Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.

Firms / Commerce Ventures Management, LLC

Commerce Ventures Management, LLC

Multi-stage venture firmSan Francisco, CAcommercevc.comSEC venture capital fund adviserfundraising evidence

both early and growth/opportunity families, reported GAV $837M

Importance
46
elevated
Active deployment
75
high
Emerging
0
low
Completeness
63
high
Freshness
100
high
Research priority
28
moderate
Identity and regulatory footprint
Headquarters
San Francisco, CAadviserinfo.sec.gov
Office address
555 MISSION STREET, SUITE 3250, San Francisco, CA, 94105adviserinfo.sec.gov
Business phone
415-500-5352adviserinfo.sec.gov
SEC adviser type
exempt reporting adviseradviserinfo.sec.gov
SEC exemption claimed
venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
Latest Form ADV
Mar 13, 2026
Private funds reported
38 (38 venture capital funds)adviserinfo.sec.gov
Private fund gross assets
$889Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
business email
julie@commerce.vccommerce.vcpublished by the subject
business email
partners@commerce.vccommerce.vcpublished by the subject
business email
startups@commerce.vccommerce.vcpublished by the subject
business email
timeforchange@commerce.vccommerce.vcpublished by the subject
business phone
415-500-5352adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
4 observed deals
Stated (the firm’s website)
Sectors
ai, fintech, b2b
Stages
not stated or not yet read
Geography
global
Check size
not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation
series a 50%series b 50%
Stage at first entry
series a 50%series b 50%
Sectors
unknown 100%
lead rate 0%follow-on rate 0%new logos, 12 months 4
Funds and vehicles
39 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
CV II Waterfront E, LLCFund2025 form d first saleNewly closedunknownunknown$2.6M
of $2.6M
Sep 18, 2025
Commerce Ventures V, L.P.Fund2024 adv first reportedEarly deployment$136M
May 10, 2024
43unknownunknown
CV Opportunities II, L.P.Opportunity fund2024 form d first saleEarly deploymentunknownunknown$26.5M
of $26.5M
Oct 9, 2024
Commerce Ventures V-A, L.P.Feeder or parallel2023 form d first saleActive deployment$10.9M
May 10, 2024
88$10.9M
of $13.5M
Dec 20, 2023
CV IV Contact, LLCFund2023 form d first saleActive deployment$648,550
May 10, 2024
9$650,000
of $650,000
Nov 21, 2023
Commerce Ventures V, L.P.Fund2023 form d first saleActive deploymentunknownunknown$140M
of $140M
Mar 22, 2024
CV Access, LPFund2022 form d first saleActive deployment$11.0M
May 10, 2024
6$11.0M
of $11.0M
Apr 28, 2022
CV III Fp, LLCFund2022 form d first saleActive deployment$6.2M
May 10, 2024
1$4.2M
of $6.2M
Nov 7, 2023
CV Industry III, LLCFund2022 form d first saleActive deployment$3.5M
May 10, 2024
3$3.5M
of $3.5M
Oct 13, 2022
CV III Developer, LLCFund2022 form d first saleActive deployment$2.6M
May 10, 2024
7$2.4M
of $2.4M
Oct 13, 2022
CV Fp, LLCFund2022 form d first saleFundraising$2.0M
May 10, 2024
1$2.0M
of $2.3M
Jul 30, 2025
CV III Fuel, LLCFund2022 form d first saleActive deployment$846,574
May 10, 2024
8$875,000
of $875,000
Jul 1, 2022
CV II Waterfront, LLCFund2022 form d first saleActive deployment$448,542
May 10, 2024
7$475,000
of $475,000
Apr 13, 2022
Commerce Ventures IV, LPFund2021 form d first saleMature$128M
May 10, 2024
61$138M
of $138M
Jun 17, 2021
CV Opportunities, L.P.Opportunity fund2021 form d first saleMature$19.8M
May 10, 2024
48$19.1M
of $19.1M
Oct 1, 2021
Commerce Ventures Iv-A, L.P.Feeder or parallel2021 form d first saleMature$13.1M
May 10, 2024
99$13.3M
of $13.9M
Jun 17, 2021
CV Strong F, LLCFund2021 form d first saleMature$6.4M
May 10, 2024
25$6.5M
of $6.5M
Jun 3, 2021
CV II Protect E, LLCFund2021 form d first saleMature$6.1M
May 10, 2024
21$6.1M
of $6.1M
Nov 3, 2021
Commerce Ivy III, LLCFund2021 form d first saleMature$3.6M
May 10, 2024
4$2.5M
of $2.5M
Feb 26, 2021
CV III Recommerce, LLCFund2021 form d first saleMature$3.4M
May 10, 2024
8$3.2M
of $3.2M
Aug 3, 2021
CV III Gbg, LLCFund2021 form d first saleMature$2.5M
May 10, 2024
1$5.0M
of $5.0M
Apr 12, 2021
CV II Protect E-Verde, LLCFund2021 form d first saleMature$1.9M
May 10, 2024
3$2.0M
of $2.0M
Nov 3, 2021
CV II Billing Ind 2021, LLCFund2021 name yearMature$655,283
May 10, 2024
6$525,000
of $525,000
Oct 15, 2021
CV III Patient, LLCFund2021 form d first saleMature$594,691
May 10, 2024
8$550,000
of $550,000
Feb 26, 2021
CV III Dining, LLCFund2021 form d first saleMature$443,356
May 10, 2024
13$2.6M
of $2.6M
Nov 29, 2021
CV II Fintech, LLCFund2020 form d first saleMature$23.6M
May 10, 2024
5$3.0M
of $3.0M
Jun 2, 2020
CV II Billing, LLCFund2020 form d first saleMature$10.0M
May 10, 2024
2$10.0M
of $10.0M
Aug 10, 2020
CV II Protect C-1, LLCFund2020 form d first saleMature$2.9M
May 10, 2024
2$400,000
of $400,000
Jun 2, 2020
CV Strong, LLCFund2020 form d first saleMature$2.5M
May 10, 2024
6$1.5M
of $1.5M
Nov 20, 2020
CV II Billing Ind, LLCFund2020 form d first saleMature$2.3M
May 10, 2024
22$2.4M
of $2.4M
Aug 7, 2020
CV III Checkout, LLCFund2020 form d first saleMature$183,036
May 10, 2024
4$355,000
of $355,000
Aug 10, 2020
