New venture funds filed in October 2025
121 new venture funds and 440 SPVs filed their first Form D with the SEC in October 2025, with $6.8B in total target capital across the 88 funds that stated a size. The largest were Markd Insurtech Fund LP (Markd Insurtech), Polaris Partners XI, L.P. (Polaris Partners) and March Capital Partners Fund V, L.P. (March Capital Partners), at $500M each; California led with 41 new funds; the most common sponsor sectors were AI & ML (17), Media, Gaming & Creator (13) and Healthcare (12). New fund filings were down 8% from September 2025 (132).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 121
- 132 in September
- New SPVs
- 440
- 309 in September
- Target capital
- $6.8B
- across 88 funds with a stated size
- Median fund
- $30M
- offering size
- Largest fund
- $500M
- 3 tied
- Sponsoring firms
- 110
- most in California
What was the largest venture fund filed in October 2025?
Markd Insurtech Fund LP (Markd Insurtech), Polaris Partners XI, L.P. (Polaris Partners) and March Capital Partners Fund V, L.P. (March Capital Partners) tied at $500M each.
Which states had the most new venture funds in October 2025?
California (41), New York (20), Washington (9), Texas (8) and Florida (6), counted by the sponsoring firm's home state. California's new funds target $2.34B in total.
What sectors do the firms behind October's new funds invest in?
AI & ML (17), Media, Gaming & Creator (13), Healthcare (12), B2B Software (11) and Deep Tech (9) lead, by the sectors each sponsoring firm backs. 67 of the 121 funds come from firms with no sector on record yet.
How many SPVs were filed in October 2025?
440 new SPVs and other deal vehicles filed a first Form D in October 2025, against 121 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does October 2025 compare with September 2025?
121 new funds against 132 (−8%), 440 SPVs against 309, and $6.8B of target capital against $6.41B.
Every new venture fund in October 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 |
|---|---|---|---|---|---|
| Markd Insurtech | Markd Insurtech Fund LP | $500M | CO | SEC filing | |
| Polaris Partners | Polaris Partners XI, L.P. | $500M | MA | SEC filing | |
| March Capital Partners | March Capital Partners Fund V, L.P. | $500M | CA | SEC filing | |
| Light Street Beacon | Light Street Beacon III, L.P. | $450M | CA | SEC filing | |
| A. Capital Partners | A. Capital Partners V, L.P. | $350M | CA | SEC filing | |
| Goldcrest Capital | Goldcrest Capital IV-A, LP | $312M | TX | SEC filing | |
| SYN Ventures | SYN Ventures Fund III LP | $300M | FL | SEC filing | |
| BoxGroup | BoxGroup Leaven, LP | $275M | NY | SEC filing | |
| BoxGroup | BoxGroup Seven, LP | $275M | NY | SEC filing | |
| Banner VC | Banner VC I, LP | $220M | TX | SEC filing | |
| BancTech Ventures | BancTech Ventures II, LP | $150M | UT | SEC filing | |
| 7wire Ventures | 7wire Ventures Fund III-A, L.P. | $150M | IL | SEC filing | |
| 7wire Ventures | 7wire Ventures Fund III, L.P. | $150M | IL | SEC filing | |
| Fin Capital | Fin Capital Flagship III - SBIC, LP | $150M | CA | SEC filing | |
| Rule 1 Ventures | Rule 1 Ventures Fund II, LP | $150M | GA | SEC filing | |
| NewView | NewView Capital Portfolio Select 2025, L.P. | $148M | CA | SEC filing | |
| Kyber Knight Capital | Kyber Knight Capital 2, L.P. | $120M | CA | SEC filing | |
