV Provo Ventures | AV Provo Ventures Fund 3, LLC | — | MA | SEC filing | |
| AV AgTech | AV AgTech Fund 1, LLC | — | MA | SEC filing | |
| Waterman Ventures | Waterman Ventures Fund 6, LLC | — | NH | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 51 | 32 | $5B |
| New York | 21 | 16 | $1.76B |
| Massachusetts | 15 | 3 | $631M |
| Washington | 9 | 103 | $4.67B |
| Texas | 4 | 3 | $45.1M |
| Florida | 3 | 3 | $9.37M |
| Illinois | 3 | 0 | $125M |
| Delaware | 2 | 65 | $6.1M |
| New Hampshire | 2 | 3 | — |
| Maryland | 2 | 0 | $40.3M |
| Minnesota | 2 | 0 | $600M |
| Oregon | 2 | 0 | — |
| Virginia | 1 | 4 | $5.01M |
| Colorado | 1 | 2 | $30M |
| Puerto Rico | 1 | 1 | $9.93M |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 71 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 20 | 63 | $3.05B |
| Healthcare | 16 | 17 | $1.15B |
| B2B Software | 14 | 11 | $1.95B |
| Biotech & Pharma | 12 | 8 | $1.83B |
| Fintech | 7 | 13 | $294M |
| Deep Tech | 7 | 11 | $1.8B |
| Media, Gaming & Creator | 6 | 7 | $260M |
| Cybersecurity | 6 | 3 | $777M |
| Crypto & Web3 | 5 | 9 | $112M |
| Climate & Energy | 4 | 33 | $900M |
| Developer Tools | 4 | 3 | $85M |
| Defense & Aerospace | 4 | 2 | $74.7M |
| Industrial & Manufacturing | 3 | 6 | $45M |
| Food & Agriculture | 2 | 23 | $50M |
| Consumer | 2 | 8 | $30M |
New SPVs and deal vehicles in April 2025
The 50 largest of 248; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| Avo Technology | Paragon Avo II a Series of Avo Technology Fund LP LLC | $88.2M | DE | SEC filing | |
| Eclipse | Eclipse SPV XXIV, L.P. | $30M | CA | SEC filing | |
| Eclipse | Eclipse SPV XXV, L.P. | $30M | CA | SEC filing | |
| SuperAngel.vc | QP-Fund II, a series of SuperAngel.vc, LP | $25M | WA | SEC filing | |
| SecondMarket Growth | TV AI Fund IA a Series of SecondMarket Growth LLC | $22.9M | NY | SEC filing | |
| Potamus | Potamus SPV I, L.P. | $18.4M | NC | SEC filing | |
| Tyrell Ventures | Apptronik II, a series of Tyrell Ventures Funds, LP | $10.1M | PR | SEC filing | |
| Bloom | BVP VIII a Series of Bloom Opportunities Fund I LLC | $9.81M | MI | SEC filing | |
| Wisdom Partners | FU-0210 Fund IV, a series of Wisdom Partners, LP | $6.11M | WA | SEC filing | |
| Heavybit | Heavybit Holdings SPV III, L.P. | $5.87M | CA | SEC filing | |
| GMW Landline | GMW Landline SPV, LLC | $5M | DE | SEC filing | |
| New Era Partners | NEV Fund I a Series of New Era Partners LLC | $5M | DE | SEC filing | |
| Max Ventures AL Syndicate | ET-0317 Fund I, a series of Max Ventures AL Syndicate, LP | $4.64M | WA | SEC filing | |
| Raba Partners | Stitch Feb 2025 a Series of Raba Partners LLC | $4.23M | DE | SEC filing | |
| Hiive Anthropic | Hiive Anthropic Series VII a Series of Hiive Anthropic LLC | $4.1M | DE | SEC filing | |
| Dinucleotide | Dinucleotide Holdings a Series of CGF2021 LLC | $4.09M | DE | SEC filing | |
| Schema Ventures | Fund I, a series of Schema Ventures, LP | $3.92M | WA | SEC filing | |
