Artificial Intelligence (AI)

201 Ventures Fund I is the debut venture capital fund of 201 Ventures, a Madrid-based early-stage investment firm founded with a distinctive focus on advancing freedom and autonomy in Europe. The firm's branding — expressed as 'freedom++' — positions it as an investor at the frontier of dual-use and sovereign technology, backing founders with deep technical expertise who are building solutions to complex, strategic challenges. 201 Ventures targets companies at the pre-seed and seed stages, emphasizing technical risk, long-term ambition, and a service mindset — characteristics it associates with founders who have both academic depth and an orientation toward practical, high-stakes application domains. The fund's sectoral focus spans defense technology, aerospace and deep tech, marine sensing, materials science, and frontier research infrastructure. Representative portfolio companies include Statecraft and Stark (AI and defense applications), Zydro (marine technology), Hypersonica (aerospace and hypersonics), Ionlace (advanced materials), and Arctic R&D and Deep Earth (research-led deep tech). This portfolio composition reflects a deliberate strategy to back European founders building technologies with dual-use or sovereign-capability relevance, a segment gaining increasing institutional and government interest across Europe amid heightened geopolitical focus on strategic technology sovereignty. Fund I is managed from Madrid, Spain, with a European geographic mandate. The firm's emphasis on defense and frontier technology aligns with growing European policy priorities around sovereign industrial capability, making 201 Ventures a distinctive voice in the nascent European deep-tech and defense-tech investment landscape. Fund size has not been publicly disclosed. The firm operates under the website brand 201.vc and is reachable at info@201.vc.

4Founders Capital III is a €70 million venture capital fund focused on pre-seed and seed-stage B2B technology startups, managed by 4Founders Capital, a Barcelona-based firm founded in 2017 by Jesús Monleón, Javier Pérez-Tenessa, Marc Badosa, Marek Fodor, and Paula Blázquez. Registered with Spain's CNMV as '4FOUNDERS CAPITAL III, F.C.R.E., S.A.' (NIF: A19842020), Fund III is the firm's third successive fund targeting the same foundational thesis: backing high-growth technology startups with global scalability ambitions, strong EBITDA orientation, and — increasingly — a core AI component. The main investors include the European Investment Fund (EIF), CDTI-Innvierte (Spain's national innovation agency), Institut Català de Finances (ICF), insurance companies, family offices, and a large cohort of entrepreneurs who have backed the firm since its inception. Fund III deploys initial tickets between €250,000 and €2 million, targeting approximately 40 startups at the pre-seed and seed stages. The primary sector focus is on B2B SaaS, artificial intelligence, fintech, cybersecurity, developer tools, business services, and traveltech — areas where the fund sees the strongest combination of high addressable market and defensible software economics. Follow-on investments are reserved for companies demonstrating strong early performance. The fund continues 4Founders Capital's practice of backing founders across Spain and Europe, with a preference for companies with international sales ambition from day one. Fund III launched in early 2025, completing a first close of €44 million in February 2025, before reaching its final close of €70 million — above its original €65 million target — within six months. The predecessor Fund I achieved a net IRR exceeding 18% and completed 11 exits, including Holded, Securitize, Flanks, and The Hotels Network. Fund II (2021, €50M) assembled a 38-company portfolio including Embat, Zenrows, Vidext, TaxDown, and Viterbit. Fund III positions 4Founders Capital as one of Spain's leading early-stage technology investors with a consistent and replicable fund model.

500 Emerging Europe Fund II is a €70 million early-stage venture capital fund focused on Central and Eastern Europe (CEE), managed by 500 Emerging Europe — a regional venture platform originally affiliated with 500 Global (formerly 500 Startups), the Silicon Valley–based accelerator and multi-stage VC firm. The fund targets founders from the CEE and Turkey region building globally scalable technology companies, with a particular emphasis on identifying 'emerging talent arbitrage': highly skilled, globally ambitious founders operating in markets where early-stage capital has historically been underrepresented relative to the density of engineering talent. The fund maintains independent operational decision-making, with the 500 Global affiliation providing access to the Silicon Valley network and follow-on syndication reach. Fund II deploys initial tickets of up to €1 million for 5–10% equity stakes at the seed and early Series A stages. Geographic emphasis falls on Poland, Romania, the Baltic states, and Turkey, which together account for approximately 50% of portfolio allocations, with the balance split across the broader CEE corridor from the Baltic to the Adriatic. Portfolio companies span enterprise SaaS, fintech, machine learning operations tools, and developer infrastructure — sectors where CEE engineering depth has historically produced high-output founding teams with global ambitions. The fund has made 36 investments across its deployment cycle. Fund II was launched in 2022 and reached its €70 million target. The fund's total portfolio of companies has collectively raised over $3 billion in follow-on funding from top-tier global investors including Sequoia Capital and Andreessen Horowitz, with several portfolio companies nearing unicorn valuation thresholds. In November 2024, the 500 Emerging Europe team rebranded the firm as e2vc, reflecting an evolution from the 500 Global affiliation toward a fully independent identity, while Fund II continues to operate under its original structure and investment mandate.

6 Degrees Capital (6DC) is an early-stage venture capital firm established in October 2022 and registered with the Belgian Financial Services and Markets Authority (FSMA) as an alternative investment fund manager (registration number 0792.478.221). Headquartered in Antwerp with a co-office in London, the firm is led by Managing Partners Wouter Volckaert and Filip Coen alongside a senior eight-person investment team. The name reflects the 'six degrees of separation' concept, embodying the firm's philosophy that connectivity and conviction compound over time to create extraordinary outcomes. 6DC Fund III deploys initial cheques of €1 million to €5 million at Seed and Series A stage, with follow-on reserves of up to €15 million per portfolio company. The fund is structured around three conviction-led thesis pillars: the Future of Enterprise (mission-critical SaaS, vertical software with embedded intelligence, and scalable infrastructure); AI (teams applying artificial intelligence across the full stack); and the Future of FinTech (embedded finance, payments, digital banking, InsurTech, and crypto infrastructure). The firm targets companies with demonstrated product-market traction — typically generating between $100k and $5m in annual revenue — led by what 6DC describes as 'unconventional and unapologetic founders' building category-defining businesses. 6DC Fund III reached its final close at €154 million in late 2025, attracting a diversified LP base comprising fund-of-funds, sovereign wealth funds, financial institutions, family offices, and high-net-worth individuals across Europe. Across three fund generations since inception, 6DC has backed more than 70 companies, with a portfolio spanning Apaleo (hotel management SaaS), Banxware (embedded lending), Artificial Labs (insurance AI), DoPay (neobank), and Payflow (earned-wage access), among others. Fund III entered deployment prior to final close, with initial investments including Conveo (AI market research platform), FlatPeak (energy software), Spruce, Luca, and Artificial. The fund targets top-decile returns and is engineered to generate multiple fund-returners per vintage.

AI Fund is a venture studio founded by Andrew Ng — co-founder of Google Brain, former Chief Scientist at Baidu, and a pioneering figure in applied artificial intelligence — dedicated to accelerating the adoption of AI by co-founding transformative companies from the ground up. The studio has raised over $365 million across two vehicles: an inaugural $175 million fund launched in 2018 and AI Venture Fund II, an oversubscribed $190 million fund that reached its final close in May 2025. Backed by a combination of leading venture capital institutions and strategic corporate investors, AI Fund has established a differentiated position as one of the world's most active AI-focused company builders. Unlike conventional venture capital, AI Fund does not write checks into existing companies: it partners with entrepreneurs at the ideation stage to co-found businesses alongside them, contributing deep AI research expertise, market validation support, engineering teams, talent acquisition, and access to a global network of corporate partners. The studio focuses on the application and software infrastructure layers of the AI stack, leveraging large language models and agentic AI to create new businesses across financial services, renewable energy, future of work, education, logistics, healthcare, and developer tools. AI Venture Fund II attracted a notable LP base of strategic corporate investors including The AES Corporation, HP Inc., Mitsui & Co., Mitsubishi Corporation, QBE, and TELUS Global Ventures, alongside venture institutions Sequoia Capital and NEA. Since inception, AI Fund has co-founded approximately 35 portfolio companies across multiple verticals. Notable ventures include Gaia Dynamics, which provides real-time tariff compliance intelligence for businesses navigating complex trade environments; SkyFire AI, a platform enabling AI-powered drone deployment for first responders and enterprise customers; and Profitmind, an automated competitive pricing tool that enables retailers to optimise product margins at scale. The studio's systematic approach to addressing early-stage company-building challenges — from product-market fit validation to technical architecture to go-to-market strategy — has enabled portfolio companies to reach commercial traction significantly faster than typical venture-backed startup timelines.

Google has launched the AI Futures Fund, a strategic initiative designed to empower startups working in artificial intelligence. The fund provides early access to cutting-edge models from Google DeepMind, such as Gemini (for advanced reasoning), Imagen (image generation), and Veo (video generation). These tools give startups a technological edge in developing their AI solutions. In addition to product access, the AI Futures Fund makes direct equity investments in selected startups. Beneficiaries also receive generous Google Cloud credits and hands-on mentorship from Google’s experts in AI research, engineering, and business development. This holistic support model is aimed at helping startups quickly iterate, scale, and go to market. The fund accepts applications on a rolling basis, without fixed deadlines. By offering capital, infrastructure, and deep expertise, Google aims to accelerate the development of transformative AI applications across a broad range of industries.

ARTIS TechBio II is a USD 200 million venture capital fund managed by ARTIS Ventures, a San Francisco-based firm founded in 2001 by Stuart Peterson. The fund closed on 14 December 2023 and is ARTIS Ventures' fourth fund overall and its second dedicated TechBio vehicle. ARTIS coined and trademarked the term TechBio to describe the convergence of technology and biology, and both TechBio funds operate under that exclusive mandate. Managing Partners Stuart Peterson and Vasudev Bailey lead the fund alongside Senior Partners Austin Walne and Ruchita Sinha. The fund invests at seed through Series B stages — with typical check sizes ranging from USD 2 million to USD 15 million with reserves for follow-on — in companies using data science, software, artificial intelligence, machine learning, and synthetic biology to transform human health and well-being. Six operating principles guide portfolio construction: global-scale platforms, underserved disease areas, system-wide care delivery innovation, founder diversity (over 60% of portfolio founders from underrepresented groups), perseverance in regulated industries, and specialised healthcare expertise. Portfolio companies are required to address measurable patient outcomes or health system efficiency gaps, reflecting the fund's impact-aligned mandate. The broader ARTIS Ventures platform spans TechBio I and II plus earlier general life sciences vehicles. Known portfolio companies across the platform include Freenome, Eko, Delix Therapeutics, Outpace Bio, Tessera Therapeutics, Rad AI, and Onto Health. ARTIS Ventures' exit track record includes Stemcentrx (acquired by AbbVie for approximately USD 10 billion), Lemonaid Health (acquired by 23andMe), YouTube (acquired by Google), Palantir (IPO), Aruba Networks (IPO), and Bloom Energy (IPO). TechBio II's early confirmed investments include Range Biotechnologies (seed, June 2023) and RightSite (January 2025), demonstrating active deployment across its life-sciences-meets-technology thesis.

AVP Growth Fund I is a €1.5 billion late-stage technology investment fund launched by AVP (Atlantic Vantage Point), formerly known as AXA Venture Partners. The fund is supported by anchor commitments from AXA and the European Investment Fund (EIF) as part of the European Tech Champions Initiative (ETCI). This initiative aims to bolster Europe's late-stage tech funding landscape and support rapidly growing, large technology companies. The fund targets high-growth European technology companies, providing substantial investments to help them scale and compete globally. AVP Growth Fund I has already completed investments in companies such as Agicap and Odoo, demonstrating its commitment to fostering European tech champions. AVP operates as an independent global investment platform with a transatlantic presence, managing over €2.5 billion across various investment strategies, including venture, early growth, growth, and fund of funds. The firm leverages its extensive network and expertise to support entrepreneurs from early stages to IPO, aiming to create a robust European alternative to U.S. growth funds and sovereign wealth capital.

Accel XVI is a $650 million early-stage venture capital fund raised by Accel Partners, one of Silicon Valley's most enduring investment franchises. Closed in December 2023 as a Delaware limited partnership, the fund operates from Accel's headquarters at 500 University Avenue, Palo Alto, California. It represents the firm's sixteenth US flagship fund and matches its 2021 predecessor, Accel XV, at $650 million — a deliberate signal of portfolio discipline and consistent fund sizing across market cycles. The fund is managed by partners including Andrew Braccia, Sameer Gandhi, Ping Li, Vasant Natarajan, Ryan Sweeney, and Richard Wong. Accel XVI deploys capital under the firm's "prepared mind" philosophy — intensive sector research before identifying investments, enabling conviction-driven entry at the earliest company stages. The fund targets pre-seed through Series B rounds, with roughly 95% of investments concentrated at seed and Series A. Accel serves as first institutional backer in approximately 87% of its portfolio companies. Geographic focus is the United States, across enterprise software, cybersecurity, artificial intelligence, infrastructure, and consumer technology, with the partnership taking active board seats and providing structured support in talent, enterprise sales, and market expansion throughout each company's development. The Accel franchise behind Fund XVI carries a multi-decade track record spanning early-stage positions in Meta, Dropbox, Slack, Atlassian, CrowdStrike, and UiPath — among the most consequential technology businesses of the modern era. Recent vintages include Segment (acquired by Twilio), Scale AI, Sentry, Monte Carlo, and Ironclad. Accel XVI closed at its full $650 million target in Q4 2023, one of the most difficult fundraising environments in a decade, on the strength of LP confidence following landmark exits including Klaviyo's IPO and the Pismo acquisition.

Adams Street European Venture Fund 2023 is the debut dedicated European venture vehicle managed by Adams Street Partners, one of the world's preeminent private markets asset managers with over $62 billion in assets under management and more than 50 years of private markets experience. Launched with a 2023 vintage, the fund reached final close in May 2025, securing more than EUR 270 million in capital commitments from a broad institutional investor base — including public pension plans, corporate and Taft-Hartley plans, insurance companies, and endowments — significantly oversubscribing its original fundraising target. This is the firm's first commingled fund dedicated exclusively to European venture capital, built on a 25-year foundation of investing across the region through Adams Street's global fund programs. The fund pursues a disciplined fund-of-funds strategy, allocating approximately 70% of committed capital to primary investments in a curated selection of 10 to 20 established and emerging European venture capital managers, with the remaining 30% reserved for secondary transactions and direct co-investments into venture-backed companies. This hybrid structure provides diversified exposure across the European startup ecosystem while preserving flexibility to concentrate capital behind high-conviction breakout opportunities at the company level. The fund is expected to build indirect exposure to approximately 400 early-stage companies over a two-to-three year deployment horizon, with concentrated sectoral emphasis on technology and healthcare innovation across the United Kingdom and continental Europe. Adams Street Partners brings a deep and verified track record in European venture, having invested in more than 50 European VC funds and deployed nearly $2 billion in the region since 2000, backing managers including Index Ventures, Accel, Balderton Capital, and a range of spinout funds from top-tier firms. Partner Ross Morrison, who leads the European venture strategy, holds advisory board positions at Index Ventures, Highland Capital, Keensight, Livingbridge, and Vitruvian. The fund's institutional credibility was underscored by a commitment of up to EUR 60 million from British Business Investments, a subsidiary of the British Business Bank, made through its Managed Funds Programme.

Adams Street Venture Innovation Fund IV Program is a $1.2 billion-plus global venture capital program that reached final close in October 2024, managed by Adams Street Partners, the Chicago-based 100% employee-owned alternatives firm managing over $60 billion in assets under management. The program comprises three constituent Delaware limited partnerships: Venture Innovation Fund IV LP, Leaders Fund II LP, and Adams Street Venture Select Fund 2023. The program was oversubscribed, closed above its fundraising target, and is more than 40% larger than the predecessor Venture Innovation Fund III program, reflecting strong institutional demand across three continents. The program deploys capital across three complementary approaches: primary commitments to top-tier venture capital fund managers globally, secondary purchases of existing VC fund interests, and direct co-investments into high-growth, venture-backed portfolio companies. The blended strategy is designed to maximize exposure to the global innovation economy, with Adams Street identifying artificial intelligence as a key secular driver alongside sectors such as enterprise software, healthcare technology, and fintech. The multi-manager architecture provides diversification across stage, geography, and manager strategy while leveraging Adams Street's multi-decade GP relationships—the firm has invested in venture capital since the 1970s. Adams Street's venture platform draws on relationships with more than 250 general partners worldwide and has generated a track record across four successive program vintages, each materially larger than its predecessor. Limited partner support for VIF IV spanned institutional investors, foundations, family offices, and wealth platforms from three continents. In parallel with the global VIF IV Program, Adams Street closed a dedicated €270 million European Venture Fund in May 2025, demonstrating the firm's commitment to regional VC ecosystems as a complement to its broader global program.

Air Street Capital II is a $121 million AI-native venture capital fund managed by Air Street Capital, the London-based firm founded by Nathan Benaich. The fund closed on 6 September 2023 and represents the firm's second vehicle, more than tripling the $17 million raised for Fund I in 2020. Fund II backs AI-first companies at the earliest stages across North America and Europe, with a particular emphasis on foundational AI research translating into commercial products in technology and life sciences. Notable angel investors who supported the fund include Spotify co-founder Daniel Ek and Google DeepMind Chief Scientist Jeff Dean, alongside operators from OpenAI, Isomorphic Labs, Hugging Face, Recursion, and Wayve. The fund's investment strategy is built around a single conviction: AI founders deserve an AI-native investor. Air Street operates with a first-cheque, lead-round model, taking concentrated positions in a small number of high-conviction companies and maintaining long holding periods to allow compounding scientific discovery to translate into durable commercial value. Sectors in scope include applied AI, drug discovery, AI data infrastructure, computer vision, and AI-enabled healthcare and safety applications. The firm publishes the annual State of AI Report, giving its team structural insight into the frontier of AI capability and deployment. Fund II built on the track record established by Fund I, which backed portfolio companies including Allcyte (acquired by Exscientia in Nasdaq's largest-ever European biotech IPO), Valence Discovery (acquired by Recursion Pharmaceuticals to form Valence Labs), Intenseye and V7. With Fund II, Air Street expanded its investment universe to include AI unicorns such as Black Forest Labs and ElevenLabs, while generating further exits including Adept (acquired by Amazon) and Graphcore (acquired by SoftBank). Air Street Capital II was followed by the firm's record-breaking $232 million Fund III closed in March 2026, cementing Air Street as one of the largest solo GP venture firms in Europe.

Aldea Tech Fund II is the second fund of funds vehicle managed by Aldea Ventures, a Barcelona-based, certified B-Corp pan-European fund of funds manager. The fund targets a concentrated portfolio of specialist early-stage VC managers — primarily sub-€100M Micro-VCs and sub-€25M Nano-VCs — with deep domain expertise in frontier technology areas including AI, next-generation computing, climate tech, health and biotech, and robotics. The fund also makes a limited number of co-investment and secondary opportunities alongside its underlying managers. Aldea's strategy provides LP investors with diversified exposure to the emerging-manager ecosystem across Europe, with selective exposure to North American managers who help European founders expand internationally. Initial underlying fund commitments include Moonfire II, Amino II, Unruly Capital, Concept Ventures, First Commit, 201 Ventures, and Possible Ventures. The fund announced its first close at €50 million in April 2025 and is targeting a hard cap of €125 million. Aldea Ventures' first fund (launched 2020) raised approximately €87 million and backed 28 funds across 23 emerging VCs, resulting in exposure to over 1,000 portfolio companies, with 71% based in Europe and 25% in the US. Aldea Ventures is certified as a B-Corp and integrates ESG and impact considerations across its manager-selection process.

The Google AI Futures Fund is a strategic investment initiative launched by Google Labs in 2025 to back early-stage and growth-stage startups building transformative products powered by Google's artificial intelligence technologies, including the Gemini model suite, Imagen, and Veo. Managed by Alphabet Inc. through Google Labs, the fund operates on a rolling basis with no fixed application window, considering investment opportunities across seed, Series A, and later stages based on strategic fit rather than a cohort or batch model. Portfolio companies receive a combination of equity investment, early access to Google DeepMind's frontier AI models before general availability, generous Google Cloud credits, and hands-on mentorship from Google's engineers, researchers, and business development professionals. This bundle of resources is specifically designed to accelerate the development of AI-native products across all sectors, from healthcare and education to consumer applications and enterprise software. The fund explicitly focuses on founders building meaningful AI integrations — applications and services that leverage AI as a core capability rather than as a peripheral feature. Google's strategic rationale is to create an ecosystem of AI-powered companies that drive adoption of Google's AI platform and model infrastructure, while generating financial returns and advancing the broader state of applied AI. Unlike traditional venture funds with fixed sizes and defined LP commitments, the Google AI Futures Fund operates as a corporate venture programme with flexible capital allocation determined by Alphabet, reflecting the fund's hybrid role as both a financial investor and a strategic platform builder.

Altimeter Growth Partners Fund VII is the latest venture capital vehicle from Altimeter Capital Management, targeting investments in the technology, media, and telecommunications (TMT) sector within the United States. With a first close of $552.68 million in July 2024, the fund continues Altimeter's strategy of backing high-growth tech companies. The fund seeks to invest in early to growth-stage companies that demonstrate strong potential in their respective markets. Altimeter's investment approach focuses on identifying innovative businesses with scalable models and significant market opportunities. Altimeter Capital Management, founded by Brad Gerstner, has a history of successful investments in technology companies, leveraging its expertise to support portfolio companies through various stages of growth.

