Primary Ventures Secures $625M Fund V to Accelerate Nationwide Seed-Stage Investments

Primary Ventures has successfully closed its $625 million Fund V, dedicated to seed-stage investments across the United States. This substantial capital raise represents a significant milestone for a firm exclusively focused on early-stage venture capital, reflecting the dramatic expansion of seed round valuations in the AI-driven technology landscape.

Ben Sun, co-founder and general partner at Primary Ventures, disclosed that the fund's average investment ticket will range between $5 million and $10 million. The firm aims to deploy capital across 40 to 50 portfolio companies over a three-year investment period, with flexibility to participate in pre-seed rounds as well.

Geographic Expansion Beyond Traditional Tech Hubs

While Primary Ventures established its reputation as one of New York's premier venture capital firms with an initial focus on the metropolitan area, the firm has strategically pivoted toward a nationwide investment thesis. Sun emphasized that the firm has successfully executed deals across diverse markets including Chicago, Seattle, Virginia, and Washington D.C.

"The talent, the founder, and the startups are happening everywhere," Sun stated, highlighting the democratization of entrepreneurial ecosystems across the country. "The potential outcomes are so much bigger than they've ever been."

Seed Investing as an Emerging Asset Class

Sun positions seed-stage investing as an evolving distinct asset class, driven by rising founder quality and the ongoing technological transformation. A fund of this magnitude enables the firm to compete more effectively for premium deal flow and provide enhanced resources to exceptional founders.

This trend is evident across the venture capital industry, with Sequoia recently raising a $200 million seed fund and Uncork Capital announcing a $225 million seed fund in the previous year.

Investment Strategy and Sector Focus

Although Primary Ventures identifies as a generalist firm, it maintains sector specialists across multiple verticals including:

According to Sun, this coverage spans approximately 80-90% of seed-stage activity in the market.

Portfolio and Fund History

Fund V has already deployed capital into three portfolio companies. The firm's fundraising trajectory demonstrates consistent growth: $60 million for Fund I in 2015, $100 million for Fund II, $150 million for Fund III, $275 million for Fund IV, plus an additional $163 million opportunity fund.

Notable portfolio companies include AI semiconductor startup Etched, risk management platform Alloy, women's professional networking organization Chief, and healthcare AI marketplace Dandelion Health. Primary Ventures currently manages $1.65 billion in assets under management.