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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Union Square Ventures (USV) announced two funds totaling $625 million on April 28, 2022: a $275 million Core Fund and a $350 million Opportunity Fund. The firm said it would invest in both Web2 and Web3 companies and projects, but it did not disclose a split between the two areas. It named Slope, a business-to-business buy now, pay later platform, as the first investment from the Core Fund.
How the $625 million total was structured
The total was the sum of two distinct vehicles, which USV described as its eighth early-stage fund and fourth opportunity fund. The announcement did not give further detail about their mandates, fees, duration, or portfolio construction.
| Fund | Reported size | USV’s sequence description |
|---|---|---|
| Core Fund | $275 million | Eighth early-stage fund |
| Opportunity Fund | $350 million | Fourth opportunity fund |
USV announced the amounts in its April 28, 2022 post. TechCrunch reported the combined $625 million total the following day.
What “both Web2 and Web3” meant
USV said it would continue to invest in “both Web2 and Web3 companies and projects,” describing the approach as part of its Thesis 3.0. That states the firm’s investment scope; it does not establish a dollar allocation, an even split, or a guaranteed amount for either category. The announcement also does not report realized investments or performance for the two funds.
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USV framed its approach as thesis-driven, involving active partnerships and collaborative decision-making. It said its thesis focused on opportunities aligned with prior funds, rather than providing a fund-by-fund sector breakdown.
Why Slope was notable
USV identified Slope as the first investment from the new Core Fund. The company was described as a B2B buy now, pay later (BNPL) platform. The announcement named Slope in connection with the Core Fund only; it did not say Slope was the first investment from the Opportunity Fund.
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How the 2022 raise fits USV’s later fundraising
USV announced $900 million in new funds on October 8, 2026, in a separate update titled “The Next Chapter of USV”. That later announcement is current context, not a revision of the 2022 figures: the April 2022 funds totaled $625 million.
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