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Venture Fund Raise Benchmarks

How first, second, and third venture funds actually raise.

  • Size your raise. What funds at your stage raise, with the middle half of the range, not just an average.
  • Plan your close. How many investors they take, at what minimum check, and how long it takes.
  • Read it from the source. Every Form D a venture fund has filed with the SEC, through September 30, 2026.

Track your raise, free The latest quarter: Q3 2026

$7.1M median first fund, 2019–2024

Investors in a first fund21Middle half: 8 to 46
Minimum check$30KMedian stated minimum
Used a placement agent4%Of first funds
First funds counted2,633Began raising 2019–2024

New venture funds, by the year they began raising

Funds I, II, and III that reported raising at least $1M. The newest year is still filling in: a fund files within 15 days of its first sale, and keeps raising after.

Funds that began raising each year
Funds that began raising each yearFunds that began raising each year. 2012: Fund I 73, Fund II 40, Fund III 19; 2013: Fund I 97, Fund II 41, Fund III 26; 2014: Fund I 118, Fund II 48, Fund III 26; 2015: Fund I 176, Fund II 52, Fund III 32; 2016: Fund I 175, Fund II 60, Fund III 26; 2017: Fund I 211, Fund II 74, Fund III 32; 2018: Fund I 265, Fund II 99, Fund III 45; 2019: Fund I 291, Fund II 108, Fund III 70; 2020: Fund I 353, Fund II 147, Fund III 40; 2021: Fund I 729, Fund II 256, Fund III 127; 2022: Fund I 508, Fund II 209, Fund III 128; 2023: Fund I 390, Fund II 112, Fund III 77; 2024: Fund I 362, Fund II 114, Fund III 72; 2025: Fund I 405, Fund II 165, Fund III 74; 2026: Fund I 334, Fund II 78, Fund III 42. From 2026 on, the figures are still coming in.Fund IFund IIFund IIItop of scale 1,0002012 · Fund I: 732012 · Fund II: 402012 · Fund III: 1920122013 · Fund I: 972013 · Fund II: 412013 · Fund III: 2620132014 · Fund I: 1182014 · Fund II: 482014 · Fund III: 2620142015 · Fund I: 1762015 · Fund II: 522015 · Fund III: 3220152016 · Fund I: 1752016 · Fund II: 602016 · Fund III: 2620162017 · Fund I: 2112017 · Fund II: 742017 · Fund III: 3220172018 · Fund I: 2652018 · Fund II: 992018 · Fund III: 4520182019 · Fund I: 2912019 · Fund II: 1082019 · Fund III: 7020192020 · Fund I: 3532020 · Fund II: 1472020 · Fund III: 4020202021 · Fund I: 7292021 · Fund II: 2562021 · Fund III: 12720212022 · Fund I: 5082022 · Fund II: 2092022 · Fund III: 12820222023 · Fund I: 3902023 · Fund II: 1122023 · Fund III: 7720232024 · Fund I: 3622024 · Fund II: 1142024 · Fund III: 7220242025 · Fund I: 4052025 · Fund II: 1652025 · Fund III: 7420252026 · Fund I: 3342026 · Fund II: 782026 · Fund III: 422026

What each fund raises

Funds that began raising in 2019–2024, so their raises are finished. The bar is the middle half of funds; the mark is the median.

Amount raised: middle half and median (number of funds)
Amount raised: middle half and median (number of funds)Amount raised: middle half and median (number of funds). Fund I (2,633): median $7.1M, middle half $2.5M to $23M; Fund II (946): median $22M, middle half $5.8M to $67M; Fund III (514): median $33M, middle half $7.5M to $115M.Fund I (2,633)Fund I (2,633): middle half $2.5M to $23M$7.1MFund II (946)Fund II (946): middle half $5.8M to $67M$22MFund III (514)Fund III (514): middle half $7.5M to $115M$33M0$200M

First funds, by size

How many investors a first fund ends up with, and how long from its first sale to its final amount.