| Bettor Capital | Bettor Capital Fund II-A, LP | $100M | NJ | SEC filing | |
| Bettor Capital | Bettor Capital Fund II, LP | $100M | NJ | SEC filing | |
| ParaFi Venture | ParaFi Venture Fund III LP | $100M | NY | SEC filing | |
| Mangusta Capital | Mangusta Capital Fund I, L.P. | $100M | CA | SEC filing | |
| Soma Capital | Soma Capital AI Fund II, LP | $100M | FL | SEC filing | |
| MWPE | MWPE AMR LLC | $100M | CA | SEC filing | |
| HC9 | HC9 Ventures II, L.P. | $85M | PA | SEC filing | |
| Mosaic Ventures | Mosaic Ventures Fund I, L.P. | $75M | NY | SEC filing | |
| VXI Capital | VXI Capital Fund II LP | $55M | UT | SEC filing | |
| Banter Capital | Banter Capital Fund II LP | $54.2M | FL | SEC filing | |
| Endeavor Catalyst | Endeavor Catalyst V, L.P. | $51.5M | NY | SEC filing | |
| Battle Capital Partners | Battle Capital Partners, LP | $50M | TX | SEC filing | |
| R-Squared Ventures | R-Squared Ventures III, LP | $50M | CA | SEC filing | |
| Vault | Vault Fund II LP | $50M | CO | SEC filing | |
| Operator Collective | Operator Collective Activate Fund, L.P. | $50M | CA | SEC filing | |
| Playground | Playground Genesis, L.P. | $50M | CA | SEC filing | |
| Steel Atlas | Steel Atlas Fund II LLC | $50M | NY | SEC filing | |
| Qubits Ventures | Qubits Ventures Fund II, LP | $50M | CA | SEC filing | |
| PhiFund2 | PhiFund2, LP | $40M | NY | SEC filing | |
| New Industry | New Industry Fund I, L.P. | $40M | IL | SEC filing | |
| 8VC CBSB | 8VC CBSB, LLC | $35.5M | TX | SEC filing | |
| SPAR Ventures | SPAR Ventures I, L.P. | $35M | NY | SEC filing | |
| Anorak Ventures | Anorak Ventures Fund III, L.P. | $35M | CA | SEC filing | |
| Launchbay Secondary Growth | Launchbay Secondary Growth Fund, L.P. | $34.9M | TX | SEC filing | |
| Arcventis Health | Arcventis Health Fund, L.P. | $32.8M | NY | SEC filing | |
| Type One | Type One X2 LLC | $31M | CA | SEC filing | |
| Mythos Ventures | Mythos Ventures Fund II, LP | $30M | CA | SEC filing | |
| Agate Hound | Agate Hound Fund II, LP | $30M | WA | SEC filing | |
| 8VC AI | 8VC AI Fund IV, LLC | $25.4M | TX | SEC filing | |
| F4 Ventures | F4 Ventures Fund II, LP | $25M | WA | SEC filing | |
| Singularity | Singularity Access I LLC | $25M | AZ | SEC filing | |
| WH Strategic | WH Strategic Opportunities FUND VII LP | $25M | VA | SEC filing | |
| Quiet | Quiet Select BC, LP | $20M | CA | SEC filing | |
| Atlas | Atlas Access Fund, L.P. | $20M | CT | SEC filing | |
| AirAngels | AirAngels II, LP | $20M | FL | SEC filing | |
| HVP Hazel | HVP Felix LP | $20M | OH | SEC filing | |
| Resonant Venture Capital | Resonant Venture Capital Fund II, LP | $17.6M | CA | SEC filing | |
| Tribe Natural Frontier | Tribe Natural Frontier Fund II, L.P. | $16.3M | CA | SEC filing | |
| First Round Capital | First Round Capital X Partners Fund, L.P. | $16M | PA | SEC filing | |
| Transformation Capital | Transformation Capital Co-Investment FUND III, L.P. | $15.7M | MA | SEC filing | |
| Long Chicago | Long Chicago 2025 LP | $15M | IL | SEC filing | |
| Audacious | Audacious Ventures RAI, L.P. | $15M | CA | SEC filing | |
| Tenacity Capital | Tenacity Capital Fund I, LP | $14M | CA | SEC filing | |
| NextVerse Ventures | NextVerse Ventures Fund 1, LP | $12M | CA | SEC filing | |
| LongeVC | LongeVC Fund II, LP | $11.5M | DC | SEC filing | |
| Balaji | Balaji Rolling Fund, LP - C4 | $10.8M | WA | SEC filing | |