CV Industry II, LLCFund2017 form d first saleHarvest$147M
May 10, 2024
5$2.0M
of $2.0M
Jul 25, 2017
CV II Protect, LLCFund2017 form d first saleHarvest$25.6M
May 10, 2024
4$850,000
of $850,000
Jul 25, 2017
CV II Protect D, LLCFund2017 form d first saleHarvest$3.4M
May 10, 2024
6$10.7M
of $18.0M
Jul 15, 2021
Commerce Ventures II, LPFund2015 form d first saleHarvest$111M
May 10, 2024
55$25.6M
of $40.0M
Jun 9, 2016
Commerce Ventures, L.P.Fund2013 form d first saleHarvest$47.9M
May 10, 2024
45$13.3M
of $20.0M
Feb 14, 2014
Commerce Ventures III, L.P.FundunknownUnknown$65.6M
May 10, 2024
97$0
of $60.0M
Sep 13, 2018
Commerce Ivy Ii-A, LLCFeeder or parallelunknownUnknown$26.3M
May 10, 2024
4unknownunknown
CV II Protect C, LLCFundunknownUnknown$7.7M
May 10, 2024
4unknownunknown
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
17 current, 0 departed
Investments on record
4 edges, 4 companies, 0 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
KastleSeries A · Series Aparticipantunknown$24.0MunknownSep 17, 2026Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS)
FootprintSeries B · Series Bparticipantunknown$25.0MunknownSep 16, 2026Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS)
Read the storyportfolio listingunknownunknownunknownunknownSep 16, 2026Fact Venture organization websites (about, team, portfolio, thesis, news pages)
MonarkFunding roundparticipantunknown$8.1MunknownFeb 18, 2026Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS)
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
12 relationships from shared deals, counted for the whole firm
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
38 dated events
  1. Mar 27, 2024
    Commerce Ventures V-A, L.P. first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $10,950,000
  2. Mar 27, 2024
    Commerce Ventures V, L.P. first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $136,360,000
  3. Mar 27, 2024
    CV IV Contact, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $648,550
  4. Mar 29, 2023
    CV III Developer, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $2,397,690
  5. Mar 29, 2023
    CV Fp, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $2,026,906
  6. Mar 29, 2023
    CV III Fuel, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $856,999
  7. Mar 29, 2023
    CV III Fp, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $4,017,859
  8. Mar 29, 2023
    CV Industry III, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $3,526,422
  9. Mar 29, 2023
    CV Access, LP first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $11,039,461
  10. Mar 29, 2023
    CV II Waterfront, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $458,187
  11. Mar 29, 2022
    CV III Gbg, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $5,001,126
  12. Mar 29, 2022
    CV III Patient, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $533,770
  13. Mar 29, 2022
    CV III Dining, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $2,600,000
  14. Mar 29, 2022
    Commerce Ventures IV, LP first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $140,958,536
  15. Mar 29, 2022
    CV II Billing Ind 2021, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $508,463
  16. Mar 29, 2022
    CV II Protect E, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $6,079,475
  17. Mar 29, 2022
    CV II Protect E-Verde, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $1,963,490
  18. Mar 29, 2022
    CV III Recommerce, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $3,211,433
  19. Mar 29, 2022
    CV Opportunities, L.P. first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $19,285,702
  20. Mar 29, 2022
    CV Strong F, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $6,475,095
  21. Mar 29, 2022
    Commerce Ivy III, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $5,538,061
  22. Mar 29, 2022
    CV II Protect D, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $4,282,057
  23. Mar 29, 2022
    Commerce Ventures Iv-A, L.P. first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $14,190,483
  24. Dec 1, 2021
    Matthew Clark Nichols joined Schedule A of Commerce Ventures Management, LLC as Member
  25. Feb 28, 2021
    CV II Protect C-1, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $391,268
  26. Feb 28, 2021
    Commerce Ventures Management, LLC first filed Form ADV (ERA, venture capital fund adviser exemption)
  27. Feb 28, 2021
    Commerce Ventures II, LP first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $49,947,884
  28. Feb 28, 2021
    CV Industry II, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $31,923,982
  29. Feb 28, 2021
    CV II Protect C, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $989,558
  30. Feb 28, 2021
    Commerce Ventures, L.P. first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $42,734,121
  31. Feb 28, 2021
    CV II Protect, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $3,290,947
  32. Feb 28, 2021
    Commerce Ventures III, L.P. first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $63,165,193
  33. Feb 28, 2021
