Index Ventures Closes $2bn Raise to Bet Big on AI's Next Wave

Index Ventures has raised $2bn in fresh capital, bringing total deployable assets to $3.5bn across seed and growth stages. The raise signals deep conviction in AI's potential to define the next generation of global technology companies — and comes at a moment when most VCs are struggling to return cash and close successor funds.

Index Ventures has closed a $2bn fundraise, bringing its total investable capital to $3.5bn across seed and growth stages. The London-headquartered firm announced the close on Friday, splitting the raise into three distinct vehicles:

A new $400m seed fund
A new $900m venture fund
A $700m top-up to its existing growth vehicle, increasing it from $1.5bn to $2.2bn

The firm's stated intention is to back founders "from first cheque to the public markets and beyond," with a geographic focus spanning Europe, Israel, and the US.

Why This Raise Stands Out

Closing a multi-billion-dollar fund in the current climate is no small thing. VC fundraising has been under sustained pressure as weak exit activity has made it harder for firms to return capital to limited partners — a prerequisite for raising successor funds. Many firms that were active in the 2021 vintage are still sitting on unrealised positions with no clear exit path.

Index is in a different position. A string of high-profile outcomes has shored up its track record heading into this fundraise:

Google's $32bn acquisition of Wiz, the cybersecurity company Index backed early
Figma's IPO, after its $20bn Adobe deal was blocked by regulators
Revolut's secondary share sale at a reported $115bn valuation, cementing it as Europe's most valuable private fintech

Those outcomes give Index real leverage with LPs at a moment when most of its peers are quietly struggling.

The AI Thesis

The raise is explicitly framed around AI. In an accompanying blog post, Index argued that AI is "putting the power to build into more hands than ever before" — compressing the time between idea and product, and opening up new opportunities across cybersecurity, fintech, healthcare, and consumer software.

The firm has already built meaningful exposure to the sector. Its AI portfolio includes:

Mistral, the Paris-based model company competing with OpenAI at the frontier
Cohere, the enterprise-focused LLM platform
Ineffable Intelligence, the stealth startup founded by former DeepMind researcher David Silver, best known for co-creating AlphaGo

What This Means for Founders

For startup founders — particularly those building in AI-adjacent categories — this matters for a few reasons. First, Index's seed fund has grown meaningfully, which signals a willingness to write earlier and larger cheques at the pre-product stage. Second, having a single firm capable of leading across seed through growth removes friction for founders who want to avoid a patchwork of investors across rounds.

Founded in 1996, Index has a longer track record than almost any other active European VC. Its portfolio includes Adyen, Revolut, Figma, Roblox, Datadog, and Wiz — a list that covers B2B SaaS, consumer, fintech, gaming, and security. That breadth suggests the firm's AI conviction isn't a narrow sector bet, but a view that the technology will cut across essentially every vertical they already touch.

For the broader market, the raise is a signal that the bifurcation in VC is continuing: top-performing firms with strong DPI are getting larger, while the middle of the market remains under structural pressure.