DFX Intelligence
Venture Capital Intelligence
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 / Bvvc
Bvvc
venture manager, reported GAV $43.2M across 8 vehicles
Importance
17
moderate
Active deployment
29
moderate
Emerging
0
low
Completeness
63
high
Freshness
99
high
Research priority
11
low
Identity and regulatory footprint
- Headquarters
- Burr Ridge, ILadviserinfo.sec.gov
- Office address
- 835 MCCLINTOCK DRIVE, SUITE 101, Burr Ridge, IL, 60527adviserinfo.sec.gov
- Business phone
- 312-718-0731adviserinfo.sec.gov
- Website
- http://bv.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
- Aug 6, 2026
- Private funds reported
- 2 (2 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $71.2Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 312-718-0731adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
1 observed deals
Stated (the firm’s website)
- Sectors
- not stated or not yet read
- Stages
- not stated or not yet read
- Geography
- united states
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation
series a 100%
Stage at first entry
series a 100%
Sectors
Other Technology 100%
lead rate 100%follow-on rate 0%new logos, 12 months 1
Funds and vehicles
8 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Bvvc Spv Xi, LLC | SPV or co-invest vehicle | 2026 form d first sale | Fundraising | $10.0M Sep 12, 2026 | 2 | $10.0M | Apr 15, 2026 |
| Bvvc Spv Xii, LLC | SPV or co-invest vehicle | 2026 form d first sale | Fundraising | $785,000 Sep 12, 2026 | 6 | $785,000 | Apr 14, 2026 |
| Bvvc Spv VII, LLC | SPV or co-invest vehicle | 2024 form d first sale | Fundraising | $478,875 Sep 12, 2026 | 11 | $0 of $3.7B | Jun 4, 2026 |
| Bvvc Spv Ix, LLC | SPV or co-invest vehicle | unknown | Unknown | $25.0M Sep 12, 2026 | 29 | $0 | Jan 2, 2025 |
| Bvvc Spv X, LLC | SPV or co-invest vehicle | unknown | Fundraising | $3.8M Sep 12, 2026 | 35 | $0 | Aug 29, 2025 |
| Bvvc Spv Viii, LLC | SPV or co-invest vehicle | unknown | Fundraising | $1.8M Sep 12, 2026 | 7 | $0 | Aug 29, 2025 |
| Bvvc Spv I, LLC | SPV or co-invest vehicle | unknown | Unknown | $1.3M Sep 12, 2026 | 14 | $0 | Sep 11, 2023 |
| BVVC Fund II, LP | Fund | unknown | Fundraising | unknown | unknown | $0 | Apr 14, 2026 |
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
1 current, 0 departed
Joe Musselman
Managing partnerManaging Partner
Investments on record
1 edges, 1 companies, 1 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Vatn Systems, Inc. | Series A · Series A | lead | Joe Musselman (confirmed) | $60.0M | unknown | Dec 10, 2025 | Fact 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
10 relationships from shared deals, counted for the whole firm
Cubit Capital 1 shared · one time · we led 1Geodesic Capital 1 shared · one time · we led 1DYNE Ventures 1 shared · one time · we led 1Propeller Ventures 1 shared · one time · we led 1Dauntless Ventures 1 shared · one time · we led 1AV Capital Management, L.L.C. 1 shared · one time · we led 1Decisive Point Ventures 1 shared · one time · we led 1Centre Street Partners 1 shared · one time · we led 1SAIC Ventures 1 shared · one time · we led 1Trousdale Ventures 1 shared · one time · we led 1
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
4 dated events
- Sep 12, 2026Bvvc: INSTITUTIONAL_VC -> MICRO_VC (venture manager, reported GAV $43.2M across 8 vehicles)Classification changedClassificationInferenceno URL
- Sep 12, 2026Bvvc Spv I, LLC first reported on Form ADV by Bvvc, GAV $1,340,685Fund first reported on Form ADVFundsFactBvvc Spv I, LLCIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
- Jun 2, 2026Bvvc appears on the SEC adviser roster (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV monthly roster (registered + exempt reporting advisers)
- Jun 2, 2025Bvvc appears on the SEC adviser roster (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Classification history
- Sep 13, 2026Micro VC (confirmed, 95%, cls-1)venture manager, reported GAV $43.2M across 8 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 70%, cls-1)venture manager with no reported fund assets yet (scale unknown)
Evidence
33 observations from 3 sources