May 2026 was a month of extremes in venture capital.
Here is the full breakdown of every fund that closed in May, the numbers, the sectors, the geography, and what founders should take from it.
May 2026 Numbers at a Glance
- 45 VC funds announced or tracked in May 2026
- 40 funds had disclosed sizes
- ~$13B in total disclosed capital
- 4 funds accounted for ~75% of all capital
- 25 funds were sub-$100M
- 15 funds were $100M or above
- Median fund size: $74M
The four funds driving the headline number:
- Founders Fund Growth Fund IV: $6B
- a16z Crypto Fund 5: $2.2B
- Haun Ventures Fund II: $1B across two funds
- Playground Global Fund IV: $475M
Strip those four out, and the median market looks exactly like what it is: a long tail of focused, early-stage vehicles raising $25M to $150M and competing on thesis, not checkbook.
The Big Four: Funds That Moved the Market
1. Founders Fund, $6B
Founded by Peter Thiel in 2005, Founders Fund has backed SpaceX, Palantir, Stripe, Anduril, and Airbnb. Growth Fund IV is the firm's largest vehicle to date and targets late-stage companies building what the firm calls revolutionary technology.
The fund drew $4.5B from external limited partners, including sovereign wealth funds, with the remaining $1.5B coming from Founders Fund partners and employees.
The raise positions Founders Fund to write $100M to $500M checks into companies like SpaceX, Anduril, and Cognition as they approach liquidity events.
At $6B, it is the largest single venture fund announced in May and the clearest signal that the top end of the market is consolidating around a handful of firms with established brand and portfolio access.
2. a16z Crypto, $2.2B
Andreessen Horowitz's fifth dedicated crypto fund is the firm's largest crypto vehicle to date. The fund targets crypto infrastructure, stablecoins, onchain finance, tokenization, and the intersection of crypto and AI. May's fundraise confirms that institutional appetite for crypto has returned at scale.
Combined with Haun Ventures' $1B raise, crypto represented roughly $3.2B of May's disclosed capital, or about 24% of the total.
The fund comes as stablecoin adoption accelerates and institutional pressure to build onchain financial infrastructure grows. a16z has been one of the most active voices lobbying for crypto-friendly regulation in the US, and this raise gives the firm capital to back companies that could benefit from any regulatory tailwind.
3. Haun Ventures, $1B
Katie Haun's firm closed $1B across two funds, targeting crypto, blockchain, financial services, AI agents, tokenization, and digital assets from seed through growth.
The raise confirms Haun Ventures as one of the few firms operating at scale across both the crypto and AI-agent intersection, a category that did not exist as a defined investment thesis three years ago.
LP backing includes sovereign wealth funds, endowments, foundations, pension funds, financial institutions, and global organizations.
4. Playground Global, $475M
Playground Global focuses on deep tech: compute, semiconductors, energy, robotics, quantum, life sciences, and advanced materials. Fund IV positions the firm to back early-stage companies at the infrastructure layer of the economy.
The fund reflects a broader pattern visible across May: capital is moving toward hard technology, not just software. Companies building chips, energy systems, robots, and quantum computing infrastructure are competing for a distinct and growing pool of venture capital.
The Pattern That Defines May: AI Is Everywhere, Not Just in "AI Funds"
The breakdown of where AI appeared:
- AI in financial services, crypto infrastructure, and agentic payments
- AI in industrial systems, logistics, manufacturing, and robotics
- AI in commerce, SaaS, and workflow automation
- AI in defense, deep tech, energy, and physical infrastructure
- AI in cybersecurity, health, and human flourishing
This is what the shift looks like in practice. Funds are not raising around AI as a standalone category. They are raising around sectors where AI has become the enabling layer. Restive Ventures raised $45M for AI-native fintech.
Silicon Road Ventures launched an India-focused agentic AI fund. Skinos Ventures raised $26M specifically for AI-native cybersecurity.
Wisdom Ventures raised $77.7M for AI applied to health, wellness, and human connection. AlphaDrive raised $100M around AI-driven cybersecurity and managed security services.
The question funds are answering is no longer "are you an AI fund?" It is "how does AI change your specific sector, and who are the best companies capturing that shift?"
A Second Major Theme: The Physical World Is Back
Eclipse Ventures made this point clearly in April with its $1.3B physical AI thesis. May reinforced it across a range of fund sizes and geographies.