The Armilar IV fund is positioned to back exceptional deep‑technology founders across the Iberian Peninsula, with a specific interest in companies that fuse advanced science and enterprise‑grade software. With a first close of around €120 million and an ultimate target near €240 million by late 2026, Armilar IV offers meaningful capital to support follow‑on growth and scale financing. It builds on the longstanding track record of Armilar Venture Partners—who have supported companies like OutSystems and Feedzai—from regional innovators to global platforms. The investment thesis of Armilar IV centres on B2B enterprises with robust technical moats, demonstrable product‑market fit, and the capacity to expand internationally from Spain and Portugal. The fund plans to make approximately 20 investments over its lifetime, combining cheque writing with active operational support and board participation to accelerate commercial traction. The targeting sectors span AI, cybersecurity, healthtech and spacetech—areas where scientific research meets software innovation. The fund believes that Iberia’s deep‑tech ecosystem is at an inflection point, and that institutional‑scale capital like this can bridge the gap between early research and global commercial deployment. By focusing on companies at the junction of science and software, Armilar IV seeks to partner with technical founding teams that are under‑leveraged in large European growth rounds, providing the scale and guidance needed to lead expansion rounds and become internationally competitive.

Atomico Venture VI is a $485 million early-stage venture capital fund managed by Atomico, the London-headquartered VC firm founded in 2006 by Skype co-founder Niklas Zennström. The fund reached its final close in September 2024 as part of Atomico's largest-ever fundraise — a simultaneous $1.24 billion dual-close alongside Atomico Growth VI ($754 million), the firm's dedicated growth capital vehicle. Domiciled in Luxembourg, Atomico Venture VI is the sixth generation of the firm's core venture franchise and reflects its conviction that European technology has reached an inflection point comparable to Silicon Valley a generation earlier. Atomico Venture VI focuses predominantly on Series A investments, with the flexibility to participate selectively in Seed-stage opportunities where conviction is highest. The fund takes a generalist approach across the technology landscape, targeting companies in AI and machine learning, cybersecurity, fintech, healthtech, industrial automation, and enterprise software. Its geographic mandate is pan-European, covering innovation ecosystems across the UK, DACH region, Nordics, France, the Benelux, and emerging markets across the continent. Venture VI operates in tandem with Growth VI, which deploys capital from Series B to pre-IPO, giving Atomico full coverage of a European founder's journey from early stage to public markets. Atomico brings a track record of more than 155 investments and nearly two decades of European technology investing to Venture VI. The firm's portfolio has produced 24 unicorns, 7 IPOs, and 54 acquisitions, including landmark companies such as Klarna, Stripe, and DeepL. Venture VI has already deployed capital across 20-plus investments since close, with early portfolio companies including Neko Health (Stockholm), Ben and Dexory (London), Deeploi (Berlin), Strise (Oslo), and Lakera (Zurich), demonstrating the fund's continued focus on mission-driven founders building category-defining technology companies from Europe.

The Autism Impact Fund (AIF) is venture capital fund that focuses on investing in startups in the neurodiversity space. Funded by institutional LPs such as investment firms Fairfield-Maxwell and Ferd, AIF aims to become "the investment and innovation arm of the autism community." With an initial fund of $60 million, AIF has already invested in 12 startups in its portfolio (as of April 2024). The fund's target investments are diverse and include sectors such as life sciences and data- and tech-enabled services. It also expands beyond the U.S., with investments in German consulting firm Auticon and British telehealth platform Healios. AIF plans to diversify further, broadening its scope to include behavioral health data-driven platforms, innovative healthcare solutions, and value-based care frameworks. The fund also invests in addressing autism comorbidities, such as gastrointestinal issues, and focuses on independence in areas like employment, financial independence, and housing. AIF's approach to investment reflects rising awareness about autism as a spectrum that affects individuals across their lifespans, not just during childhood. The fund is looking at potential investments in AI and other technologies while addressing the broader societal costs of autism. With a global focus, AIF partners with startups like Mentra and Genial Care to support the neurodiversity space, reflecting the increased momentum and creation of companies in this field.

Axeleo Capital AXC2 is the second early-stage B2B technology venture fund of Axeleo Capital (AXC), a Lyon-based venture capital firm specializing in pre-seed to Series A investments in enterprise software and B2B technology startups. The fund held its final close in December 2023 at €73 million, exceeding its initial interim target and building on the success of AXC1, Axeleo's debut fund. Axeleo Capital focuses on the next generation of B2B startups in artificial intelligence, data and analytics, cybersecurity, blockchain, and financial technology, with an investment remit spanning France and Western Europe. The fund makes initial investments of between €0.2 million and €2 million at pre-seed or seed stage, with capacity to follow on through Series A and beyond. By its final close, AXC2 had already backed 14 portfolio companies and recorded its first successful exit, demonstrating portfolio velocity consistent with early-stage conviction investing. The fund was structured with the support of more than 150 investors, with over 95% of Axeleo's historical LP base renewing their commitment — a strong validation of the team's track record and investment thesis. Anchor institutional support came from the Fonds National d'Amorçage 2, managed by Bpifrance on behalf of the French government as part of the France 2030 innovation initiative. Axeleo Capital, co-founded by Xavier Milin and the original Axeleo team, operates at the intersection of deep B2B sector knowledge and early-stage startup ecosystem development in the French tech corridor.

BDC Capital's Deep Tech Venture Fund is a dedicated venture capital fund established in 2021 by BDC Capital, the venture and growth capital arm of the Business Development Bank of Canada (BDC), Canada's federal development finance institution. The fund was designed to address a persistent financing gap in Canada's deep technology sector, providing capital to Canadian startups commercializing transformational technologies requiring longer development cycles and specialized expertise to reach commercial scale. The fund targeted investments across four foundational technology areas: quantum computing, advanced electronics and photonics, next-generation semiconductor applications, and foundational artificial intelligence systems. With a mandate to invest in 15 to 20 companies over at least 12 years, the fund committed CAD 200 million to build Canada's deep tech commercialization pipeline, focusing on companies at the intersection of scientific research and commercial viability, often bridging the gap between university spin-outs and Series A institutional venture rounds. The fund made 12 investments before BDC's broader portfolio review led to a strategic restructuring of its venture capital activities following a CAD 220 million write-down in the value of BDC Capital's VC portfolios in fiscal year 2024 (ending March 31, 2024). BDC subsequently wound down the Deep Tech Venture Fund after approximately four years, shifting focus to a defence-technology successor mandate. The fund achieved Closed status as BDC redirected resources toward next-generation technology investment programs, having demonstrated early commercialization potential in several portfolio companies operating in quantum, photonics, and AI infrastructure.

BR AVC Growth Fund is a growth-stage venture capital fund managed by Ballast Rock Group in partnership with the Acronym Venture Capital (AVC) team, providing institutional and accredited investors with access to diversified growth equity investments in later-stage private technology companies. The fund leverages Ballast Rock's integrated investment management platform with AVC's proprietary deal origination network to invest in companies at the Series B stage and beyond that have demonstrated strong revenue fundamentals and are approaching a clear path to profitability or strategic exit. Ballast Rock Group was founded to bring institutional-quality investment management to a broader investor base across multiple asset classes. The fund deploys capital into a concentrated portfolio of well-run private technology companies with significant revenue run-rates, strong domain knowledge, capital-efficient business models, and substantial cash runway. The investment thesis targets companies with a definable path to potential profitability within two to three years through organic growth or strategic merger and acquisition activity. BR AVC Growth Fund employs a Preferred Multiple on Invested Capital (MOIC) fee structure that eliminates performance fees below a preferred MOIC threshold, directly aligning manager and investor incentives at a stage where capital efficiency is paramount. The target fund size of 20 million US dollars is intentionally compact, providing concentrated exposure to a small number of high-conviction growth-stage investments in the U.S. technology sector. BR AVC Growth Fund completed its first close at 11 million US dollars in April 2023, subsequently deploying into seven portfolio company investments by mid-2024, with an eighth investment in progress. The fund represents Ballast Rock Group's strategy to integrate institutional investment infrastructure with specialist venture capital deal origination, bridging the gap between large institutional growth equity vehicles and smaller, operator-led angel networks. AVC's access to later-stage growth rounds through its network provides investors with a differentiated pipeline in a market segment historically dominated by multi-billion dollar growth equity platforms.

Backed 3 is the third and largest fund raised by Backed VC, a London-based seed and pre-seed investment firm focused on European deeptech founders building companies with global ambitions. The fund closed at its EUR 86 million (USD 100 million) hard cap on November 13, 2025, coinciding with Backed VC's 100th portfolio investment milestone across its three-fund history. Backed 3 represents the firm's most ambitious vehicle to date, expanding investment capacity and broadening its US presence alongside a deepened European portfolio strategy. The fund concentrates on three frontier technology themes: AI therapeutics and computational biology, blockchain and banking infrastructure, and manufacturing automation, areas where Backed has identified compounding technological advantage and durable market opportunity. Backed leads pre-seed and seed rounds with check sizes of USD 500,000 to USD 5 million, taking conviction-weighted positions in early teams before commercial traction is established. Portfolio construction is designed to generate a small number of category-defining winners across a European and global portfolio, with Backed 3 scaling the firm's already proven model from its first two vehicles. Backed 3 attracted close to 50% of commitments from ten institutional funds of funds, including new investors Isomer Capital and Wunderland Capital, with the remainder sourced from over 50 family offices and experienced technology entrepreneurs including founders from Backed's existing portfolio. Backed's first fund achieved top-decile performance, returning 35% of capital to investors in October 2025, providing a strong track record validation ahead of Backed 3's deployment. The fund is based in London and invests primarily across Europe with expanding activity in the United States.

Battery Investment Partners XIV, L.P. is a parallel co-investment vehicle raised alongside Battery Ventures XIV, the fourteenth flagship fund of Boston-based venture capital firm Battery Ventures. The fund closed in July 2022 with approximately $94.6 million in committed capital from two institutional limited partners, including the Alaska Retirement Management Board. As a parallel feeder vehicle, Battery Investment Partners XIV co-invests on substantially identical terms to the main Battery Ventures XIV fund, providing specific institutional investors with a dedicated vehicle that accommodates their regulatory, tax, or mandate requirements. Battery Investment Partners XIV targets the same investment universe as the flagship Battery Ventures XIV fund: technology companies across application software, infrastructure software, consumer technology, and industrial technology and life science tools. The vehicle leverages Battery Ventures' nine-partner investment team and applies the same research-intensive methodology focused on backing technical founders from seed through growth buyout stages. The fund holds exemptions under Rule 506(b) and Sections 3C, 3C.1, and 3C.7 of the Investment Company Act, consistent with a parallel vehicle structure serving a concentrated group of institutional accredited investors. Battery Ventures has raised over $16 billion in capital since its founding in 1983, and Battery Investment Partners XIV forms one component of the firm's fourteenth vintage, which collectively raised more than $3.8 billion. The parallel structure complements the main Battery Ventures XIV vehicle ($3.04 billion) and Battery Ventures XIV EF ($38.5 million). Battery Management Corp. serves as the registered investment adviser (SEC CIK 160921) for all Battery XIV vehicles, operating from offices in Boston, San Francisco, Menlo Park, New York, London, and Tel Aviv. The general partner of record is Battery Partners GP XIV, LLC, the same GP entity overseeing all Battery XIV vehicles.

Battery Ventures XIV EF, L.P. is a companion investment vehicle raised alongside Battery Ventures XIV, the fourteenth flagship fund of Boston-based venture capital firm Battery Ventures. The fund closed in July 2022 with approximately $38.5 million in committed capital. The EF vehicle is structured under Section 3C.1 of the Investment Company Act, which limits the vehicle to up to 100 accredited investors, distinguishing it from the main Battery Ventures XIV fund which employs the broader 3C.7 exemption. This structure is consistent with a seed-stage or early-founders participation vehicle designed for a concentrated group of investors. Battery Ventures XIV EF employs the same investment strategy as Battery Ventures XIV, focusing on technology companies across application software, infrastructure software, consumer technology, and industrial technology and life science tools. The vehicle is managed by Battery Partners GP XIV, LLC, the same general partner entity overseeing all Battery XIV vehicles, and leverages the firm's nine-partner investment team. The EF designation aligns with Battery's practice of offering companion funds that allow specific groups of accredited investors, such as founders or early-stage specialists, to participate in early-stage investment opportunities alongside the main fund vehicle. Battery Ventures has raised over $16 billion in capital since its founding in 1983, and Battery Ventures XIV EF forms the smallest component of the firm's fourteenth vintage by committed capital. The XIV fund family collectively raised more than $3.8 billion across three primary vehicles: Battery Ventures XIV ($3.04 billion), Battery Investment Partners XIV ($94.6 million), and Battery Ventures XIV EF ($38.5 million), complemented by Battery Select Fund II ($530 million) for follow-on investments in existing portfolio companies. Battery Ventures XIV EF closed on July 15, 2022, completing the full Battery XIV fundraising cycle. Battery Management Corp. serves as the SEC-registered investment adviser (CIK 160921).

Battery Ventures XIV, L.P. is the fourteenth flagship fund raised by Battery Ventures, a Boston-based venture capital and growth equity firm founded in 1983. The fund held its initial close in March 2022 and completed its final close in July 2022, having raised approximately $3.04 billion in committed capital from 22 limited partners. Together with companion vehicles Battery Ventures XIV EF and Battery Select Fund II, the Battery XIV fund family raised more than $3.8 billion in total, representing one of Battery's largest fundraising cycles to date. Battery Ventures XIV deploys capital across all stages of technology company development, from early seed investments through majority-stake growth buyouts, employing a stage-agnostic approach refined since 1983. The fund focuses on four core technology sectors: application software including fintech and healthcare IT; infrastructure software spanning data, artificial intelligence, developer tools, and cybersecurity; consumer technology; and industrial technology and life science tools. The nine-partner investment team includes Neeraj Agrawal, Michael Brown, Morad Elhafed, Jesse Feldman, Russell Fleischer, Roger Lee, Zack Smotherman, Chelsea Stoner, and Dharmesh Thakker, applying Battery's research-intensive methodology focused on backing technical founders from inception to exit. The fund has a mandate to complete majority-growth investments and platform buyouts, continuing a practice Battery has pursued since 2008 across more than 17 platform companies. Battery Ventures XIV is domiciled in Delaware and the Cayman Islands, managed by Battery Management Corp., the SEC-registered investment adviser (CIK 160921). Confirmed limited partners include the Alaska Retirement Management Board, which committed $25 million at first close, and the Alaska Permanent Fund among 22 total institutional investors. Total committed capital in the main vehicle reached $3,042,078,283 as reported in the fund's SEC Form D filing. Battery Ventures has raised over $16 billion across its fund family since founding, with a track record spanning more than four decades and portfolio companies across the United States, Europe, and Israel.

BVP Forge II, L.P. is the second growth buyout fund raised by BVP Forge, a private equity platform integrated within the Bessemer Venture Partners ecosystem. The fund closed on November 19, 2025 at $1 billion — oversubscribed and completed in under four months — bringing BVP Forge's total assets under management to $2.3 billion. BVP Forge was founded in December 2021 by Rob Arditi, formerly a senior growth equity partner at Norwest Equity Partners, to address a structural market gap: capital-efficient, self-sustaining technology and services companies with $10–$50 million in annual revenue that are too mature for traditional venture capital but too growth-oriented for classical leveraged buyout firms. BVP Forge II makes control acquisitions and significant minority investments in companies with $50–$500 million in enterprise value. The fund targets software, AI-enabled services, tech-enabled managed services, and vertical software platforms across North America, Europe, Australia, and New Zealand. Portfolio companies benefit from the ForgeEdge™ operational program, which provides engineering, go-to-market, and talent development support, and the AI Velocity initiative, which helps portfolio companies integrate AI capabilities. Prior Forge I investments include Sunwave Health (behavioral health software), Lightning Step Technologies, BetterRX (hospice pharmacy software), and Technical Toolboxes (energy infrastructure software), illustrating the firm's focus on mission-critical vertical software in underserved industries. BVP Forge's integration into the Bessemer Venture Partners platform gives portfolio companies access to approximately $19 billion in AUM-backed relationships, 40 proprietary technology roadmaps, over 60 annual research publications, and 10+ executive workshops. Confirmed limited partners in Forge II include the New Mexico State Investment Council ($75 million) and the North Dakota State Investment Board ($60 million), both returning LPs from Forge I. Legal counsel: Kirkland & Ellis. Operational headquarters: Redwood City, California.

Blackhorn Ventures Industrial Impact Fund II, LP (IIF II) is a $150 million venture capital impact fund managed by Blackhorn Ventures, an investment firm founded in 2017 by entrepreneurs, operators, and investors. The fund achieved its final close on June 27, 2024, with a 2022 vintage year reflecting the initial deployment period. IIF II attracted a distinguished group of limited partners including Mitsubishi Electric, Mercuria Energy, Goldbeck GmbH, Simpson Strong-Tie, Jonathan Rose Companies, the Grantham Foundation for the Protection of the Environment, and Caprock, alongside other institutional investors who share a conviction that the industrial energy transition represents one of the defining investment opportunities of this decade. IIF II deploys capital at the Seed and Series A stages into capital-efficient software solutions, vertical SaaS platforms, and AI-enabled applications addressing resource efficiency and decarbonization across hard-to-abate industrial sectors. Blackhorn's 'bits and atoms' investment thesis targets the intersection of digital intelligence and physical-world processes across four interconnected verticals: energy, construction and the built environment, supply chain and logistics, and transportation. The fund prioritizes founders at the forefront of industrial AI — particularly those commercializing scalable solutions to critical labor shortages, operational inefficiency, and the carbon intensity of industries that together represent trillions in U.S. and global GDP. Investment geography is primarily the United States, with selective exposure to European opportunities meeting the same industrial thesis criteria. IIF II has deployed into over 20 portfolio companies, including Formic (industrial robotics software), Circuit Mind (electronics manufacturing automation), ThinkLabs, Specifix, EcoWorks, Optera, and Electric Era. As documented in Blackhorn's 2024 Annual Impact Report, portfolio companies deliver measurable outcomes across greenhouse gas reduction, labor productivity gains, and operational cost savings. The fund's impact mandate is structurally enforced: carried interest is linked to demonstrated environmental and social outcomes, aligning GP incentives with the fund's stated mission of industrial decarbonization. Managed from the United States and structured as a Delaware limited partnership, Blackhorn Ventures Industrial Impact Fund II is the second in the firm's flagship fund series and represents the fullest expression of the firm's Industry 4.0 investment philosophy combining digitization and decarbonization.

BlueCrow Capital Next Tech Fund I is a Portugal-based venture capital fund managed by BlueCrow Capital, a Lisbon-headquartered asset manager specialising in technology innovation. Launched in 2020 as a closed-end vehicle with an ISIN of PTBLWJIM0013, the fund represents one of the first dedicated technology venture capital funds in Portugal to focus entirely on innovative technological solutions, with a particular emphasis on artificial intelligence, machine learning, and digital infrastructure applications. With a target raise of €100 million and a minimum subscription of €50,000, the fund is structured for professional and semi-professional investors seeking direct exposure to Portugal's emerging technology ecosystem. The fund pursues investments in growth-stage Portuguese technology companies exhibiting differentiated solutions with a global outlook and clear international scalability. Its investment thesis centres on five key verticals: software and digital platforms including SaaS, cloud, and analytics; technology applied to industry and services spanning energy, construction, healthcare, and logistics; digital infrastructure and cybersecurity; artificial intelligence and machine learning; and sustainability-focused technology. The vehicle targets 18 to 22 portfolio companies with average ticket sizes between €3 million and €6 million, structured around a nine-year active investment period within a 16-year total fund life. BlueCrow Capital provides portfolio companies with capital and active management support and international expansion strategy assistance, leveraging its established network within Portugal's innovation ecosystem. Since its 2020 launch, Next Tech Fund I has been active in deploying capital into Portugal's burgeoning technology ecosystem. Among its known investments is AGENTIFAI, an artificial intelligence company backed through a Series A round in December 2021, demonstrating the fund's conviction in AI-native businesses at growth inflection points. The fund targets an expected annual return of 17%, reflecting its positioning in high-growth technology companies with global market potential. BlueCrow Capital leverages its established network within Portugal's innovation and startup ecosystem to source proprietary deal flow and support portfolio founders in their international growth ambitions.

About BlueCrow Next Tech Fund IBlueCrow Next Tech Fund I (legally: Next Tech Fund I, FCR) is a Portuguese venture capital fund managed by BlueCrow Capital (BlueCrow Sociedade de Capital de Risco SA), a Lisbon-based venture capital firm founded in 2016. The fund carries the LEI code 8945001H44WNDNR7NY59 and the ISIN PTBLWJIM0013, and is regulated by the Portuguese Securities Market Commission (CMVM) as a closed-end Fundo de Capital de Risco (FCR). Established in 2020 with a target size of €100 million, the fund has a 16-year investment horizon comprising a 9-year active investment period followed by a 7-year value-realization phase. The minimum subscription threshold of €50,000 reflects an institutional and sophisticated investor profile. BlueCrow Capital positions Next Tech Fund I as one of the first Portuguese funds focused exclusively on innovative technology companies with differentiated global growth potential.The fund invests exclusively in Portuguese technology companies that are eligible under Portugal's SIFIDE tax incentive system (Tax Incentive System for Business R&D), ensuring a focus on genuinely R&D-intensive businesses with defensible technological differentiation. Target investments span multiple technology verticals including artificial intelligence and machine learning, cloud software platforms (SaaS), cybersecurity and digital infrastructure, and technology applied to industry, healthcare, energy, construction, and logistics. The fund aims to build a diversified portfolio of 18 to 22 portfolio companies with average ticket sizes of €3 million to €6 million per investment, and an expected annual return of 17% over the investment horizon. BlueCrow Capital adds value through active portfolio management, structured internationalisation support, and deep integration into Portugal's technology and innovation ecosystem. The expected annual return of 17% targets a risk-return profile suitable for institutional limited partners committed to Southern European venture capital.Since its establishment in 2020, Next Tech Fund I has assembled a portfolio of early-stage and growth technology companies including AgentifAI (AI-native platform, Series A investment in December 2021), Paynest (HR fintech platform), KIT-AR (augmented reality for industrial environments), Bandora (digital health), Senseidata (data analytics platform), and Tonic Easy Medical (digital health). The fund reflects BlueCrow Capital's position as a pioneer of institutionalized venture capital investment in Portugal's emerging technology ecosystem, operating alongside the broader Portuguese innovation infrastructure. Note: this record (id=497) has a near-duplicate entry (id=505, slug=nexttech-fund-i) which differs only in the omission of a space in the fund name ("NextTech" vs "Next Tech") and which was created within two minutes on the same date. Record id=505 should be merged into this canonical record.

