New venture funds filed in July 2025
113 new venture funds and 366 SPVs filed their first Form D with the SEC in July 2025, with $10.8B in total target capital across the 92 funds that stated a size. The largest was Khosla Ventures IX, L.P. (Khosla Ventures) at $1.95B; California led with 39 new funds; the most common sponsor sectors were AI & ML (20), Healthcare (18) and Climate & Energy (13). New fund filings were down 3% from June 2025 (116).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 113
- 116 in June
- New SPVs
- 366
- 278 in June
- Target capital
- $10.8B
- across 92 funds with a stated size
- Median fund
- $28.5M
- offering size
- Largest fund
- $1.95B
- Khosla Ventures
- Sponsoring firms
- 100
- most in California
What was the largest venture fund filed in July 2025?
Khosla Ventures IX, L.P., sponsored by Khosla Ventures (CA), with a $1.95B offering, first filed on Jul 2, 2025. The next largest was Khosla Ventures Opportunity III, L.P. (Khosla Ventures) at $1.25B.
Which states had the most new venture funds in July 2025?
California (39), New York (25), Washington (13), Massachusetts (8) and Florida (6), counted by the sponsoring firm's home state. California's new funds target $6.49B in total.
What sectors do the firms behind July's new funds invest in?
AI & ML (20), Healthcare (18), Climate & Energy (13), B2B Software (10) and Biotech & Pharma (9) lead, by the sectors each sponsoring firm backs. 56 of the 113 funds come from firms with no sector on record yet.
How many SPVs were filed in July 2025?
366 new SPVs and other deal vehicles filed a first Form D in July 2025, against 113 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does July 2025 compare with June 2025?
113 new funds against 116 (−3%), 366 SPVs against 278, and $10.8B of target capital against $8.01B.
Every new venture fund in July 2025
113 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 |
|---|---|---|---|---|---|
| Khosla Ventures | Khosla Ventures IX, L.P. | $1.95B | CA | SEC filing | |
| Khosla Ventures | Khosla Ventures Opportunity III, L.P. | $1.25B | CA | SEC filing | |
| Khosla Ventures | Khosla Ventures Seed G, L.P. | $750M | CA | SEC filing | |
| Left Lane Capital Partners | Left Lane Capital Partners III LP | $599M | NY | SEC filing | |
| WndrCo | WndrCo Holdings III LP | $500M | CA | SEC filing | |
| Wavecrest Growth Partners | Wavecrest Growth Partners III, L.P. | $450M | MA | SEC filing | |
| Elevation Capital | Elevation Capital Holdings LP | $400M | UT | SEC filing | |
| Altimeter | Altimeter Growth Olympic Fund III, L.P. | $350M | MA | SEC filing | |
| Draper | Draper Associates VIII, L.P. | $301M | CA | SEC filing | |
| Megalith Ventures | Megalith Ventures II, LP | $270M | CA | SEC filing | |
| 8VC AI | 8VC RSS, L.P. | $250M | TX | SEC filing | |
| oneworld BEV | oneworld BEV Fund, L.P. | $250M | MA | SEC filing | |
| SVA AI Growth | SVA AI Growth, L.P. | $215M | CA | SEC filing | |
| MW LSV Aman | MW LSV Aman, LLC | $200M | CA | SEC filing | |
| CoinFund Seed | CoinFund Seed V-A LP | $165M | NY | SEC filing | |
| CoinFund Seed | CoinFund Seed V-B LP | $165M | NY | SEC filing | |
| CoinFund Seed | CoinFund Seed V Offshore LP | $165M | NY | SEC filing | |
