Index Ventures has raised $2 billion across three funds, giving the firm fresh capital for startup investments from the earliest stages through growth rounds.
The package includes a $400 million seed fund and a $900 million venture fund. Index also added $700 million to a $1.5 billion growth fund raised in 2024. Together, those pools bring the firm's available investment capital to about $3.5 billion.
A major return from Wiz
The fundraising follows Alphabet's completed $32 billion acquisition of cloud-security company Wiz. Index invested at the seed stage and became the company's largest outside shareholder. Reuters previously estimated its 12 percent position at roughly $3.8 billion when the transaction was announced.
That return gives Index a powerful story for prospective investors. The firm can point to an early bet that grew into one of the largest technology acquisitions on record, while also showing that it has avoided increasing every fund simply because AI has attracted huge amounts of capital.
Index already has several prominent AI investments. Its portfolio includes Anthropic, robotics company Physical Intelligence, and inference platform Fireworks AI. The new funds give it room to continue backing infrastructure and application companies without relying on a single stage or category.
The structure matters because venture firms are competing for access to promising AI startups at sharply different moments. Seed deals require small checks and patience. Frontier-model and infrastructure companies can consume hundreds of millions of dollars. A separate growth pool lets Index support winners later without distorting the economics of its early-stage funds.
The next test will be whether the current AI market produces enough durable businesses to match the prices investors are paying. Index has fresh capital and a recent blockbuster exit. It still has to repeat the performance.
