The $2 Billion Bet
A new capital haul of $2 billion will let the firm invest in startups at different phases, extending a track record that includes cybersecurity company Wiz and fintech Revolut. On Friday, July 31, 2026, the firm said it created a $900 million venture fund and a separate $400 million seed fund. It also directed another $700 million into its growth fund, which had launched in 2024 with $1.5 billion.
That raised the growth fund to $2.2 billion. Index's total investing capacity now comes to $3.5 billion.
Why Big Funds Are Flowing Again
"Venture firms that can attract institutional investors are stockpiling larger funds even as the broader industry faces a liquidity squeeze. Many of those large players hold substantial positions in the leading AI companies that have drawn most of the recent venture dollars. Startups in other sectors have found it harder to produce exits and meaningful returns," a spokesperson for Index said.
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Index, which began in Geneva in 1996, has not followed that pattern. The past year went well for the firm, helped by a set of standout portfolio outcomes. Wiz agreed to be acquired by Alphabet's Google for $32 billion, Figma went public, and through a secondary share sale, Revolut reached a $115 billion valuation. Index backed Revolut in its early days.
The new funds span seed, venture, and growth stages, which allows Index to back companies early and continue investing as they scale. The structure means one team can track a company from its first seed check to a public listing or acquisition.
Where the Money Is Heading
Index has not traditionally been known as an AI investor. It holds positions in Cohere and Mistral, two smaller AI labs, and entered Anthropic relatively late, taking part in a 2025 round. In the past few months, Index joined several AI financings, among them a $1.1 billion first round for Ineffable Intelligence, a company founded by ex-DeepMind researcher David Silver.
What It Means for Investors
For investors, the new funds show that Index can write checks as companies move from seed to growth. For an industry wrestling with a liquidity squeeze, the fundraise gives Index flexibility to support companies even when exits are hard. Recent wins such as Wiz's $32 billion acquisition by Google and Revolut's $115 billion secondary-valuation help explain why institutional investors continue to commit capital.
Its early bet on Revolut and longstanding position in Wiz illustrate how the firm can benefit from both public listings and acquisitions. The capital raise also gives Index room to take larger positions in AI startups while staying active in other sectors.
The Bottom Line
The capital raise arrives at a time when some venture firms are expanding while others face a liquidity crunch. Index has recorded recent successes with Wiz, Figma, and Revolut and has been active in AI deals. The firm now has capital to deploy at every major stage of a company's life, from seed to growth.
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