Industry Ventures, L.L.C.
Industry Ventures has cultivated new segments of the venture capital market for over two decades using its complete lifecycle approach.
In the firm's own words, from its website.
9 additional team members, 1 additional co-investor or affiliate, 40 additional investments, funds and LPs, 55 events, 1 verified contact (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.
Nothing material in the last 180 days. Last change: 11 Feb 2026, 1 new company in the last 12 months.
People to know
View all people- Managing DirectorWhy: Managing directorNo route on file yet
- Managing DirectorWhy: Managing directorNo route on file yet
- Managing MemberWhy: Named with investment responsibilityNo route on file yet
Relationship network
54 connected entities1 observed roundrounds 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
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 Industry Ventures, L.L.C.: 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 Industry Ventures, L.L.C.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
2 companies on record, 1 new in 12 months
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Sparkplug | portfolio listing | unknown | unknown | unknown | unknown | Sep 17, 2026 | Fact Company website |
| Hubbl Technologies | Series A · Series A | participant | unknown | $6.0M | unknown | Feb 11, 2026 | Fact Press release |
- Sectors
- ai
- Stages
- pre seed, seed, growth, early
- Geography
- boston, global, washington dc
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Team
10 current, 5 departed
- Amir David Aghaee Malayery · Managing DirectorWhy this person: Managing director; Named with investment responsibility
- Geoffrey Robert Lemieux · Managing DirectorWhy this person: Managing director; 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.
- Managing Member
- Managing Director
- Managing Director
5 departed (kept with end dates)
- Kenneth Carroll Wallace · Managing Director · May 1, 2008 to Mar 27, 2020 Inference
- Michael Sean Gridley · Managing Director · May 1, 2004 to Jan 25, 2013 Inference
- Victor S Hwang · Managing Director · Sep 1, 2009 to Mar 27, 2020 Inference
1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
33 vehicles, 0 LPs disclosed
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Industry Ventures Partnership Holdings VII, L.P. | Fund | 2024 form d first sale | Early deployment | unknown | unknown | $900M of $900M | Jul 2, 2024 |
| Industry Ventures Secondary X, L.P. | Fund · ADV: Other Private Fund | 2023 form d first sale | Active deployment | $1.5B Mar 28, 2024 | 806 | $1.4B of $1.5B | Jul 10, 2023 |
| Industry Ventures Direct III, LP | Fund · ADV: Private Equity Fund | 2022 adv first reported | Active deployment | $337M Sep 25, 2026 | 187 | $300M of $300M | Sep 30, 2022 |
| Allocator | Type | Fund | Amount | Date | Source |
|---|---|---|---|---|---|
| Cotsen Foundation for the Art of Teaching | FOUNDATION | Industry Ventures Secondary X, L.P. | $1.7M fair value on the foundation's return | reported as of Jun 30, 2025 | Fact IRS Form 990 / 990-PF e-file returns |
| Johnny Carson Foundation | FOUNDATION | Industry Ventures Partnership Holdings III, L.P. | $1.1M fair value on the foundation's return | reported as of Jun 30, 2025 | Fact IRS Form 990 / 990-PF e-file returns |
| Johnny Carson Foundation | FOUNDATION | Industry Ventures Secondary Viii, L.P. | $542,757 fair value on the foundation's return | reported as of Jun 30, 2025 | Fact IRS Form 990 / 990-PF e-file returns |
Relationships across DFX
4 co-investors · on 4 other DFX graphs
- 2026-09-301 shared deal · one time
- 2026-09-301 shared deal · one time
- 2026-09-171 shared deal · one time · they led 1
Across DFX and the capital chainon 4 other DFX graphs · 13 capital paths ShowHide
- Sponsor-market profile (matched by same CRD)
- The same institution is held on Allocators, Private Equity, RIA and Wealth, Independent Sponsors, matched by identifier. See which records
Industry Ventures, L.L.C. is the same institution as 4 records in Allocators, Private Equity, RIA and Wealth and Independent Sponsors.
DFX found 4 relationships across 4 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
Industry Ventures, L.L.C. sits on 13 traced paths of capital across the graphs.
DFX traced 13 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Evidence and history
60 dated events, 77 observations from 3 sources
- seen on or beforeSep 24, 2026Industry Ventures, L.L.C.: PE_WITH_VENTURE_ACTIVITY -> CANDIDATE_VC (no sworn venture fact yet (name or round mention only))Classification changedClassificationInferenceno URL
- seen on or beforeSep 23, 2026Industry Ventures, L.L.C.: MULTI_STAGE_VC -> PE_WITH_VENTURE_ACTIVITY (registered adviser; venture funds are 2% of 39 private funds)Classification changedClassificationInferenceno URL
- Mar 28, 2024Industry Ventures Fund V, L.P. no longer reported on Form ADV by Industry Ventures, L.L.C.
