Index Ventures raised $2bn across three new funds on 31 July, announced in its own post rather than the trade report that followed three days later1. The breakdown is a $400m seed fund, a $900m venture fund, and a growth fund upsized by $700m to $2.2bn, giving The Firm $3.5bn of investing capacity across all stages.
Index refilled all three vehicles in a single announcement. Most firms refill one vehicle at a time, which leaves a stage uncovered for a year or more and pushes their own portfolio companies out to other investors at exactly the round where terms get set. A firm holding fresh capital at seed, venture and growth simultaneously can follow a company from a first cheque to a pre-IPO round without ever handing the lead to someone else.
British founders feel that as a practical change rather than a structural one. Index has been active in this market all year, co-leading Conduct's $60m Series A with ICONIQ in June and backing the Edinburgh legal-AI company Wordsmith. A growth vehicle of $2.2bn can price a British pre-IPO round without an American co-lead beside it, and the binding constraint on that has never been appetite so much as the size of the pool sitting on this side of the Atlantic.