Boldstart Fund VII is a $250 million venture capital fund raised by Boldstart Ventures, a New York-based inception-stage firm that has backed enterprise software founders before product, traction, or even a deck since 2010. The fund closed in July 2025 as the seventh in Boldstart's series, bringing total assets under management to over $1.1 billion. The fund was oversubscribed but deliberately capped at $250 million to preserve the firm's high-conviction, founder-first model. Fund VII targets founders building the autonomous enterprise — AI-native infrastructure, agentic workflows, intelligent data engines, AI security, and crypto-powered smart contract infrastructure. The fund leads pre-seed and seed rounds with initial checks from $500,000 to $15 million, specializing in deeply technical teams reimagining enterprise architecture from first principles. Follow-on capital can be deployed from the firm's $175 million Opportunities III vehicle for breakout portfolio companies. Over fifteen years and seven funds, Boldstart has backed enterprise companies including Snyk, BigID, Iterable, and Hyper, which have redefined developer security, observability, and SaaS infrastructure. With over $1.1 billion in AUM and a strict inception-only mandate, Fund VII continues Boldstart's conviction that the best time to back a transformative enterprise company is before the product exists, when technical vision is the sole criterion.

Bonfire Ventures Fund IV is a $245 million seed venture capital fund managed by Bonfire Ventures — the Los Angeles-based B2B software specialist founded by Mark Mullen and Jim Andelman — and is the largest vehicle in the firm's history. The fund reached final close in February 2025, directly following the successful close-out of Fund III, which saw 73% of seed investments advance to Series A within 24 months of initial check. Fund IV continues Bonfire's seed-stage B2B software mandate with expanded attention to artificial intelligence integration. Over half of Fund III's portfolio companies became AI-native during their growth, and Fund IV anticipates deeper AI embeddedness across its target verticals: e-commerce and fintech convergence, construction, healthcare, insurance, industrial automation, and legacy business categories undergoing digital transformation. The fund writes average initial checks of approximately $2.7 million at pre-money valuations around $16.4 million, leading seed rounds as the primary institutional backer. Partner Brett Queener (former Salesforce EVP of Global Commercial Sales) joined the team ahead of Fund IV to deepen go-to-market expertise. With $245 million in committed capital, Bonfire IV gives the firm capacity to lead more rounds and expand follow-on reserves for breakout companies. Bonfire has backed seed-stage B2B software across four fund vintages since 2016, building a consistent track record of selecting enterprise founders who outperform industry benchmarks at Series A conversion, ARR growth, and company survival rates.

Boost Alpha Fund is the inaugural investment vehicle of Boost VC, a San Mateo, California-based pre-seed venture capital firm and startup accelerator co-founded by Adam Draper and Brayton Williams in 2012. The fund is dedicated to backing founders building at the frontier of deep technology, with a portfolio spanning cryptocurrency and blockchain infrastructure, space exploration, artificial intelligence, robotics, virtual reality, and advanced biotechnology. Boost Alpha Fund embodies the firm's defining conviction thesis—accelerating the Sci-Fi future—targeting transformative technologies at their earliest commercially viable stages and backing unconventional bets that traditional investors systematically pass on. Boost Alpha Fund deploys capital through standardized $500,000 pre-seed investments in companies raising sub-$1 million rounds, typically at valuations of $3 million to $7 million. Investment is closely integrated with Boost VC's three-month accelerator program, which provides cohort companies with intensive mentorship, access to a dense network of industry experts and follow-on investors, and operational resources to accelerate from concept to fundable company. The fund's high-velocity, high-volume approach reflects a portfolio construction philosophy designed to maximize exposure to breakout outcomes in nascent, high-variance technology verticals. Across the broader Boost VC platform, portfolio companies have collectively raised over $5 billion in follow-on capital, with landmark investments including Coinbase, Magic Leap, Anki, and Improbable. Boost VC manages more than $200 million in assets under management across its fund series, with over 300 companies backed to date. Boost Alpha Fund's role as the first fund in the family established the accelerator's reputation as a generational entry point for founders pursuing the most ambitious, transformative, and technically demanding bets in deep technology.

Boost VC Deep Tech Fund 4 is an $87 million pre-seed venture capital fund managed by Boost VC, the San Mateo-based firm co-founded by Adam Draper and Brayton Williams that specializes in investing in what it calls science fiction technology. The fund reached final close in September 2025, bringing total Boost VC assets under management to $300 million across its fund series and over 400 active portfolio companies. Fund 4 targets pre-seed founders building breakthrough technologies across aerospace, nuclear energy, robotics, biotechnology, artificial intelligence, crypto, space, materials science, and ocean technology. The fund writes standardized $500,000 checks into pre-seed rounds at $3 million to $7 million valuations, leading approximately 70-plus companies per year. Boost pioneered the institutional deep-tech pre-seed model, becoming one of the first institutional investors in Bitcoin companies in 2013 before broadening to the full spectrum of science fiction technologies. Boost's first two vintage funds (2013 and 2016) delivered DPI of 2.15x and 4.35x respectively, on early bets in crypto and hard science. The firm's portfolio includes Coinbase (early investor), Deepgram ($1.3 billion valuation), Radiant Nuclear ($300 million raise), and Grid Aero ($20 million Series A). Portfolio companies have collectively raised over $5 billion in follow-on capital. Fund 4 is the latest and largest step in Boost's mission to accelerate the arrival of science fiction technologies.

Boost VC Fund I is a venture capital fund managed by Boost VC, the San Mateo-based pre-seed deep technology firm co-founded by Adam Draper and Brayton Williams. Launched with a 2016 vintage, Fund I represents the second institutional fund in Boost's series, following the firm's pioneering 2013-vintage early bitcoin vehicle. Boost's 2016 fund has delivered a DPI of 4.35x, making it one of the stronger-performing early institutional crypto and deep tech pre-seed vehicles of its era. The fund targets pre-seed founders building at the frontier of technology, applying Boost's signature $500,000 standard check into sub-$1 million rounds at $3 million to $7 million valuations. The investment mandate spans crypto and blockchain infrastructure, artificial intelligence, aerospace, robotics, biotechnology, and climate technology — the full spectrum of what Boost defines as science fiction investing. Boost has been one of the longest-running institutional pre-seed funds in the deep tech category, having backed over 400 portfolio companies across its fund series. Fund I's performance reflects Boost's early conviction in the deep tech ecosystem before institutional capital migrated en masse to the category. The firm's portfolio includes Coinbase, Deepgram, Radiant Nuclear, and Grid Aero, and Fund I's vintage and track record provided the foundation for the firm's subsequent funds, including the $87 million Boost VC Deep Tech Fund 4, which closed in September 2025 and brought total Boost AUM to $300 million across its fund platform.

Bpifrance Large Venture is a EUR 2.5 billion growth and late-stage venture capital fund managed by Bpifrance, France's state-backed public investment bank and the country's primary innovation financing institution. Established in 2014, Large Venture is one of the largest dedicated technology and life sciences growth funds in continental Europe, providing long-term patient capital to highly innovative companies — both publicly listed and unlisted — with validated business models operating at significant scale. The fund acts as an active shareholder with a long-term investment horizon, supporting companies that are ready to expand internationally or accelerate their competitive positioning across high-potential markets. Large Venture focuses exclusively on technology and life sciences sectors in France, participating in financing rounds above EUR 20 million with an initial ticket size of at least EUR 10 million. The fund co-invests as lead or follower alongside other leading European and international growth equity investors, covering a broad spectrum of sub-sectors including enterprise software, artificial intelligence, cybersecurity, fintech, healthtech, foodtech, greentech, and digital health. Investment decisions emphasize companies with demonstrated revenue traction, a clear path to market leadership, and the potential to reach Next40 or French Tech 120 designation. With a generalist approach across technology and life sciences, the fund is positioned to support France's most competitive scale-ups throughout their late-stage growth journey. Since its 2014 founding, Large Venture has built a portfolio of over 80 companies, including 12 members of the Next40 and 25 members of the French Tech 120. Notable portfolio companies include Doctolib (digital health), Contentsquare (digital analytics), Exotec (robotics and logistics automation), Owkin (AI for healthcare), Shift Technology (AI for insurance), Electra (EV charging), ManoMano (B2B construction), Swile (employee benefits), and Aqemia (AI drug design). The fund plays a catalytic role in France's technology ecosystem, co-investing with major international growth equity and crossover investors, while providing the stability and scale required by late-stage innovators preparing for IPO or strategic exits.

BroadLight Capital Fund I is the $225 million inaugural growth equity fund managed by BroadLight Capital, a New York-based private investment firm founded in January 2021 by David Dorfman, Kevin Yorn, and Rick Yorn. The fund employs a differentiated late-stage venture and growth equity strategy that pairs financial capital with a proprietary network of globally recognized artists, athletes, creators, and entertainment personalities who serve as operating advisors and distribution accelerators for portfolio companies. This cultural and consumer network is a distinctive competitive advantage that BroadLight leverages to help investee businesses reach mainstream audiences faster than conventional growth equity models. BroadLight Capital Fund I targets high-growth technology, media, consumer, and entertainment companies, with an emphasis on businesses where cultural access, brand building, and consumer distribution represent meaningful levers for value creation. The fund's sector focus spans AI and voice technology, legal technology, healthcare technology, and digital media — sectors where distribution, brand, and community are increasingly decisive competitive factors. Among the fund's notable portfolio companies is ElevenLabs, the AI voice platform that crossed $500 million in ARR in 2026 and raised $500 million in a Sequoia-led round at an $11 billion valuation. BroadLight Capital Management LLC is registered as an investment adviser with the SEC (CRD #315015) and operates from its New York headquarters. The firm's founding partners bring a deep background in both financial structuring and creative industry deal-making, giving BroadLight a dual competency that differentiates its approach in the growth equity market.

The Brookfield Artificial Intelligence Infrastructure Fund (BAIIF) is an advanced infrastructure investment fund that focuses on the burgeoning field of artificial intelligence. As AI technologies become more integral to various industries, BAIIF seeks to capitalize on the need for robust infrastructure to support these advancements. This fund is designed to provide investors with access to high-quality assets that are pivotal in facilitating AI operations, including data centers, communication networks, and power utilities.Managed by Brookfield, the fund leverages the team's extensive experience in infrastructure investments to identify and enhance assets that align with the growing demand for AI capabilities. The fund is aimed at investors looking to benefit from the technological evolution while supporting sustainable and innovative infrastructure growth.

CRV (formerly Charles River Ventures) is one of the world's oldest active venture capital firms, backing technology founders continuously since 1970. The CRV 20th Flagship Fund is the firm's twentieth primary fund vehicle, raised at $750 million and formally closed in August 2025. The fund represents a deliberate downsize relative to CRV's prior $1 billion flagship, reflecting the firm's conviction that early-stage returns compress at scale. Notably, CRV returned $275 million of unallocated capital from its prior $500 million Select late-stage vehicle before beginning the new raise, signaling a full refocus on early-stage opportunity and meaningful ownership in each portfolio company. The fund invests exclusively at the seed and Series A stages in the United States, organized around two founding themes: consumer companies and developer tools (devtools). These verticals distill CRV's observed edge over five decades: the firm has backed consumer-first breakouts including DoorDash and Mercury, and developer tooling leaders including Vercel and CodeRabbit. CRV leads rounds rather than following, with a stated commitment to deliver term sheets within 24 hours of meeting a founding team. No companion late-stage vehicle is being raised alongside this fund, ensuring portfolio focus and maximum ownership depth at entry. The CRV 20th Flagship Fund raised commitments from a deep institutional LP base in approximately four weeks, with investor demand reported at double the $750 million hard cap — an unusually fast close pace for a fund of this size. Since 1970, CRV has backed over 750 startups, of which at least 80 have gone public. The fund entered an active Investing phase immediately following its August 2025 close and will deploy capital over a standard 3 to 4 year investment period into seed and Series A companies primarily in the United States technology ecosystem.

Canapi Ventures Fund II is a $750 million venture capital fund managed by Canapi Ventures, a Washington, D.C.-based investor focused exclusively on the financial services technology sector. Launched in 2022 and reaching final close in December 2023, Fund II brought Canapi's total assets under management to over $1.4 billion, backed by nearly 70 U.S. financial institutions and strategic investors across the country. The fund targets early- and growth-stage fintech companies operating at the intersection of financial infrastructure, banking technology, lending and credit platforms, payments, cybersecurity, climate technology applied to financial services, artificial intelligence, and real estate technology. Canapi Ventures distinguishes itself by assembling a limited partner base of active financial institutions—banks, insurance companies, and specialty lenders—that serve as strategic commercial partners for portfolio companies, providing distribution, regulatory insight, and real-world validation that generalist venture capital firms cannot replicate. This investor network gives Canapi portfolio companies a meaningful commercial advantage at a critical point in their growth, translating capital into customers and partnerships simultaneously. Building on Fund I's portfolio of category-defining fintech companies, Canapi Ventures Fund II has made early investments in companies including DynamoFL, Island, and Crux Climate, reflecting its thesis around regulated-industry infrastructure, enterprise browser security, and climate-aligned financial services. Fund II represents one of the largest fintech-focused venture funds raised in 2023, cementing Canapi's position as the institutional-grade bridge between incumbent financial services and emerging fintech innovation in the United States and beyond.

CapitalG is the independent growth equity fund of Alphabet Inc., the parent company of Google, investing for long-term financial returns in high-growth technology companies at the growth stage through pre-IPO. Founded in 2013 as Google Capital and rebranded as CapitalG in 2016, the fund manages approximately $7 billion in assets under management as of 2024 and has made over 220 investments since inception, with a portfolio that includes 36 unicorn companies. CapitalG operates as a financially independent entity within Alphabet's investment portfolio, with its own partnership structure and investment decision-making processes distinct from Google Ventures (GV), which focuses on early-stage investing. CapitalG focuses on growth-stage technology companies, typically investing $50 million to $200 million per company in sectors including financial technology, cybersecurity, software-as-a-service, consumer internet, healthcare technology, and artificial intelligence. Unlike strategic corporate venture capital funds, CapitalG invests primarily for financial return rather than strategic alignment with Google's core products, though portfolio companies benefit from access to Google's technical infrastructure, distribution channels, and executive expertise. The fund's distinctive value proposition is its ability to offer portfolio companies hands-on support from Google engineers, data scientists, and executives via dedicated expert teams that go beyond traditional board-level advisory roles. CapitalG's portfolio includes some of the most successful technology companies of the past decade: Stripe, Airbnb, CrowdStrike, Zscaler, Databricks, Credit Karma, Duolingo, and Gusto. The fund's track record demonstrates consistent success across enterprise software, fintech, and cybersecurity categories, with multiple portfolio companies achieving IPOs or significant acquisitions. The $7 billion AUM figure as of 2024 represents a substantial increase from the approximately $3 billion reported in 2022, reflecting both capital appreciation and continued deployment by Alphabet through its balance sheet investing program.

Capnamic Ventures Bremen Fund I is a €30 million early-stage venture capital fund managed by Capnamic, one of Germany's leading pre-seed to Series A investors. Launched in 2024, the fund was created as a dedicated regional investment vehicle to channel institutional and private capital into high-growth startups based in the Free Hanseatic City of Bremen. The fund was co-anchored by two public-sector institutions: Bremer Aufbau-Bank (BAB), the state development bank, and Sparkasse Bremen, the region's major savings bank, supplemented by a group of nine prominent local entrepreneurs who also committed capital. The fund targets up to 15 startups operating in Bremen's strategic industries, including aerospace and space technology, logistics and supply chain innovation, nutrition and food technology, and artificial intelligence. Investment sizes are calibrated for pre-seed and seed rounds, with follow-on capacity through Series A. Capnamic brings its established investment process and network from its main fund platform to the Bremen vehicle, giving local founders access to a team with deep experience in backing category-defining German-speaking technology companies. The fund operates with a ten-year term and is supported by the broader Capnamic ecosystem, which includes offices in Cologne, Berlin, and Munich, as well as a portfolio of over 100 companies since the firm's inception. Bremen Fund I is part of Capnamic's Specialty Funds initiative, which pairs regional institutional capital with the firm's venture expertise to strengthen startup ecosystems in underserved German cities and regions.

Cathay InnoSquare is the fund-of-funds programme managed by Cathay Innovation, a Paris-based multi-stage venture capital firm founded in 2015 with more than €2.5 billion in assets under management across its fund family. The InnoSquare programme is dedicated to identifying and backing the next generation of early-stage venture capital managers across North America, Europe, and Asia, with a specific focus on emerging managers raising their Fund I through Fund III. The fund's strategy rests on the conviction that the most outsized returns in venture capital often originate from emerging managers with concentrated portfolios, differentiated deal-sourcing networks, and theses closely aligned with the digital revolution. Cathay InnoSquare targets fund managers investing at the seed and early stages in companies operating at the intersection of digital transformation, artificial intelligence, and healthcare technology. By backing managers early in their institutional lifecycle, the programme secures access to high-quality proprietary deal flow while supporting the development of a more globally diverse venture ecosystem. As part of Cathay Innovation's broader platform, Cathay InnoSquare portfolio managers gain access to the firm's global network spanning five continents, connecting major innovation hubs, institutional investors, corporate partners, and Fortune 500 companies across Paris, San Francisco, Shanghai, and Singapore. This value-add layer reflects Cathay Innovation's positioning as a cross-border bridge between European, North American, and Asian innovation ecosystems. Portfolio managers also benefit from Cathay's co-investment capabilities, leveraged through its flagship VC funds that invest directly in startups alongside portfolio managers. InnoSquare has participated in fundraises for several US-based climate and deep-tech venture funds, including as an LP in VoLo Earth's Fund II, a Colorado-based energy transition vehicle.

Cofounders Capital Fund III is a $50 million seed-stage venture capital fund managed by Cofounders Capital, a Cary, North Carolina-based VC firm dedicated to investing in early-stage B2B software companies across the southeastern United States. The fund reached its final close in March 2023, making it the firm's largest raise to date and following Fund I ($12 million) and Fund II ($31 million) in a pattern of consistent fund-on-fund growth. The fund was raised under the leadership of Managing Partner Tim McLoughlin, Founding Partner David Gardner, and Partner Tobi Walter, and targets investments in 15 to 20 seed-stage companies with a continued emphasis on North Carolina's fast-growing technology ecosystem and the broader Southeast. Cofounders Capital Fund III invests in B2B software companies providing solutions with measurable return on investment for enterprise customers, with an increasing focus on artificial intelligence applications within the B2B sector. The firm's investment model goes beyond capital provision, offering founders deep entrepreneurial mentorship, operational guidance, and hands-on co-building support that draws on the partners' own experiences as founders and operators. Typical investments range from $300,000 to $1 million in seed-stage companies at the earliest formation stages, with active reserve capital for follow-on participation in subsequent rounds. The fund's Southeast-first geographic strategy capitalizes on Cofounders Capital's status as the most active early-stage VC in North Carolina and its established relationships with the region's corporate innovation ecosystem. Cofounders Capital has been recognized consistently as the Most Active Investor in North Carolina and manages approximately $95 million in assets under management across its three funds. Across the fund family, the firm has deployed capital into more than 40 portfolio companies, secured over $250 million in follow-on funding for its portfolio, and recorded 10 exits. Notable Fund III portfolio companies include Troupe AI, Titl, and Lineage Technologies, operating across AI-enabled B2B productivity tools, real estate technology, and financial software verticals. The fund has been profiled by PitchBook as a 2022 vintage vehicle with a final close in March 2023.

Crosslink Ventures X, L.P. is the tenth flagship venture capital fund raised by Crosslink Capital, a Menlo Park-based early-stage investment firm founded in 1989. The fund closed on April 23, 2024 at its $350 million target, bringing Crosslink Capital's total assets under management across ten funds to approximately $4.6 billion. The fund represents the continuation of Crosslink's 35-year track record as a pre-seed through Series A investor partnering with ambitious founders building category-defining technology companies. Crosslink Ventures X invests at the pre-seed, seed, and Series A stages with initial check sizes ranging from $1 million to $9 million, deploying $1–3 million at seed and $5–10 million at Series A, with reserves for follow-on investment. The fund's sector focus spans enterprise software and SaaS, consumer technology, vertical software platforms, financial technology, artificial intelligence and AI-first applications, healthcare IT, cybersecurity, and deep technology. Portfolio companies receive access to Alpha, Crosslink's invite-only network of more than 2,000 founders, CEOs, seed investors, and enterprise executives co-founded in 2005 by General Partner Eric Chin. Alpha hosts more than 40 annual forums, thematic dinners, and investor summits that provide Crosslink portfolio companies with peer-to-peer learning and business development opportunities uncommon in early-stage investing. The fund attracted commitments from both new and existing investors despite a challenging fundraising environment for early-stage vehicles in 2023–2024, reflecting confidence in Crosslink's disciplined check-size discipline and long-term LP relationships. Crosslink has generated 50+ exits including 17 IPOs across its fund history.

DCVC Climate Select is a venture capital fund targeting climate startups at the mid-stages of development. The fund is located in Palo Alto, California. The fund is focused on climate technologies and applications in AI, tech bio, and robotics, where it sees opportunities for investment in underfunded areas. The fund is managed by the well-established Silicon Valley VC firm DCVC, which has invested $360 million from other funds into climate startups over the last decade. DCVC Climate Select initially aimed to raise $500 million, but this target has since been lowered to $400 million due to challenging market conditions.