| Riva Acquisition Partners | Riva Acquisition Partners, LLC | $10.2M | NY | SEC filing | |
| North River Angel Investments | North River Angel Investments IX, L.P. | $10.2M | NY | SEC filing | |
| MESH | MESH OPTICS Fund I, L.P. | $10.1M | OR | SEC filing | |
| Type One | Type One AGI LLC | $10M | CA | SEC filing | |
| Zigg | Zigg CR Opportunity III, LLC | $10M | NY | SEC filing | |
| C6 Partners II Opportunities CFH | C6 Partners II Opportunities CFH LP | $10M | UT | SEC filing | |
| MESH | MESH LIGHT Fund I, L.P. | $9.09M | OR | SEC filing | |
| Goldcrest Capital | Goldcrest Capital IV-B, LP | $8M | TX | SEC filing | |
| Arithmos VC | Arithmos VC, LP - F4 | $7.11M | WA | SEC filing | |
| AJRX | AJRX III, LLC | $6M | FL | SEC filing | |
| Magnolia | Magnolia Opportunities LLC Series 4 | $6M | NE | SEC filing | |
| Founder's Box | Founder's Box Fund I, L.P. | $5M | SC | SEC filing | |
| Service Provider Capital Pacific Northwest | Service Provider Capital Pacific Northwest Fund I, LP | $5M | CO | SEC filing | |
| Sourdough Ventures | Sourdough Ventures Fund I, LP | $5M | WA | SEC filing | |
| Mojo Ventures | Mojo Ventures Fund I, LP | $5M | CA | SEC filing | |
| Noyack Venture Capital | Noyack Venture Capital LLC | $5M | NY | SEC filing | |
| WH Capital | WH Capital IV LLC | $5M | VA | SEC filing | |
| Davidovs Venture Capital | Davidovs Venture Capital, LP - E1 | $4.06M | WA | SEC filing | |
| SC LD | SC LD Fund 2 LLC | $4.03M | CA | SEC filing | |
| Nordwand | Nordwand Special Opportunities III LLC | $3.9M | PA | SEC filing | |
| CL Advisors - DVI | CL Advisors - DVI LP | $3.86M | CA | SEC filing | |
| Alter VC | Alter VC Fund, LP - E1 | $3.79M | WA | SEC filing | |
| Marathon | Marathon M2 LLC | $3.69M | CA | SEC filing | |
| Avlok Capital | Avlok Capital, LP - F2 | $3.47M | WA | SEC filing | |
| Jibe Ventures | Jibe Ventures, LP - E4 | $3.35M | WA | SEC filing | |
| One Mind Catalyst | One Mind Catalyst Fund LLC | — | CA | SEC filing | |
| Aldaron Partners OS | Aldaron Partners OS I, LP | — | CA | SEC filing | |
| BreachRx | BreachRx SPV1, LLC | — | GA | SEC filing | |
| Friends of Vince | Friends of Vince LLC | — | CT | SEC filing | |
| FrontierX | FrontierX VII, LP | — | CA | SEC filing | |
| Quiet | Quiet Select AM, LP | — | CA | SEC filing | |
| Unreasonable Craif | Unreasonable Craif LLC | — | CO | SEC filing | |
| Varana | Varana Select TEI I, LP | — | CO | SEC filing | |
| VSC Ventures | VSC Ventures PL10, LLC | — | CA | SEC filing | |
| Carnelian | Carnelian Acquisition & Development, L.P. | — | TX | SEC filing | |
| Emphatic Partner Capital | Emphatic Partner Capital I L.P. | — | NY | SEC filing | |
| Millennia Capital | Millennia Capital Fund II, LP | — | NY | SEC filing | |
| Cambium Capital | Cambium Capital Juniper LP | — | MD | SEC filing | |
| Sequoia Capital | Sequoia Capital Growth Partners Fund XI, L.P. | — | CA | SEC filing | |
| Quiet | Quiet T2 LP | — | CA | SEC filing | |
| Collab | Collab Air Fund I, L.P. | — | GA | SEC filing | |
| Founders Future II US | Founders Future II US, LP | — | FL | SEC filing | |
| Vine | Vine Ventures III-A, LP | — | NY | SEC filing | |
| CWP Shine | CWP Shine Fund III LP | — | NY | SEC filing | |
| Thrive Capital Partners | Thrive Capital Partners X Growth, L.P. | — | NY | SEC filing | |
| Thrive Capital Partners | Thrive Capital Partners X, L.P. | — | NY | SEC filing | |
