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Venture fund launches, Q1 2024

199 venture funds filed their first Form D as a first fund (Fund I) in Q1 2024, down 5% from 209 in Q1 2023 (up 26% from 158 in Q4 2023). Second funds: 57, up 4% from 55 a year earlier; third funds: 40, up 38% from 29 a year earlier.

The median first fund set out to raise $6.7M ($10M in Q1 2023); second funds $30M, and third funds $25M. These are funds starting to raise, counted when each files its first Form D, not funds that closed.

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First funds199209 in Q1 2023
Second funds5755 in Q1 2023
Third funds4029 in Q1 2023
Median first-fund target$6.7MWhat a first fund set out to raise

The last twelve quarters

Venture funds filing a first Form D, by quarter
Venture funds filing a first Form D, by quarterVenture funds filing a first Form D, by quarter. Q2 2021: Fund I 334, Fund II 94, Fund III 58; Q3 2021: Fund I 294, Fund II 89, Fund III 51; Q4 2021: Fund I 335, Fund II 97, Fund III 68; Q1 2022: Fund I 338, Fund II 113, Fund III 79; Q2 2022: Fund I 270, Fund II 95, Fund III 64; Q3 2022: Fund I 226, Fund II 74, Fund III 42; Q4 2022: Fund I 204, Fund II 50, Fund III 32; Q1 2023: Fund I 209, Fund II 55, Fund III 29; Q2 2023: Fund I 192, Fund II 66, Fund III 36; Q3 2023: Fund I 205, Fund II 48, Fund III 33; Q4 2023: Fund I 158, Fund II 52, Fund III 26; Q1 2024: Fund I 199, Fund II 57, Fund III 40.Fund IFund IIFund IIItop of scale 500Q2 2021 · Fund I: 334Q2 2021 · Fund II: 94Q2 2021 · Fund III: 58Q2 2021Q3 2021 · Fund I: 294Q3 2021 · Fund II: 89Q3 2021 · Fund III: 51Q3 2021Q4 2021 · Fund I: 335Q4 2021 · Fund II: 97Q4 2021 · Fund III: 68Q4 2021Q1 2022 · Fund I: 338Q1 2022 · Fund II: 113Q1 2022 · Fund III: 79Q1 2022Q2 2022 · Fund I: 270Q2 2022 · Fund II: 95Q2 2022 · Fund III: 64Q2 2022Q3 2022 · Fund I: 226Q3 2022 · Fund II: 74Q3 2022 · Fund III: 42Q3 2022Q4 2022 · Fund I: 204Q4 2022 · Fund II: 50Q4 2022 · Fund III: 32Q4 2022Q1 2023 · Fund I: 209Q1 2023 · Fund II: 55Q1 2023 · Fund III: 29Q1 2023Q2 2023 · Fund I: 192Q2 2023 · Fund II: 66Q2 2023 · Fund III: 36Q2 2023Q3 2023 · Fund I: 205Q3 2023 · Fund II: 48Q3 2023 · Fund III: 33Q3 2023Q4 2023 · Fund I: 158Q4 2023 · Fund II: 52Q4 2023 · Fund III: 26Q4 2023Q1 2024 · Fund I: 199Q1 2024 · Fund II: 57Q1 2024 · Fund III: 40Q1 2024
QuarterFund IFund IIFund IIIMedian Fund I target
Q1 20241995740$6.7M
Q4 20231585226$7.4M
Q3 20232054833$4.8M
Q2 20231926636$10M
Q1 20232095529$10M
Q4 20222045032$4.2M
Q3 20222267442$4M
Q2 20222709564$4.7M
Q1 202233811379$2.4M
Q4 20213359768$10M
Q3 20212948951$10M
Q2 20213349458$10M

How these are counted

A fund counts in the quarter of its first Form D, the notice a fund files with the SEC within 15 days of its first sale. Only funds that call themselves venture capital funds count; single-deal vehicles, feeders, platform series, and opportunity, growth, and other side funds are left out, and parallel vehicles of one fund count once. A fund’s number comes from its name, and a fund with no number counts as a first fund when nothing of the same name filed before. The target is the offering amount on the first filing that states one. A quarter’s count can rise a little as late filings arrive.

To cite: Hottub VC analysis of SEC Form D data sets through September 30, 2026, hottub.vc/raise-benchmarks/2024-q1/. The numbers: by quarter (CSV). How funds of each number and size raise: raise benchmarks.

Other quarters: Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024.