Commerce Ventures
Commerce Ventures last closed a fund in August 2023 — 39 months ago. By its own rhythm, that is already past its usual gap.
Commerce Ventures has raised 4 times about every 30 months. The last was Commerce Ventures V-A, L.P. That pointed to Feb 2026. It is 9 months past its own gap and has not filed a new fund.
Historically about 1 in 4 firms in this position filed within a year. The month is approximate — how often this is right.
Late-cycle This firm is deep enough into its last fund that a new one would not be a surprise.
- Funds on file
- 8
- Capital raised
- $255M+
- Latest close
- August 2023
- Based in
- CA
Vehicles on file
| Vehicle | First close | Amount | Filings |
|---|---|---|---|
| Commerce Ventures V, L.P. | August 2023 | $10M | 0001987899 ↗ |
| Commerce Ventures V-A, L.P. | August 2023 | $11M | 0001987934 ↗ |
| Commerce Ventures IV-A, L.P. | June 2021 | $13M | 0001864375 ↗ |
| Commerce Ventures IV, L.P. | June 2021 | $138M | 0001864392 ↗ |
| Commerce Ivy III, LLC | February 2021 | $3M | 0001846205 ↗ |
| Commerce Ventures II, L.P. | August 2015 | not stated | 0001651581 ↗ |
| Commerce Ventures, L.P. | February 2013 | $20M | 0001569693 ↗ |
| Commerce Ventures III, L.P. | — | $60M | 0001752958 ↗ |
1 of these filed no amount (an “Indefinite” offering), so the total above is a floor.
Each row links to that vehicle’s Form D filings on EDGAR — the name, date and amount above should match what is filed there.
Named on filings
Ysbrant Marcelis
What Commerce Ventures invests in
- Typical fund
- $13M median, pre-seed / seed scale
- Website
- commerce.vc
Service providers
- Fund administrator
- Aduro (7 funds)
- Auditor
- Frank Rimerman (7 funds)
From Form ADV filed by COMMERCE VENTURES MANAGEMENT, LLC CRD 167328 ↗, latest filing March 2026, covering 7 funds linked to this firm by Form D file number. Form ADV is filed once a year, so a provider may have changed since. How this is matched.
What this is. Every figure on this page comes from Form D filings with the U.S. Securities and Exchange Commission — public records, reproduced here as filed. Service providers, where shown, come from the adviser’s Form ADV and are dated.
What it is not. Single-deal SPVs, feeder vehicles and GP or employee commitment funds are listed but excluded from fund counts and capital totals: an SPV is one investment, a feeder holds the same capital as its master, and a “Principals” or “Entrepreneurs” fund closes alongside a main fund rather than being raised in its own right. Capital deployed from a family office, a corporate balance sheet or an evergreen structure never arrives as a fund close, so a firm doing that looks quiet here. Amounts are as of the last amendment and go stale. Dates are the date of first sale — a fund's first close, not its final one. Funds filed as “Indefinite” are excluded from totals rather than counted as zero, so a total is a floor.
“No recent fund” is a statement about filings. It is not a statement about whether a firm is solvent, investing, or still in business.