Disclosure: Some links on this page are affiliate links, meaning we may receive a commission if you click
Primary Ventures has successfully closed a remarkable $625 million Fund V, aiming at seed-stage investments across the nation. This significant fund reflects the shifting landscape of early-stage financing, indicating a trend towards larger funding rounds in today’s economy.
Ben Sun, co-founder and general partner at Primary Ventures, shared with that the anticipated average investment size will fall between $5 million and $10 million. The firm aims to strategically invest in 40 to 50 startups over the next three years, with intentions to engage as early as the pre-seed stage.
Moving beyond its origins in New York, the fund will broaden its geographic footprint. Although primarily recognized as a prominent New York venture firm, Sun stated that the firm’s investment strategy has now evolved.
Primary Ventures has already expanded its portfolio to include investments in cities like Chicago, Seattle, Virginia, and Washington, D.C. Sun remarked, “The talent, the founder, and the startups are emerging everywhere,” adding that “the potential outcomes are larger than ever.”
He perceives seed-stage investing evolving into a distinct asset class, driven by escalating talent quality and innovation on the tech front. Due to this competitive environment, he believes that larger funds empower firms to provision more resources and expertise for engaging with the most promising founders and opportunities.
In addition, Sequoia recently announced a $200 million seed fund, while UnCorck Capital unveiled a $225 million seed fund earlier last year, showcasing a broader industry trend.
While Primary Ventures labels itself as a generalist, Sun emphasized the presence of sector specialists within the team, focusing on areas like consumer products, vertical AI, fintech, healthcare, enterprise solutions, cybersecurity, and infrastructure. “We effectively cover around 80% to 90% of seed-stage activity,” he stated.
|
June 23, 2026
Fund V has already made investments in three companies. Previously, Primary launched its Fund I with $60 million in 2015, and subsequently raised $100 million for Fund II and $150 million for Fund III.
Additionally, the firm secured a $275 million fund along with an extra $163 million for an opportunity fund. Noteworthy investments from Primary include the AI chip innovator Etched, risk management platform Alloy, the women’s networking hub Chief, and the AI marketplace Dandelion Health. The firm currently has assets totaling $1.65 billion under management.
### Hustle Verdict
Our take is that Primary Ventures’ substantial Fund V marks a pivotal moment in the seed investment landscape. We believe this trend toward larger early-stage funding rounds will enhance the competitive dynamics among venture firms and could lead to a surge in innovation across various sectors. The bottom line is that as more capital flows into seed investing, we can anticipate a transformed startup ecosystem that prioritizes robust talent and innovative solutions.
