Index Ventures has closed $2 billion across three new funds, the firm announced, bringing its total available investing capital to $3.5 billion. The fundraise comes at a notable moment: Index was a major backer of Wiz, the cloud security company acquired by Google in a deal valued at $32 billion — one of the largest acquisitions in tech history — delivering a significant windfall to the firm and its LPs.

Three Funds, One Signal

The capital is spread across three vehicles, which is consistent with Index's typical structure separating early-stage, growth, and opportunity investments. This approach lets the firm deploy capital at different risk profiles and stages without commingling strategies.

The timing matters. Raising $2B right after a landmark exit isn't coincidental — strong DPI (distributed-to-paid-in capital) makes LP re-ups significantly easier, and Index is clearly using that momentum to reload for the next cycle.

Why This Raise Is Worth Watching

For founders and market observers, a few things stand out:

  • Scale with early-stage focus: Index has historically been willing to write small checks at the pre-seed and seed stage while also having the reserves to follow on aggressively. A larger pool of capital reinforces that strategy.
  • European and US dual presence: Index operates across both markets — a differentiator as many US-focused firms have pulled back from European deals amid macro uncertainty.
  • LP confidence signal: Closing a $2B raise in the current environment, where many VC firms are struggling to hit targets, reflects genuine LP conviction in the team's track record.

The Wiz Effect

The Google–Wiz acquisition has reshaped conversations across venture. At $32 billion, it demonstrated that cybersecurity remains one of the most durable categories for venture-scale returns, and that patient, conviction-driven backing — Index led Wiz's Series A — still produces outsized outcomes.

For Index specifically, the exit likely generated billions in realized returns, giving the firm a compelling narrative heading into LP meetings. It also reinforces the value of deep technical investing in infrastructure and security, areas Index has consistently prioritized.

Implications for Founders

For early-stage founders, especially those building in enterprise software, security, or developer infrastructure, this raise is directly relevant:

  • Index now has fresh dry powder and a mandate to deploy it, meaning partners are actively looking for new bets
  • The firm's willingness to back companies from early to growth stage reduces the friction of switching lead investors as a company scales
  • LPs re-upping after a Wiz-sized return typically push for more of the same — expect Index to double down on technical, product-driven B2B companies

The Broader VC Context

Index's close contrasts with a tougher fundraising environment that has squeezed mid-tier and emerging managers. Established firms with strong track records — Andreessen Horowitz, Sequoia, Accel — have continued to raise large vehicles, while smaller firms face 18–24 month fundraising cycles with uncertain outcomes.

The $3.5 billion in total available capital puts Index in a strong position heading into what many expect to be a more active deal environment in late 2025 and into 2026, particularly if IPO windows reopen and AI investment continues compounding.