Investors in a first fund: middle half and median
Investors in a first fund: middle half and medianInvestors in a first fund: middle half and median. Under $10M: median 17, middle half 7 to 35; $10M–$25M: median 25, middle half 9 to 46; $25M–$50M: median 27, middle half 8 to 60; $50M–$100M: median 31, middle half 10 to 64; $100M–$250M: median 45, middle half 16 to 78; $250M and up: median 56, middle half 28 to 94.Under $10MUnder $10M: middle half 7 to 3517$10M–$25M$10M–$25M: middle half 9 to 4625$25M–$50M$25M–$50M: middle half 8 to 6027$50M–$100M$50M–$100M: middle half 10 to 6431$100M–$250M$100M–$250M: middle half 16 to 7845$250M and up$250M and up: middle half 28 to 94560100
Months from first sale to the final amount: middle half and median
Months from first sale to the final amount: middle half and medianMonths from first sale to the final amount: middle half and median. Under $10M: median 12 mo, middle half 5 mo to 23 mo; $10M–$25M: median 13 mo, middle half 10 mo to 21 mo; $25M–$50M: median 13 mo, middle half 12 mo to 20 mo; $50M–$100M: median 13 mo, middle half 11 mo to 18 mo; $100M–$250M: median 15 mo, middle half 11 mo to 20 mo; $250M and up: median 12 mo, middle half 7 mo to 17 mo.Under $10MUnder $10M: middle half 5 mo to 23 mo12 mo$10M–$25M$10M–$25M: middle half 10 mo to 21 mo13 mo$25M–$50M$25M–$50M: middle half 12 mo to 20 mo13 mo$50M–$100M$50M–$100M: middle half 11 mo to 18 mo13 mo$100M–$250M$100M–$250M: middle half 11 mo to 20 mo15 mo$250M and up$250M and up: middle half 7 mo to 17 mo12 mo025 mo

Every cohort

Medians, with the middle half of funds underneath. A size group with fewer than 10 funds isn’t shown.

Fund I

RaisedFundsMedian raisedInvestorsMinimum checkRaised by first filingMonths to finalPlacement agent
Under $10M1,515$2.9M177 to 35$25K100%125 to 233%
$10M–$25M497$15M259 to 46$100K100%1310 to 212%
$25M–$50M256$35M278 to 60$100K94%1312 to 204%
$50M–$100M171$64M3110 to 64$250K62%1311 to 187%
$100M–$250M136$145M4516 to 78$375K2%1511 to 2011%
$250M and up58$405M5628 to 94$500K51%127 to 1712%
All sizes2,633$7.1M218 to 46$30K100%129 to 214%

Fund II

RaisedFundsMedian raisedInvestorsMinimum checkRaised by first filingMonths to finalPlacement agent
Under $10M316$4M167 to 32$75K100%127 to 162%
$10M–$25M193$16M3115 to 50$100K100%1312 to 217%
$25M–$50M136$33M3814 to 65$225K53%1212 to 184%
$50M–$100M126$67M4320 to 76$500K0%1211 to 187%
$100M–$250M100$143M5729 to 97$117K0%1211 to 1811%
$250M and up75$366M8451 to 140$100K0%105 to 1319%
All sizes946$22M3113 to 59$100K98%1210 to 186%

Fund III

RaisedFundsMedian raisedInvestorsMinimum checkRaised by first filingMonths to finalPlacement agent
Under $10M152$3.6M168 to 30$62K100%128 to 171%
$10M–$25M76$15M3012 to 46$50K100%1212 to 173%
$25M–$50M66$35M3822 to 65$205K0%129 to 209%
$50M–$100M81$67M5234 to 85$250K0%1312 to 2111%
$100M–$250M76$151M5431 to 86$600K0%1312 to 1818%
$250M and up63$358M7754 to 124$200K0%127 to 1613%
All sizes514$33M3817 to 68$100K70%1210 to 188%

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About the data

Every Form D filed by a pooled investment fund that calls itself a venture capital fund, through 2026-09-30. Single-deal vehicles, feeders, platform series, and opportunity, growth, and other side funds are left out; parallel vehicles of one fund are added together. A fund's number comes from its name; a fund with no number counts as a first fund when no earlier fund of the same name filed. Raised is the most a fund reported having sold, and funds that reported under $1M are left out. The first target is the offering amount on the earliest filing that stated one (funds later amend it to what they raised). Cohorts cover funds that began raising in 2019–2024, so their raises are finished. Months to final runs from the first sale to the first filing that reported at least 95% of the final amount; funds amend about once a year, so it overstates the true time by up to a year. A fund paid a placement agent when it reported a sales commission or finder's fee. Source: SEC Form D data sets.

Data feeds: everything on this page (JSON) · cohorts (CSV) · new funds by year (CSV). Free to use with a link to this page.