New VC Funds 2026: 89 Funds Writing First Cheques
A fund that just closed needs to build a portfolio. That is the most founder-friendly moment in a fund's entire ten-year life: the partners have fresh capital, a thesis to prove, and a target number of first cheques to write before the next fundraise.
We tracked every early-stage fund that closed a new vehicle between 1 January and 29 September 2026 in four industries: AI, deeptech, fintech and B2B software. 89 funds made the list. Here are the top 20, and the full list to download.
Key takeaways
- 89 early-stage funds closed new vehicles in 2026 across AI (22), deeptech (30), fintech (18) and B2B software (19). Every one writes first cheques at pre-seed, seed or Series A.
- Deeptech is the busiest category. Quantum, compute, energy and dual-use funds closed more new vehicles than any other thesis on the list.
- First closes are a signal, not a footnote. A fund at first close is still raising and usually deploying fastest to show LPs early marks. They are flagged in the full list.
- Europe is deep in this cycle. 33 of the 89 funds are European, led by London, Berlin, Paris and Copenhagen, many with explicit pre-seed mandates.
- Stated focus narrows fast. Read a fund's last five deals before you pitch it. The announcement thesis is the widest the fund will ever be.
1. Why a newly closed fund is your best first call
A venture fund typically has three to four years to put its new capital into first cheques, then spends the rest of its life on follow-ons. Right after a close, the partners are measured on one thing: finding the companies that will define the fund.
That changes the conversation. A new fund is actively looking, open to new relationships, and more willing to lead. A fund in year four of its cycle is mostly reserving capital for the companies it already owns.
2. The top 20 new funds of 2026
Five per industry, each backed by the fund's own 2026 announcement or trade press. Sizes are as announced.
AI
| Fund | Size | HQ | Stage | First cheque | Focus |
|---|---|---|---|---|---|
| Primary Venture Partners Fund V | $625M | New York | Pre-seed, seed | $5-10M avg (reported) | Leads US pre-seed and seed |
| South Park Commons Fund IV | $575M | San Francisco | Pre-idea to Series A | - | Technical founders, AI-heavy |
| Air Street Capital Fund III | $232M | London | Early stage (leads) | $500K-15M | AI-first companies, Europe and North America |
| Gradient Fund 5 | $220M | San Francisco | Pre-seed, seed | - | AI apps and agentic platforms |
| 2048 Ventures Fund III | $82M | New York | Pre-seed, seed (leads) | $500K-3M | Vertical AI, deep tech, healthcare |
Scroll the table for more columns
Deeptech
| Fund | Size | HQ | Stage | First cheque | Focus |
|---|---|---|---|---|---|
| Playground Global Fund IV | $475M | Palo Alto | Early stage | - | Compute, semis, robotics, energy, bio |
| Matter Venture Partners Fund II | $450M | Silicon Valley | Early stage | - | Semis, AI infra, robotics, physical AI |
| Quantonation Fund II | EUR 220M | Paris / New York | Pre-seed, seed | - | Quantum and physics-based deeptech |
| Deep33 Fund I | $200M | US / Israel | Seed, Series A | $3-10M (reported) | Quantum, AI infra, energy, robotics |
| Scout Ventures Fund V | $125M | Austin | Seed, early | $3-6M (reported) | Dual-use: autonomy, space, quantum, energy |
Scroll the table for more columns
FinTech
| Fund | Size | HQ | Stage | First cheque | Focus |
|---|---|---|---|---|---|
| Mouro Capital Fund III | $400M | London | Early to growth | - | Payments, wealth, compliance |
| Seed Capital Fund V | EUR 130M | Copenhagen | Seed, Series A | EUR 3-6M | Nordic fintech, AI-driven B2B, cyber |
| Collide Capital Fund II | $95M | New York | Pre-seed to Series A | $1-3M | Fintech, supply chain, future of work |
| Restive Ventures Fund III | $45M | San Francisco | Seed, Series A | - | AI-native financial services |
| FGV Capital Fund II | $35M | US | Pre-seed, seed | $1-1.5M | Fintech meets AI, health, commerce |
Scroll the table for more columns
B2B software
| Fund | Size | HQ | Stage | First cheque | Focus |
|---|---|---|---|---|---|
| Crane Venture Partners (4 funds) | $484M | London | Inception to seed | - | Infra software, dev tools, security, AI |
| Team8 Capital Fund III | $365M | Tel Aviv / New York | Seed, Series A | - | AI-native enterprise security and infra |
| StageOne Ventures Fund V | $165M | Israel | Inception, early | - | AI infra, cyber, agentic orchestration |
| seed+speed Ventures Fund III | EUR 90M | Berlin | Pre-seed, seed | EUR 500K-1.5M | European B2B and enterprise AI software |
| Osney Capital Fund I | GBP 60M | London | Pre-seed, seed | GBP 250K-2.5M | UK cybersecurity seed fund |
Scroll the table for more columns
3. Get the full list of 89 funds
The other 69 include Lux, Greylock, Accel, Earlybird, Seedcamp and Dragonfly. The download is a sortable Excel and CSV with stage, first cheque, thesis, close type, website and a dated source link for every fund.