Funds backing the physical economy in May:
- Transition Ventures: $150M for physical AI, climate, deep tech, energy, semiconductors, robotics, and critical minerals
- TMV Logistics: $200M for maritime, shipbuilding, ports, intermodal logistics, robotics, and operational AI
- Playground Global: $475M across compute, semiconductors, energy, robotics, and quantum
- Ground State Ventures: $88M for quantum computing, networking, sensing, and infrastructure
- Refactor Capital: $50M for hard tech, aerospace, applied biology, critical materials, earth systems, and energy
- Longwall Ventures: $110M first close across deep tech, advanced manufacturing, clean energy, and defense
- Skybound Ventures: $38M for deep tech, infrastructure, advanced computing, space, and energy
- Isogon Ventures: undisclosed, focused on robotics, manufacturing, logistics, and industrial tech
The common thread is physical infrastructure. Factories, ships, ports, energy grids, quantum systems, supply chains, and defense hardware. The software-only moment in venture is not over, but capital is diversifying into companies building things that exist outside a browser.
Crypto Came Back in a Big Way
The numbers are hard to ignore.
a16z Crypto ($2.2B) and Haun Ventures ($1B) alone accounted for $3.2B in disclosed capital, which is 24% of the entire month's total.
Add in Founders Fund's implicit exposure through SpaceX and Anduril, and you have a month where crypto and frontier tech dominated the largest fund raises by a significant margin.
This is not 2021-era speculative crypto. The thesis across both a16z Crypto and Haun Ventures centers on stablecoins, tokenized financial infrastructure, onchain payments, AI agents that interact with financial systems, and digital assets with institutional-grade infrastructure.
The LP base reflects that: sovereign wealth funds, endowments, pensions, and financial institutions, not retail.
New Venture Capital Funds That Closed in May 2026
Below is every fund tracked in May.
1. Founders Fund Growth Fund IV, $6B
Founded by Peter Thiel in 2005. Growth Fund IV is the firm's largest vehicle, targeting late-stage category leaders in revolutionary technology. $4.5B from external LPs including sovereign wealth funds, $1.5B from partners and employees. Portfolio includes SpaceX, Palantir, Anduril, and Stripe.
2. a16z Crypto Fund 5, $2.2B
Andreessen Horowitz's fifth crypto fund and its largest. Targets crypto and AI infrastructure, stablecoins, onchain finance, and tokenization. Operating from the US with global scope.
3. Haun Ventures Fund II, $1B
$1B across two funds. Focuses on crypto, blockchain, financial services, AI agents, tokenization, and digital assets from seed through growth. LPs include sovereign wealth funds, endowments, foundations, pensions, and global financial institutions.
4. Playground Global Fund IV, $475M
Deep tech fund focused on compute, semiconductors, energy, robotics, quantum, life sciences, and advanced materials. Early-stage investing from the US.
5. A* Fund III, $450M
Early-stage fund backing AI applications, fintech, healthcare, security, developer tools, consumer internet, and SaaS. Focuses on pre-product, pre-consensus companies. LPs include nonprofits, foundations, endowments, and Carnegie Mellon University.
6. Mouro Capital Fund III, $400M
European and global fintech fund focused on financial infrastructure, payments, identity, AI-native financial software, capital markets, wealth, and insurance. Banco Santander is the sole LP.
7. TMV Logistics, $200M
US-based fund targeting maritime, shipbuilding, ports, intermodal logistics, robotics, operational AI, dual-use defense, and energy transition. LPs include American Bureau of Shipping and Prologis Ventures.
8. Ridgeline Ventures Fund II, $180M+
Focuses on AI, advanced computing, hardware, automation, manufacturing, logistics, energy, and defense from pre-seed through seed. LPs include FedEx, Cisco Investments, and other Fortune 500 companies.
9. Lansdowne Partners VC Fund, $150M first close (targeting $200M)
UK-based fund investing in healthcare data, quantum computing, advanced materials, semiconductors, defense technology, and natural capital. Backed by British Business Bank, Aviva Investors, and Lloyds Banking Group.
10. Transition Ventures Fund II, $150M
European and US fund focused on physical AI, climate, deep tech, energy, semiconductors, robotics, and critical minerals. Pre-seed to Series A.
11. byFounders Fund III, $148M+
Nordic and Baltic fund backing AI, deep tech, climate tech, fintech, health tech, and developer tooling at pre-seed and seed. LPs include Novo Holdings, EIFO, and Chr. Augustinus Fabrikker.
12. Genesia Ventures, ~$113M
Japan-focused fund with a Southeast Asia and India lens. Invests in AI, energy transition, healthcare, insurance, supply chain infrastructure, and alternative credit at seed and early stage. Anchored by Japan Investment Corporation.
