Kevin Ryan's AlleyCorp raises $335M second fund for early-stage bets

AlleyCorp, the New York venture firm founded by Kevin Ryan , has raised a $335 million second fund, the firm told Fortune. It follows the firm's debut $250 million fund in 2024, its first to take on outside investors after starting as a family office in 2007.

Ryan is sticking to first checks under $10 million and backing young companies across healthcare, deep tech, and general tech. "We're making bets early," he said, pointing to an investment in a company valued at $25 million with $500,000 in revenue.

Ryan has cofounded dozens of companies, including MongoDB, Business Insider, Gilt Groupe, and Zola, many incubated through AlleyCorp. A source familiar with the firm's financials said previous investments have generated an all-time 60% internal rate of return, and the current portfolio holds eight unicorns, including Rogo, ShopMy, Valar Atomics, and Thyme Care.

The venture landscape has shifted fast, but Ryan argues his approach hasn't. "The fundamentals haven't changed much," he said. "The things we invest in change over time."

Ryan is open to a larger fund down the line — potentially $500 million or $600 million — expanding by vertical or geography rather than strategy. "If tomorrow, I had a $500 or $600 million fund, I'd consider having two biotech people and a biotech practice," he said. "But it doesn't change anything we do."

Ryan draws a sharp line between early-stage venture and the tens of billions flowing into names like Anthropic, OpenAI, and SpaceX. "I don't think that's venture capital," he said. In 2026 to date, US venture dollars have concentrated heavily in a handful of companies, and Ryan is betting that discipline on check size and stage — not fund size — still defines the game.