The breakdown is $400M for a new seed fund, $900M for a venture fund, and $700M added to a $1.5B growth fund from 2024, putting total available capital at $3.5B. Index raised $2.3B across two funds two years ago and has deliberately avoided inflating its vehicles while rivals bulked up.
Figma, another early Index bet, went public last year. In AI, the portfolio includes robotics company Physical Intelligence, inference platform Fireworks AI and Anthropic, an investment made when the model maker raised at a $183 billion valuation last September.
The three-fund structure lets Index keep writing early checks while holding dry powder for later-stage winners. The partners argue their best returns historically came from staying disciplined on sizing and getting in early, a strategy the new capital is built to continue.