DCVC VI is a $681 million venture capital fund managed by DCVC, a leading deep technology investment firm co-founded by Matt Ocko and Zachary Bogue and headquartered in San Francisco, California. Closed in 2022, the fund is the sixth in DCVC's series of flagship deep tech funds and continues the firm's exclusive focus on backing early-stage companies that apply cutting-edge computation, artificial intelligence, and engineering breakthroughs to major challenges in the physical world. DCVC VI follows DCVC V ($725 million, 2019) and forms part of a fund family that has deployed over $2 billion in flagship capital alone. The fund pursues early-stage and growth-stage investments in companies leveraging AI, advanced semiconductors, autonomous systems, computational biology, and simulation to disrupt large incumbent industries. DCVC VI's investment thesis spans agriculture, industrial manufacturing, energy, space, healthcare, defense, and advanced materials — sectors where computational approaches create durable structural advantages. Unlike generalist VC funds, DCVC requires deep technical diligence conducted by partners with domain expertise across hard-science disciplines, allowing the firm to back companies that most investors are ill-equipped to evaluate. Portfolio companies from this vintage include Mythic (application-specific AI inference chips), San Francisco Compute, and AlphaGeo (geospatial intelligence). DCVC manages approximately $4 billion in total capital across its flagship, life sciences (DCVC Bio), and climate technology (DCVC Climate) strategies, deploying capital at the intersection of advanced computation and physical industries. The firm's model — investing early when computational approaches first become viable for a given industry — has remained consistent across all fund vintages since its founding and has produced a portfolio spanning semiconductors, defense technology, agricultural robotics, computational biology, and enterprise software for hard industries.

Deerfield Healthcare Innovations Fund III is the third installment in Deerfield Management's series of venture capital funds dedicated to advancing healthcare. Launched in May 2025, the fund has secured over $600 million in commitments, aiming to invest in promising therapeutics, improvements to healthcare delivery, and paradigm-shifting technologies, including machine learning and artificial intelligence. The fund's strategy leverages Deerfield's collaborations with 29 leading research institutions and nine industry partners. Through its in-house ecosystem, including specialized teams like Deerfield Discovery and Development (3DC) and Deerfield Intelligence, the firm identifies and advances innovative products, services, and technologies. These efforts are often in partnership with Deerfield-founded entities such as Deerfield Catalyst and Genscience. Operating from its twelve-story healthcare innovation campus, Cure, in New York City, Deerfield provides state-of-the-art research laboratories and convening spaces to support health innovators. Consistent with its long-standing practice, a portion of the profits from Healthcare Innovations Fund III not allocated to the fund's limited partners will be donated to the Deerfield Foundation, a not-for-profit organization focused on improving the health of children worldwide.

Draper B1 Frontier Tech is a venture capital fund focused on high-impact technologies that are reshaping the future, including artificial intelligence, spacetech, and cybersecurity. The fund has raised over 20 million euros, aiming to bridge the gap between Europe and the United States and boost the international expansion of tech companies. Tim Draper, a renowned seed investor, supports this fund, highlighting its strategic importance in the venture capital landscape.The fund has already made initial investments in nine disruptive startups, such as Sycai Medical and Collimate Space. These investments emphasize the fund's strategic orientation towards deep tech with high disruption potential. Draper B1 leverages its extensive experience and the Draper Venture Network to provide startups with necessary tools and networks for scaling globally.

Dynamo Ventures, a Chattanooga-based venture capital firm, has announced the close of its third fund, Dynamo Fund III, at $54 million. This new fund significantly expands upon the firm's initial $18 million Fund I, reflecting a strong commitment to investing in early-stage companies that are innovating within the industrial economy. The fund aims to support founders who are transforming the way goods are produced, transported, and monetized, focusing on sectors where digitization is long overdue. In conjunction with the closing of Fund III, Dynamo executed a secondary transaction providing early liquidity to limited partners in its first fund. Kline Hill Partners acquired a significant stake in Fund I, delivering returns exceeding 4x and placing the fund in the top decile of its vintage. This move not only validates the strength of Dynamo's early investments but also demonstrates the firm's commitment to delivering value to its investors. Dynamo's investment strategy continues to focus on early-stage companies at the pre-seed and seed levels, particularly those operating in manufacturing, logistics, transportation, and commerce infrastructure. The firm brings deep operational expertise and a global network to its portfolio, which includes companies like Stord, Sennder, Gatik, and Raft. With the new fund, Dynamo is well-positioned to continue backing ambitious founders who are redefining how industries operate at scale.

The EV II fund is a 70m€ Venture Capital fund that invests in innovative companies in Series A & B stage. The fund has a focus on Fintech and Beyond Banking sectors, including financial technology, RegTech, cybersecurity, mobility, energy, agriculture, and more. The fund targets investments in Central and Eastern Europe, which is an emerging startup ecosystem with amazing talent and founders but lacks the attention and funding resources of more mature regions. The fund has a commitment from RBI, Raiffeisen-Holding Niederösterreich-Wien, and Raiffeisen-Landesbank Steiermark, and has previously invested in a portfolio of 15 companies, including investment banking, e-signature & identification, and RegTech companies, among others. The main goal of Elevator Ventures is to earn a financial return for its investors. In addition, they want to contribute to the strategy of the banks and engage with high-growth companies whose business models might be changing the industry dynamics in the mid- to long term. The fund also cooperates with international co-investors and has decided to invest in a Fund of Funds and other VC funds alongside Raiffeisen-Landesbank Steiermark, and Raiffeisenlandesbank Oberösterreich. The fund also believes in the transformative power of technological shifts that enable high-growth companies to drive customer value and reshape industries. They are driven by a sector focus that encompasses not only Fintech but also Beyond Banking, which includes platform-based business approaches in various service areas. Elevator Ventures also plans to continue to promote innovation in the region with the backing of its LP base.

Episode 1 Fund III is the third flagship early-stage vehicle raised by Episode 1, the London-based venture capital firm specialising in pre-seed and seed investments into primarily UK-founded, B2B technology companies. Closing at £76 million ($95 million) in February 2024, the fund represents a significant step up from the firm's previous vehicles and marks Episode 1's most institutionalised raise to date, with British Patient Capital and the National Security Strategic Investment Fund (NSSIF) as cornerstone limited partners. The fund deploys check sizes of between £250,000 and £3 million per initial investment, targeting 10–15 new commitments per year, principally in companies at the pre-seed or seed stage. Episode 1's sectors of focus span artificial intelligence and machine learning, software infrastructure, techbio and life sciences, open-source tooling, healthtech, and marketplace businesses. While the fund prioritises UK-based founders, it considers early-stage companies with a strong UK presence from elsewhere in Europe or the United States. Approximately 25% of investments are sourced through proprietary data-driven tools that track founder trajectories and company signals. Since Episode 1's founding, the firm has backed over 69 portfolio companies and achieved notable exits including Fatmap (acquired by Strava), Passfort (acquired by Moody's Analytics), Feedr (acquired by Compass Group), Touch Surgery (acquired by Medtronic), and Atlas (acquired by Meta). Fund III's limited partner base includes institutional investors British Patient Capital, NSSIF, and Molten Ventures, as well as more than 21 founder-investors who were previously backed by Episode 1—a co-investment community that the firm has cultivated as a structural sourcing and value-creation advantage.

Essence VC Fund IV is the fourth dedicated fund vehicle managed by Essence Venture Capital, a Seattle-based venture capital firm founded in 2019 by Timothy Chen. The fund reached a final close of $41 million in September 2025, representing a 52% increase in fund size over the prior vintage — Essence VC Fund III, which closed at $27 million in 2023. Notably, Fund IV was raised entirely on the strength of Chen's track record and LP relationships, without a formal fundraising roadshow, pitch deck, or placement agent engagement — an unusually lean process reflecting deep trust from the firm's existing investor network. Essence VC employs a high-conviction early-stage strategy focused on deeply technical startups founded by first-time founders. The firm's investment thesis centers on pre-seed and seed-stage companies in the United States building foundational infrastructure for artificial intelligence, computing platforms, and developer tooling. Rather than backing incremental improvements to existing software stacks, Essence VC seeks companies redefining underlying architectures — typically small teams with deep technical expertise and early signs of organic developer adoption. Typical commitments are concentrated early-stage checks, with the firm selectively co-investing in follow-on rounds for its highest-conviction portfolio companies. Essence VC's portfolio includes some of the most widely recognized companies in AI infrastructure and developer tooling, including Modal (cloud compute for AI workloads), Ollama (local large language model runtime), Warp (AI-native terminal), and Apollo (graph query infrastructure). These portfolio companies have collectively attracted hundreds of millions of dollars in follow-on institutional capital from top-tier Silicon Valley venture firms. Fund IV's $41 million closing positions Essence VC to maintain its 15–20 company portfolio model while scaling check sizes as the firm enters its most mature fundraising cycle to date.

Eurazeo Growth Fund IV is a European growth‑phase private equity vehicle co‑managed by Eurazeo and Idinvest Partners and headquartered in Paris. It focuses on backing scale‑up companies through tickets of €25–100 million per investment. The fund invests in digital transformation leaders across fintech, enterprise software, digital health, marketplaces, cybersecurity, and infra‑tech. Its first investment was in Cognigy—a business‑productivity software firm—on June 11, 2024, signaling a strong entry into deep tech and AI opportunities. By end‑2024, EGF IV achieved ~5% gross value uplift from its early portfolio, aligned with Eurazeo’s performance track record in growth funds, and continues to leverage the firm’s operational and international ecosystem to support expansion and exits across European markets.

Expedition's second fund, Expedition Growth Capital II, closed at the hard cap of €250 million and saw commitments from global investors including university endowments, charitable foundations, fund of funds, software entrepreneurs, and family offices. The fund's target investments are in European software companies, and their strategy involves providing capital for growth and shareholder liquidity, as well as operational expertise to bootstrapped founders. Their first fund portfolio comprises 10 bootstrapped software companies that have more than doubled revenues in a capital efficient manner since Expedition’s initial investment, indicating their focus on companies with strong growth potential. Fund counsel for Expedition Growth Capital II were Akin Gump Strauss Hauer & Feld and Carey Olsen. Expedition Growth Capital focuses on partnering with ambitious, rapidly growing European software companies that have achieved significant traction without external funding. They target minority growth investments, providing shareholder liquidity and growth capital to highly resilient, founder-led software companies. Their companies are typically on a path to category leadership with a use rather than a need for capital.

First Round Capital X is the tenth flagship venture fund of First Round, focused on early-stage technology, AI, fintech, consumer, web3, and adjacent sectors. It aims to back visionary founding teams with differentiated insight into market opportunities. The fund’s strategy is hands-on: investing at seed and Series A stages, embedding operational support, recruiting, product & go-to-market growth, and leveraging First Round’s network and resources to accelerate scaling. The target fund size is USD 500 million, reflecting significant ambition and fundraising momentum. First Round X builds on the firm’s deep prior experience and brand to source high-potential deals and back breakout outcomes. While the primary focus is U.S.-based startups, the fund remains open to globally distributed or cross-border teams that align with its sector themes and market potential. The objective is differentiated returns via early-stage exposure backed by strong support and conviction.

Flashpoint Venture Growth Fund IV is the fourth flagship venture capital fund raised by Flashpoint (formerly Flashpoint Venture Capital), an international technology investment manager headquartered in London with additional offices in New York, Tel Aviv, and Riga. Founded in 2012, Flashpoint manages approximately $600 million in AUM across eight funds spanning three strategies: Venture Growth, Growth Debt, and Direct Secondary. Fund IV was launched in Q4 2024 and, as of a November 2024 SEC Form D filing, had raised $46.65 million from 30 investors against a stated total offering amount of $200 million. Fund IV concentrates on Series A and growth-stage B2B software companies founded by Israeli and Eastern European entrepreneurs, with a global commercial footprint primarily targeting the United States and Western European markets. Preferred sectors include AI, fintech, cybersecurity, enterprise software, EdTech, insurtech, and eCommerce. The fund's investment criteria require companies to have $1M-$5M in ARR and demonstrate 2x or greater year-over-year growth. Initial check sizes range from approximately $1M to $10M, with follow-on capacity up to $30M, targeting a 5%+ ownership stake and typical hold periods of 6-10 years. Flashpoint's venture growth track record spans three prior funds. Fund II reached approximately $57M. Fund III closed at $102M in August 2022 — the firm's first close with an institutional LP — and included investments in Guesty, Preply, Printify, OfficeRnD, K2View, Chess.com, and Clausematch. The firm has recorded 28 exits with over $250M distributed to LPs. Fund IV's known early portfolio includes DeepKeep (AI security), Rep AI (eCommerce AI), Qase (software testing), Numica, Kaiko Systems, and Vidext, with five investments made as of July 2025.

Fonds Impulsion is a CAD $200 million venture capital fund managed by Investissement Québec, a Quebec provincial government-owned investment institution headquartered in Montreal. Launched in October 2025, the fund consolidates capital from the former Impulsion PME program—suspended on 12 November 2024—into a dedicated pre-seed and seed investment vehicle. At launch the fund comprised approximately CAD $65 million already deployed in Impulsion PME portfolio companies and approximately CAD $135 million available for new investments. An additional CAD $50 million from the SQRI2 2022-2027 envelope announced in Quebec's 2025-2026 Budget Plan contributed to the total capitalization. Fonds Impulsion invests in innovative Quebec-based technology companies at the pre-seed and seed stages. Investissement Québec typically commits between CAD $250,000 and CAD $2 million per company in exchange for equity stakes of 5% to 20% of capital. Over a planned four-year deployment horizon, the fund targets support for approximately 60 young technology companies distributed across the province of Quebec. Eligible companies benefit not only from capital but from operational guidance, as incubators, accelerators, and industrial research sector groupings assist Investissement Québec in evaluating candidates and ensuring alignment with specialized support organizations and value-added co-investors. The fund continues the mission of the Impulsion PME program, which supported more than 60 early-stage technology companies across Quebec during its operational period. Fonds Impulsion represents Investissement Québec's flagship early-stage technology investment initiative, reinforcing the province's commitment to nurturing a deep ecosystem of innovative startups with high growth potential.

Founders Fund Growth III is the third growth-stage venture fund from Founders Fund, a San Francisco-based firm co-founded by Peter Thiel. The fund closed at $4.6 billion in April 2025, surpassing its initial $3 billion target, with participation from 270 limited partners. This fund focuses on late-stage investments in sectors such as artificial intelligence, defense technology, and advanced manufacturing. Founders Fund aims to support companies that are developing transformative technologies with significant long-term impact. With a history of backing companies like SpaceX, Stripe, and Anduril, Founders Fund Growth III continues the firm's strategy of investing in high-growth startups poised to become industry leaders.

Founders Future Conviction Entrepreneurs (FFCE) is a Fonds Professionnel de Capital Investissement (FPCI) managed by Founders Future Capital Partners, an AMF-approved portfolio management company (GP-20240021) headquartered in Paris, France. Launched in 2025, FFCE was created to give wealth management professionals, private banks, family offices, and independent financial advisors structured access to Founders Future's proprietary deal flow. The fund was developed in partnership with AirFund and distribution partners including Cyrus-Herez and Cheval Blanc, and received Bpifrance Guarantee of Equity Funds approval in June 2025. FFCE employs a dual-stage co-investment strategy that allocates 50% of capital to early-stage companies (pre-seed to Series A) and 50% to growth-stage companies (Series B and beyond), always co-investing alongside Founders Future's flagship primary funds. Target sectors include artificial intelligence, cybersecurity, health and medtech, B2B software, and energy transition. The fund targets a portfolio of 40 to 50 participations, applying rigorous selection from a deal flow of over 10,000 annual opportunities with an acceptance rate of approximately 1 in 1,000. The minimum investment ticket is EUR 100,000 with progressive capital calls. Founders Future Capital Partners, the managing firm behind FFCE, was founded in 2018 by serial entrepreneur Marc Menase and manages approximately EUR 300-400 million in AUM across two early-stage funds and one growth fund. The firm has invested in over 120 companies, supported more than 300 founders, and counts notable portfolio companies including Lydia, Alma, Yuka, La Fourche, Veesion, Swan, Riot, and Waterdrop. FFCE targets a gross annual IRR of 25%. Founders Future holds B Corp certification and is expanding its platform with a dedicated US growth fund targeting up to USD 250 million.

G Squared VII LP is the $2 billion seventh flagship fund by G Squared, a global venture capital firm. This marks a significant increase from its previous fund, G Squared VI, which closed at $1.1 billion in 2024. The firm continues its strategy of investing in growth-stage technology companies through both primary and secondary transactions, providing capital and liquidity solutions to dynamic tech enterprises and their stakeholders. With a history of backing companies like Airbnb, Coursera, Instacart, and Spotify, G Squared focuses on sectors such as SaaS, fintech, insurtech, mobility, and consumer internet. The firm operates globally, with offices in Chicago, San Francisco, Zurich, and Miami, and has invested in over 130 portfolio companies since its inception in 2011. G Squared's investment approach addresses the evolving needs of private companies that are staying private longer, requiring both growth capital and liquidity for early investors and employees. By participating in primary and secondary markets, including structured primaries and employee tenders, G Squared aims to support companies throughout their lifecycle, offering a differentiated strategy compared to traditional venture capital firms.

GP Bullhound Fund VI is the sixth flagship venture fund raised by GP Bullhound Asset Management Ltd., the investment arm of GP Bullhound — a global, independent technology investment bank founded in London in 1999 by Hugh Campbell, Per Roman, and Manish Madhvani. Rebranded Bullhound Capital for the fund management activities, the firm manages over EUR 1 billion in assets across its fund series and has 25 years of track record backing category-defining technology companies. The Fund VI general partner entity, GP Bullhound Fund VI GP Sarl, was registered in Luxembourg in April 2022, and the fund has been actively deploying capital since 2022-2023 in growth and late-stage technology companies across Europe and North America. GP Bullhound Fund VI targets the AI-led software revolution, concentrating capital on later-stage venture and growth investments in software businesses applying artificial intelligence to solve real-world operational challenges. The fund makes initial equity tickets of approximately EUR 10-30 million per company and targets a portfolio of roughly 10-12 holdings per fund cycle. Geographic emphasis is placed on the UK, Sweden, Spain, Germany, France and the United States. The fund is backed by institutional investors including the European Investment Fund (EIF), Luxembourg Future Fund 2 (LFF2/SNCI), and Germany's ERP/EIF Growth Facility. GP Bullhound's investment track record spans more than 25 years and includes early and growth-stage positions in category leaders such as Spotify, Klarna, Revolut, Slack, Unity, Discord, DuckDuckGo, Patreon, HackerOne, and EcoVadis. Notable fund-level exits include Spotify (IPO), Slack (acquired by Salesforce), LeoVegas (acquired by MGM), and Quixel (acquired by Epic Games). Fund V closed at its hard cap of EUR 300 million in October 2021 with 38.8% net IRR. Fund VI builds on this track record with reported investments including Sesame HR, Mentimeter, Sanity ($85M Series C May 2025), LeoLabs, Q-CTRL, EcoVadis, Quantum Systems (EUR 20M), and d-Matrix (2025).

General Catalyst’s Customer Value Fund (CVF) is an innovative financing vehicle designed to provide non-dilutive capital to technology companies aiming to scale their customer acquisition efforts. Unlike traditional equity or debt financing, CVF structures its investments to align repayment with the revenue generated from the funded sales and marketing activities, offering a capped return to General Catalyst. This approach allows companies to preserve equity while accelerating growth. The fund targets companies that have achieved product-market fit and possess predictable customer acquisition metrics. By treating sales and marketing expenditures as assets, CVF enables businesses to invest in growth without the typical risks associated with fixed debt repayments or equity dilution. General Catalyst assumes the downside risk, receiving returns only if the company's customer acquisition efforts succeed. CVF has been instrumental in supporting companies like Grammarly and Finom. Grammarly secured a $1 billion investment to expand its AI-driven productivity platform, while Finom received €92.3 million to accelerate its European expansion. These investments exemplify CVF's commitment to fueling growth in companies with strong unit economics and scalable customer acquisition strategies.

The Geodesic Alliance Fund is a venture capital fund managed by Geodesic Capital, a San Francisco-based cross-border investment firm founded by former U.S. Ambassador to Japan John Roos. Launched in 2025, the fund held a first close of $250 million in June 2025, with Geodesic Capital having raised nearly $1 billion across multiple funds since 2015. The Geodesic Alliance Fund is designed to advance technology and security cooperation between the United States and Japan by investing in early-stage U.S. companies operating in dual-use and national security domains. The fund targets startups building across artificial intelligence, space systems, cybersecurity, autonomy, and other deep technology sectors where commercial innovation intersects with national security. Portfolio companies receive not only capital but also strategic guidance, regulatory navigation support, and introductions to customers, partners, and talent within Japan's industrial and government ecosystem. The fund is led by Tom Gillespie, former Managing Partner at In-Q-Tel, the U.S. intelligence community's venture arm, alongside Rayfe Gaspar-Asaoka, a deep tech investor and former partner at Canaan Partners. Limited partners include prominent Japanese corporations and Japanese governmental institutions such as the Japan Bank for International Cooperation (JBIC) and NEC Corporation, reinforcing the fund's strategic alignment with Japan's economic security objectives. The Geodesic Alliance Fund builds on Geodesic Capital's prior funds which have backed companies including Databricks, Netskope, Saronic, and Scale AI in expanding into the Japanese market.