| CoinFund Seed | CoinFund Seed V Onshore LP | $165M | NY | SEC filing | |
| Neotribe Ventures | Neotribe Ventures III, L.P. | $150M | CA | SEC filing | |
| Red Glass Ventures | Red Glass Ventures I, L.P. | $150M | CA | SEC filing | |
| SIP Eldridge GP Solutions | SIP Eldridge GP Solutions Fund I, LP | $124M | CA | SEC filing | |
| Floating Point | Floating Point III, L.P. | $120M | MA | SEC filing | |
| Equal Ventures | Equal Ventures 3, LP | $120M | NY | SEC filing | |
| Prevail Venture Capital | Prevail Venture Capital Fund I LP | $100M | KS | SEC filing | |
| JStar | JSTAR Horizon FUND II LP | $100M | TX | SEC filing | |
| Zacua Ventures | Zacua Ventures Fund II, L.P. | $88.8M | CA | SEC filing | |
| Equal Ventures | Equal Ventures Opportunity 2, LP | $80M | NY | SEC filing | |
| Sugar Capital | Sugar Capital Fund III, L.P. | $75M | CA | SEC filing | |
| Artist Growth | Artist Growth Opportunity VII LP | $75M | NY | SEC filing | |
| GS Collective | GS Collective Fund II LLC | $70M | CA | SEC filing | |
| AI2 Incubator | AI2 Incubator Fund III, L.P. | $56.1M | WA | SEC filing | |
| Fellows | Fellows Fund II, L.P. | $51.5M | CA | SEC filing | |
| Timescale Ventures | Timescale Ventures Fund I, L.P. | $50M | MA | SEC filing | |
| Capria India | Capria India Fund III, LP | $50M | WA | SEC filing | |
| Edition Ventures | Edition Ventures LP | $50M | CA | SEC filing | |
| Boom Capital | Boom Capital Fund III, L.P. | $50M | CA | SEC filing | |
| SpringTide | SpringTide Ventures Fund III LP | $49.6M | UT | SEC filing | |
| Enea | Enea Fund II, LP | $47.4M | CA | SEC filing | |
| Essence VC | Essence VC IV, LP | $41M | WA | SEC filing | |
| Anchor Capital | Anchor Capital Growth Fund II, LP | $40.2M | MA | SEC filing | |
| Mana Up Capital Partners | Mana Up Capital Partners II, L.P. | $40M | HI | SEC filing | |
| RT-AQ Ia | RT-AQ Ia LP | $40M | FL | SEC filing | |
| Life Ventures Legacy | Life Ventures Legacy, LP | $38.1M | CA | SEC filing | |
| J-Ventures | J-Ventures Fund III-A, LP | $37M | WA | SEC filing | |
| Multiball Capital | Multiball Capital Fund I, L.P. | $30M | CA | SEC filing | |
| Canonical Crypto | Canonical Crypto Fund II, L.P. | $30M | CA | SEC filing | |
| Proof | PROOF Fund IV, LP | $27.1M | VA | SEC filing | |
| Mirae Asset | Mirae Asset Pathseeker FUND LP | $25M | NY | SEC filing | |
| ISV | ISV Fund II, L.P. | $22.4M | FL | SEC filing | |
| Wilbe Capital | Wilbe Capital II LP | $22M | WA | SEC filing | |
| NEW Vista Capital | NEW Vista Capital FUND I, LP | $20.5M | DC | SEC filing | |
| Velvet Ventures | Velvet Ventures Series LLC | $19.5M | UT | SEC filing | |
| AI2 Incubator | AI2 Incubator Common III, LLC | $18.7M | WA | SEC filing | |
| Tribe Capital | Tribe Capital Firstlook KRA-09, L.P. | $17.6M | CA | SEC filing | |
| Unbundled Capital | Unbundled Capital 2.0 Occupier, L.P. | $16.7M | TX | SEC filing | |
| Tribe Capital | Tribe Capital Firstlook APP-02, L.P. | $15.7M | CA | SEC filing | |
| Mu Ventures | Mu Ventures Fund II, LP | $15M | NY | SEC filing | |
| Commonkind | Commonkind 1, LP | $15M | CA | SEC filing | |
| supernatural ventures | supernatural ventures, LP | $13.9M | CA | SEC filing | |
