Independent Verdict
Nebular Fund II, LP is a Delaware venture capital fund formed in 2025 and managed by Finn Murphy through Nebular Fund II GP, LLC. The fund's September 2025 Form D reported a $55 million offering, $32.31 million sold to 33 investors, a $5,000 minimum investment, Rule 506(b), Section 3(c)(1) and a first sale on September 24, 2025. On September 18, 2026, Nebular filed an amendment increasing the reported offering size to approximately $61.3 million. Public Form D tracking data records approximately $28.963 million of incremental capital associated with that amendment, indicating a material expansion from the initial first close. Nebular's regulatory identity is straightforward: Finn Murphy appears directly in SEC records as manager of the issuer's general partner, the fund uses Nebular's New York address and the official Nebular website describes a highly concentrated pre-seed and seed strategy focused on unusual, technically ambitious companies where the manager believes new markets are forming. The public portfolio is unusually useful for due diligence because it includes specific companies in space infrastructure, healthcare, AI, robotics, engineering software and frontier technology. Starcloud is the clearest example: Nebular backed the company at a very early stage before Starcloud later raised a $170 million Series A in March 2026 at a reported $1.1 billion valuation and subsequently a large extension at a higher valuation. Other publicly associated investments include Teton.ai, Project Eleven, Trace.Space, Co:Helm, Amperos Health, Crewline AI, Seamflow and Oratomic. The strongest conclusion is therefore that Nebular Fund II is a real successor venture fund with a visible founder, clear strategy and verifiable portfolio activity. The main diligence questions are how the original $55 million target evolved into the 2026 $61.3 million structure, how much capital is actually committed versus called, how concentrated Fund II is in a small number of frontier-tech companies, and how related series vehicles under Nebular Expansion / Nebular Expansion II interact with the main flagship fund.
SEC, Fundraising History, Finn Murphy and the Nebular Structure
Nebular Fund II, LP was formed in Delaware in 2025 under CIK 0002086910 and originally used 54 West 21st Street, Suite 407, New York, NY 10010, telephone 360-340-9337. Its September 30, 2025 Form D classified the issuer specifically as a Venture Capital Fund, offered pooled investment fund interests and relied on Rule 506(b) and Section 3(c)(1). The filing reported a $55 million offering, $32.31 million sold, $22.69 million remaining, 33 investors and a $5,000 minimum investment. No sales commissions or finder's fees were reported, while the filing clarified that the GP or affiliates could receive a management fee under the partnership agreement. The September 18, 2026 amendment raised the reported offering amount to approximately $61.3 million. Form D tracking data shows the amendment adding approximately $28.963 million of incremental capital relative to the earlier filing, which means Nebular's fundraising expanded substantially over the following year. Because Form D reporting can distinguish total offering, incremental sales and current sold amounts differently across aggregators, the safest public description is that the 2026 amendment expanded the offering to roughly $61.3 million and represented a major increase from the original $32.31 million first-close figure rather than treating every number as interchangeable with current NAV or AUM.
Finn Murphy is central to the entire structure. SEC filings identify him as manager of the GP, and Nebular's own public materials describe the firm as his early-stage venture platform. Murphy previously worked at Frontline Ventures before launching Nebular as a solo-GP-style fund during the difficult 2022–2023 venture fundraising environment. Public comments from Murphy describe Fund I as closing just below $30 million, while third-party fund databases record Nebular Fund I at approximately $30 million. The move from a roughly $30 million first fund to a roughly $55–61 million second fund therefore represents a meaningful but still manageable increase in fund size rather than a sudden move from a micro-fund into a mega-fund. That continuity matters because early-stage venture returns can deteriorate if a manager scales too quickly and is forced to write larger checks at later valuations.
The broader legal structure is more complicated than the simple "Nebular Fund II" name suggests. During 2025–2026, multiple series vehicles appeared under Nebular Expansion, LP and Nebular Expansion II, LP. These include ST-0106 Fund II, LO-0330 Fund II and OR-0827 Fund II, among others. SEC filings for these series vehicles repeatedly identify Nebular Fund I GP, LLC or Nebular Fund II GP, LLC and Finn Murphy at the same 80 Broad Street New York address. OR-0827 Fund II, a series of Nebular Expansion II, LP, filed in September 2026 with approximately $9.5 million fully sold. These structures may represent SPVs, co-investment vehicles, opportunity funds, follow-on sleeves or individual portfolio-company investment series, but the exact purpose is not stated in the Form D filings. They should therefore not be automatically added to Nebular Fund II's assets or described as separate flagship funds. Investors should request an entity chart showing how the main Fund II, Nebular Expansion vehicles and any deal-specific series interact, whether Fund II LPs participate automatically and whether certain investors receive separate co-investment access.
Strategy, Portfolio Penetration and Evidence of Early Entry
Nebular's strategy is unusually clear in tone and implementation. Its official website says the firm is attracted to what is "very early and unexpected," looks for unusual people, technologies and markets near an inflection point, moves quickly and writes lead checks. The manager explicitly avoids positioning itself as a highly formalized, consensus-driven institutional VC and instead emphasizes concentrated thematic bets, founder autonomy and high-conviction early entry. This style creates a differentiated sourcing strategy but also means underwriting depends heavily on Finn Murphy's judgment.
The portfolio supports the claim that Nebular invests across frontier categories rather than a single software vertical. Murphy has publicly referenced investments in space data centers, remote patient monitoring, healthcare, robotics and even unusually niche scientific or consumer themes. Public investment databases associate Nebular with Starcloud, Teton.ai, Project Eleven, Trace.Space, Co:Helm, Amperos Health, Crewline AI, Seamflow and Oratomic. These companies span orbital computing, hospital automation, crypto-security infrastructure, engineering software, healthcare and industrial or robotics-related applications.
