←back to thread

Charting Form Ds to roughly see the state of venture capital “fund” raising

(tj401.com)
167 points lemonlym | 3 comments | 28 Aug 25 11:51 UTC | HN request time: 0.001s | source
Show context
dadrian ◴[28 Aug 25 15:25 UTC] No.45053392[source]▶
Most Fund I’s are going to be smaller funds, often $9.99MM to allow for a larger number of smaller LPs due to the $10MM threshold from the SEC. Whereas Fund II-IV are going to be considerably bigger, often hundreds of millions of dollars. So a large number of smaller funds falling off won’t make that big of a dent in the total dollars available, but may make it harder to get the smaller initial checks.
replies(2): >>45055769 #>>45057330 #
1. vonneumannstan ◴[28 Aug 25 19:03 UTC] No.45055769[source]▶
What could a fund like this even write checks for? Even the most basic SaaS companies are getting multiple of the entire fund as seed or pre-seed...
replies(2): >>45056240 #>>45056953 #
2. ghc ◴[28 Aug 25 19:44 UTC] No.45056240[source]▶
Typically $250K-500K checks as a follow on. From what I'm seeing, lots of companies are still out there raising sub-$3M pre-seeds and sub-$10M seed rounds. You might only get 1-2% of the company but you can always try to buy up in later rounds through an SPV or your next fund, which can be a marketing strategy for raising fund 2.
3. dadrian ◴[28 Aug 25 20:57 UTC] No.45056953[source]▶
The most basic SaaS companies are not raising $10MM at pre-seed, they’re raising $1-3MM at $10-30MM post.