Georgian Alignment Fund II is a special-purpose growth equity continuation vehicle managed by Georgian, a Toronto-based alternative asset manager with US$5.9 billion in assets under management across its fund family. Launched in late 2021 with a US$1 billion fundraising target, the fund operates as a concentrated follow-on strategy that re-invests alongside Georgian's own existing portfolio companies rather than seeking new commitments in the open market. This structure reflects Georgian's conviction that the highest-value capital deployment occurs when both the investor and the portfolio company already share a deep working relationship, eliminating the typical friction and alignment uncertainty associated with first-time manager-company introductions and new fundraising processes. The fund's investment strategy targets between six and eight software companies — selected exclusively from the roster of Georgian's earlier flagship growth funds — that have demonstrated established market demand, strong growth trajectories, and a credible path to profitability. Sectors of focus include enterprise software, artificial intelligence, cybersecurity, industrial automation, and social engagement platforms, all consistent with Georgian's long-standing thesis around information-intensive technology businesses. Known portfolio investments include Devo (cybersecurity analytics), True Fit (AI-driven retail personalization for fashion), and Tractable (AI applied to insurance and automotive damage assessment). PitchBook records a total of 16 investments associated with the fund. Georgian Alignment Fund I, the fund's predecessor vehicle, closed at US$1.02 billion in March 2021, backing Top Hat, Tealium, WorkFusion, and IEX Group among others. Fund II launched shortly afterward and by October 2022 had secured approximately US$466 million — roughly 47% of its target — according to SEC Form D filings. In January 2023, BMO Global Asset Management launched a dedicated feeder vehicle, the BMO Georgian Alignment II Access Fund LP, providing Canadian accredited investors access to the strategy at a minimum commitment of US$50,000. No formal final close announcement was found in public sources as of the research date, consistent with Georgian's practice of quiet closes across its fund family.

Gilgamesh Ventures, a New York-based venture capital firm specializing in early-stage fintech investments across the Americas, has successfully closed its second fund, Gilgamesh Fintech Ventures II, at $20 million. This new fund increases the firm's total assets under management to $35 million. Founded in 2021 by Miguel Armaza and Andrew Endicott, Gilgamesh Ventures focuses on backing fintech startups that accelerate the pace of commerce. With Fund II, the firm plans to invest in companies that leverage AI-native approaches to scale efficiently, reflecting a commitment to innovation in financial services. The fund's limited partners include institutional investors such as Foundation Capital, GBM Ventures, and Encore Bank, as well as fintech founders like Renaud Laplanche (Upgrade, Lending Club) and Dan Henry (Green Dot, NetSpend). Notably, all institutional investors from Fund I returned with equal or larger commitments for Fund II. Gilgamesh Ventures has invested in 44 startups across 10 global markets since its inception, with a significant presence in Latin America, including investments in companies like Nexu, Xepelin, and Cayena.

Glasswing Ventures III is a $200 million venture capital fund raised by Boston-based Glasswing Ventures to back pre-seed and seed-stage companies in artificial intelligence, enterprise security, and frontier technology. The fund reached its final close on November 10, 2025, significantly oversubscribed and representing the largest fund in Glasswing Ventures' history since the firm's founding in 2018 by Managing Partners Rudina Seseri and Rick Grinnell. The investment thesis centers on backing founders building AI-native companies that transform enterprise B2B markets and redefine cybersecurity infrastructure. Glasswing has identified six priority technology areas for Fund III: vertical AI, physical AI, AI-adaptive infrastructure, intelligent enterprise defense, collaborative intelligence platforms, and next-generation compute. The fund targets approximately 25 startup companies over its investment period, with Glasswing serving as the first institutional investor—as it has done in over 90 percent of its prior 70 investments. The 14-person investment team is supported by a 62-member advisory council of technical and industry operators. Glasswing Ventures' track record spans 70 investments since 2018, with portfolio companies collectively raising more than $650 million in follow-on capital. The firm has consistently led pre-seed and seed rounds in enterprise AI and cybersecurity, including companies that have reached Series B and beyond. Fund III builds on two prior funds with a deepened focus on AI-native architecture at the enterprise layer, positioning Glasswing as one of the defining early-stage investors in the enterprise AI and intelligent security market.

Glasswing Ventures Fund‑III is a venture capital vehicle targeting pre‑seed and seed‑stage investments in startups that are truly “AI‑native” and working at the frontier of enterprise software, cybersecurity and next‑gen computing. The fund closed at over $200‑million in commitments, significantly oversubscribed, reflecting strong investor confidence in the firm’s prior track record. The fund builds on Glasswing’s prior funds and history of investing in early stage (pre‑seed/seed) companies, often as lead or first institutional investor in enterprise B2B or security‑related technology. In doing so, the firm emphasises founders developing architectures, platforms and systems that embed AI or frontier tech rather than just “adding AI” as an after‑thought. In terms of value‑add, Glasswing deploys a 14‑person team of operators and builders, plus an advisory council of 62 members, to help portfolio companies with scaling, customer introductions and domain expertise. Fund‑III will invest in about 25 companies over its investment period. The thematic focus is very clearly laid out: the fund will invest in vertical AI (industry‑specific AI platforms), physical AI (autonomous systems in the real world), adaptive AI infrastructure, intelligent enterprise defense (cybersecurity) and next‑gen compute (distributed, quantum, massive scale infrastructure).

Gradient Ventures Fund V is the fifth flagship fund raised by Gradient Ventures, a Google-backed venture firm founded in 2017 as one of the first investment vehicles dedicated exclusively to artificial intelligence. The $220 million fund closed in March 2026, bringing Gradient's total assets under management to nearly $1.2 billion across five discrete funds. Alea Capital led the institutional LP syndicate for Fund V, with Reflex Capital, Smartlink, and J&T Ventures participating alongside Google, which remains a continuing investor in the fund. Gradient's investment strategy centres on pre-seed and seed stage companies building across three verticals: AI applications, agentic platforms, and real-world systems that leverage AI as a core capability. The firm deliberately avoids funding foundational model companies and exercises caution around mega-seed rounds above $100 million, preferring to support emerging AI founders at their earliest inflection points. Gradient employs twelve investment professionals and has backed more than 500 AI founders across its fund history. Portfolio highlights include CentML (acquired by NVIDIA), Krea, Lambda, Range, Streamlit (acquired by Snowflake), and Writer. With Fund V, Gradient continues to leverage its unique position within the Google ecosystem to provide portfolio companies with access to Google's AI research, cloud infrastructure, and commercial networks.

Granite Integral Investments is a joint venture investment fund established in March 2025 through a strategic partnership between Granite Asia, a multi-asset investment platform with deep connectivity across Asia's technology and private equity ecosystems, and Integral Corporation (TSE: 5842), Japan's publicly listed private equity firm. Integral participates through Integral GlobalTech Partners Corporation, its dedicated technology growth investment arm. The fund launched with USD 100 million in initial committed capital, contributed equally by both partners, targeting high-growth technology companies with a Japan market nexus. The fund's investment strategy is built around facilitating two-way cross-border technology growth between Japan and global markets. On the inbound side, Granite Integral Investments provides capital and market-entry support to high-growth global technology companies seeking to enter, localize, and scale within Japan — one of the world's largest and most sophisticated enterprise markets. On the outbound side, the fund backs Japanese companies aiming to expand internationally into Southeast Asia and other high-growth markets, drawing on Integral Corporation's renowned operational value creation capabilities and Granite Asia's global ecosystem connectivity. Target sectors include enterprise software, automation, and advanced technology companies at the growth and expansion stage. The fund is co-headed by CK Choun, Head of Integral GlobalTech Partners Corporation, and Joe Yan, Operating Partner at Granite Asia, with strategic oversight from Jixun Foo, Senior Managing Partner of Granite Asia, and Reijiro Yamamoto, Founding Partner and Representative Director of Integral Corporation. The structure reflects both partners' conviction that Japan's integration with global technology markets represents one of the most significant underexplored opportunities in private markets, and seeks to be the bridge capital vehicle connecting world-class companies with Japan's institutional buyers and distribution networks.

Granola Index Ventures is a dedicated investment vehicle established by Index Ventures to lead the $125 million Series C funding round in Granola, a London-based AI meeting intelligence company. Announced in March 2026, the round valued Granola at $1.5 billion, marking the company's ascent to unicorn status less than three years after its founding. This investment vehicle reflects Index Ventures' conviction in the long-term potential of AI-native productivity tools that enhance rather than replace human participation in professional meetings, a thesis articulated by Index partner Georgia Stevenson as an investment in "what makes us human." Granola, the portfolio company underlying this vehicle, has built an AI-powered meeting assistant with a distinctive technical architecture: the application sits locally on the user's computer and captures audio from meetings without requiring a visible recording bot in the call. The technology generates structured notes, highlights, action items, and meeting intelligence that allow professionals to participate fully in conversations rather than dividing attention between discussion and documentation. Granola co-founder Chris Pedregal and co-founder Sam Stephenson launched the company in March 2023, and by early 2026 the user base was growing at over 10% weekly — a rate reflecting strong product-market fit in the enterprise AI productivity market. Index Ventures partner Danny Rimer led the Series C and joined Granola's board as an observer. The round was accompanied by continued participation from existing investors Lightspeed Venture Partners, Spark Capital, and NFDG — the venture firm of Nat Friedman and Daniel Gross, which had led Granola's $43 million Series B in May 2025. Index Ventures manages over $4 billion across its growth and early-stage fund families, with a portfolio spanning companies such as Figma, Robinhood, Wise, Adyen, and Dropbox. The firm has offices in San Francisco and London, with a longstanding focus on transformative technology companies across the United States and Europe.

Granola NFDG is an investment vehicle established by NFDG, the venture capital firm co-founded by Nat Friedman and Daniel Gross, to lead the $43 million Series B funding round in Granola, a London-based AI meeting intelligence startup. The round, announced in May 2025, valued Granola at $250 million and brought the company's total funding to $67 million. NFDG's lead investment in Granola reflects the firm's central thesis of backing founders building at the frontier of applied artificial intelligence, particularly products that dramatically improve human productivity in professional environments. NFDG was formed by Nat Friedman, the former CEO of GitHub (acquired by Microsoft for $7.5 billion), and Daniel Gross, a former Y Combinator partner and co-creator of the AI Index. The two co-founders launched their inaugural fund in 2023, raising $1.1 billion — making it one of the largest debut venture capital funds in history. The fund achieved a reported 4x return on paper within two years before Nat Friedman subsequently joined Meta. NFDG has made approximately 16 investments, including high-profile companies such as ElevenLabs, Function Health, and other AI-first ventures. The firm typically invests at Series A through Series B stages, with a focus on high-conviction positions in companies building with advanced AI models. The Series B round in Granola was supported by existing investors Lightspeed Venture Partners and Spark Capital, alongside angel investors including Guillermo Rauch (Vercel), Amjad Masad (Replit), Tobi Lütke (Shopify), and Karri Saarinen (Linear). The round also launched Granola's team collaboration features, expanding the product from an individual meeting tool into a shared workspace for professional teams. Granola was founded in March 2023 by Chris Pedregal and Sam Stephenson and subsequently raised a $125 million Series C led by Index Ventures in March 2026, achieving a $1.5 billion valuation.

Greenoaks Capital Partners is launching its sixth flagship venture capital fund, Greenoaks Capital Opportunities Fund VI, with a target size of $2.25 billion. This fund aims to continue the firm's strategy of making concentrated, long-term investments in technology-enabled companies globally. The fund will focus on identifying and supporting "generation-defining" businesses early in their lifecycle, partnering with them for decades. Greenoaks employs a research-intensive approach, focusing on a select number of companies to maximize value creation. The firm's investment philosophy combines elements of venture capital and value investing, allowing for flexibility across asset classes, industries, and geographies. Greenoaks' portfolio features notable investments in companies like Coupang, Rippling, Wiz, Databricks, Stripe, Canva, and Figma. The firm is known for its founder-focused approach and long-term commitment to its portfolio companies. With Fund VI, Greenoaks continues to pursue opportunities in the mid-stage venture to early growth space, seeking to support companies that have the potential to become global leaders in their respective sectors.

Greenoaks fund of one is a separately managed account (SMA) structured as a dedicated co-investment vehicle for a single institutional limited partner, managed by Greenoaks Capital Partners. Greenoaks is a San Francisco-based growth-stage venture capital firm founded in 2012 by Neil Mehta and Benny Peretz, managing approximately $12–15 billion across its main fund series. The firm closed its sixth flagship fund, Greenoaks Capital Opportunities Fund VI, at $2.5 billion in July 2025, exceeding its $2.25 billion target. The fund-of-one structure operates in parallel with Fund VI and its predecessor vehicles, enabling the sole LP to co-invest contemporaneously in select transactions alongside the flagship strategy. As of October 2025, the New Mexico State Investment Council (NMSIC) committed up to $75 million to this fund-of-one vehicle, in addition to a separate $75 million commitment to Fund VI. The SMA structure provides NMSIC with additional capital capacity for follow-on investments in high-conviction portfolio companies, allowing larger equity checks beyond the flagship fund's allocation while maintaining the same investment mandate and governance standards. Greenoaks pursues a highly concentrated, high-conviction approach to venture investing, prioritizing companies generating the vast majority of value creation within technology cycles, with strong emphasis on sound unit economics, free cash flow sustainability, and exceptional customer experience as leading indicators of durable competitive advantage. Greenoaks' broader portfolio has included category-defining companies such as Figma, Coupang, Scale AI, Anthropic, Wiz, Navan, Flipkart, Deliveroo, and OYO Rooms, reflecting a global mandate with approximately 50% invested in North America and 50% in international markets — particularly Southeast Asia, India, Europe, and Latin America. The fund-of-one structure is part of Greenoaks' broader capital strategy for providing select institutional investors with access to its concentrated deal-by-deal thesis at tailored scale.

HIKE Capital (山行资本, pronounced Shānxíng Zīběn) is an independent early-stage and growth-stage venture capital firm founded in December 2015 by Yang Haoyong and Xu Shi, two of China's most successful technology entrepreneurs. Yang Haoyong co-founded Ganji.com (赶集网), one of China's earliest classified advertisement platforms, and later founded CARS Group (车好多), which went public on the Nasdaq. Xu Shi founded the NetEase News App, China's leading personalized news aggregation product. HIKE Capital operates as a founders' fund in the truest sense — built by founders, for founders — and maintains headquarters in Beijing's Chaoyang District. HIKE Capital employs a dual-currency investment strategy, deploying both USD and RMB vehicles to maximise access to the full spectrum of Chinese technology investing. The firm focuses on three primary sector pillars: transportation and new energy (a natural extension of the founders' deep expertise in automotive marketplaces and mobility), new consumer goods (consumer brands benefiting from China's growing middle-class spending power), and digital intelligence (companies at the intersection of AI, data, and enterprise software). HIKE Capital typically invests at the early stage with a demonstrated ability to support companies through growth to pre-IPO rounds, including IPOs on US and Hong Kong exchanges. HIKE Capital's portfolio includes several highly visible outcomes that validate its founders' advantage in identifying category-defining companies. Li Auto (NASDAQ: LI, HK: 2015) — China's leading extended-range electric vehicle manufacturer — became one of the most valuable EV companies globally. RLX Technology (NYSE: RLX), China's dominant electronic cigarette brand, delivered a successful US IPO. Guazi Used Cars (车好多旗下瓜子二手车), a direct spinout of Yang Haoyong's CARS ecosystem, became China's largest used car platform. Fenbi (粉笔), China's leading vocational and civil-service examination prep platform, IPO'd in Hong Kong in 2022. These exits collectively demonstrate HIKE Capital's ability to back companies from early-stage conviction to public market liquidity.

Haveli Investments Software Fund I is a $4.5 billion private equity vehicle launched by Haveli Investments, an Austin-based firm founded in 2021 by Brian Sheth, formerly of Vista Equity Partners. The fund, which exceeded its initial $4.25 billion cap due to strong investor demand, is the largest debut flagship private equity fund to date, surpassing Patient Square Capital’s $3.9 billion fund. Notably, Apollo Global Management invested $500 million and provided strategic support. The fund focuses on acquiring minority and control positions in midsize enterprise software companies. Its investment strategy targets providers of software to specific industries, cross-sector tools, infrastructure software, and cybersecurity services. Haveli aims to deploy its capital into companies with modern products, attractive end markets, and multiple growth levers to accelerate value creation. Haveli's portfolio includes notable investments such as the $1.5 billion acquisition of AI-driven database firm Couchbase and the purchase of travel accommodation software provider Accommodations Plus International. The firm previously raised $833.9 million for gaming sector investments, bringing its total assets under management to $4.5 billion.

Headline Asia has successfully closed its fifth venture capital fund, Headline Asia Fund V, with a total of $145 million in commitments. This marks a significant milestone, being one of the first notable VC fund closings in Asia-Pacific in recent months, as investor sentiment remains cautious amid global market uncertainty. The fund is a reaffirmation of Headline’s long-term conviction in the innovation potential of early-stage companies in the region. The fund will primarily invest in early-stage technology startups from seed to Series A, targeting companies operating in sectors like e-commerce, logistics, fintech, intellectual property, and AI. Headline Asia will focus on startups driving digital transformation and those with potential for cross-border scalability. The fund typically invests between $1 million to $5 million per deal, aiming to partner closely with founders to help scale their businesses. Fund V is backed by several public and institutional LPs, including Japan Investment Corporation (JIC), National Development Fund of Taiwan (NDF), Korea Venture Investment Corporation (KVIC), and SME Support Japan. So far, it has made 17 investments, including startups like Newmo (Japan, ride-hailing), Jenfi (Singapore, revenue-based financing), and Pi-xcels (Tokyo/Singapore, NFC receipts). The fund's strategic approach reflects a belief in the enduring opportunity within Asia’s startup ecosystem.

Homebrew Ventures V is the fifth fund in the Homebrew venture capital fund series, managed by Burlingame, California-based Homebrew, an early-stage seed venture capital firm co-founded by Hunter Walk and Satya Patel. The fund targets a raise of $50 million, consistent with Homebrew's long-standing strategy of operating lean, concentrated investment vehicles focused on seed and Series A stage companies. The firm filed notice of the fundraise with the U.S. Securities and Exchange Commission in early 2024. Homebrew focuses on pre-product and early product-stage technology companies across categories including consumer technology, enterprise software, and platforms serving the future of work. The firm writes initial checks typically ranging from $100,000 to $500,000 and supports its portfolio companies through concentrated, founder-aligned engagement. Homebrew's small fund size is intentional — the strategy prioritizes meaningful ownership positions and sustained portfolio support over volume. The fund is actively investing, with portfolio companies including Thread AI (Series A, June 2025). Founded in 2013 and headquartered in Burlingame, California, Homebrew has backed over 60 companies across its five-fund series, with portfolio companies raising significant follow-on capital from tier-one growth investors. The firm maintains a track record of identifying breakout companies at the pre-seed and seed stage across the technology sector. Homebrew Ventures V continues this approach with a lean target size enabling the team to maintain high ownership positions and dedicated engagement with each founding team. The fund operates from the San Francisco Bay Area with a focus on US-based technology ventures.

ICONIQ Strategic Partners VII is the seventh flagship growth equity fund managed by ICONIQ Growth, the venture and growth capital arm of ICONIQ Capital. Closing at $5.75 billion in July 2024—exceeding its initial target and surpassing the $5.21 billion recorded in earlier SEC filings—the fund brings ICONIQ Growth’s total committed capital to $21 billion since the firm’s inaugural vintage in 2014. Headquartered at 50 Beale Street, San Francisco, and structured as a Cayman Islands limited partnership (with a parallel Delaware vehicle), the fund represents ICONIQ’s largest single vehicle to date. ICONIQ Strategic Partners VII targets growth-stage technology companies that have demonstrated clear product-market fit, focusing on enterprise software, artificial intelligence, cloud infrastructure, SaaS, and fintech. The fund’s investment mandate covers the full growth equity lifecycle—from early inflection through pre-IPO—with a target portfolio of 20 to 25 companies. ICONIQ Growth deploys capital alongside its proprietary network of technology leaders and operating partners, providing strategic support to founders scaling globally. The fund’s primary geographic focus is the United States, with selective investments in global technology markets. Fund VII builds on ICONIQ Growth’s track record of backing category-defining companies including Snowflake, Airbnb, Zoom, GitLab, DocuSign, Chime, Miro, Procore, and ServiceTitan, with over 27 IPOs and more than $1.5 trillion in aggregate portfolio market capitalization across 140+ partnerships. Anchor institutional investors include the New York State Common Retirement Fund ($225 million commitment), the State Teachers Retirement System of Ohio, San Diego City Employees’ Retirement System, and Cathay Life Insurance.

Launched in April 2025, ISAI Cap Venture II is an €80 million corporate venture capital fund representing the renewed partnership between ISAI, France's leading entrepreneur-backed venture capital firm, and Capgemini Ventures, the corporate venture arm of Capgemini Group — one of the world's largest technology consulting and digital transformation companies. The fund builds on the success of ISAI Cap Venture I, which deployed capital into 15 portfolio companies across data governance, insurance distribution, and quantum technologies since 2019. ISAI Cap Venture II targets high-potential B2B startups and scale-ups globally, focusing on Series A through growth-stage rounds with tickets of €1 million to €5 million per company. Priority sectors are aligned with Capgemini's market presence and advisory capabilities: artificial intelligence and generative AI, enterprise data platforms and governance, DevOps and software engineering tooling, insurance technology, and quantum computing. The Capgemini partnership enables portfolio companies to pursue joint commercial approaches, gaining access to Capgemini's global enterprise client base as a strategic sales channel alongside the capital investment — a differentiated proposition for B2B software founders. ISAI Cap Venture II is structured as a pure corporate VC partnership combining ISAI's venture capital expertise and entrepreneurial network with the commercial reach, technical resources, and strategic intelligence of a global technology group operating across more than 50 countries. This model is increasingly sought by B2B software founders looking for investors who can accelerate enterprise revenue generation through established client relationships rather than purely financial backing — providing a distinctive competitive positioning in the European and global Series A landscape.

