Chemistry Ventures Targets $500 Million for Second Fund as AI Startup Investment Momentum Grows
New Fundraising Push from a Young VC Firm
Chemistry Ventures is preparing to raise $500 million for its second venture capital fund, according to a Form D filing submitted to the U.S. Securities and Exchange Commission. The filing lists Chemistry Ventures Fund II, L.P. as a Delaware limited partnership and shows a total offering amount of $500,000,000.
The move comes less than two years after the San Francisco-based venture capital firm launched its first fund, which was backed with $350 million in capital. Chemistry introduced itself in October 2024 as an early-stage investment firm focused on Seed and Series A companies, particularly software startups building for the future.
Founders Bring Experience from Major Venture Firms
Chemistry Ventures was founded by Mark Goldberg, Ethan Kurzweil, and Kristina Shen. Each of the three partners previously held roles at some of the venture capital industry’s most recognised firms. Goldberg worked at Index Ventures, Kurzweil was with Bessemer Venture Partners, and Shen came from Andreessen Horowitz, also known as a16z.
The firm was created to combine the partners’ experience from large venture platforms with a more focused early-stage investment model. In its own launch announcement, Chemistry said its first fund would support founders building standout software companies at the Seed and Series A stages.
Focus on AI, Infrastructure and Applications
Chemistry has positioned itself around early-stage companies working in artificial intelligence, infrastructure and software applications. Its portfolio includes startups such as Granola, Decagon, Persona, Serval, and Nova Intelligence.
The latest fundraising effort highlights continued investor interest in AI-focused startups, even as the wider venture capital market remains selective. For emerging firms like Chemistry, a larger second fund could provide more room to back young companies at the earliest stages while competing with established venture capital players.
Fund Reportedly Oversubscribed
According to The Wall Street Journal, Chemistry’s second fund is already oversubscribed and the fundraising process is expected to close soon. The SEC filing shows that the fund was filed on June 25, 2026, and that the total offering amount is $500 million.
The filing also lists Chemistry Ventures GP II, LLC, along with Goldberg, Kurzweil and Shen, as related persons connected to the fund.
A Fast Rise for Chemistry Ventures
Chemistry’s planned $500 million second fund marks a significant step up from its $350 million debut vehicle. For a firm launched only two years ago, the new target suggests strong backing from limited partners and confidence in the team’s early-stage investment approach.
The firm has not publicly commented on the latest fundraising report. TechCrunch reported that Chemistry did not immediately return a request for comment.
Online References
Sources: U.S. Securities and Exchange Commission, Chemistry Ventures, The Wall Street Journal, TechCrunch.
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