- Mar 28, 2024Industry Ventures Secondary X, L.P. first reported on Form ADV by Industry Ventures, L.L.C. (Other Private Fund), GAV $1,463,270,000
- Mar 29, 2023IV Arrowhead, L.P. first reported on Form ADV by Industry Ventures, L.L.C. (Venture Capital Fund), GAV $25,204,297
Address, phone, Form ADV filing and ownersForm ADV filed Sep 25, 2026 · 39 private fundsShowHide
- Headquarters
- San Francisco, CAadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- INDUSTRYVENTURES.COM
- SEC adviser type
- Registered investment adviseradviserinfo.sec.gov
- SEC exemption claimed
- unknown
- Latest Form ADV
- Sep 25, 2026
- Private funds reported
- 39 (0 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $9.1Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Regulatory AUM
- $7.5Bthe adviser's RAUM, a regulatory measure, never a fund size
- Employees
- 42
- Owners on Schedule A
- Industry Ventures GP Holdings, L.L.C. (General Partner); Industry Ventures Management Holdings, L.P. (Member), owns 75% or more
Classification history
Every classification this record has carried4 on recordShowHide
- Sep 24, 2026Candidate (candidate, 50%)No sworn venture fact yet (name or round mention only)
- Sep 23, 2026Private equity with venture activity (probable, 75%)Registered adviser; venture funds are 2% of 39 private funds
- Sep 15, 2026Multi-stage venture firm (probable, 80%)Both early and growth/opportunity families, reported GAV $7.5B
- Sep 12, 2026Multi-stage venture firm (probable, 80%)Both early and growth/opportunity families, reported GAV $7.5B
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| SEC adviser type | Registered investment adviser | Sep 25, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | May 22, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Mar 28, 2024 | Fact | Form ADV |
| First Form ADV filing | 2012-02-14 | Sep 25, 2026 | Fact | Form ADV |
| First Form ADV filing | 2012-02-14 | May 22, 2026 | Fact | Form ADV |
| First Form ADV filing | 2012-02-14 | Mar 28, 2024 | 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 | 2026-09-25 | Sep 25, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-05-22 | May 22, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-03-28 | Mar 28, 2024 | Fact | Form ADV |
| Venture share of reported funds | 0 | Sep 25, 2026 | Fact | Form ADV |
| Venture share of reported funds | 0 | May 22, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 28, 2024 | Fact | Form ADV |
| Business phone | Mar 28, 2024 | Fact | Form ADV | |
| Description | Sep 15, 2026 | Fact | no URL | |
| Employees | 42 | Mar 28, 2024 | Fact | Form ADV |
| Headquarters | San Francisco, CA | Mar 28, 2024 | Fact | Form ADV |
| Office address | Mar 28, 2024 | Fact | Form ADV | |
| Self-described type | Venture capital | Sep 15, 2026 | Fact | no URL |
| Portfolio page | Oct 1, 2026 | Fact | no URL | |
| Portfolio page | Sep 16, 2026 | Fact | no URL | |
| Portfolio page | Sep 15, 2026 | Fact | no URL | |
| Private funds reported | 39 | Sep 25, 2026 | Fact | Form ADV |
| Private funds reported | 39 | May 22, 2026 | Fact | Form ADV |
| Private funds reported | 30 | Mar 28, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $9.1B | Sep 25, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $9.1B | May 22, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $7.5B | Mar 28, 2024 | Fact | Form ADV |
| Regulatory AUM (adviser, not fund size) | $7.5B | Mar 28, 2024 | Fact | Form ADV |
| Stated geography | Boston, global, washington dc “geography words on the home page” | Sep 15, 2026 | Fact | no URL |
| Stated sectors | ai “sector words on the home page” | Oct 1, 2026 | Fact | no URL |
| Stated stages | Pre seed, seed, growth, early “stage words on the home page” | Sep 15, 2026 | Fact | no URL |
| Team page | Oct 1, 2026 | Fact | no URL | |
| Team page | Sep 16, 2026 | Fact | no URL | |
| Team page | Sep 15, 2026 | Fact | no URL | |
| Venture funds reported | 0 | Sep 25, 2026 | Fact | Form ADV |
| Venture funds reported | 0 | May 22, 2026 | Fact | Form ADV |
| Venture funds reported | 20 | Mar 28, 2024 | Fact | Form ADV |
| Website | Mar 28, 2024 | Fact | Form ADV | |
| Site title | Sep 15, 2026 | Fact | no URL |
How this is scored
Scores, classification basis and filing advisersCandidate, candidateShowHide
No sworn venture fact yet (name or round mention only)
- importance
- gav: $0 · funds: 0.25 · people: 0.32 · investments: 0.11 · scale basis: Venture-typed funds only (Candidate): 3 funds, $0M of $3.5B reported · co investors: 0.24
- active deployment
- investments 12m: 0.13 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-02-11
- emerging manager
- fund count: 38 · reported gav: $3.5B · first adv filing: 2012-02-14 · years since first filing: 14.6
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Record history
- Organization classification changed2026-09-24
- Organization classification changed2026-09-23
- Adviser's first ADV filing2012-02-14source 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.