| 776 | 776 Fund 1948 St. Moritz, L.P. | $12M | FL | SEC filing | |
| Balaji | Balaji Rolling Fund, LP - C3 | $11.6M | WA | SEC filing | |
| ECP | ECP O10, LLC | $11.5M | NJ | SEC filing | |
| Proximity | Proximity Exploration I, LLC | $11.3M | NY | SEC filing | |
| NewView | NewView 2025 Holdings, LLC | $11M | CA | SEC filing | |
| FPG Ad | FPG Ad Claritas IV, LP | $10.1M | IL | SEC filing | |
| Biospring Partners | Biospring Partners 2, LP | $10M | NY | SEC filing | |
| 1834 Ventures | 1834 Ventures Fund I, LP | $10M | LA | SEC filing | |
| Lexi Ventures | Lexi Ventures Fund I LP | $10M | CA | SEC filing | |
| Hypersphere Ventures | Hypersphere Ventures I, LLC | $10M | FL | SEC filing | |
| Arithmos VC | Arithmos VC, LP - F3 | $9.75M | WA | SEC filing | |
| Catalio | Catalio Genesis Fund IX, LLC | $8.63M | NY | SEC filing | |
| Cue AVS SB1 | Cue FM LLC | $8.4M | NY | SEC filing | |
| Agdf13 | Agdf13 LP | $8.39M | NY | SEC filing | |
| Left Lane Capital Partners | Left Lane Capital Partners III-B LP | $7.83M | NY | SEC filing | |
| Seven Hill Tech Ventures | Seven Hill Tech Ventures Fund I LP | $7.5M | CA | SEC filing | |
| Agdf14 | Agdf14 LP | $7.17M | NY | SEC filing | |
| Quantum Mobility MaQro Preferred Equity | Quantum Mobility MaQro Preferred Equity, LLC | $6.5M | TX | SEC filing | |
| TH - SB | TH - SB Angel Fund, LP | $5.54M | NY | SEC filing | |
| Position Ventures | Position Ventures II, L.P. | $5.46M | WA | SEC filing | |
| Volta | Volta MNL Co-Investment LP | $5.25M | IL | SEC filing | |
| Fellows | Fellows Fund I, L.P. | $5.21M | CA | SEC filing | |
| BambuMeta Ventures | BambuMeta Ventures Fund I, LP | $5M | FL | SEC filing | |
| Artist Growth | Artist Growth Opportunity V LP | $5M | NY | SEC filing | |
| KohFounders Formation | KohFounders Formation Fund, L.P. | $5M | PA | SEC filing | |
| Burnt Island Ventures | Burnt Island Ventures Fund II-A, LP | $5M | NY | SEC filing | |
| Agdf16 | Agdf16 LP | $4.89M | NY | SEC filing | |
| Agdf17 | Agdf17 LP | $4.73M | NY | SEC filing | |
| Articulate Venture Capital | Articulate Venture Capital Fund I, L.P. | $4.2M | CA | SEC filing | |
| Davidovs Venture Capital | Davidovs Venture Capital, LP - D4 | $3.94M | WA | SEC filing | |
| AI2 Incubator | AI2 Incubator Fund III-A, L.P. | $3.92M | WA | SEC filing | |
| Jibe Ventures | Jibe Ventures, LP - E3 | $3.81M | WA | SEC filing | |
| Stakeboat Investments | Stakeboat Investments, LP - II | $3M | WA | SEC filing | |
| Outset Capital | Outset Capital Fund II LP | — | CA | SEC filing | |
| Foreground Capital | Foreground Capital Fund III, LP | — | CA | SEC filing | |
| EHS Azure | EHS Azure Opportunity Fund LP | — | NY | SEC filing | |
| Eagle Freedom | Eagle Freedom FUND II, LP | — | TX | SEC filing | |
| Galaxy | Galaxy Opportunistic Fund III, LP | — | NY | SEC filing | |
| Village Global | Village Global Select Z, L.P. | — | CA | SEC filing | |
| CC Frontier, L.P. Aalo | CC Frontier, L.P. Aalo | — | CA | SEC filing | |
| Lowercarbon | Lowercarbon Q 10, LP | — | WY | SEC filing | |
| Standard Capital Ventures | Standard Capital Ventures Fund I LP | — | CA | SEC filing | |
| BSF | BSF III, LP | — | CA | SEC filing | |
| Oak HC/FT Partners | Oak HC/FT Partners VI-A, L.P. | — | CT | SEC filing | |
