Venture Capital's Dollar Share Recovered to 3.49%, Its Best Session in Weeks

Venture capital funds filed 42 vehicles on September 15, 21.99% of the day's total vehicle count, the second-highest share of any fund type by count. Those same 42 vehicles contributed $718.98 million combined, 3.49% of the day's $20.62 billion, well above the 0.38% logged just one session earlier and the strongest single-day VC dollar share this pipeline has tracked since the week of September 8-11.

Two managers drove most of the recovery. Megalith Ventures II, LP filed $270.38 million, the largest single venture vehicle of the day and 37.6% of all VC dollars filed. Electric Capital, the crypto and web3-focused firm co-founded by Avichal Garg, filed its Electric Capital Venture Fund IV, LP at $194.56 million alongside a smaller feeder vehicle at $43.25 million, a combined $237.81 million, 33.1% of all VC dollars. Together, Megalith and Electric Capital account for $508.18 million, 70.7% of the day's entire venture capital total, from just three vehicles out of 42. That concentration ratio, two managers accounting for more than two-thirds of the category from roughly 7% of its vehicles, is itself notable: a healthy VC dollar share driven this narrowly is a different signal than the same dollar share spread evenly across a broad base of active funds.

What the rest of the VC filings looked like

Outside those two managers, the remaining 39 VC vehicles combined for $210.80 million, an average of $5.4 million each, a figure more consistent with typical early and growth-stage venture check sizes than the day's two outsized filers. Sandbox Clinical Ventures Fund, LP filed the next-largest amount at $79.50 million, followed by Webb Investment Network Fund III, L.P. at $25.00 million and a long tail of smaller vehicles down into the single-digit millions. That composition, two large outliers sitting well above an otherwise typical distribution, is different from September 14, when the largest VC filing was just $72.8 million and no single filer approached even 40% of the category's total.

Reading vehicle count against dollar share

The 21.99% vehicle share is worth noting alongside the dollar recovery. Venture-structured filings, VC funds, SPVs, and syndicate vehicles, made up close to a quarter of everything filed today, a share that has stayed reasonably consistent across recent sessions even as dollar share has swung from as low as 0.32% to as high as 3.49% within the space of a week. That stability in vehicle count against volatility in dollar share continues to support this pipeline's standing view: vehicle count and which specific funds are filing are the more reliable read on venture activity than the aggregate dollar figure alone, which one or two large filers can swing dramatically in either direction.

Electric Capital's filing in context

Electric Capital's $237.81 million across its main fund and feeder is worth a closer look on its own, since it is the more sector-specific of the two dominant filers. Founded by Avichal Garg, Curtis Spencer, and Ken Deeter, Electric Capital has built its reputation on an annual developer report tracking builder activity across crypto ecosystems, using that research to inform its investment thesis into infrastructure, tooling, and application-layer projects in the space. A fourth flagship fund at this size signals continued institutional appetite for dedicated crypto-native venture vehicles even during periods when generalist funds have pulled back from the category, and the presence of a separate feeder vehicle alongside the main fund is typical structure for a fund accepting both direct institutional commitments and smaller allocations routed through a feeder for administrative or tax reasons. Megalith Ventures II, by contrast, carries no obvious public sector focus in its name or prior filings, making it the fund worth a direct look on the investor directory for founders trying to determine what stage and sector it is actually targeting with this vehicle.

What this means for founders

A single day's 3.49% dollar share, even a comparatively strong one, is still driven by two named managers rather than a broad-based recovery across the category; founders should read it as a data point about those two funds specifically rather than a signal that venture capital broadly loosened up overnight. Electric Capital's filing is the more directly relevant one for founders in the crypto and web3 space specifically, while Megalith Ventures II's size and lack of an obvious sector tag make it worth a direct look on the investor directory.

Filter specifically for venture-stage investors on the investor directory, and use the free investor matching tool to find funds actively writing checks at your stage. Background on how venture funds differ structurally from hedge funds and PE is in the glossary entry on venture capitalists. Live, currently-raising rounds are on the live listings page, and daily filing trends are archived on the newsroom.

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