13. Longwall Ventures, ~$110M first close (targeting ~$127M)
UK-based fund backing deep tech, life sciences, physical sciences, advanced manufacturing, clean energy, defense, and aerospace at the earliest stages. Backed by British Business Bank.
14. Veriten Fund II, $105M initial close
US energy and industrial fund backing companies at the intersection of AI and energy transformation. LPs include Halliburton, Phillips 66, and CIBC.
15. AlphaDrive, $100M
Israel and US-based fund focused on AI-native cybersecurity, insider threat detection, security data, and AI-driven managed security. Invests from seed through later stages. LPs include Leumi Partners and the Aurum/Kahn family office.
16. Ground State Ventures Fund II, $88M
Netherlands-based fund focused on quantum computing, networking, sensing, and infrastructure. Invests at the earliest stages through university ecosystem partnerships.
17. Convective Capital Fund II, $85M
US fund dedicated to disaster resilience: wildfire, flood, grid failure, insurance, infrastructure, and risk management. LPs include the Arbor Day Foundation, John and Patrick Collison, and insurance companies.
18. Relentless Fund I, $80M+
US seed fund focused on consumer, community platforms, creator economy, marketplaces, software, and AI-driven companies.
19. Kalos Ventures Fund I, $78.8M
US-based fund targeting workforce, care, education, and AI-driven demographic and labor transformation. LPs include ZOMA Capital, GCM Grosvenor, MassMutual, and Pivotal Ventures.
20. Wisdom Ventures Fund II, $77.7M
US fund focused on AI for human flourishing: health, wellness, human connection, and emotionally intelligent AI. LPs include Reid Hoffman, Evan Sharp, Stewart Butterfield, and Jen Rubio.
21. Khwarizmi Ventures Fund II, $70.6M first close
Saudi Arabia-based fund backing fintech, consumer tech, and AI applications at seed and Series A across the GCC.
22. Boulder Ventures IX, $55M
Colorado-based fund investing in IT, software, storage, communications, biotech, and life sciences at the early stage.
23. Champion Leadership Group SaaS Fuel Fund I, $55M
US fund focused on B2B SaaS and AI companies at $1M to $5M ARR. LPs are exited SaaS founders and senior tech executives.
24. Nomi Defense Fund I, $50M
US fund targeting defense tech, autonomy, unmanned systems, AI, communications, manufacturing, supply chain, space, and energy at Series B and later. Backed by approximately 150 HNWIs, family offices, and RIAs.
25. Refactor Capital Fund 5, $50M
US seed fund focused on hard tech, aerospace, applied biology, critical materials, earth systems, energy, robotics, and AI. 100% of LPs re-upped from prior funds.
26. Plus Partners Fund I, ~$49.5M in commitments
Spain-based fund backing health and nutrition, money and property, work and productivity, and AI-native startups at pre-seed and seed across Southern Europe. LPs include Institut Catala de Finances and SETT.
27. Restive Ventures Fund III, $45M
US-based pre-seed and seed fund for AI-native fintech, agentic payments, autonomous underwriting, and AI-driven financial operations. Backed by endowments and global asset managers.
28. Skybound Ventures Fund I, $38M first close
Greece-based deep tech fund covering infrastructure, advanced computing, bioengineering, agriculture, space, energy, robotics, longevity, and AI safety. Backed by the European Investment Fund through Equifund II.
29. Bridgewest Ventures Fund I, $35.2M first close (targeting ~$58M)
New Zealand-based fund investing in deep tech, life sciences, medtech, AI, advanced materials, and clean tech at the early stage.
30. Meridian Ventures Fund II, $35M
US fund targeting enterprise tech, B2B software, fintech, logistics, healthcare, and AI at pre-seed and seed. Backed by publicly traded banks and Fortune 500 executives.
31. Cleo Ventures Fund II, $34M
Europe-based fund for AI applications, AI infrastructure, frontier labs, and AI-adjacent deep tech at pre-seed and seed. Backed by Otium Capital and 40+ AI entrepreneurs and operators.
32. Worldbuild I, $30M
US pre-seed and company formation fund targeting AI compute, AI hardware, browser infrastructure, space energy, and fintech. Backed by a top 20 university endowment and multi-stage VC firms.
33. Top Down Ventures Founders Fund I, $28M
Canada-based early-stage fund for MSP software, AI, automation, intelligence, and governance platforms. Backed by 100+ LPs including MSP founders and operators.
34. neoteq ventures Fund II, ~$27.5M first close (targeting ~$55M)
Germany-based fund investing in AI-adaptable tech, logistics, proptech, energy transition, medtech, robotics, HR tech, and SaaS from pre-seed to Series A. Backed by NRW.BANK and Sparkasse institutions.
