Chemistry Ventures is raising $500 million for its second fund, according to an SEC filing. The figure marks a substantial jump from the firm's $350 million debut fund, which launched less than two years ago.

The Wall Street Journal has reported that the new fund is already oversubscribed and expected to close soon. Chemistry Ventures did not immediately respond to requests for comment.

Chemistry was founded by Mark Goldberg, Ethan Kurzweil, and Kristina Shen, three partners who each departed established firms—Goldberg from Index Ventures, Kurzweil from Bessemer Venture Partners, and Shen from Andreessen Horowitz. The firm launched in October 2024, positioning itself as a multi-stage investor operated by veterans striking out on their own.

The firm invests at seed and Series A stages, concentrating on early-stage startups in developer tools, fintech, and infrastructure. Its portfolio includes Granola, Decagon, Persona, Serval, and Nova Intelligence. Chemistry also participated in ComfyUI's $19 million Series A round in late 2024 alongside Cursor Capital and Guillermo Rauch; that company reached a $500 million valuation by April 2026 as demand grew among creators seeking more granular control over AI-generated media.

The speed and size of this second raise stand out against the broader fundraising climate for early-stage venture firms. Over the past two years, many emerging managers have struggled to hit even modest targets as limited partners consolidated commitments with a smaller number of established names. A jump from $350 million to $500 million inside roughly twenty months, coupled with reported oversubscription, tells a story about how limited partners are weighing Chemistry's early results and its founders' track records—and suggests they are willing to commit larger checks sooner than is typical for a second institutional fund.

Fund sizing decisions tend to reveal as much about the LP market's appetite for AI-adjacent infrastructure bets as they do about any single firm's returns to date. Early valuations and paper markups on portfolio companies—like ComfyUI's seed participation reaching a half-billion-dollar valuation within eighteen months—carry weight when emerging managers raise a follow-on fund, even before any companies have been sold or investors have seen cash returned.

One important caveat: none of the available sources confirm actual distributions or realized returns from Chemistry's first fund, only markups and follow-on valuations on portfolio companies. Oversubscription and rapid fund-size growth are signals of investor confidence, but they are not themselves proof of realized performance. Readers treating this raise as a bellwether for the seed and Series A market should keep that distinction in mind.

Chemistry's focus areas—developer tools, fintech, and infrastructure—sit squarely in categories that have absorbed outsized venture attention through the current AI buildout. Much of the tooling underpinning model deployment, agent orchestration, and data infrastructure falls under those headings. Chemistry's stated thesis does not appear to be a pure-play AI fund, but its portfolio composition shows significant overlap with that wave regardless.

Chemistry Ventures operates from chemistry.vc, and the firm's team page lists its founding partners' backgrounds in detail. No additional information on the fund's target close date, LP composition, or specific check sizes for the new vehicle was available at time of writing beyond the SEC filing and Wall Street Journal reporting.