ISAI Venture IV is the fourth early-stage venture capital fund from ISAI, France's pioneering tech entrepreneurs' fund co-managed by successful founders of the French Tech ecosystem. Founded by serial entrepreneurs who built some of France's most prominent digital companies, ISAI manages approximately EUR 550 million in assets across four investment strategies: early-stage venture capital, late-stage venture capital, private debt, and growth/buyout. ISAI Venture IV targets a total size of EUR 100 million and held its first closing at EUR 75 million — representing three-quarters of the target — in December 2025, with anchor support from Bpifrance and a community of entrepreneur-limited partners drawn from ISAI's extensive alumni network. The fund invests at the pre-seed and seed stages in capital-efficient French and Europe-based technology companies demonstrating early commercial traction or strong product-market fit. Primary tickets range from EUR 1 million to EUR 3 million, with a dedicated pre-seed allocation of 10% of the fund for investments of EUR 100,000 to EUR 500,000 in the earliest-stage opportunities. ISAI's thematic focus for this vintage spans artificial intelligence applications, decarbonisation technologies, marketplace platforms, and SaaS business models with strong unit economics. The fund targets companies positioned to become market leaders in their respective categories, with a geographic mandate of 80% in France and the remainder in US-based ventures founded by French entrepreneurs. ISAI's earlier venture funds produced some of France's most celebrated digital success stories, including early investments in BlaBlaCar, Malt, 360Learning, Prose, Alma, and Flowdesk. This track record has established ISAI as a top-tier French early-stage investor and attracted a high-quality LP base including leading family offices and founder-entrepreneurs from prior portfolio companies. Classified as an Article 8 fund under the EU Sustainable Finance Disclosure Regulation, ISAI Venture IV incorporates environmental and social characteristics into its investment screening process. The fund is currently in active fundraising ahead of its target final close.

Indico VC Fund III is the third flagship venture capital fund raised by Índico Capital Partners, a Lisbon-based investment firm founded in 2017 that backs technology and sustainability entrepreneurs across Southern Europe. Launched in November 2025 with a target of €125 million, the fund secured a cornerstone commitment of €30 million from the European Investment Fund (EIF), the equity investment arm of the European Investment Bank Group, reflecting robust institutional confidence in Índico's strategy and track record. The fund also benefits from co-financing by Banco Português de Fomento under the Portugal Blue programme, extending the investment mandate to include ocean-related technology and blue economy ventures alongside the broader technology thesis. Fund III targets early-stage technology companies from Seed through Series B, with individual ticket sizes ranging from €500,000 to €10 million. The strategy centres on three core innovation verticals — Enterprise SaaS, Artificial Intelligence, and Deep Technology — alongside Spacetech and Oceantech as emerging sector extensions. Geographic coverage prioritises companies headquartered in Portugal, Spain, and Italy, as well as founders from these countries building internationally in the United States, United Kingdom, and other global markets. The fund's thesis emphasises strong product differentiation and global ambition, continuing Índico's mission of supporting "the best tech and sustainable companies going from local to global." With the EIF as anchor LP, Fund III is positioned to attract co-investors from the broader European institutional ecosystem, including funds-of-funds, development finance institutions, and leading family offices that have backed previous Índico vehicles. Índico Capital Partners manages over €240 million across five fund vehicles and has deployed €134 million into 53 portfolio companies since its 2019 first deployment, with those companies collectively raising €2.5 billion. The firm's track record spans notable portfolio companies including Preply (global language learning platform), Anchorage Digital (institutional crypto infrastructure), Remote (global HR platform), Sword Health (AI-powered physical therapy), and Superhuman (productivity email client). The EIF's commitment to Fund III comes via the InvestEU programme and marks a continuation of the Bank Group's support for Southern European venture ecosystems, signalling growing recognition of Portugal, Spain, and Italy as maturing startup markets capable of producing globally competitive technology companies.

Indico VC III is a €125 million venture capital fund raised by Índico Capital Partners, a Lisbon-based independent VC manager founded in 2017. The fund launched in November 2025 and secured a €30 million anchor commitment from the European Investment Fund (EIF), reflecting strong institutional confidence in Índico's track record across Southern Europe. The fund targets early-stage technology companies at the Seed to Series B stages, writing initial cheques between €500,000 and €10 million, with a focus on founders with roots in Portugal, Spain, and Italy — including those who have relocated to the United States, United Kingdom, or other major innovation hubs. The fund's investment thesis is concentrated on four high-conviction verticals: Enterprise SaaS, Artificial Intelligence, Deep Tech, and emerging frontier sectors such as Spacetech and Oceantech. This sector selection reflects Índico's observation that Southern European founders are increasingly building globally competitive products in deep-tech and AI, benefiting from world-class engineering universities and growing R&D ecosystems in Lisbon, Barcelona, and Milan. The fund also considers opportunities in Cybersecurity and advanced software, areas where Portuguese and Spanish talent pipelines have shown consistent quality. Índico Capital Partners has managed five prior funds totalling over €240 million in assets under management and has backed 53 portfolio companies, which together have raised over €2.5 billion in follow-on financing. Managing General Partner Stephan de Moraes leads the investment team. The EIF's €30 million anchor commitment under the InvestEU Programme underscores the fund's role in channelling institutional capital toward Southern European deeptech innovation.

The InfraVia Growth Fund II is a dedicated growth‑equity vehicle launched by InfraVia Capital Partners to back ambitious European B2B technology companies. It is structured as a société en libre partenariat domiciled in France and created in late 2024. With a targeted size of up to €1 billion, the fund builds on the firm’s prior growth‑equity strategy and aims to become a leading partner to scaling tech enterprises across the continent. The fund focuses on companies with proven business models, scalable platforms, and strong growth momentum. Its investment thesis emphasises B2B digital solutions—particularly in sectors such as artificial intelligence, fintech, cybersecurity, digital health, vertical software and other segments driving the digital transformation of industrial and corporate systems. InfraVia Growth Fund II intends to be an active partner in its portfolio companies, offering more than just capital. Portfolio companies benefit from InfraVia’s operational support platform, which provides deep expertise in areas such as M&A, international expansion, governance, ESG practices and functional scaling. The team leverages InfraVia’s broader infrastructure and technology ecosystem to help companies accelerate their growth and build market leadership. Geographically, the fund will invest across Europe, supporting companies that are ready to scale internationally and capture leadership in their markets. The strategy acknowledges that digitalisation, decarbonisation and structural change across industries create heightened opportunities for growth‑equity investments. By partnering with entrepreneurs and management teams focused on mission‑critical software and tech‑enabled business models, the fund aims to generate both growth and value creation over a medium to long‑term horizon.

Invivo Ventures AI is a EUR 100 million early-stage venture capital fund managed by Invivo Partners, S.G.E.I.C, S.A., a Barcelona-based CNMV-registered fund manager with over EUR 150 million in assets under management. Announced in September 2025, the fund represents the fourth vehicle in Invivo Partners' franchise and marks a strategic evolution toward the intersection of artificial intelligence and scientific innovation — positioning itself as Spain's first locally focused vehicle dedicated exclusively to AI-driven science. The hard cap is set at EUR 120 million, with first close expected in H1 2026. The fund was established alongside the appointment of Dr. Josep M. (Pep) Martorell as Partner, who led innovation at the Barcelona Supercomputing Center and helped create programmes resulting in 14 spin-offs raising over EUR 40 million. The broader Invivo Partners platform has historically received institutional support from the European Investment Fund (EIF), Fond-ICO, the Institut Catala de Finances, and Barcelona City Council. The fund's investment thesis holds that artificial intelligence is now foundational infrastructure for any deeptech company. Accordingly, Invivo Ventures AI targets pre-seed through Series A companies applying AI to advance biotechnology, life sciences, synthetic biology, robotics, aerospace, mobility, computing and climate technology. Healthcare and life sciences constitute more than 50% of the intended portfolio. Initial ticket sizes range from EUR 2 million to EUR 4 million per investment, with follow-on reserves of up to EUR 10 million per company post-milestone. The geographic mandate is primarily Spanish-headquartered or Spanish-originated startups, with broader European coverage for the most compelling AI-science opportunities. Invivo Partners has built a track record through three prior funds including Healthequity VC Fund (2012-2019), Invivo Ventures FCR (EUR 60 million final close, 2019), and Invivo Ventures III (EUR 100 million target, first close H1 2024). The firm is co-founded and led by Luis Pareras and Albert Ferrer, with Laura Rodriguez and Pep Martorell serving as partners. Barcelona's position as a leading European biomedical research hub — home to research institutions, hospitals and a growing deep-tech ecosystem — provides Invivo with privileged deal flow access, particularly in the AI-driven life sciences segment where the city's scientific institutions have produced a pipeline of commercially relevant spin-offs.

Iron Wolf Capital has announced the first close of its second fund, securing $32.7 million with a target of $109 million. The fund focuses on early-stage investments in deeptech and AI startups across the Baltic region and its diaspora. Initial investments range from $545,000 to $2.18 million, with the firm often leading or co-leading funding rounds. The firm is recognized as one of the most active investors in the Baltics, having supported over 20 companies in the past five years. Its portfolio spans various sectors, including robotics, photonics, AI-driven education technology, pharmaceuticals, and climate technology. Iron Wolf Capital emphasizes backing exceptional founders with global ambitions and disruptive technologies. Beyond capital, Iron Wolf Capital contributes to the ecosystem through initiatives like the Baltic Deep Tech Report and the Deep Tech Breakfast Series, fostering collaboration and growth within the region's innovation landscape.

Japan Investment NEA 19 Venture Growth Equity, L.P. is a Japan-domiciled co-investment vehicle structured to allow the Japan Investment Corporation (JIC), Japan's sovereign wealth fund, to participate as a limited partner in the growth equity component of New Enterprise Associates' nineteenth fund program. JIC committed US$100 million across this vehicle and its companion, Japan Investment New Enterprise Associates 19, L.P., as announced in March 2026. The investment forms part of JIC's strategy to develop globally significant Japanese technology companies by partnering with world-class international venture capital managers with demonstrated abilities to create unicorns at scale. The underlying fund is managed by New Enterprise Associates (NEA), one of the world's largest and most established venture capital firms with over $25 billion in assets under management. The NEA 19 Venture Growth Equity vehicle is the growth-stage counterpart to NEA's main early-stage fund, targeting companies that have demonstrated strong product-market fit and are scaling revenues toward market leadership positions. NEA's growth equity investments target enterprise technology, consumer platforms, digital health and artificial intelligence businesses with global expansion potential. NEA has created more than 100 unicorns and achieved 270+ portfolio company IPOs over its history since founding in 1977. Through its JIC partnership, this vehicle aims to introduce NEA's growth equity deal flow to co-investment opportunities with Japanese venture capital firms, accelerating capital formation for high-growth Japanese startups targeting international markets. The structure provides qualified Japanese institutional investors with access to late-stage portfolio diversification alongside one of the most active growth-stage venture managers globally.

Japan Investment New Enterprise Associates 19, L.P. is a Japan-domiciled co-investment vehicle structured to allow the Japan Investment Corporation (JIC), Japan's sovereign wealth fund, to participate as a limited partner in New Enterprise Associates' nineteenth flagship venture capital fund, NEA 19. JIC committed US$100 million across this vehicle and its companion fund, Japan Investment NEA 19 Venture Growth Equity, L.P., with the announcement made in March 2026. The structure reflects JIC's mandate to foster the development of globally significant Japanese technology companies by exposing its portfolio to leading international venture managers with proven track records of unicorn creation. NEA 19 is managed by New Enterprise Associates (NEA), one of the world's largest and most established venture capital firms with over $25 billion in assets under management. NEA invests across the full company lifecycle, from incubation and seed-stage through late-stage growth, with a concentrated focus on enterprise and consumer technology, digital health, life sciences and artificial intelligence. NEA has built a portfolio that includes more than 100 unicorns and a track record spanning over 270 IPOs and 450 mergers and acquisitions since its founding in 1977. Through its commitment to Japan Investment NEA 19, JIC intends to introduce NEA to co-investment opportunities with Japanese venture capital firms, catalysing greater domestic startup investment and attracting international investor interest to the Japanese technology ecosystem. The vehicle provides Japanese institutional investors with exposure to NEA's global deal flow while supporting the internationalisation of Japan's most promising technology founders toward becoming global market leaders.

K6 Private Investors is the sixth flagship fund managed by K1 Investment Management, a California-based private equity firm focused on high-growth enterprise software companies. The fund has a $6.25 billion target and held its first close in 2023 with $200 million. K1 has committed 10% of the total fund, showcasing strong sponsor alignment. The fund intends to make 28 to 35 investments across both buyout and minority deals. Equity investments will range from $15 million to $250 million. K6 specifically targets software businesses generating under $100 million in recurring revenue, with enterprise values between $100 million and $450 million. K1 takes a hands-on approach, actively supporting portfolio companies with operational improvement and growth strategies. This includes executive hiring, product expansion, and facilitating bolt-on acquisitions through its in-house value creation team.

KKR Next Generation Technology Growth Fund III is the third vehicle in KKR's technology-focused growth equity series, completing its fundraise with approximately $3 billion in capital commitments in October 2023. The fund reflects KKR's conviction in growth-stage technology investing as a distinct strategy from its flagship buyout platform, targeting companies that have achieved product-market fit and significant revenue scale but require institutional growth capital to accelerate global expansion. The fund's mandate centers on control and significant-minority investments in enterprise software, technology-enabled services, internet platforms, and data-driven businesses. KKR brings to bear its global commercial relationships, operational expertise, and balance-sheet resources to help portfolio companies pursue geographic expansion, M&A programs, and talent acquisition. Target investment sizes range from $100 million to $400 million, with the fund typically partnering with founder-owned or sponsor-backed businesses at Series C stage and beyond. Building on the performance of Fund I and Fund II, the third vintage benefits from KKR's expanded technology network across North America, Europe, and Asia Pacific. KKR committed approximately $400 million of its own capital to Fund III alongside limited partner investors, representing a substantial GP alignment. The technology growth platform complements KKR's global infrastructure and buyout strategies, providing targeted exposure to secular technology adoption trends in cloud, AI, and digital transformation.

Leadwind Ventures Fund is a EUR 250 million growth-stage venture capital fund managed by K Fund, the Madrid-based venture capital firm, in partnership with Telefonica. Established in 2022 and headquartered in Spain, Leadwind was created to address the capital gap for technology scale-ups in Southern Europe and Latin America seeking growth capital from Series A through later rounds. The fund completed its final close with backing from institutional limited partners including the ICO Next Tech Fund, which committed approximately EUR 70 million representing roughly 35 percent of the total capital, alongside Telefonica as the principal private sponsor, BBVA Spark, and Catalana Occidente. Leadwind focuses on deeptech companies developing artificial intelligence, machine learning, cybersecurity, fintech, healthtech, and digital infrastructure solutions, prioritising founders with proven product-market fit and recurring revenues progressing toward profitability. The fund targets companies across Spain, Portugal, Italy, and Latin America — regions where ambitious technology scale-ups have historically faced limited access to growth capital at scale — and aims to support global technology winners anchored in Southern Europe and Latin America from their first institutional rounds through international scaling. Ticket sizes support Series A through Series C rounds, enabling the fund to lead or co-lead financing in competitive European and Latin American deeptech companies. An advisory board composed of senior executives from Google, Roku, Devo, Creditas, and other global technology organisations provides portfolio companies with strategic guidance and network access. Leadwind completed a EUR 140 million first closing before achieving its EUR 250 million final close. Its initial portfolio includes Factorial, the Barcelona-based HR management platform serving over 10,000 companies across more than 60 countries; Voicemod, a real-time AI voice technology company; Quibim, a medical imaging data analytics business enabling precision medicine; Digibee, an enterprise integration platform; and nflux, an AI co-pilot for manufacturing assembly. The fund reflects K Fund's broader mission to build a Southern European and Latin American deeptech ecosystem that can compete with US and Northern European counterparts, and represents one of the largest growth-stage venture vehicles focused exclusively on this underserved geography.

Khosla Ventures VIII is a multi-stage venture capital fund managed by Khosla Ventures, one of Silicon Valley's most distinctive and high-conviction investment firms. Closed at $1.6 billion in 2023, Fund VIII represents the flagship vehicle in a broader $3.1 billion fundraise encompassing three parallel vehicles — Fund VIII ($1.6B), a Seed Fund ($500M), and a Growth Fund ($900M) — reflecting investor confidence in Khosla's research-intensive approach at a time when many competing firms were scaling back fund sizes. The fund deploys capital across companies developing transformative technologies in artificial intelligence, climate technology, nuclear fusion, humanoid robotics, biotechnology, and enterprise software. Khosla Ventures VIII invests at multiple lifecycle stages, from early-stage research ventures through growth companies with emerging product-market fit, providing patient capital alongside deep operational support. The fund invests primarily in the United States, concentrating in Silicon Valley and other leading technology hubs, with portfolio companies frequently built around fundamental scientific breakthroughs rather than incremental improvements. Khosla Ventures was co-founded by Vinod Khosla in 2004 following his tenure at Kleiner Perkins, where he had previously backed Sun Microsystems. The firm established its reputation through high-conviction, contra-conventional bets — often dismissed at inception — including early investments in Square (now Block), Affirm, DoorDash, Instacart, and OpenAI. Fund VIII continues this tradition, with particular emphasis on companies at the frontier of AI and climate solutions, where Khosla believes patient venture capital can unlock technologies with outsized economic and societal impact.

The fund is designed as a European closed‑end venture capital vehicle managed by Kibo Ventures. It aims to back early‑stage software businesses with global ambition, leading or co‑leading pre‑series A and series A rounds. Its investment policy places a geographic emphasis on companies whose center of operations, management or strategic base is in Spain, with the intention that at least two‑thirds of invested capital goes into Spanish companies. The duration of the fund is estimated at ten years from the first close, extendable by up to two additional one‑year periods, and it targets a portfolio of B2B software companies with differentiated technologies and scalable international models. Typical checks are in the order of ~€2 million into early‑stage rounds, seeking minority positions (~10‑20%) in companies ready to scale, demonstrating product‑market fit and growth potential.

KP Select III is the third growth-stage fund in Kleiner Perkins' Select fund series, raised alongside KP21 (the firm's 21st venture fund) in June 2024. With $1.2 billion in capital commitments, KP Select III is among the largest vehicles in the Kleiner Perkins fund family, designed to back high-inflection investments in companies scaling rapidly toward market leadership. The fund is managed by Kleiner Perkins (formerly Kleiner Perkins Caufield & Byers), one of Silicon Valley's most storied and influential venture capital firms with a multi-decade track record of backing category-defining technology and life sciences companies from early stages to IPO and beyond. KP Select III focuses on late-stage and growth-equity investments in technology companies where Kleiner Perkins has identified meaningful inflection points — whether in revenue trajectory, market penetration, or technological capability. The fund's investment thesis is anchored in artificial intelligence, enterprise software, healthcare and life sciences, fintech, and hardtech — sectors where the firm has built deep expertise over five decades of active investing. In contrast to KP21 (which backs companies from the earliest stages with smaller initial checks), KP Select III deploys larger capital tranches into companies that have demonstrated initial product-market fit and are ready to scale aggressively. The fund leverages the full Kleiner Perkins platform, including its global network of portfolio companies, operators, and institutional relationships, to provide growth-stage founders with the strategic support needed to navigate complex expansion phases. Kleiner Perkins has backed some of the most transformative technology companies of the past fifty years, including Amazon, Google, Genentech, AOL, Netscape, and Spotify. The Select fund series builds on this legacy by concentrating follow-on capital in later-stage opportunities where the firm has established the deepest conviction. The launch of KP Select III alongside KP21 reflects Kleiner Perkins' two-pronged 2024 approach: seeding the next generation of category-defining companies through KP21 while deploying growth capital into breakout performers approaching inflection through the Select platform.

KP21 is the 21st venture fund raised by Kleiner Perkins, one of Silicon Valley's most iconic and enduring venture capital firms. Launched in June 2024 alongside KP Select III (the firm's third growth fund), KP21 closed with $825 million in capital commitments and is designed to back early-stage technology companies from inception through the earliest stages of product-market fit. The fund reflects Kleiner Perkins' continued commitment to founding-stage investing in a technology landscape redefined by artificial intelligence and rapid structural transformation across every major industry. KP21 deploys capital into early-stage companies across Kleiner Perkins' core investment verticals: enterprise software, consumer technology, healthcare and life sciences, financial technology, and hardtech. With AI as the defining technological narrative of the current cycle, KP21 places particular emphasis on companies building AI-native applications, infrastructure, and tooling — recognizing the shift from incremental software improvements to foundational reinvention of business processes, scientific discovery, and human-computer interaction. The fund invests from pre-seed through Series A, with typical initial check sizes ranging from $500,000 to $5 million and significant follow-on reserves for top performers. The addition of new partner Leigh Marie Braswell, who joined to lead AI-focused investments, reflects the firm's commitment to maintaining frontier expertise in the discipline most reshaping the venture capital landscape. KP21 represents the continuation of a 50-year investing legacy that includes founding-stage investments in Amazon, Google, Compaq, Netscape, Twitter, Genentech, Snap, and hundreds of other landmark technology companies. The number 21 in the fund's name marks Kleiner Perkins' 21st venture fund — a testament to institutional consistency and cycle-tested investment judgment spanning five decades and multiple technological paradigm shifts. The fund operates in concert with KP Select III, which provides growth capital to double down on KP21's most successful early-stage bets as they scale toward category leadership.

Lakestar Early IV is an early-stage venture capital fund managed by Lakestar. The fund is domiciled the United Kingdom. The fund will focus their investments across geographies, with a focus on Europe in sectors such as AI, digitalisation, deep tech, healthcare, and fintech. The funds are aligned with Lakestar’s commitment to forge a stronger future for Europe by nurturing the region’s innovation and tech ecosystem through the funding of business models which support economic growth and social prosperity. The fund closed in April 2024 together Lakestar Growth II with $600 million.

Lakestar Growth II is a growth venture capital fund managed by Lakestar. The fund is domiciled the United Kingdom. The fund will focus their investments across geographies, with a focus on Europe in sectors such as AI, digitalisation, deep tech, healthcare, and fintech. The funds are aligned with Lakestar’s commitment to forge a stronger future for Europe by nurturing the region’s innovation and tech ecosystem through the funding of business models which support economic growth and social prosperity. The fund closed in April 2024 together Lakestar Early IV II with $600 million.

