Indicator Ventures
Indicator Ventures last closed a fund in December 2025 — 11 months ago. By its own rhythm, that is barely into the cycle.
Indicator Ventures has raised 4 times about every 48 months. The last was Indicator Ventures IV, L.P. That points to Dec 2029.
Historically about 1 in 8 firms this early in their cycle filed within a year. The month is approximate — how often this is right.
This firm closed a fund in the last 18 months, so it has money to put to work now.
- Funds on file
- 8
- Capital raised
- $142M+
- Latest close
- December 2025
- Based in
- MA, non-US
Vehicles on file
| Vehicle | First close | Amount | Filings |
|---|---|---|---|
| Indicator Ventures IV, L.P. | December 2025 | not stated | 0002085032 ↗ |
| Indicator Ventures III, L.P. | December 2021 | $47M | 0001883727 ↗ |
| Indicator Ventures Select I, L.P. | March 2021 | not stated | 0001849147 ↗ |
| Indicator Fund 1, L.P. | September 2016 | $17M | 0001684939 ↗ |
| Indicator Ventures, L.P. | November 2014 | $14M | 0001626119 ↗ |
| Indicator Carbon, L.P. | — | $1M | 0001677575 ↗ |
| Indicator Ventures II, L.P. | — | $60M | 0001721422 ↗ |
| Indicator Carbon II, L.P. | — | $2M | 0001721423 ↗ |
2 of these filed no amount (an “Indefinite” offering), so the total above is a floor.
Dated from filing date; no date of first sale was reported.
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
Geoffrey Bernstein, Derek Bittar, Jonathan Struhl, Thomas Bittar, Benjamin Luntz, Baiyin Murphy, Geoff Bernstein
What Indicator Ventures invests in
- Typical fund
- $17M median, pre-seed / seed scale
- Website
- indicatorventures.com
Service providers
- Fund administrator
- Carta (4 funds)
- Auditor
- CohnReznick (3 funds)
From Form ADV filed by HSV HOLDINGS LLC CRD 299879 ↗, latest filing March 2026, covering 4 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.