Thirty years in venture capital is a long time to stay relevant. Index Ventures just proved it still is, raising roughly €1.7 billion ($2 billion) and pushing its total investing capital to nearly €3 billion ($3.5 billion) across Seed, venture, and growth.

The new capital breaks down into a €346.9 million ($400 million) Seed fund, a €780.4 million ($900 million) venture fund, and a further €607.01 million ($700 million) committed to the firm's existing growth vehicle, lifting its 2024 fund from €1.3 billion ($1.5 billion) to €1.9 billion ($2.2 billion).

Founded in 1996, the firm is marking its 30th anniversary with this raise, and its own framing leans into that history rather than away from it. In its blog post announcing the round, the firm said the new capital will let it keep "backing exceptional founders from first check to the public markets and beyond, across the ten-hour time zone that runs from Tel Aviv to San Francisco, in every cycle."

That's not a small claim. It's also one the portfolio genuinely backs up.

Index has been an early backer of Adyen, Datadog, Figma, Revolut, Robinhood, Roblox, Scale AI, and cybersecurity company Wiz, which Google agreed to acquire for $32 billion in March 2025, a deal that closed in 2026.

We've seen at Startup Networks how quickly a firm's credibility can wobble the moment one of its "flagship" exits underdelivers. Index doesn't have that problem here. A $32 billion acquisition from an early check is about as clean a proof point as venture capital gets.

The firm's own explanation for the timing is worth taking seriously too. It argues AI is "putting the power to build into more hands than ever before," compressing the time from idea to product and cracking open entire industries, from infrastructure and cybersecurity to fintech, healthcare, productivity and consumer, to disruption.

Its recent activity backs that thesis up. In 2026 alone, Index has backed London-based Marker, Conduct, Inherent, Scope, Adfin, Granola, and Ineffable Intelligence, alongside Paris-based Parallel and Uncovr.

It hasn't neglected its existing bets either, participating in Alan's €480 million Series G and Wonderful's roughly €130 million Series B.

Nearly €3 billion is a lot of dry powder chasing an AI wave that hasn't even peaked yet. The real test isn't whether Index can deploy it. It's whether the next Wiz is actually sitting somewhere in this list, or still years away from being found.

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With this much capital chasing AI right now, do you think we're watching genuine value creation, or the early signs of another funding bubble?