| Thrive Capital Partners | Thrive Capital Partners X Opportunity Fund, L.P. | — | NY | SEC filing | |
| JAM Target | JAM Curative L.P. | — | CA | SEC filing | |
| Wisdom Ventures | Wisdom Ventures Fund II QP, L.P. | — | CA | SEC filing | |
| Gigascale Capital | Gigascale Capital Fund I, L.P. | — | CA | SEC filing | |
| SFNVC | SFNVC 2025, L.P. | — | CA | SEC filing | |
| Starport Venture | Starport Venture Fund III, LP | — | CA | SEC filing | |
| Castle Island Ventures | Castle Island Ventures IV Feeder, L.P. | — | MA | SEC filing | |
| Growth Street Partners | Growth Street Partners III, L.P. | — | CA | SEC filing | |
| SPVC Ventures | SPVC Ventures Fund I, L.P. | — | UT | SEC filing | |
| SPVC Ventures | SPVC Ventures Fund I Q, L.P. | — | UT | SEC filing | |
| Kairos | Kairos Investors Fund IV, L.P. | — | CA | SEC filing | |
| Outcast Ventures | Outcast Ventures I, LP | — | CA | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 41 | 33 | $2.34B |
| New York | 20 | 48 | $970M |
| Washington | 9 | 176 | $92.6M |
| Texas | 8 | 14 | $686M |
| Florida | 6 | 11 | $480M |
| Utah | 5 | 1 | $215M |
| Colorado | 5 | 0 | $555M |
| Illinois | 4 | 1 | $355M |
| Pennsylvania | 3 | 3 | $105M |
| Massachusetts | 3 | 1 | $516M |
| Georgia | 3 | 0 | $150M |
| Connecticut | 2 | 5 | $20M |
| New Jersey | 2 | 2 | $200M |
| Virginia | 2 | 2 | $30M |
| Oregon | 2 | 0 | $19.2M |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 67 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 17 | 118 | $1.17B |
| Media, Gaming & Creator | 13 | 12 | $1.42B |
| Healthcare | 12 | 26 | $953M |
| B2B Software | 11 | 29 | $576M |
| Deep Tech | 9 | 29 | $1.17B |
| Fintech | 8 | 22 | $802M |
| Developer Tools | 8 | 8 | $726M |
| Space | 6 | 32 | $561M |
| Biotech & Pharma | 6 | 22 | $825M |
| Mobility & Logistics | 5 | 71 | $133M |
| Climate & Energy | 5 | 59 | $95.9M |
| Cybersecurity | 5 | 11 | $1.85B |
| Hardware & Robotics | 4 | 15 | $60.2M |
| Crypto & Web3 | 2 | 18 | $100M |
| Industrial & Manufacturing | 2 | 11 | $70M |
New SPVs and deal vehicles in October 2025
The 50 largest of 440; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| NDH | NDH Opportunity Funds LLC - Series 1 | $69.2M | DE | SEC filing | |
| PeakSpan | PeakSpan CGP IV Co-Invest, L.P. | $60M | NY | SEC filing | |
| Thirdbase | Thirdbase Opportunity LP - Series AP | $16.4M | NY | SEC filing | |
| Palmas | Palmas Uphold SPV LLC a series of Palmas SPV LLC | $15M | PR | SEC filing | |
| Bloom | BVP X a Series of Bloom Opportunities Fund I LLC | $14.9M | MI | SEC filing | |
| Argo | Argo Mercor Series C SPV LP | $13M | NY | SEC filing | |
| DRZ Capital | DRZ Capital, LP - Series DRZ1 | $12.9M | A6 | SEC filing | |
| Tyrell Ventures | Apptronik VIII, a series of Tyrell Ventures Funds, LP | $12.2M | PR | SEC filing | |
| Dark Arts | PS-0829 Fund II, a series of Dark Arts Opportunities, LP | $10.6M | WA | SEC filing | |
| NewView | NewView ND SPV, LLC | $10.3M | CA | SEC filing | |
| Netwrk Ventures | Fund I, a series of Netwrk Ventures, LP | $10M | WA | SEC filing | |
| Altar Ventures | Fund I, a series of Altar Ventures, LP | $10M | WA | SEC filing | |
| Viva Private Investments | Viva Private Investments LLC - Series B | $10M | NV | SEC filing | |
| AXV | AXV SPV II, LLC | $10M | NC | SEC filing | |
