Primary Ventures, a leading New York-based venture capital firm, has successfully closed its fifth fund at a massive $625 million.
This Fund V marks the largest raise for the firm, which specializes exclusively in seed and pre-seed investments across the U.S.
From Humble Beginnings to VC Powerhouse
Founded in 2015 with a modest $60 million Fund I, Primary Ventures rapidly scaled through Fund II at $100 million, Fund III at $150 million, and Fund IV at $275 million.
An additional opportunity fund of $163 million has pushed the firm's total assets under management to an impressive $1.65 billion.
Strategic Focus on High-Growth Sectors
The fund targets generalist opportunities with sector specialists in consumer, vertical AI, fintech, healthcare, enterprise, cybersecurity, and infrastructure.
Average investments range from $5 million to $10 million, with plans to back 40 to 50 startups over the next three years.
Fund V has already deployed capital into three promising companies, building on a portfolio that includes AI chip innovator Etched, risk platform Alloy, networking hub Chief, and AI marketplace Dandelion Health.
Co-founder and general partner Ben Sun emphasized, “The talent, the founder, and the startups are happening everywhere,” highlighting the firm's nationwide approach beyond New York to cities like Chicago and Seattle.
Sun added that larger funds like this enable fiercer competition for top deals, stating, “Seed investing is headed toward its own asset class” amid AI-driven transformations.
Market Impact and Future Outlook
This raise reflects booming early-stage round sizes fueled by AI, positioning Primary Ventures against peers like Sequoia's $200 million seed fund and Uncork Capital's $225 million vehicle.
By providing substantial resources to founders, the firm aims to capitalize on unprecedented startup potential, shaping the future of seed investing nationwide.
Alfred Lee