Lightspeed Co-Investment Fund I, L.P. is a co-investment vehicle managed by Lightspeed Management Company, L.L.C. (Lightspeed Venture Partners), one of the world's leading multi-stage venture capital firms headquartered at 2200 Sand Hill Road in Menlo Park, California. Founded in 2000, Lightspeed manages over USD 40 billion in assets under management with offices across the United States, Europe, Israel, India and Southeast Asia. The fund's original Form D was filed with the SEC on April 7, 2025 (CIK 0002055513), establishing the 2025 vintage. It reached its final close of USD 601.3 million on December 16, 2025 as part of Lightspeed's record USD 9 billion-plus simultaneous fundraise across six vehicles — the largest capital raise in the firm's 25-year history. The fund is incorporated in Delaware and the GP entities are Lightspeed General Partner Co Investment Fund I, L.L.C. and Lightspeed Management Company, L.L.C., with general partners Arif Janmohamed, Ravi Mhatre and Bejul Somaia. The fund is structured specifically to co-invest alongside Lightspeed's primary managed vehicles — including Lightspeed Venture Partners Fund XV-A (USD 980 million), XV-B (USD 1.2 billion), and the Opportunity Fund III (USD 3.3 billion) — rather than deploying capital independently. This architecture enables select investors to participate directly in specific transactions alongside the flagship funds at high conviction, gaining additional exposure without the full diversification commitment of a primary fund. The fund employs Regulation D exemptions (Rule 506(b), Section 3(c) and 3(c)(7)) and is open to qualified purchasers. As a co-investment vehicle with no independent sector mandate, its exposure mirrors the Lightspeed platform: enterprise software, consumer technology, fintech, healthcare and artificial intelligence across the United States, Europe, Israel, India and Southeast Asia. The fund benefits directly from Lightspeed's 25-year track record and portfolio of over 112 unicorns. Platform companies that co-investors may access include Anthropic, xAI, Databricks, Mistral, Glean, Wiz, Rubrik, Stripe, Snap, Affirm, Epic Games and Grafana. At the time of the 2025 fundraise, Lightspeed had backed 165 AI-native companies, investing over USD 5.5 billion in the category, and returned USD 8 billion from current and active funds over the five preceding years. The co-investment structure positions Lightspeed Co-Investment Fund I as an efficient instrument for investors seeking concentrated exposure to Lightspeed's highest-conviction deployment decisions.

Lightspeed Opportunity Fund III is a $3.3 billion growth and opportunity-focused venture capital fund closed in December 2025, representing the largest single vehicle in Lightspeed's record $9 billion multi-fund raise and the cornerstone of the firm's growth-stage investment strategy. Opportunity Fund III is designed to provide flexible follow-on capital supporting AI startups and category-defining companies through Series C, Series D, and Series E+ rounds, as well as strategic new positions in growth-stage companies across Lightspeed's global portfolio. The fund reflects Lightspeed's conviction that the most significant value creation in AI will occur not only at inception but through the growth-to-scale phase where distribution advantages, customer retention, and data moats compound. Lightspeed's pioneering AI investment expertise directly informs Opportunity Fund III's strategy. Since 2012, the firm has backed 165 AI-native companies with over $5.5 billion deployed across its funds, building a portfolio that includes Anthropic (where Lightspeed is the largest investor in its $3.5B Series E), xAI, Databricks, Mistral, Glean, and Abridge — all now commanding multi-billion-dollar valuations. The Opportunity Fund series enables Lightspeed to deploy larger single checks into companies demonstrating exceptional product-market fit and defensible competitive positions, participating in major financing rounds alongside sovereign wealth funds and other top-tier institutions. The fund operates across Lightspeed's 14-office global platform spanning the United States, Europe, Israel, India, and Southeast Asia. Lightspeed has returned more than $8 billion to limited partners in recent years, with 39 IPOs and 262 acquisitions from the broader portfolio. Recent growth-stage successes include Rubrik (2024 IPO), Affirm ($30B+ market cap at IPO), and strong marks across positions in leading AI infrastructure and application companies. Opportunity Fund III's $3.3 billion mandate — oversubscribed and representing the single largest vehicle in the $9B raise — reflects broad LP confidence in Lightspeed's capacity to identify and support category leaders from seed through market dominance.

Lightspeed Venture Partners Fund XV-A is a $980 million early-stage venture capital fund closed in December 2025, representing the flagship early-stage vehicle of Lightspeed's largest capital raise in its 25-year history — a $9 billion program spanning six simultaneous fund closings. As a pioneer in AI investment since 2012, Lightspeed has deployed more than $5.5 billion across 165 AI-native companies at seed, Series A, and early Series B stages, positioning Fund XV-A to continue this leadership with fresh conviction capital. The fund leverages Lightspeed's global platform spanning 14 offices across the United States, Europe, Israel, India, and Southeast Asia, providing deep local expertise combined with worldwide network effects that few early-stage funds can replicate. Fund XV-A's investment strategy focuses on identifying and backing category-defining AI companies and technology innovators at their earliest stages — from seed through early Series A. The fund applies Lightspeed's signature depth-first approach: depth of commitment (working closely alongside founders from day one), depth of relationships (building authentic long-term partnerships), and depth of belief (staying committed through market cycles). Core sectors of focus include artificial intelligence, enterprise software, fintech, consumer technology, and healthcare. With more than $40 billion in assets under management across all vehicles, Lightspeed provides early-stage founders with not just capital but strategic guidance and access to a portfolio network of over 1,000 companies across sectors and geographies. Lightspeed's track record demonstrates exceptional execution: 39 IPOs and 262 acquisitions from its portfolio, including major exits such as Rubrik (2024 IPO), Affirm ($30B+ market cap at IPO), and Navan. Early investments in Anthropic — where Lightspeed is the largest institutional investor in its $3.5 billion Series E — as well as xAI, Databricks, Mistral, and Glean reflect the firm's consistent ability to identify category leaders at formation. The $9 billion fundraise, of which Fund XV-A represents the dedicated early-stage component, was oversubscribed across all six vehicles, reflecting sustained LP confidence in the firm's ability to generate differentiated venture returns.

Lightspeed Venture Partners Fund XV-B is a $1.2 billion early-to-mid-stage venture capital fund closed in December 2025 as the companion vehicle to Fund XV-A, together forming the core early-stage component of Lightspeed's record $9 billion multi-fund close. While XV-A targets seed and early Series A investments, Fund XV-B is designed for larger Series A rounds and selective Series B opportunities — enabling Lightspeed to maintain ownership concentration and support portfolio companies through their critical scaling phases. Both XV funds share the same investment philosophy and LP base, reflecting the firm's commitment to multi-stage continuity from company formation through growth equity. Fund XV-B leverages Lightspeed's unmatched AI expertise and global platform capabilities. With over $5.5 billion deployed into 165 AI-native companies and founding investments in category leaders such as Anthropic, xAI, Databricks, Mistral, Glean, and Abridge, the fund is positioned to support the next generation of AI companies as they scale through their Series A and Series B milestones. The fund operates across Lightspeed's 14 global offices, providing localized investment expertise, board-level support, and access to a curated network of more than 1,000 portfolio companies for customer introductions, talent recruitment, and strategic partnerships across sectors. Lightspeed's portfolio construction is informed by a 25-year track record: 39 IPOs and 262 acquisitions, including Rubrik (2024 IPO), Affirm ($30B+ IPO valuation), and Navan and Netskope achieving multi-billion-dollar outcomes. The firm has returned more than $8 billion to limited partners in recent years, reflecting strong DPI alongside still-unrealized gains in growth-stage holdings. Fund XV-B, as the larger of the two XV vehicles, will deploy capital into companies in enterprise software, artificial intelligence, fintech, consumer, and healthcare that are demonstrating product-market fit and early revenue traction at Series A and B scale.

Lightspeed Venture Partners Select VI, L.P. is a growth-stage venture capital fund managed by Lightspeed Management Company, L.L.C., operating under the Lightspeed Venture Partners brand. Founded in 2000, Lightspeed is one of the world's leading multi-stage VC firms with over USD 40 billion in AUM across offices in the United States, Europe, Israel, India and Southeast Asia. Select VI is the sixth vehicle in Lightspeed's dedicated growth and follow-on fund series — a lineage that includes Select I (2014, USD 430 million), Select III (2018 vintage), and Select V (2022, USD 2.26 billion). The fund's original Form D was filed with the SEC on December 12, 2024 (CIK 0002044417), establishing the 2024 vintage year. It reached a final close of USD 1.74 billion (announced publicly as approximately USD 1.8 billion) on December 16, 2025, as part of Lightspeed's record USD 9 billion-plus simultaneous fundraise. The slight discrepancy between the SEC amount and announced figures reflects committed-but-not-yet-funded capital, a standard feature of large VC closings. Select VI occupies the growth-stage position in Lightspeed's tiered fund architecture, alongside early-stage flagship funds (Fund XV-A at USD 980 million and XV-B at USD 1.2 billion) and the late/breakout Opportunity Fund III (USD 3.3 billion). The Select series is specifically designed to accelerate existing Lightspeed portfolio companies and selectively back new investments in companies with demonstrated product-market fit at the Series B through Series D+ stages. The fund targets companies globally across Lightspeed's core verticals — enterprise software, AI infrastructure, consumer technology, fintech, healthcare and cybersecurity — with particular emphasis on AI-native category leaders. It also serves a follow-on function, allowing Lightspeed to maintain and increase ownership in breakout portfolio companies as they scale toward IPO or large-scale exit, consistent with the mandate of prior Select funds. Select VI inherits a strong track record from predecessor funds. Select V (USD 2.26 billion, 2022) backed companies including Wiz, Grafana Labs, Navan, Glean, Anthropic, Anduril and Stripe. Across the platform, Lightspeed has backed over 112 unicorns and returned USD 8 billion from current and active funds in the five years preceding the 2025 fundraise, with over USD 3 billion returned in the single year prior to announcement. The firm has invested more than USD 5.5 billion in 165 AI-native companies, positioning Select VI to capture growth-stage upside from early bets on companies like Anthropic, Mistral, Databricks, Glean and Safe Superintelligence (SSI) as they continue to scale.

Lux Ventures IX is the ninth flagship venture capital fund raised by Lux Capital, the New York-headquartered science and technology-focused venture firm founded in 2000 by Josh Wolfe and Peter Hebert. The fund closed on January 7, 2026, raising $1.5 billion in capital commitments — Lux Capital's largest fund to date — bringing the firm's total assets under management to approximately $7 billion. The raise was completed in approximately three months, reflecting strong demand from the firm's established institutional LP base. Lux Ventures IX backs founders working at the frontier of science and technology in sectors that others find too hard, too early, or too complex to evaluate. Lux Ventures IX deploys capital across the full company-building arc, from early-stage founding rounds through growth, targeting companies in aerospace, defense, biotechnology, life sciences, artificial intelligence, automation, and industrial technology. The fund focuses on areas where deep scientific and engineering expertise intersects with scalable commercial potential, particularly in dual-use technologies with applications in both defense and commercial markets. Lux Capital's 44-person investment team brings specialist research capabilities across these hard-tech verticals, and the firm takes a hands-on approach to supporting founders through product development, team building, and commercialization of breakthrough technology. Since founding in 2000, Lux Capital has built one of the most recognized franchises in deep-tech venture investing, generating notable exits across synthetic biology, robotics, AI-enabled healthcare, and advanced materials. Prior funds including Lux Ventures VI through VIII delivered strong performance during periods of rapid technology adoption. The successful close of Lux Ventures IX at $1.5 billion — the firm's largest fund ever and a significant step up from prior vintages — underscores continued LP confidence in Lux Capital's differentiated deep-tech strategy and the team's ability to identify and support frontier science companies.

M&G Catalyst is a proprietary growth equity and impact investment strategy launched in January 2021 by M&G Investments, the FTSE 100-listed asset manager with over £340 billion in assets under management. Unlike a traditional externally raised closed-end fund, M&G Catalyst was initially seeded from M&G's own With Profits fund and proprietary balance sheet capital, with the firm committing approximately £5 billion to the strategy. The strategy was developed to allow M&G to deploy long-duration proprietary capital directly into private growth-stage companies globally, filling a gap between early-stage VC and traditional large-cap buyout that the firm identified in the UK and European innovation ecosystem. M&G Catalyst invests in private growth-stage companies globally across four thematic pillars: Planetary Health (clean energy, sustainable food, climate technology), Human Health (biotech, diagnostics, digital health), Access & Inclusion (financial services, emerging-market technology, financial inclusion), and Enabling Technologies (semiconductors, AI, space technology, biotech tools). Investments are typically Series B and later, targeting companies with validated business models and clear paths to commercial scale. The strategy operates with a global mandate encompassing the United States, United Kingdom, Europe, Africa, and Southeast Asia, with the team taking lead or co-lead positions in growth rounds. Since its January 2021 launch, M&G Catalyst has invested over £1 billion across 35+ portfolio companies spanning all four thematic pillars, including businesses in climate technology, renewable energy, biotech, AI-enabled healthcare, and financial inclusion in emerging markets. The strategy's portfolio spans 35+ companies with a growing track record of follow-on investments and company maturation. The Catalyst team's performance supported M&G's decision to open the strategy to external institutional investors through the M&G Catalyst Growth Equity Fund I, demonstrating the viability of the impact-first growth equity approach.

M&G Catalyst Growth Equity Fund I is the first externally marketed institutional vehicle through which third-party investors can co-invest alongside M&G Investments' Catalyst growth equity and impact strategy, which has been actively deploying proprietary capital since January 2021. Developed to open access to the proven Catalyst strategy for institutional investors including pension funds and sovereign wealth funds, the fund had secured commitments exceeding $850 million as of its announced close, including a £100 million commitment from the British Business Bank as part of the British Growth Partnership. The fund manager is M&G Investments, the FTSE 100-listed asset manager headquartered in London with over £340 billion in assets under management. M&G Catalyst Growth Equity Fund I invests in private growth-stage companies across four impact themes: Planetary Health (climate technology, clean energy, sustainable food), Human Health (biotech, diagnostics, digital therapeutics), Access & Inclusion (financial inclusion, emerging market technology), and Enabling Technologies (AI, semiconductors, space, biotech tools). Investments typically target Series B and later-stage companies with validated commercial models and measurable environmental or social outcomes. The fund operates with a global mandate with particular emphasis on the United Kingdom, Europe, and high-growth emerging markets, co-investing alongside M&G's proprietary Catalyst capital and benefiting from the deal flow infrastructure of the broader team. M&G Catalyst Growth Equity Fund I draws on the Catalyst strategy's portfolio of 35+ investments built since 2021, with over £1 billion deployed across areas including climate technology, life sciences, digital infrastructure, and financial inclusion. The Catalyst team has demonstrated the ability to lead and co-lead growth-stage rounds and support portfolio companies through successive financing events. British Business Bank participation through the British Growth Partnership adds an institutional validation layer reflecting the fund's alignment with UK innovation and impact policy objectives, and its potential to generate competitive risk-adjusted returns alongside measurable impact.

MFV Partners Fund II is the second flagship venture capital fund managed by MFV Partners, an early-stage deep technology investor founded in 2018 and based in Los Altos, California. MFV Partners was established to back visionary entrepreneurs building breakthrough solutions at the intersection of hardware, software, and advanced materials — specifically targeting companies where deep scientific and engineering innovation creates defensible, long-duration competitive advantages. The firm's distinctive "physical AI and deep tech for real-world industries" thesis distinguishes it from generalist software-focused venture funds, focusing instead on the physical technology stack that powers next-generation industrial transformation. Fund II continues the investment discipline established by MFV Partners Fund I, deploying early-stage capital into the firm's four core verticals. MFV Partners Fund II concentrates on four transformative sectors: Robotics and Physical AI (autonomous systems, humanoid robotics, sensor networks), Quantum and Next-Generation Computing (quantum processors, photonic interconnects, advanced semiconductors), Energy Transition (grid technology, clean power systems, energy storage materials), and Advanced Materials (novel composites, functional materials, nano-engineering). Portfolio companies predominantly operate in the automotive manufacturing, logistics and supply chain, precision agriculture, healthcare automation, and climate technology spaces — large industrial sectors where hardware-enabled innovation drives multi-billion-dollar market opportunities. MFV Partners' Silicon Valley location provides deep access to Stanford, Berkeley, and the broader Bay Area deep-tech entrepreneurial ecosystem, complemented by the firm's cooperation agreement with the University of Chicago through the Harper Court Ventures partnership, which commercializes the university's deep-tech research in quantum computing, AI, energy, and life sciences. Since its founding in 2018, MFV Partners has built a portfolio of pioneering deep-tech companies including PsiQuantum (quantum computing, 2019 investment), Agility Robotics (humanoid AI robotics), Chef Robotics (autonomous food preparation), and OpenInfer (AI inference infrastructure). These investments reflect the firm's track record of early-stage conviction in hardware-enabled technology platforms that require patient, technically sophisticated capital to develop to commercial scale. MFV Partners Fund II continues this discipline with investments such as CavilinQ (quantum photonic interconnects, Seed 2026), targeting the emerging quantum networking infrastructure layer that will underpin scalable quantum computing architectures.

Harper Court Ventures Fund I is a $25 million early-stage venture capital fund launched in May 2025 and managed by MFV Partners, a Silicon Valley-based deep tech investor. The fund operates under an exclusive cooperation agreement with the University of Chicago and its Polsky Center for Entrepreneurship and Innovation, focusing on backing pre-seed and seed-stage startups that emerge from UChicago's research laboratories, faculty-led ventures, and alumni network. Founded by Karthee Madasamy — a Chicago Booth MBA alumnus and long-standing deep tech investor — Harper Court Ventures Fund I represents the first institutionalized vehicle dedicated to commercializing University of Chicago research at scale. Harper Court Ventures Fund I targets transformative deep tech companies across four high-impact sectors: quantum computing, life sciences, energy, and artificial intelligence. The fund applies MFV Partners' proven Silicon Valley framework for early-stage deep tech investment — a track record that includes backing category-defining companies such as PsiQuantum, Agility Robotics, and Waze — directly to UChicago's rich pipeline of commercializable research. Ticket sizes are concentrated at the pre-seed and seed stages, enabling the fund to act as a first institutional investor in breakthrough technologies before they reach broader venture markets. The fund intends to deploy capital into approximately 40 companies over a five-year investment period, positioning Chicago as a globally recognized hub for deep tech innovation. Since its launch, Harper Court Ventures Fund I has built an active portfolio from the UChicago ecosystem. Initial investments include Flow Medical (a catheter-based pulmonary embolism therapy), SimCare AI (an AI-powered clinical skills training platform), and Beacon (airborne pathogen elimination technology). In April 2026, the fund co-invested in CavilinQ's $8.8 million seed round alongside QVT, Safar Partners, and Serendipity Capital — backing a Cambridge-based quantum hardware startup developing modular quantum interconnects from UChicago research. MFV Partners' broader portfolio and Silicon Valley network provide Harper Court Ventures Fund I companies with access to follow-on capital and strategic partnerships beyond the Midwest.

The firm’s second flagship vehicle, MVP Ventures II, is a $125 million early‑stage deep‑tech venture fund from MVP Ventures that expands the firm’s strategy to back founders at the intersection of AI, hardware and software. With this enlarged war chest, the fund emphasises a founder‑first philosophy: putting operations, recruiting, go‑to‑market strategy, regulatory navigation and follow‑on capital access at the centre of its support model. MVP Ventures II leverages a demonstrated track record (including top‑5% performance for Fund I and a 1.45× TVPI for this fund) to secure LP commitments and deploy capital into seed through early‑series rounds where the firm can become a persistent partner. The vehicle targets companies that are building differentiated and defensible technology in large markets, enabling meaningful value creation by pairing modest early checks with high‑impact operational backing rather than chasing only larger ticket sizes.

Marathon Fund III is the latest €75 million seed-stage fund from Athens-based Marathon Venture Capital. The firm continues its mission to be a “Day One partner” to Greek tech founders, focusing on those building globally competitive companies from the outset. This new vehicle brings Marathon’s total assets under management to €175 million, reflecting the firm’s growing influence in the European venture ecosystem. Marathon’s investment thesis centers on founders addressing complex challenges in significant markets. These challenges often require specialized knowledge, such as advanced research expertise, or navigating regulated and overlooked industries like power grid management. The firm emphasizes capital efficiency and resilience, qualities inherent in the Greek tech community, enabling startups to serve global markets effectively from their inception. The firm has a track record of successful investments, including the acquisition of Augmenta by CNH Industrial for $110 million and a secondary sale of shares in Hack the Box to The Carlyle Group. These exits underscore Marathon's ability to identify and support startups with significant growth potential and global appeal.

Marathon Venture Capital Fund III is the third flagship fund managed by Marathon Venture Capital, the foremost seed-stage venture capital firm headquartered in Athens, Greece. The fund reached its final close in May 2025 at €75 million in an oversubscribed single closing, underscoring strong institutional confidence in Marathon VC's thesis of backing Greek technology entrepreneurs building globally competitive companies from Southern Europe. The fund was supported by anchor commitments of €20 million each from the European Investment Fund (EIF) and the Hellenic Development Bank of Investments (HDBI), alongside corporate and private investors from Greece and international markets. The oversubscription reflects Marathon VC's growing reputation as the leading gateway to the Greek technology ecosystem, with the fund raising Marathon VC's cumulative assets under management above €170 million across three successive funds. Fund III deploys early-stage capital into approximately 15 technology companies founded by Greek entrepreneurs operating across Europe and globally, continuing Marathon VC's core thesis that differentiated technical talent and a lean operating culture in Southern Europe can generate outsized returns in B2B technology markets. Target investment sectors include IT infrastructure, cybersecurity, artificial intelligence, agricultural technology, defense technology, and deep tech. Marathon VC invests at the seed stage, acting as lead investor and taking active board roles, and leverages its extensive network within the Greek diaspora — particularly in the United States and Western Europe — to support portfolio companies with international expansion, customer development, and follow-on fundraising. The fund continues the progression of Marathon VC's strategy from its first fund (2017, technology generalist) through Fund II (2020, subsequently expanded to €70 million) toward deeper focus on technical and hard-to-replicate intellectual property. Marathon Venture Capital was founded in 2012 and has established a track record of backing several of Greece's most successful technology companies across its prior two funds. Portfolio companies from Marathon's previous funds have gone on to raise significant follow-on capital at international valuations and achieve meaningful product-market fit in global B2B markets. The fund was established at a time when Greece's technology ecosystem had reached an inflection point, with multiple Athens-based startups achieving venture funding from top-tier international investors and a growing pipeline of technically sophisticated founders emerging from Greek universities and the diaspora. Fund III builds on this foundation with a broader mandate to support deep-tech and frontier sectors — including defense technology and agricultural automation — reflecting Marathon VC's evolution toward harder-to-replicate competitive advantages in a global market shaped by AI, quantum computing, and autonomous systems.

