Pathbreaker Ventures
Pathbreaker Ventures last closed a fund in September 2024 — 26 months ago. By its own rhythm, that is not yet halfway to the next one.
Pathbreaker Ventures has raised 3 times about every 55 months. The last was Pathbreaker Ventures Fund III, L.P. That points to Apr 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.
Mid-cycle This firm is far enough into its last fund to be investing, and too early to be raising again.
Still filing with the SEC: April 2026. That is an amendment to an existing offering, not a new fund - which is what an evergreen structure looks like in this data.
- Funds on file
- 3
- Single-deal SPVs
- 31
- Capital raised
- $48M
- Latest close
- September 2024
- Based in
- CA, WA
Vehicles on file
| Vehicle | First close | Amount | Filings |
|---|---|---|---|
| Pathbreaker Ventures Fund III, L.P. | September 2024 | $18M | 0002039610 ↗ |
| Pathbreaker Ventures Fund II, L.P. | December 2019 | $26M | 0001798739 ↗ |
| Pathbreaker Ventures Fund, L.P. | August 2015 | $3M | 0001651660 ↗ |
| RE-0403 Fund III, a series of Pathbreaker SPV, LP | April 2026 | $457,001 | 0002129959 ↗ |
| FR-0318 Fund II, a series of Pathbreaker SPV, LP | April 2024 | $857,300 | 0002016452 ↗ |
| BU-0118 Fund I, a series of Pathbreaker SPV, LP | February 2024 | $410,000 | 0002009205 ↗ |
| PA-1206 Fund I, a series of Pathbreaker SPV, LP | December 2023 | $335,001 | 0002003960 ↗ |
| TR-0821 Fund I, a series of Pathbreaker SPV, LP | November 2023 | $224,962 | 0001992019 ↗ |
| IN-0807 Fund I, a series of Pathbreaker SPV, LP | August 2023 | $290,781 | 0001990285 ↗ |
| IR-1027 Fund VI, a series of Pathbreaker SPV, LP | December 2022 | $927,859 | 0001959342 ↗ |
| HY Fund III, a series of Pathbreaker SPV, LP | August 2022 | $1M | 0001945094 ↗ |
| GR Fund I, a series of Pathbreaker SPV II, LP | August 2022 | $558,003 | 0001941291 ↗ |
| SI Fund IV, a series of Pathbreaker SPV II, LP | July 2022 | $1M | 0001940140 ↗ |
| RE Fund I, a series of Pathbreaker SPV II, LP | May 2022 | $358,003 | 0001928461 ↗ |
| FR Fund I, a series of Pathbreaker SPV II, LP | January 2022 | $3M | 0001915252 ↗ |
| RU Fund III, a series of Pathbreaker SPV, LP | December 2021 | $3M | 0001902293 ↗ |
| ON Fund II, a series of Pathbreaker SPV, LP | December 2021 | $746,772 | 0001899583 ↗ |
| AD Fund I, a series of Pathbreaker SPV II, LP | November 2021 | $833,005 | 0001895838 ↗ |
| OR Fund I, a series of Pathbreaker SPV, LP | September 2021 | $1M | 0001883456 ↗ |
| DE Fund I, a series of Pathbreaker SPV, LP | September 2021 | $463,010 | 0001882455 ↗ |
| BI Fund I, a series of Pathbreaker SPV, LP | August 2021 | $933,004 | 0001881320 ↗ |
| IR C, a series of Pathbreaker SPV, LP | August 2021 | $3M | 0001879472 ↗ |
| RE Fund II, a series of Pathbreaker SPV, LP | August 2021 | $373,819 | 0001879480 ↗ |
| TO Fund I, a series of Pathbreaker SPV, LP | June 2021 | $833,000 | 0001869182 ↗ |
| SI Fund III, a series of Pathbreaker SPV, LP | May 2021 | $2M | 0001863815 ↗ |
| RU Fund II, a series of Pathbreaker SPV, LP | March 2021 | $389,001 | 0001854747 ↗ |
| ON Fund I, a series of Pathbreaker SPV, LP | February 2021 | $1M | 0001846624 ↗ |
| IR B Fund, a series of Pathbreaker SPV, LP | September 2020 | $2M | 0001823935 ↗ |
| SA Fund I, a series of Pathbreaker SPV, LP | July 2020 | $233,000 | 0001819434 ↗ |
| CA Fund I, a series of Pathbreaker SPV, LP | April 2020 | $683,000 | 0001810435 ↗ |
| FC Fund I, a series of Pathbreaker SPV, LP | August 2019 | $458,000 | 0001788012 ↗ |
| RE Fund I, a series of Pathbreaker SPV, LP | March 2019 | $508,000 | 0001771248 ↗ |
| SI Fund II, a series of Pathbreaker SPV, LP | February 2019 | $1M | 0001769036 ↗ |
| RU Fund I, a series of Pathbreaker SPV, LP | November 2018 | $536,000 | 0001795561 ↗ |
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
Ryan Gembala
What Pathbreaker Ventures invests in
- Typical fund
- $18M median, pre-seed / seed scale
- Website
- pathbreakervc.com
Service providers
- Fund administrator
- AngelList (Belltower) (29 funds), Carta (2 funds), EisnerAmper (1 fund)
- Auditor
- Frank Rimerman (1 fund), Weaver (1 fund)
From Form ADV filed by PLATFORM ADVISOR, LLC CRD 167700 ↗, latest filing June 2026, covering 32 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.