| Wingra Capital | Wingra Capital Fund, LLC - Series C | $3.2M | WI | SEC filing | |
| Heroic Ventures | Heroic Ventures Gamma, LLC | $2.75M | PA | SEC filing | |
| Atticus Fika Growth | Atticus Fika Growth I, L.P. | $2.7M | CA | SEC filing | |
| Heroic | Heroic Opportunity Fund SPV V, LLC | $2.7M | CA | SEC filing | |
| Ventures Machina | Ventures Machina Fund I Mar 2025 a Series of CGF2021 LLC | $2.63M | DE | SEC filing | |
| Cloverfield | Cloverfield Funds, LP - I | $2.5M | WA | SEC filing | |
| NYA | NYA Fund 2024 LLC | $2.47M | NY | SEC filing | |
| Warren Point | Calyxo Mar 2025 a Series of Warren Point Funds LLC | $2.44M | DE | SEC filing | |
| Strategic PREF | Strategic PREF, LP | $2.25M | FL | SEC filing | |
| Essentia Ventures | Essentia Ventures Swift Navigation Growth a Series of CGF2021 LLC | $2.19M | CA | SEC filing | |
| HalfCourt Ventures AI Multi-Strategy | HalfCourt Ventures AI Multi-Strategy Fund 1, LP | $2.17M | MA | SEC filing | |
| Berch Capital | Apptronik SPV, a series of Berch Capital Master, LP | $2.06M | TX | SEC filing | |
| Alpha Edison | Alpha Edison Westwood XXII, L.L.C. | $1.95M | CA | SEC filing | |
| Marcy Venture Partners | MVP SXF3 Fund a Series of Marcy Venture Partners Opportunity LLC | $1.8M | CA | SEC filing | |
| SecondMarket Growth | TV AI Fund IB a Series of SecondMarket Growth LLC | $1.76M | NY | SEC filing | |
| E1 Ventures | Foundation X a Series of E1 Ventures Master LLC | $1.69M | DE | SEC filing | |
| Avlok Capital | Avlok Capital, LP - E4 | $1.65M | WA | SEC filing | |
| Schnitzel Capital AL | UN-0222 Fund II, a series of Schnitzel Capital AL, LP | $1.64M | WA | SEC filing | |
| Series Lumicell | Series Lumicell 3, a Separate Series of BlueIO Growth LLC | $1.63M | MA | SEC filing | |
| Integr8d Capital | Deal XXV a Series of Integr8d Capital LLC | $1.61M | DE | SEC filing | |
| Latitude | Latitude Opportunities II, L.P. | $1.6M | CA | SEC filing | |
| Mentors | Mentors Fund II, LP - D4 | $1.6M | WA | SEC filing | |
| AVSF | AVSF - Osmo 2025, LLC | $1.54M | NH | SEC filing | |
| Interface Science | SC-0313 Fund I, a series of Interface Science, LP | $1.46M | WA | SEC filing | |
| Liberty | CA-1015 Fund I, a series of Liberty 225, LP | $1.4M | WA | SEC filing | |
| Unpopular | Unpopular Ventures Preferred, LP - E2 | $1.3M | WA | SEC filing | |
| SPCM | SPCM Ac II, L.P. | $1.3M | TX | SEC filing | |
| Portfolia | Portfolia 2025 SPV 1 LLC | $1.29M | CA | SEC filing | |
| Hiive Cerebras | Hiive Cerebras Series IV a Series of Hiive Cerebras LLC | $1.23M | DE | SEC filing | |
| NosTerra Venture Capital | NosTerra Venture Capital Fund LP | $1.21M | CA | SEC filing | |
| Velvet Fenix | Velvet Foodtech Opportunity I a Series of Velvet Fenix LLC | $1.2M | DE | SEC filing | |
| Swell Partners | Swell Partners Loft Orbital SPV II, LP | $1.08M | NY | SEC filing | |
| CapitalX | CapitalX, LP - E4 | $1.06M | WA | 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 April 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.