March Capital Fund III is the third institutional venture capital fund managed by March Capital, a leading enterprise technology-focused venture firm headquartered in Santa Monica, California. The fund reached its final close in January 2021 at $450 million, surpassing its fundraising target with support from both existing limited partners who rolled over from prior funds and a significant cohort of new institutional investors — an outcome described by the firm as remarkable given the challenging macro environment of the COVID-19 pandemic. With Fund III, March Capital crossed $1 billion in aggregate assets under management across its three funds, cementing its position as a prominent enterprise technology investor in the Los Angeles venture ecosystem. The fund is co-managed by founding partners Jamie Montgomery and Sumant Mandal, alongside a team of 15 investment professionals with deep enterprise software expertise. Fund III concentrates on high-growth enterprise technology companies across five primary verticals: enterprise artificial intelligence, industrial technology, cybersecurity, financial technology, and next-generation cloud infrastructure. The fund targets companies primarily at the growth and late stages of development, backing businesses that have demonstrated repeatable enterprise sales motion, strong net revenue retention, and large total addressable markets in B2B software. March Capital applies a disciplined, conviction-based approach, building concentrated portfolios of high-conviction positions in enterprise platforms with the potential to achieve category leadership. The fund reflects a global investment posture: while rooted in Los Angeles and North American enterprise markets, it includes an India-focused investment pillar through partner Rajan Mehra and a gaming and interactive media vertical through partner Gregory Milken, both additions that broadened Fund III's coverage relative to prior funds. March Capital's investment track record encompasses breakout enterprise software companies across its fund family, with investments in companies that have achieved unicorn valuations, strategic acquisitions, and public listings. The firm was founded in 2014 and has consistently backed companies at earlier stages of the growth curve that go on to define enterprise software categories. Fund III was raised during a period of compressed timelines and accelerating digitisation in enterprise IT — dynamics that accelerated demand for the cybersecurity, AI, and cloud infrastructure platforms that March Capital targets. The fund's limited partners include institutional investors that represent major public and private pension funds, endowments, and family offices that prioritise access to top-tier enterprise software returns in the US venture market.

March Capital Fund IV is a $650 million-plus venture capital fund managed by March Capital, a Santa Monica-based firm co-founded by Jamie Montgomery and focused on enterprise and B2B technology. The fund achieved its final close in February 2023 and is March Capital's fourth flagship vehicle, bringing the firm's cumulative assets under management to more than $1.65 billion across four funds and over 25 portfolio companies since the firm's founding in 2014. Fund IV oversubscribed against its initial target, reflecting strong institutional confidence in the firm's track record and its thesis on the next wave of AI-enabled enterprise software. Fund IV targets growth-stage enterprise technology companies operating at the intersection of cloud infrastructure, cybersecurity, and artificial intelligence-driven automation. March Capital concentrates on businesses with proven product-market fit that address large markets and provide mission-critical capabilities indispensable to their customers' core operations. The fund makes 12 to 15 concentrated investments per vehicle, with check sizes typically ranging from $25 million to $75 million per company. A distinctive strategic element is March Capital's India practice, backing enterprise software companies serving global markets from offshore development centers—a differentiated focus the firm has cultivated since its inception and which provides access to high-quality growth-stage opportunities often overlooked by West Coast-focused VC firms. March Capital Fund IV builds on an established exit track record that includes CrowdStrike (Nasdaq: CRWD)—which became one of the defining cybersecurity platforms of the cloud era—and KnowBe4 (Nasdaq: KNBE), a leading security awareness training company. These exits validate the firm's ability to identify and scale enterprise technology leaders before they achieve mainstream recognition. With Fund IV, March Capital continues deploying its disciplined, concentrated approach to identifying AI-enabled enterprise software businesses poised for hypergrowth, a category the firm believes will define enterprise technology spending for the foreseeable future as customers replace legacy systems with AI-native alternatives.

Material Impact Fund III is a $352 million venture capital fund managed by Material Impact, a Boston-based investment firm co-founded by Carmichael Roberts and Adam Sharkawy. The fund is the firm's third flagship vehicle, designed to back inception-stage companies that leverage breakthrough innovations in materials science to address large-scale global challenges. Fund III closed in 2023, oversubscribed against its $325 million target, attracting capital from university endowments, family offices, foundations, and fund-of-funds, and bringing Material Impact's total assets under management to approximately $800 million across more than 30 portfolio companies. Fund III targets companies at the earliest stages of formation—typically engaging with founders before or shortly after their first institutional round. Material Impact's thesis centers on materials science as a foundational enabler across multiple industries: breakthrough advances in physical matter—from new polymers and bio-inspired composites to next-generation semiconductors—unlock step-change improvements in food and water security, sustainable manufacturing, healthcare delivery, artificial intelligence hardware, robotics, data storage, and transportation. Portfolio companies receive not only capital but strategic support from Material Impact's deep industrial networks, enabling them to navigate the complex path from lab-scale innovation to commercial production at scale across demanding industrial and consumer markets. With Fund III, Material Impact has established itself as the leading specialist investor in material-science-enabled inception-stage ventures—a category it defines and anchors in Boston's deep-tech ecosystem. The fund expands investment scope to include underrepresented healthcare applications and climate-linked sustainable manufacturing, reflecting the firm's conviction that materials science breakthroughs are foundational to both the digital and the green economy. Notable focus areas include biomanufacturing, sustainable packaging, AI hardware substrates, next-generation energy storage materials, and advanced diagnostics—sectors where material innovation is the rate-limiting step to commercial scale and where Material Impact's scientific network provides a decisive sourcing and diligence advantage.

Matter Venture Partners has raised a $300 million first fund with a focus on ""hard tech"" investments. The fund aims to invest in companies that contribute to foundational technologies and trends that are built on hard tech. With backing from Kleiner Perkins and Taiwanese chipmaker TSMC, Matter Venture Partners invests at the large seed rounds, Series A and Series B. This venture capital fund focuses on six sectors: semiconductors, robotization, generative AI, manufacturing on-shoring and friend-shoring, energy building blocks, and life science automation. Within these sectors, the fund aims to invest in companies that provide the ""picks and shovels"" for these trends, as well as contribute to new innovations and technologies. Matter Venture Partners is looking to invest in between 15 and 20 companies with the new fund, with a goal to support portfolio companies across several rounds. The firm believes that the oversubscription of the fund is due to the increased realization of the importance of foundational hard tech technologies in today's society. The fund also prides itself on having operating partners, including Mel Tang, who provides expertise in operations, supply chain management, and manufacturing unit economics to support hard tech startups.

Mayfield Select III, also known as Mayfield Spring, is a $375 million venture capital fund launched by Mayfield in May 2023. This fund is designed to invest in Series B rounds, focusing on both follow-on investments in breakout companies from Mayfield's existing portfolio and new opportunities outside of it. The fund aims to support companies that have demonstrated early product-market fit and are poised for significant growth. The fund targets sectors at the intersection of technology and biology, including human-centered AI, the data economy, developer-first technologies, semiconductors, cybersecurity, deeptech, Web3, and human and planetary health. Mayfield's investment philosophy emphasizes a people-first approach, partnering closely with founders to build enduring companies. With Mayfield Select III, the firm continues its tradition of backing visionary entrepreneurs during pivotal growth stages, providing not just capital but also strategic guidance and support. The fund reflects Mayfield's commitment to fostering innovation and addressing some of the most pressing challenges and opportunities in today's rapidly evolving technological landscape.

The Menlo Anthology Fund is a $100 million venture capital vehicle launched in July 2024 through a strategic partnership between Menlo Ventures and Anthropic, the leading AI safety company. Structured as a dedicated AI innovation fund, the Anthology Fund operates at the intersection of advanced artificial intelligence research and early-stage company formation, targeting pre-seed through Series A investments in startups that leverage Anthropic's Claude models to build transformative AI-native applications. The fund concentrates on five thematic verticals within the AI ecosystem: AI infrastructure and developer experience tooling; frontier AI applications spanning life sciences, legal technology, financial services, supply chain optimization and cybersecurity; consumer-facing AI solutions; trust and safety tooling; and AI-powered platforms delivering measurable societal benefits. Portfolio companies receive equity investments of $100,000 and above alongside $25,000–$30,000 in Anthropic model credits per company, creating a differentiated support structure that combines Menlo Ventures' decades of company-building experience with direct access to Anthropic's frontier large language models. The fund targets primarily US-based startups while remaining open to exceptional founders internationally. The Anthology Fund selected its inaugural cohort of 18 portfolio companies in December 2024, chosen from thousands of applicants across its five investment verticals within five months of its public launch. The investment committee comprises six Menlo Ventures general partners — Tim Tully, Matt Murphy, Joff Redfern, Amy Wu, Deedy Das and Venky Ganesan — alongside Anthropic's executive leadership including President Daniela Amodei and Chief Product Officer Mike Krieger, combining deep venture expertise with frontier AI research capabilities.

Menlo Inflection IV, L.P. is a late‑stage venture capital fund managed by Menlo Ventures, legally domiciled in Delaware with operational headquarters in Menlo Park, California. It was launched in 2025 and belongs to Menlo’s Inflection Fund series aimed at bridging early‑stage investing and mega‑growth funding. The fund targets approximately $800 million in capital commitments, as disclosed in SEC filings in early September 2025. Menlo Inflection IV focuses on companies at the 'inflection stage'—high‑momentum startups with growing product‑market fit, efficient unit economics, and a lower risk profile than typical early‑stage ventures. The fund is expected to collaborate closely with Menlo’s early‑stage funds to identify standout late‑stage opportunities. The general partner leadership team includes Venky Ganesan, Shawn Carolan, and Matthew Murphy, reflecting continuity across Menlo’s recent fund strategy.

Menlo Ventures XVII is an early-stage venture capital fund managed by Menlo Ventures, legally domiciled in Delaware and headquartered in Menlo Park, California. Officially formed in August 2025, the fund aims to back early-growth technology startups with long-term disruptive potential. The fund is targeting investments in 30 to 40 companies, typically writing checks between $8 million and $15 million. This capital deployment strategy aligns with Menlo Ventures' mission to support startups from seed through early expansion, providing not just capital, but also strategic and operational guidance. The fund’s general partners include prominent investors such as Venky Ganesan, Shawn Carolan, and Matt Murphy, who are key figures in the Menlo Ventures leadership team. Their combined track record includes successful investments in high-profile companies across multiple sectors. Menlo Ventures XVII is part of the firm’s broader strategy to expand its footprint in areas like artificial intelligence, enterprise software, healthcare, and fintech. The fund continues Menlo’s legacy of identifying and supporting companies positioned to lead their industries through innovation.

Motivate Ventures Fund II is the second venture capital fund raised by Motivate Venture Capital, a North American seed and pre-seed investment firm. Announced in November 2023 and totaling $81 million in commitments, Fund II is anchored by two global financial services institutions alongside a returning base of limited partners who have supported the firm since its founding. The fund represents a meaningful step up in scale from Motivate's debut vehicle, reflecting the firm's track record and growing network within early-stage technology ecosystems across the United States and Canada. Fund II targets pre-seed and seed stage technology companies across North America, deploying check sizes from $250,000 to $3 million per investment. The fund maintains a broad mandate within early-stage B2B technology, with particular depth in enterprise software, financial technology, artificial intelligence and machine learning, manufacturing optimization, and supply chain infrastructure. Portfolio construction emphasizes backing diverse and underrepresented founders building high-growth companies, and the firm actively provides portfolio companies with community support, operational guidance, and access to its institutional LP network. As of mid-2024, Motivate Ventures Fund II had deployed capital into at least 23 companies, including Lazarus AI (document intelligence), Reloshare (social services software), Valiot (manufacturing optimization), Moove.ai (transportation), Fin3 (financial technology), Jawnt (transit platforms), Finofo (forex solutions), MarkIII (banking infrastructure), and Inca Digital (financial compliance). The managing partners—including David Wieland and Lauren Pearce—lead the firm from its North American headquarters, leveraging deep relationships across the technology and financial services sectors to source and support competitive early-stage investments.

Move Capital Fund I is a pan-European growth equity fund managed by KC Invest (Kepler Cheuvreux Invest), the asset management arm of Kepler Cheuvreux Group, one of Europe's leading independent investment banking and equity research firms. Launched in January 2022 with its first closing, the fund was approved by the French financial regulator (AMF) and received the 'TIBI' label issued by the French government to designate high-quality technology funds eligible for institutional capital. Move Capital Fund I targeted €300 million in commitments from French and international institutional investors. The fund invests at the growth stage in B2B European technology companies operating along the data value chain, with a particular focus on sectors including cybersecurity, artificial intelligence, Internet of Things (IoT), data analytics, machine learning, and the digital transformation of large enterprises. The investment thesis centers on nurturing European technology champions by providing expansion capital to companies that have demonstrated strong product-market fit and are positioned to scale across European markets. The managing team brings over 50 years of combined technology sector experience and leverages Kepler Cheuvreux's pan-European research platform and sector intelligence capabilities to identify and support portfolio companies. Move Capital Fund I attracted a high-quality institutional LP base that includes the European Investment Fund (EIF), French public investment bank Bpifrance, and strategic corporate investors Nokia and SKT (the Korean telecommunications group), alongside European family offices. The fund has completed six investments since inception and is now closed. KC Invest's responsible investment approach incorporates reinforced ESG policies across the portfolio, consistent with the TIBI certification framework and the fund's positioning as a flagship European growth technology vehicle.

NVentures is NVIDIA Corporation's corporate venture capital arm, established in 2021 and headquartered in Santa Clara, California, to invest in early-stage and growth-stage technology companies that build on or benefit from NVIDIA's hardware, software, and AI platforms. Unlike conventional closed-end funds, NVentures operates as an evergreen balance-sheet vehicle directly funded by NVIDIA, with every investment personally approved by CEO Jensen Huang — a structure that reflects how central venture activity is to NVIDIA's long-term strategic positioning. The portfolio grew from approximately $300 million in early 2023 to over $1.5 billion by late 2024, and NVentures has become one of the world's most active and influential corporate venture investors in the AI era. NVentures invests across the full venture lifecycle — from seed through late-stage pre-IPO — in companies developing AI infrastructure, AI model capabilities, robotics, healthcare AI, biotech and life sciences, and enterprise software built on GPU-accelerated compute. The fund participates in rounds from a few million dollars at the seed stage to hundreds of millions in strategic co-investments alongside top institutional VC firms. Portfolio companies receive not only capital but direct access to NVIDIA's engineering teams, pre-release hardware, CUDA and software platform support, supply chain relationships, and NVIDIA's global customer and partner network spanning hyperscalers, enterprises, research institutions, and sovereign AI programmes. NVentures' portfolio as of 2025 includes some of the most prominent AI infrastructure and model companies globally: OpenAI, xAI, Mistral AI, Hugging Face, Databricks (which raised at a $62 billion valuation in late 2024), CoreWeave (which IPO'd in March 2025 delivering significant returns to NVIDIA), and Runway (AI video generation). NVIDIA participated in approximately 45 AI-related financing rounds in 2024, and by mid-2025 had already surpassed that total for the year. NVIDIA's publicly disclosed equity portfolio across six holdings totalled approximately $1.14 billion as of April 2025, led by its CoreWeave position. As an evergreen CVC vehicle, NVentures does not publish a fixed fund size — its investment pace and capacity scale with NVIDIA's balance sheet and strategic priorities.

NewView Capital Fund III (NVC III) is the third flagship fund raised by NewView Capital, a Burlingame, California-based venture capital firm specializing in growth-stage investments in enterprise technology and consumer internet companies. NewView Capital was founded in 2018 by Ravi Viswanathan after acquiring 31 companies from NEA via a landmark portfolio acquisition, and has since built a distinctive platform that combines primary venture investment with secondary portfolio acquisition capabilities. The firm manages over $3 billion in total assets under management across its fund family. NVC III focuses on mid- to growth-stage investment opportunities, with a thematic emphasis on business-to-business software-as-a-service (B2B SaaS), financial technology, consumer internet, and artificial intelligence. The fund invests through a combination of primary lead and co-investment rounds, and opportunistic secondary purchases of high-conviction growth companies approaching IPO or acquisition. This hybrid primary-secondary approach, which is core to NewView's differentiated strategy, allows the fund to build concentrated positions in industry-defining companies at multiple stages of their growth journey. NVC III's portfolio includes investments in high-profile companies such as Databricks — a leading data and AI platform — as well as Legora and Coralogix, with the fund's latest investment activity recorded through August 2024. NVC III builds on prior NewView vehicles: NVC Fund I ($1.35 billion, 2018) and NVC Fund II (part of the $544 million raised in February 2022 alongside Special Opportunities Fund I). The firm's unique acquisition-first founding model has positioned NewView Capital as one of the more distinctive growth-stage venture firms in Silicon Valley, with a portfolio construction approach that blends venture fundamentals with private equity-style portfolio management discipline.

About Nexus Ventures VIIINexus Ventures VIII is a $700 million venture capital fund managed by Nexus Venture Partners, one of the most established cross-border early-stage investment firms with a track record spanning nearly two decades in India and the United States. Closing in December 2025 at $700 million, Fund VIII represents the firm's eighth successive vehicle and brings Nexus's total assets under management to $3.2 billion. Menlo Park-based Nexus was founded in 2006 and has consistently backed category-defining companies at their earliest stages—inception, seed, and Series A—across both markets. The majority of Fund VIII's limited partners are returning investors from earlier Nexus funds, underscoring the firm's consistent investment performance and the durability of LP relationships built over nearly twenty years of operation.Nexus Ventures VIII focuses on artificial intelligence, enterprise software, consumer technology, and fintech—sectors where the firm has deep pattern recognition and a track record of identifying winning companies early. Within AI, the fund targets AI stack innovators, developer platforms and tools, open-source infrastructure, and AI agents as high-conviction sub-themes. Nexus brings a distinctive dual-market perspective, leveraging deep networks in Silicon Valley and India's major technology ecosystems to identify founders building companies with the potential to define new categories globally. The firm's access to early-stage deal flow in India—one of the world's fastest-growing pools of tech talent and startup activity—combined with its ability to support US market entry gives Nexus a structural advantage in sourcing and backing companies that can scale across geographies.Since its founding in 2006, Nexus has invested in over 130 portfolio companies and achieved more than 30 exits, including multiple IPOs. Portfolio alumni include Postman, Apollo.io, Zepto, MinIO, Fingerprint, Delhivery, Rapido, Firecrawl, and Avoca, spanning enterprise infrastructure, consumer platforms, and AI-native businesses. With Fund VIII, Nexus continues its strategy of providing founders with patient capital, hands-on operational support, and access to a global network from day one of the partnership. The fund's closing reflects sustained demand for the firm's cross-border VC model at a moment when AI is reshaping software development, consumer behavior, and enterprise operations simultaneously across both the US and Indian markets.

About Nomadic Pear VCNomadic Pear VC is a co-investment special purpose vehicle (SPV) established by Pear VC (Pejman Mar Ventures), a San Francisco and Menlo Park-based early-stage venture capital firm. Pear VC was co-founded in 2013 by Pejman Nozad and Mar Hershenson and manages over $800 million in assets across five fund vehicles (Pear Ventures I through V). The firm focuses exclusively on pre-seed and seed stage investments in high-impact technology companies, partnering with founders from their earliest stages across software, artificial intelligence, deep tech, and digital infrastructure. Pear VC's broader portfolio includes DoorDash, Guardant Health, and Branch. Nomadic Pear VC was established in 2026 in connection with Pear VC's participation in the seed funding round of NomadicML Inc. (operating as Nomadic), a physical AI infrastructure company that raised an $8.4 million seed round in March 2026.This SPV represents Pear VC's co-investment vehicle for its seed-stage allocation in NomadicML Inc., an artificial intelligence infrastructure company founded by Harvard computer science graduates Mustafa Bal (CEO) and Varun Krishnan (CTO), formerly of Lyft and Snowflake respectively. The seed round was led by TQ Ventures at a $50 million post-money valuation, with co-investors including Pear VC, Google DeepMind co-founder Jeff Dean, and other strategic angels. NomadicML has built a platform that converts large-scale video archives generated by autonomous vehicle fleets and robotic systems into structured, searchable, AI-ready datasets using vision language models. The technology directly addresses a critical bottleneck in physical AI development: the inability to efficiently extract systematic learning from the vast volumes of real-world operational data generated by deployed autonomous systems. Pear VC's participation aligns with the firm's long-standing thesis of backing technical founders building infrastructure-level solutions for transformative technology markets.The NomadicML investment reflects a broader opportunity in physical AI infrastructure: as autonomous vehicle and robotics deployments scale globally, the ability to learn rapidly from operational data becomes a decisive competitive advantage for hardware and AI companies. Nomadic's early customers include Zoox (Amazon's autonomous vehicle subsidiary), Mitsubishi Electric Automotive America, Zendar, and Natix Network, validating the platform's utility for Tier 1 automotive and AV suppliers. The company won first prize at the Nvidia GTC pitch competition in February 2026, receiving strong validation from the autonomous systems and semiconductor community. As a co-investment SPV, Nomadic Pear VC does not have an independent fundraising target or disclosed fund size, as the vehicle is sized to Pear VC's specific allocation within the $8.4 million seed round. The investment thesis is consistent with Pear VC's conviction that physical AI training infrastructure represents one of the defining platform opportunities of the current technology cycle.