Key Takeaways
- • Index Ventures closed a $2 billion fundraise across three vehicles: a $900 million venture fund, a $400 million seed fund, and a $700 million addition to its 2024 growth fund, expanding that vehicle from $1.5 billion to $2.2 billion.
- • The firm's total investing capital now reaches $3.5 billion, positioning Index as a major player in multi-stage venture investing despite a broader liquidity contraction in the sector.
- • Index's portfolio has generated significant exits and valuations, including Wiz's $32 billion acquisition by Google, Figma's public listing, and Revolut's $115 billion secondary valuation—providing strong evidence of fund performance to LPs.
- • The firm maintains exposure to AI infrastructure through investments in Cohere, Mistral, Anthropic (first invested 2025), and a $1.1 billion initial round participation in Ineffable Intelligence, capturing the sector's growth trajectory.
- • The fundraise occurs against headwinds: global venture capital fundraising fell to $118.6 billion in 2025, the lowest in a decade, though AI accounted for over half of worldwide deal value, suggesting selective capital deployment favoring technology-driven investments.
Summary
Index Ventures, the Geneva-based venture capital firm, announced on July 31 a $2 billion capital raise across a diversified fund structure targeting startups at multiple development stages. The composition reflects the firm's multi-stage strategy: a $900 million venture fund for early to mid-stage companies, a $400 million seed fund for nascent ventures, and a $700 million addition to its existing 2024 growth fund, which expanded from $1.5 billion to $2.2 billion in total capital. This deployment brings Index's overall investing capital to $3.5 billion, significantly amplifying the firm's dry powder for deployment across its core markets.
The fundraise timing capitalizes on strong portfolio performance and substantive exit events. Index's recent achievements include the $32 billion acquisition of portfolio company Wiz by Alphabet's Google—a major cybersecurity firm exit—as well as design software company Figma's public listing and fintech firm Revolut's secondary share sale at a $115 billion valuation. These outcomes provide institutional investors with tangible evidence of Index's deal sourcing and value creation capabilities, critical factors for LP commitments in a tightening fundraising environment.
The capital raise demonstrates Index's strategic positioning in artificial intelligence infrastructure. The firm's AI portfolio encompasses early-stage AI model providers including Cohere and Mistral, as well as higher-profile AI safety company Anthropic, which Index first backed in 2025. More recently, Index joined Ineffable Intelligence's $1.1 billion initial funding round, signaling continued conviction in AI infrastructure despite broader market selectivity.
Index's fundraise gains significance against sector-wide headwinds. Global venture capital fundraising contracted to $118.6 billion in 2025, marking the lowest level in a decade according to available data. However, AI-focused investments accounted for more than half of worldwide venture deal value during the same period, indicating that capital concentration rather than sector-wide strength is characterizing the market. Index's successful close of a $2 billion fund in this environment underscores the firm's established track record and LP confidence, particularly given the absence of cryptocurrency allocations—positioning the raise as institutional capital seeking technology fundamentals rather than speculative digital asset exposure.
The fundraise timing capitalizes on strong portfolio performance and substantive exit events. Index's recent achievements include the $32 billion acquisition of portfolio company Wiz by Alphabet's Google—a major cybersecurity firm exit—as well as design software company Figma's public listing and fintech firm Revolut's secondary share sale at a $115 billion valuation. These outcomes provide institutional investors with tangible evidence of Index's deal sourcing and value creation capabilities, critical factors for LP commitments in a tightening fundraising environment.
The capital raise demonstrates Index's strategic positioning in artificial intelligence infrastructure. The firm's AI portfolio encompasses early-stage AI model providers including Cohere and Mistral, as well as higher-profile AI safety company Anthropic, which Index first backed in 2025. More recently, Index joined Ineffable Intelligence's $1.1 billion initial funding round, signaling continued conviction in AI infrastructure despite broader market selectivity.
Index's fundraise gains significance against sector-wide headwinds. Global venture capital fundraising contracted to $118.6 billion in 2025, marking the lowest level in a decade according to available data. However, AI-focused investments accounted for more than half of worldwide venture deal value during the same period, indicating that capital concentration rather than sector-wide strength is characterizing the market. Index's successful close of a $2 billion fund in this environment underscores the firm's established track record and LP confidence, particularly given the absence of cryptocurrency allocations—positioning the raise as institutional capital seeking technology fundamentals rather than speculative digital asset exposure.
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