Key Takeaways
- • Index Ventures closed $2 billion in new capital across three distinct funds: a $900M venture vehicle, a $400M seed-stage fund, and a $700M addition to an existing 2024 growth fund (originally sized at $1.5B).
- • The firm's fundraising momentum follows a significant liquidity event from its Wiz investment, where early-stage backers are positioned to achieve approximately 200x returns following Google's $32 billion acquisition of the cloud security startup.
- • Index Ventures' initial $3.5M seed investment in Wiz (2020, led by Shardul Shah) exemplifies the firm's early-stage conviction, as Wiz became the fastest-growing software company in history, reaching $350M ARR in four years.
- • The $2B raise underscores sustained institutional confidence in Index Ventures' portfolio strategy across seed, venture, and growth-stage investments, despite broader 2025 venture fundraising headwinds that saw the fewest new fund closings in a decade.
- • The firm's diversified fund structure—allocating capital across multiple check sizes and company maturity stages—positions it to support portfolio companies across the entire growth trajectory while maintaining dry powder for emerging opportunities.
Summary
Index Ventures has successfully closed $2 billion in new capital, structured across three complementary funds designed to address distinct investment stages within its thesis. The capital raise comprises a $900 million venture fund focused on core venture-stage investments, a $400 million seed-focused vehicle, and a $700 million addition to its 2024 growth fund, which was originally capitalized at $1.5 billion. This multi-tiered approach reflects the firm's strategic intent to maintain meaningful dry powder across the venture ecosystem's key inflection points.
The timing of this fundraising milestone arrives immediately after a substantial liquidity event within Index's portfolio. Google's acquisition of Wiz, the cloud security platform, for $32 billion represents a significant outcome for the firm's early-stage conviction. Index Ventures' original $3.5 million seed investment in Wiz (deployed in 2020 under the leadership of Shardul Shah) is positioned to deliver approximately 200x returns to early-stage backers. Wiz's trajectory—becoming the fastest-growing software company in history with $350 million in annual recurring revenue achieved within four years—demonstrates the asymmetric return profile that justifies sustained LP confidence in Index's investment process.
The successful $2 billion close reflects institutional LP appetite for proven managers despite challenging market conditions. Venture fundraising in 2025 experienced structural headwinds, recording the fewest new fund closings in a decade with $138 billion raised across 1,257 funds. Against this backdrop, Index Ventures' ability to secure $2 billion underscores LP conviction in the firm's track record and the credibility of emerging managers within the portfolio. The addition of capital to the 2024 growth fund—expanding it by $700 million—suggests strong performance from that vehicle's early investments, justifying accelerated follow-on commitments from existing limited partners.
The timing of this fundraising milestone arrives immediately after a substantial liquidity event within Index's portfolio. Google's acquisition of Wiz, the cloud security platform, for $32 billion represents a significant outcome for the firm's early-stage conviction. Index Ventures' original $3.5 million seed investment in Wiz (deployed in 2020 under the leadership of Shardul Shah) is positioned to deliver approximately 200x returns to early-stage backers. Wiz's trajectory—becoming the fastest-growing software company in history with $350 million in annual recurring revenue achieved within four years—demonstrates the asymmetric return profile that justifies sustained LP confidence in Index's investment process.
The successful $2 billion close reflects institutional LP appetite for proven managers despite challenging market conditions. Venture fundraising in 2025 experienced structural headwinds, recording the fewest new fund closings in a decade with $138 billion raised across 1,257 funds. Against this backdrop, Index Ventures' ability to secure $2 billion underscores LP conviction in the firm's track record and the credibility of emerging managers within the portfolio. The addition of capital to the 2024 growth fund—expanding it by $700 million—suggests strong performance from that vehicle's early investments, justifying accelerated follow-on commitments from existing limited partners.
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