Union Square Ventures raises $900M across a $500M early-stage fund and a $400M opportunity fund

Union Square Ventures has raised $900 million across two funds: $500 million for early-stage investments, up from $275 million in 2024, and $400 million for its opportunity fund, up from $350 million. Bloomberg first reported the raise on 8 October.

The New York firm, an early backer of Coinbase, Twilio, Etsy and MongoDB, is also narrowing its active partnership to four: Fred Wilson, Rebecca Kaden, Nick Grossman and Michael Mignano. Andy Weissman, Albert Wenger, John Buttrick and co-founder Brad Burnham move into supporting roles, and Jared Hecht and Scott Belsky join as venture and product-advisory partners.

Wilson said the larger funds let USV lead rounds needing checks of about $30 million. The thesis covers AI applications, data captured through physical intelligence, trust and security in intelligent products, and energy, with its standalone energy fund folded into the core strategy.