| Oak HC/FT Partners | Oak HC/FT Partners VI, L.P. | — | CT | SEC filing | |
| ARK Strategic Capital | ARK Digital Asset Innovation Fund LP | — | FL | SEC filing | |
| AV The Fence Ventures | AV The Fence Ventures Fund 4, LLC | — | NH | SEC filing | |
| AV Comm Ave Ventures | AV Comm Ave Ventures Fund 4, LLC | — | MA | SEC filing | |
| AV Franklin Street Ventures | AV Franklin Street Ventures Fund 4, LLC | — | MA | SEC filing | |
| Chardan | Chardan Holdings LP | — | NY | SEC filing | |
| Founders Circle Capital | Founders Circle Capital Feeder IV (II), L.P. | — | CA | SEC filing | |
| Goldweighers Field | Goldweighers Field LP | — | CA | SEC filing | |
| GRCF2 Greater Industries | GRCF2 Greater Industries SPV2 LP | — | NV | SEC filing | |
| Overlook | Overlook Fund I LP | — | CA | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 39 | 36 | $6.49B |
| New York | 25 | 31 | $1.66B |
| Washington | 13 | 169 | $266M |
| Massachusetts | 8 | 6 | $1.26B |
| Florida | 6 | 3 | $89.3M |
| Texas | 5 | 4 | $373M |
| Utah | 3 | 1 | $469M |
| Connecticut | 2 | 4 | — |
| Illinois | 2 | 2 | $15.4M |
| Virginia | 1 | 5 | $27.1M |
| New Hampshire | 1 | 4 | — |
| Nevada | 1 | 2 | — |
| Pennsylvania | 1 | 2 | $5M |
| Wyoming | 1 | 1 | — |
| District of Columbia | 1 | 0 | $20.5M |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 56 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 20 | 82 | $5.65B |
| Healthcare | 18 | 31 | $5.13B |
| Climate & Energy | 13 | 50 | $4.64B |
| B2B Software | 10 | 30 | $298M |
| Biotech & Pharma | 9 | 19 | $842M |
| Mobility & Logistics | 6 | 73 | $263M |
| Crypto & Web3 | 6 | 10 | $374M |
| Consumer | 5 | 10 | $749M |
| Deep Tech | 4 | 23 | $529M |
| Media, Gaming & Creator | 4 | 13 | $157M |
| Fintech | 4 | 11 | $80.3M |
| Industrial & Manufacturing | 4 | 10 | $93M |
| E-commerce & Retail | 4 | 1 | $315M |
| Cybersecurity | 3 | 15 | $616M |
| Insurtech | 3 | 2 | $200M |
New SPVs and deal vehicles in July 2025
The 50 largest of 366; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| EFCL | EFCL SPV, L.P. | $75M | TX | SEC filing | |
| Future of Internet | Fund I, a series of Future of Internet Fund, LP | $50M | WA | SEC filing | |
| GatePass Ventures | Fund I a Series of GatePass Ventures I LLC | $50M | DE | SEC filing | |
| SnowPoint | Snowpoint Ventures II - S&T, LP | $50M | FL | SEC filing | |
| 8VC Ersa | 8VC Ersa SPV, LLC | $42.1M | TX | SEC filing | |
| NVC HCP | NVC HCP a SPV, LLC | $35.3M | CA | SEC filing | |
| Eclipse | Eclipse SPV XXVI, L.P. | $30M | CA | SEC filing | |
| NVC HCP | NVC HCP I SPV, LLC | $25.2M | CA | SEC filing | |
| Tunitas Ventures | Fund II, a series of Tunitas Ventures, LP | $25M | WA | SEC filing | |
| NVC HCP | NVC HCP SPV, LLC | $20.3M | CA | SEC filing | |
| Netz Capital | Fund II, a Series of Netz Capital, LP | $20.1M | L3 | SEC filing | |
| Outside Venture Capital | Fund II, a series of Outside Venture Capital, LP | $15M | WA | SEC filing | |
| Overwater Ventures | Overwater Ventures SPV III, L.P. | $15M | CA | SEC filing | |
| Caffeinated Capital | Caffeinated Capital Aven SPV IV, LLC | $13M | CO | SEC filing | |