35. Skinos Ventures Fund I, $26M
Israel-based seed and Series A fund dedicated exclusively to AI-native cybersecurity. Founded with Shlomo Kramer as the foundational investor.
36. N49P Fund IV, $25M first close (targeting $70M)
Canada-based pre-seed fund focused on Canadian tech and physical world technology. Backed by Northleaf Capital Partners.
37. Weekend Fund IV, $25M
US pre-seed and seed fund for SaaS, AI/ML, fintech, consumer products, and developer tools. LPs include 100+ operators from Apple, Anthropic, Stripe, Google DeepMind, and DoorDash, plus a top 20 university endowment.
38. Araya Sie Fund, $10.2M first close
UK-based pre-seed and seed fund backing women-led frontier tech in AI, deeptech, fintech, healthcare, and sustainability. Backed by the British Business Bank Regional Angels Programme.
39. Mother Ventures Fund I, $10M
US-based early-stage fund focused on maternal and family health, CPG, physical products, entertainment, play, and home empowerment. LPs include Tony James and Jessica Rolph.
40. Front Ventures, ~$5.4M raise
Sweden-based fund targeting defense tech: drones, defense software, secure communications, electronic warfare, and defense supply chains, with a focus on Sweden and Ukraine.
41. Surround Ventures Fund II
Israel and US-based early-stage fund across deep tech, defense tech, AI infrastructure, biotech, quantum, energy, and geothermal. First close completed; size undisclosed. Backed by Israeli tech entrepreneurs and US, European, and Australian private investors.
42. Deviation Capital Fund V
US seed and Series A fund targeting applied AI, B2B SaaS, fintech, capital markets, manufacturing, industrials, robotics, techbio, and healthcare data. $300M target; no close announced yet. Two Sigma continues as collaborator and investor.
43. Isogon Ventures
US and Spain-based fund focused on AI, robotics, manufacturing, logistics, energy, supply chains, and industrial tech at Series A and selective seed. Fund size undisclosed.
44. Silicon Road Ventures India Fund
India and US cross-border fund targeting B2B agentic AI, commerce tech, supply chain, logistics, fintech, and retail operations at seed and Series A. First close completed; fund size undisclosed. Backed by leading CPG companies as LPs.
45. Outside Capital
US pre-seed and seed fund focused on sport, performance, outdoor recreation, consumer wellness, and fitness tech. Fund size undisclosed.
What This Means for Founders
May's fund activity gives founders a useful map of where capital is sitting and what investors are looking for right now.
The mega-funds are not your fundraising targets yet.
Founders Fund at $6B and a16z Crypto at $2.2B are writing checks of $50M to $500M into companies with proven revenue and clear market leadership. If you are at pre-seed or seed, these raises matter more to your future exit environment than your current round.
The mid-market is where most deals happen.
Funds in the $50M to $200M range, byFounders, A*, Convective, TMV, Mouro, Ridgeline, Ground State, Veriten, are the vehicles writing the checks that move early-to-growth-stage companies forward. This is the active center of the market.
Specialist funds give you a real edge.
If you are building in defense tech, AI-native fintech, quantum infrastructure, disaster resilience, Nordic deep tech, Southern European consumer, or maritime logistics, there are now well-capitalized funds specifically designed for your sector. Nomi, Skinos, Convective, Restive, byFounders, TMV, Ground State, and Skybound are not generalists. They are operators in your lane.
AI is now assumed, not optional.
Every fund in May, from the $10M Mother Ventures to the $6B Founders Fund, has a view on how AI affects its portfolio. If your startup does not have a clear answer to how AI fits into your product or business model, that conversation is coming in every investor meeting.
Crypto is back at institutional scale.
If you are building in stablecoins, onchain financial infrastructure, tokenized assets, or AI agents interacting with financial systems, May showed that institutional capital is back in size. The $3.2B raised by a16z Crypto and Haun Ventures alone signals a return to serious deployment in the category.
Final Thought
May's headline number looks large, but the $74M median fund tells a different story: a market where most deals are still being built around focused, early-stage theses backed by LPs who are increasingly strategic rather than purely financial.
The bifurcation that showed up in April, mega-funds consolidating at the top, specialist vehicles filling in the gaps below, held in May.
What is changing is the vocabulary; the sectors being funded, the LPs backing the funds, and the kinds of companies attracting capital are all shifting toward physical systems, AI-native infrastructure, and the reindustrialization of the economy. Software-only is not dead, but it is no longer the only story.
That is May 2026. Same structural shifts, new names, new geographies, and $13 billion in new capital looking for the next category leaders.
