Commerce Ventures Management, LLC
Multi-stage venture firm, based in San Francisco, California, reporting $889M of fund assets on its funds' Form ADV filings.
Composed from this organization's classification, location and filed figures.
14 additional team members, 9 additional co-investors and affiliates, 37 additional investments, funds and LPs, 35 events, 5 verified contacts (3 published business email, 1 general firm email, 1 firm phone)
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What matters now
- 1 vehicleon Form D, 18 months
$11.3M reported sold so far.
A Form D is filed when a vehicle takes its first money, so these are open to LPs now.
- 3 companiesnew in 12 months
3 new companies in the last 12 months. Latest round Kastle Series A ($24M round) on 17 Sep 2026.
A firm writing cheques this quarter is one a founder can pitch now.
People to know
View all people- PartnerWhy: Partner: part of the investment decisionNo route on file yet
- PartnerWhy: Partner: part of the investment decisionNo route on file yet
- MemberWhy: Named with investment responsibilityNo route on file yet
Relationship network
72 connected entities3 observed rounds2 dated rounds shown here, 2026
From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.
- Sponsor
- Company
- Fund or vehicle
- Person
›How strength and recency are read
Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
How am I connected?
Name your firm, a company or a person, and DFX finds the published routes to Commerce Ventures Management, LLC: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.
See how you connect to Commerce Ventures Management, LLC
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
4 companies on record, 3 new in 12 months
Investments on record
What these amounts mean“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.Acquired, Public, Exited and Active are what the firm’s own portfolio card says, read on the date shown when you hover the chip; they are not deal dates. A company with no chip is one whose card states no outcome: DFX does not assume it is active.| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Kastle | Series A · Series A | participant | unknown | $24.0M | unknown | Sep 17, 2026 | Fact Press release |
| Footprint | Series B · Series B | participant | unknown | $25.0M | unknown | Sep 16, 2026 | Fact Press release |
| Read the story | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Firm website |
Stated thesis versus observed behaviour
- 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
Team
17 current, 0 departed
Decision makers
- Dan Rosen · PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility
- Matt Nichols · PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
Investment team
How the team is orderedPartners who lead rounds first (rounds led, then deals attributed, then seniority), then the rest of the investment team, then investor relations, finance and operations. A person named by two sources under two spellings is shown once.- Member · 1 deal attributed
- Partner
- Partner
Contacts
3 published business email, 1 general firm email, 1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
38 vehicles, 0 LPs disclosed
Funds and vehicles
What these amounts meanGAV 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.| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| CV II Waterfront E, LLC | Fund | 2025 form d first sale | Newly closed | $2.6M Mar 13, 2026 | 8 | $2.6M of $2.6M | Sep 18, 2025 |
| Commerce Ventures V, L.P. | Fund | 2024 adv first reported | Early deployment | $144M Mar 13, 2026 | 51 | $140M of $140M | Mar 22, 2024 |
| CV Opportunities II, L.P. | Opportunity fund | 2024 form d first sale | Early deployment | $31.4M Mar 13, 2026 | 41 | $26.5M of $26.5M | Oct 9, 2024 |
Limited partners
Known LPs and allocators
What these amounts and dates areEach commitment is counted once across the pension tape and the allocator graph. A commitment date prints only when the source printed one; otherwise the row carries the report date. A foundation’s 990-PF line is a holding at fair value, never a commitment. Rows without a fund on the venture graph are commitments to this manager.Relationships across DFX
12 co-investors · on 1 other DFX graph
Co-investors
- 2026-09-171 shared deal · one time · they led 1
- 2026-09-171 shared deal · one time
- 2026-09-161 shared deal · one time
Across DFX and the capital chainon 1 other DFX graph ShowHide
- The same institution is held on RIA and Wealth, matched by identifier. See which records
Commerce Ventures Management, LLC is the same institution as 1 record in RIA and Wealth.
The joined record opens with the product, beside every other relationship on this page.
