Key Takeaways
- • Chemistry Ventures, founded in 2024 by former partners from Index Ventures, Bessemer Venture Partners, and Andreessen Horowitz, is raising $500 million for its second fund, according to an SEC filing disclosed July 7, 2026.
- • The firm's second fund is already oversubscribed, with the fundraise expected to close in the near term, signaling strong institutional investor confidence in the three-partner team.
- • Chemistry's inaugural $350 million fund focused on early-stage AI infrastructure and applications; the second fund maintains this sector concentration with a portfolio including Granola, Decagon, Persona, Serval, and Nova Intelligence.
- • The founding partners bring pedigreed venture backgrounds: Mark Goldberg (Index Ventures), Ethan Kurzweil (Bessemer), and Kristina Shen (Andreessen Horowitz) formed Chemistry to leverage combined expertise from top-tier VC firms.
Summary
Chemistry Ventures, a two-year-old venture capital firm, is raising $500 million for its second fund, according to an SEC filing made public on July 7, 2026. The fund is already oversubscribed, indicating robust demand from limited partners and positioning the firm for a near-term close on the fundraising round.
The firm was founded by three veteran venture capitalists: Mark Goldberg (formerly Index Ventures), Ethan Kurzweil (formerly Bessemer Venture Partners), and Kristina Shen (formerly Andreessen Horowitz). Chemistry launched in 2024 with an initial $350 million fund focused on early-stage artificial intelligence companies, spanning both infrastructure plays and applications. The founders created the firm to pool their experience and track records from some of the venture industry's most established platforms.
Chemistry's investment thesis centers on AI-driven startups. The firm's existing portfolio companies demonstrate this focus: Granola, Decagon, Persona, Serval, and Nova Intelligence represent a range of plays within the broader AI ecosystem. The second fund's oversubscribed status—with most capital already committed according to multiple reports—reflects sustained institutional appetite for AI-focused venture strategies, even as the broader venture market has shown selectivity.
The oversubscription of Chemistry Fund II signals confidence in both the founding partners' track records and the firm's thesis around AI infrastructure and application development. The fund's accelerated close timeline suggests limited partners view the opportunity window in AI venture investing as compelling, particularly given the founders' pedigree and early portfolio performance.
The firm was founded by three veteran venture capitalists: Mark Goldberg (formerly Index Ventures), Ethan Kurzweil (formerly Bessemer Venture Partners), and Kristina Shen (formerly Andreessen Horowitz). Chemistry launched in 2024 with an initial $350 million fund focused on early-stage artificial intelligence companies, spanning both infrastructure plays and applications. The founders created the firm to pool their experience and track records from some of the venture industry's most established platforms.
Chemistry's investment thesis centers on AI-driven startups. The firm's existing portfolio companies demonstrate this focus: Granola, Decagon, Persona, Serval, and Nova Intelligence represent a range of plays within the broader AI ecosystem. The second fund's oversubscribed status—with most capital already committed according to multiple reports—reflects sustained institutional appetite for AI-focused venture strategies, even as the broader venture market has shown selectivity.
The oversubscription of Chemistry Fund II signals confidence in both the founding partners' track records and the firm's thesis around AI infrastructure and application development. The fund's accelerated close timeline suggests limited partners view the opportunity window in AI venture investing as compelling, particularly given the founders' pedigree and early portfolio performance.
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