Get all 89 funds
Sortable Excel and CSV with stage, first cheque, thesis and source for every fund.
Free. Download straight away and join the RaiseTalks mailing list, including our weekly email of actively deploying funds. Unsubscribe anytime.
4. How to use the list before you send anything
- Filter on stage first, industry second. A fund that writes $5M first cheques is not your pre-seed lead, however good the thesis fit.
- Read the last five deals. Recent portfolio companies tell you what the partners actually buy.
- Check where the fund is in its cycle. A first close is still raising. A final close in the last 12 months is deploying hardest.
- Lead with proof, not a deck. One line on what you do, one line of traction, and a link to your data room.
5. Contact them on RaiseTalks
Every fund on this list is in the RaiseTalks investor catalogue. Open a fund to see its thesis and team, and contact the investors directly from your workspace.
We also run our own investor search on funds that are actively deploying. Every week, startups on RaiseTalks get an email with the new funds that match their stage and sector.
Want the funds relevant to your startup? Comment or DM "Raise" to Dariia on LinkedIn and join the RaiseTalks Perk program.
Method and sources
We included a fund when four things were true: a new fund close (first, interim or final) announced between 1 January and 29 September 2026; first cheques at pre-seed, seed or Series A; a stated focus on AI, deeptech, fintech or B2B software; and a dated public source. Funds with any 2025 close were excluded. Sizes are as announced and converted only for sorting.
Sources for the top 20: Primary, South Park Commons, Air Street, Gradient, 2048 Ventures, Playground Global, Matter, Quantonation, Deep33, Scout, Mouro, Seed Capital, Collide, Restive, FGV, Crane, Team8, StageOne, seed+speed, Osney. Sources for the other 69 are in the download.
Frequently Asked Questions
89 early-stage funds in AI, deeptech, fintech and B2B software closed new vehicles between January and September 2026. The largest early-stage closes include Greylock 18 ($1.5B), Lux Ventures IX ($1.5B), Primary Venture Partners Fund V ($625M) and South Park Commons Fund IV ($575M).
A new fund has fresh capital and a set number of first cheques to write before its next raise. The partners are actively looking for the companies that will define the fund, which makes them more open to new relationships and more willing to lead.
A first close means the fund has enough commitments to start investing but is still raising. A final close means fundraising is finished. Funds at first close often deploy quickly to show early results to the investors they are still courting.
Filter by stage and first cheque size first, then by industry. Then read each fund's recent deals to confirm its real focus before you reach out.
Read next
The State of Early-Stage Capital 2026
The Global Map of Early-Stage Capital
How Long a Seed Round Actually Takes
Warm Intros Are a Filter You Did Not Choose
The Startup Data Room, Field by Field: What Investors Actually Open in 2026A new fund wants to say yes. Be ready when it asks. RaiseTalks gives you an investor-ready data room, a readiness score and a pipeline for every fund you contact, in one workspace. Start free.