| The Europe Project | Fund I, a series of The Europe Project, LP | $10.9M | WA | SEC filing | |
| Discerning Capital | Discerning Capital Yaspa SPV, LLC | $10.3M | NV | SEC filing | |
| EHZ | X Series ZM a Series of EHZ LLC | $10.1M | DE | SEC filing | |
| Drover Rainmaker | Drover Rainmaker SPV, LLC | $10M | TX | SEC filing | |
| Prota Capital SP | Prota Capital Fund III a Series of Prota Capital SP LLC | $10M | DE | SEC filing | |
| Neo | Neo SPV 4.1, LP | $8.6M | CA | SEC filing | |
| Avo Technology | Avo AI I a Series of Avo Technology Fund LP LLC | $8.54M | DE | SEC filing | |
| K5 Tech | K5 Tech Fund I, LP - Series 116 | $7.03M | FL | SEC filing | |
| Spice Capital | MU-0514 Fund I, a series of Spice Capital, LP | $6.14M | WA | SEC filing | |
| Hiive Apptronik | Hiive Apptronik III a Series of Hiive Apptronik LLC | $6M | DE | SEC filing | |
| Altitude | Altitude PMG SPV, LLC | $5.72M | TN | SEC filing | |
| GVP Climate | GVP Climate Series SPV LP - Series 3 | $5.64M | NY | SEC filing | |
| Fundomo Syndicates | GL-1209 Fund III, a series of Fundomo Syndicates, LP | $5.01M | WA | SEC filing | |
| Fictive Ventures Investments | Fictive Fund I a Series of Fictive Ventures Investments LLC | $5M | DE | SEC filing | |
| TC Bio | TC Bio 2025 a Series of TC Bio 2025 LLC | $5M | DE | SEC filing | |
| Hoash | HV PropTech Fund I a Series of Hoash Manager LLC | $5M | DE | SEC filing | |
| Mainstreet VC | Mainstreet Ballistics Fund I a Series of Mainstreet VC LLC | $5M | DE | SEC filing | |
| HO Anomaly Mana | HO Anomaly Mana Fund I, a series of MV Funds, LP | $4.94M | WA | SEC filing | |
| Squared Circle Ventures | Fund I, a series of Squared Circle Ventures, LP | $4.48M | WA | SEC filing | |
| Entrada Ventures | d-Matrix (I-3) a Series of Entrada Ventures II Master LLC | $3.9M | DE | SEC filing | |
| Savory | Savory Fund III Coinvest I, LLC | $3.8M | UT | SEC filing | |
| Windproof Partners | CY-0507 Fund I, a series of Windproof Partners Funds, LP | $3.54M | WA | SEC filing | |
| Berch Capital | Joey SPV, a series of Berch Capital Master, LP | $3.54M | TX | SEC filing | |
| SGV | SGV33, a Series of SGV I, LLC | $3.46M | CA | SEC filing | |
| Fourth Realm | SP II a Series of Fourth Realm Investments LLC | $3.32M | WA | SEC filing | |
| FDVC | AND V, a series of FDVC Growth, LP | $3.26M | WA | SEC filing | |
| Hiive Apptronik | Hiive Apptronik Series II a Series of Hiive Apptronik LLC | $3.17M | DE | SEC filing | |
| Pulsar AI Growth | Pulsar AI Growth SPV 1, LLC | $3.02M | CA | SEC filing | |
| GSBackers Vector | GSBackers Vector Fund I a Series of CGF2021 LLC | $3.01M | DE | SEC filing | |
| InnoSphere Collective | InnoSphere a Series of InnoSphere Collective 1 LLC | $3M | DE | SEC filing | |
| Supernova Impact | Supernova Impact a Series of Supernova Impact LLC | $3M | DE | SEC filing | |
| OVP | OVP-Ubilite LLC | $2.91M | PA | SEC filing | |
| Ubiquity | Ubiquity Halter D SPV, LLC | $2.9M | CA | SEC filing | |
| Agdf18 | Agdf18 LP | $2.69M | NY | SEC filing | |
| SMV | SMV Series LLC - Figure Ai-C Series | $2.65M | GA | SEC filing | |
| Alter VC | Alter VC Fund, LP - D4 | $2.63M | 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 July 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.