Chemistry Ventures seeks $500 million for second early-stage fund

Chemistry Ventures is seeking $500 million for its second fund, a size that stands out for a 2024 firm in a difficult fundraising market for newer venture managers. A June 25 SEC Form D filing for Chemistry Ventures Fund II, L.P. lists the target at $500,000,000.

The San Francisco firm is led by Ethan Kurzweil, Mark Goldberg and Kristina Shen. Kurzweil spent 16 years at Bessemer Venture Partners, Goldberg spent nearly a decade at Index Ventures and Shen previously served as a general partner at Andreessen Horowitz. That roster matters as much as the dollar figure: in a year when many young funds have struggled to close, Chemistry is trying to turn big-firm pedigrees into proof that established-name operators still have an edge with limited partners.

Chemistry launched in October 2024 with a $350 million debut fund and positioned itself as an early-stage investor that leads rounds from the first check through Series B. Its first fund concentrated on seed and Series A software startups, and the firm’s website says the team brings “institutional experience and start-up energy” to the companies it backs. The second-fund raise suggests that pitch is still resonating, especially for investors looking at software-first companies rather than broader, more speculative bets.

The firm’s portfolio page now spans infrastructure, healthcare referral automation, blockchain intelligence, creator-streaming, payroll and production software, and health-plan software. That mix points to the kinds of startups that still attract serious venture capital in 2026: tools that automate work, move data faster or sit inside enterprise and health-care workflows where buyers can justify spending. PitchBook says Chemistry Fund I had at least one disclosed investment by December 5, 2024, and lists Nova Intelligence as Chemistry’s latest known investment on May 5, 2026.

For a market still sorting out how much risk it wants to take, Chemistry’s second fund is a clear signal. Backers are still willing to write big checks for early-stage software, but the names drawing attention are the ones with long operating histories, recognizable venture pedigrees and a portfolio that leans toward infrastructure rather than hype.