Checking your plan…
Evidence and history
40 dated events, 59 observations from 3 sources
Timeline
- Mar 13, 2026CV II Waterfront E, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $2,648,423
- Mar 13, 2026CV Opportunities II, L.P. first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $31,355,060
- Mar 27, 2024Commerce Ventures V-A, L.P. first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $10,950,000
- Mar 27, 2024Commerce Ventures V, L.P. first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $136,360,000
- Mar 27, 2024CV IV Contact, LLC first reported on Form ADV by Commerce Ventures Management, LLC (Venture Capital Fund), GAV $648,550
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 13, 2026 · 38 private fundsShowHide
- Headquarters
- San Francisco, CAadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- COMMERCE.VC
- 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, adviser total
- $889Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Classification history
Classification history
Every classification this record has carried3 on recordShowHide
- Sep 23, 2026Multi-stage venture firm (confirmed, 95%)Both early and growth/opportunity families, reported GAV $889M
- Sep 15, 2026Multi-stage venture firm (confirmed, 95%)Both early and growth/opportunity families, reported GAV $837M
- Sep 12, 2026Multi-stage venture firm (confirmed, 95%)Both early and growth/opportunity families, reported GAV $835M
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC exemption, VC funds reported | Mar 13, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 13, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | May 10, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 13, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 13, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | May 10, 2024 | Fact | Form ADV |
| First Form ADV filing | 2021-02-28 | Mar 13, 2026 | Fact | Form ADV |
| First Form ADV filing | 2021-02-28 | May 10, 2024 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-30 | Oct 1, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-29 | Sep 30, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-25 | Sep 26, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-23 | Sep 24, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-21 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-22 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1 | Sep 12, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-13 | Mar 13, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-13 | Mar 13, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-05-10 | May 10, 2024 | Fact | Form ADV |
| SEC status | ERA - Active | Mar 13, 2026 | Fact | Form ADV |
| SEC status effective | 2021-02-28 | Mar 13, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 13, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | May 10, 2024 | Fact | Form ADV |
| Business phone | Mar 13, 2026 | Fact | Form ADV | |
| Business phone | May 10, 2024 | Fact | Form ADV | |
| Headquarters | San Francisco, CA | Mar 13, 2026 | Fact | Form ADV |
| Headquarters | San Francisco, CA | May 10, 2024 | Fact | Form ADV |
| Office address | Mar 13, 2026 | Fact | Form ADV | |
| Office address | May 10, 2024 | Fact | Form ADV | |
| Legal form | Limited Liability Company | Mar 13, 2026 | Fact | Form ADV |
| Legal form | Limited Liability Company | May 10, 2024 | Fact | Form ADV |
| Portfolio page | Sep 16, 2026 | Fact | ||
| Portfolio page | Sep 14, 2026 | Fact | ||
| Private funds reported | 38 | Mar 13, 2026 | Fact | Form ADV |
| Private funds reported | 38 | Mar 13, 2026 | Fact | Form ADV |
| Private funds reported | 36 | May 10, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $889M | Mar 13, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $889M | Mar 13, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $837M | May 10, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Sep 14, 2026 | Fact | Form ADV |
| Stated geography | global “geography words on the home page” | Sep 16, 2026 | Fact | |
| Stated geography | global “geography words on the home page” | Sep 14, 2026 | Fact | |
| Stated sectors | AI, fintech, B2B “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | AI, fintech, B2B “sector words on the home page” | Sep 14, 2026 | Fact | |
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 14, 2026 | Fact | ||
| Venture funds reported | 38 | Mar 13, 2026 | Fact | Form ADV |
| Venture funds reported | 38 | Mar 13, 2026 | Fact | Form ADV |
| Venture funds reported | 36 | May 10, 2024 | Fact | Form ADV |
| Website | Mar 13, 2026 | Fact | Form ADV | |
| Website | May 10, 2024 | Fact | Form ADV | |
| Website resolved domain | Sep 16, 2026 | Fact | ||
| Website resolved domain | Sep 14, 2026 | Fact | ||
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 14, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersMulti-stage venture firm, confirmedShowHide
Both early and growth/opportunity families, reported GAV $889M
- importance
- gav: 0.59 · funds: 1 · people: 0.44 · investments: 0.22 · co investors: 0.44
- active deployment
- investments 12m: 0.38 · fund raising 18m: 1 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-09-17
- emerging manager
- fund count: 39 · reported gav: $889M · first adv filing: 2021-02-28 · years since first filing: 5.6
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Fits
- score 38.2confidence 90%Why: stage fit; activity; cap table
- score 35.7confidence 90%Why: sector fit; geography fit; activity
- score 33.2confidence 80%Why: stage fit; activity
+6 more scored matches
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.
Record history
- Adviser's first ADV filing2021-02-28source on record
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.