    Commerce Ivy Ii-A, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $6,532,922
  34. Feb 28, 2021
    CV II Fintech, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $3,021,268
  35. Feb 28, 2021
    CV II Billing Ind, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $2,357,706
  36. Feb 28, 2021
    CV II Billing, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $9,989,645
  37. Feb 28, 2021
    CV Strong, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $1,535,000
  38. Feb 28, 2021
    CV III Checkout, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $374,634
Classification history
  1. Sep 15, 2026
    Multi-stage venture firm (confirmed, 95%, cls-1)
    both early and growth/opportunity families, reported GAV $837M
  2. Sep 12, 2026
    Multi-stage venture firm (confirmed, 95%, cls-1)
    both early and growth/opportunity families, reported GAV $835M
Evidence
46 observations from 4 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedvc_exemption,vc_funds_reportedMar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC exemption claimedventure_capital_fund_adviserMar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC exemption claimedventure_capital_fund_adviserMay 10, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
SEC adviser typeexempt_reporting_adviserMar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC adviser typeexempt_reporting_adviserMay 10, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
First Form ADV filing2021-02-28May 10, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Adv history loadedadv-hist-1Sep 12, 2026FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Latest Form ADV filing2026-03-13Mar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Latest Form ADV filing2024-05-10May 10, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
SEC statusERA - ActiveMar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC status effective2021-02-28Mar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Venture share of reported funds1May 10, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Business phone415-500-5352Mar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Business phone415-500-5352May 10, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
HeadquartersSan Francisco, CAMar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
HeadquartersSan Francisco, CAMay 10, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Office address555 MISSION STREET, SUITE 3250, San Francisco, CA, 94105Mar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Office address555 MISSION STREET, SUITE 3250, San Francisco, CA, 94105May 10, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Legal formLimited Liability CompanyMar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Legal formLimited Liability CompanyMay 10, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Portfolio pagehttps://commerce.vc/portfolio/
1 entries read
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Portfolio pagehttps://commerce.vc/portfolio/
1 entries read
Sep 14, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Private funds reported38Mar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private funds reported36May 10, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Private fund gross assets (reported)$889MMar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private fund gross assets (reported)$837MMay 10, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Schedule a diffsadiff-1Sep 14, 2026FactIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
Stated geographyglobal
geography words on the home page
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stated geographyglobal
geography words on the home page
Sep 14, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stated sectorsai,fintech,b2b
sector words on the home page
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stated sectorsai,fintech,b2b
sector words on the home page
Sep 14, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Team pagehttps://commerce.vc/team/
15 name/title pairs read
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Team pagehttps://commerce.vc/team/
15 name/title pairs read
Sep 14, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Venture funds reported38Mar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Venture funds reported36May 10, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
WebsiteHTTP://WWW.COMMERCE.VCMar 13, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
WebsiteHTTP://WWW.COMMERCEVC.COMMay 10, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Website resolved domaincommerce.vc
https://commercevc.com/ redirected to https://commerce.vc/
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Website resolved domaincommerce.vc
https://commercevc.com/ redirected to https://commerce.vc/
Sep 14, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Site titleFrontpage - Commerce Ventures
title tag
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Site titleFrontpage - Commerce Ventures
title tag
Sep 14, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)