Dry Powder
The Intake records which companies raised. This section follows the money behind them, at two points in its life: the firms writing cheques into startups now, and the new funds starting to raise the money they will invest six to eighteen months from now.
In the industry, “dry powder” means money promised to funds and not yet invested. Nobody publishes that figure for private funds, and we do not estimate it. What follows are the two public traces of it that we can check: rounds announced, and funds registered with the SEC.
Who's writing cheques
firms in the rounds394 firms backed a startup in the last 90 days. 9 in 10 did it once.
firms named in the rounds we collected · 41% of rounds name an investor · names collected since 7 Aug
- 4 companiesBalderton Capital·High-Tech Gründerfonds·Sequoia·Y Combinator
- 3 companiesIDG Capital·Nvidia·Scaleup Europe Fund·Tencent
- 1 company352
- 2 companies34
- 3 companies4
- 4 companies4
New venture funds (US)
SEC Form D65 vehicles filed to start raising $25m or more in September 2026. 58% of the 797 first notices aimed under $5m.
the latest complete month · targets are what each filer told the SEC · 3 of the 65 read to us as single-deal vehicles
- $1bnSTAN-Biozen A Series of V360 Holdings LLCreads as an SPV
- $500m922 Capital Fund LLC Series Z39
- $500mAtomus Fund I, L.P.
- $500mVida Ventures IV, L.P.
- No stated target186
- Under $5m463
- $5m – $25m83
- $25m – $100m42
- $100m – $500m19
- Over $500m4
How these are counted
Cheques are counted in companies, never money. A round names several investors and does not say who paid what, so a firm is counted once for each company it backed. Firms only, never a named person. Firms with the same count are shown together, not ranked.
New funds are US only, and self-declared. A Form D is a US filing, so a UK or European fund never appears. The filer picks its own category, and a vehicle built to hold one company calls itself a venture fund as readily as an institution does, which is why the size bands come before any total.
Both come from public sources: announcements of funding rounds, and filings on SEC EDGAR. This is general information, not investment advice, and not a recommendation of any firm or fund on it.