| K5 Tech | K5 Tech Fund II, LP - Series 201 | $10M | FL | SEC filing | |
| Generous Ventures | Fund I, a series of Generous Ventures, LP | $10M | WA | SEC filing | |
| Long | Long Journey Activate MegaWatts II, a Series of Long Journey SPVs, LP | $9.85M | CA | SEC filing | |
| Raido Capital | SPVx016 a Series of Raido Capital Holdings X LLC | $9.31M | TX | SEC filing | |
| Altra | OAI Fund I, a series of Altra Venture Partners II, LP | $8.55M | NY | SEC filing | |
| ATP AI Ventures | ATP Fund II, a series of ATP AI Ventures, LP | $8.06M | WA | SEC filing | |
| Jack Greco | Jack Greco - Akido, LLC | $7.95M | FL | SEC filing | |
| MoSe Pathwater | MoSe Pathwater 2025 SPV LLC | $7.94M | TX | SEC filing | |
| Capital Factory | AP-0923 Fund VII, a series of Capital Factory, LP | $7.83M | WA | SEC filing | |
| GSBackers Ursa Major | GSBackers Ursa Major Fund I a Series of CGF2021 LLC | $7.09M | DE | SEC filing | |
| NV Nara Org Series A-2 Partners | NV Nara Org Series A-2 Partners a Series of CGF2021 LLC | $6.09M | DE | SEC filing | |
| JK Zipline | JK Zipline Holdings 2 a Series of CGF2021 LLC | $6.06M | DE | SEC filing | |
| Explorer.gg | Fund II, a series of Explorer.gg, LP | $6M | WA | SEC filing | |
| Grant Park Ventures | AP-0918 Fund I, a series of Grant Park Ventures, LP | $5.94M | WA | SEC filing | |
| Capital Factory SPVs | Space Factory 2025, a series of Capital Factory SPVs, LP | $5.9M | TX | SEC filing | |
| Preamble Capital | Preamble Capital a Series of CGF2021 LLC | $5.67M | DE | SEC filing | |
| Preamble Capital | Preamble Capital I a Series of CGF2021 LLC | $5.62M | DE | SEC filing | |
| Thirdbase | Thirdbase Opportunity LP - Series XXII | $5.3M | NY | SEC filing | |
| Thirdbase | Thirdbase Opportunity LP - Series XVI | $5.25M | NY | SEC filing | |
| Moringa Capital | Moringa x Canva I a Series of Moringa Capital Ventures LLC | $5.2M | WA | SEC filing | |
| AZT | RE-0817 Fund I, a series of AZT Holdings, LP | $5.18M | CA | SEC filing | |
| Altra | ANTH Fund IV, a series of Altra FrontierTech Investments I, LP | $5.1M | NY | SEC filing | |
| LRC Special | LRC Special Opportunities LLC - Series 5 | $5.09M | DE | SEC filing | |
| Paperjet Ventures | Fund I, a series of PaperJet Ventures, LP | $5M | WA | SEC filing | |
| St. Dominique SMS | St. Dominique SMS SPV, LP | $5M | NY | SEC filing | |
| avra | avra SPV IV LP | $5M | CA | SEC filing | |
| Capital Factory Alpha Associates | Capital Factory Alpha Associates LLC - Series V | $5M | NY | SEC filing | |
| K5 Tech | K5 Tech Fund II, LP - Series 202 | $5M | FL | SEC filing | |
| T1P Capital | T1P Erebor I a Series of T1P Capital LLC | $4.8M | DE | SEC filing | |
| Valhalla Ventures | DE-0814 Fund I, a series of Valhalla Ventures SPV, LP | $4.31M | FL | SEC filing | |
| DataPower Capital Partners | DPV Apptronik I a Series of DataPower Capital Partners LLC | $4.01M | DE | SEC filing | |
| Oval Park | Oval Park SPV XTLS1 LLC | $4M | NC | SEC filing | |
| AGC AI Nexus | AGC Mistral a Series of AGC AI Nexus Fund LLC | $3.19M | DE | SEC filing | |
| Thirdbase | Thirdbase Opportunity LP - Series XVIII | $3.17M | NY | SEC filing | |
| Shrug | SP, a series of Shrug Opportunities, LP | $3.08M | NJ | SEC filing | |
| SCVC | Align M-II, a series of SCVC Advisors, LP | $3.05M | 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 October 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.