Starcloud is the strongest example of Nebular's early-entry model. Public financing data shows Nebular participating in an early 2024 financing when Starcloud was still a small company developing the concept of placing data-center infrastructure in space. By March 2026 Starcloud had raised a $170 million Series A led by Benchmark and EQT Ventures at a reported $1.1 billion valuation, with Nebular participating alongside NFX, Y Combinator, Macquarie Capital, 776 and other institutional investors. Later in 2026 the company completed another large financing at a reported $2.3 billion post-money valuation. This does not reveal Nebular's ownership percentage or realized return, and later valuation marks should not be confused with cash distributions, but it provides strong evidence that Nebular entered before a portfolio company reached institutional-scale funding.
Teton.ai provides a different type of proof. Murphy has publicly said Nebular doubled down in the company's Series A after making an earlier healthcare bet. Teton builds AI-based clinical monitoring and workflow technology for hospitals, fitting Nebular's broader healthcare thesis. Co:Helm and Amperos Health also reinforce the view that healthcare is not a one-off experiment but a recurring theme within the portfolio.
Project Eleven is another distinctive example because Murphy publicly described incubating the company himself and temporarily acting as interim CEO while helping assemble the founding team. The company later raised seed financing from investors across crypto, quantum and Bitcoin ecosystems. That type of incubation strategy differs from simply selecting outside founders and increases both potential ownership and operational responsibility. It can create stronger economics if successful but also consumes far more GP time and introduces conflict questions when a fund manager becomes directly involved in company formation.
Trace.Space illustrates Nebular's engineering-software exposure, while Crewline AI and Seamflow show continued interest in AI-native workflow and software businesses. The combination of frontier hardware, healthcare, AI and space suggests that Nebular's real portfolio construction philosophy is thematic and founder-driven rather than sector-specific. That broadness can be an advantage if the manager consistently finds emerging categories early, but it makes portfolio-level diligence more important because investors cannot rely on one industry cycle or standard valuation framework.
The team has also expanded beyond a pure solo-GP model. Finn Murphy publicly announced Robbie Osborne as CFO and Operating Partner and Tom McCarthy in Applied Research, together with operating advisers including Csaba Hartmann, formerly associated with robotics leadership at 1X, and Lydia Rahill in go-to-market advisory work. This suggests Nebular is building more infrastructure around finance, technical research, manufacturing and commercial scaling as Fund II grows. Investors should still confirm which professionals are full-time employees of the management company, how much investment authority they have and whether the investment committee remains effectively concentrated in Murphy.
What We Think, Risks, Due Diligence and Final Assessment
Nebular Fund II has a stronger research trail than many emerging-manager funds because the SEC record, founder identity, official strategy and portfolio companies all line up. The 2025 Form D clearly showed $32.31 million sold to 33 investors against a $55 million offering, and the September 2026 amendment increased the offering to roughly $61.3 million. The manager has an identifiable Fund I history around $30 million and has built a portfolio that includes companies whose later institutional financings can be independently verified. Starcloud is particularly significant because Nebular appears in both early-stage and later financing histories, supporting the claim that the firm can identify and maintain exposure to companies as they scale.
The largest risk is concentration. Nebular publicly describes itself as concentrated and thematic. In venture capital, a small number of companies often determine the majority of fund returns, and a concentrated strategy amplifies that effect. Investors should request the number of Fund II core positions, maximum cost per company, maximum fair-value exposure per company and reserve allocation. If Starcloud or another highly valued portfolio company represents a large share of NAV, current paper gains could materially influence reported performance before any exit occurs.
Valuation risk is also substantial. Several Nebular companies operate in frontier areas where future revenue is difficult to forecast. Starcloud's space-based data-center thesis depends on launch economics, power systems, orbital infrastructure and demand for AI compute. Teton.ai depends on hospital procurement cycles, clinical integration and healthcare regulation. Project Eleven operates in a technically specialized security market. Private financing rounds can increase reported portfolio value quickly, but those marks may be revised if later rounds occur at lower valuations.
Stage risk is equally important. Nebular often invests at pre-seed and seed, meaning product-market fit may still be uncertain and technical founders may need significant support in commercial hiring, distribution and fundraising. A high percentage of seed-stage companies fail even when technology is strong. The fund's relatively small size can help because initial entry valuations may be lower, but it also means follow-on reserves are finite. Investors should understand whether Nebular maintains ownership in winners through pro rata participation or allows dilution as later rounds become larger.
Key-person dependence remains material. Nebular's brand and investment philosophy are closely associated with Finn Murphy. The addition of finance, applied-research and operating personnel reduces some operational concentration, but investors should review the formal key-person clause and succession plan. This is especially important if Murphy continues incubating companies or taking temporary operating roles because that can divide time between managing the fund and running individual investments.
The series/SPV architecture deserves close attention. Nebular Expansion and Nebular Expansion II now contain numerous separately filed investment series. These may be a powerful way to provide LPs with co-investments or to increase exposure to high-conviction opportunities without overconcentrating the flagship fund. But they can also create allocation conflicts. Investors need to understand whether the main Fund II receives first priority, whether SPVs can compete for the same allocation, whether SPV investors pay different fees or carry and whether the GP can allocate unusually attractive deals outside the flagship fund.
Another due-diligence issue is third-party accuracy. At least one investment-industry article about Nebular Fund II incorrectly attributes the fund to Michael Bervell, while SEC filings and Nebular's official materials consistently identify Finn Murphy as the manager and founder. That discrepancy illustrates why fund research should prioritize primary SEC records and the manager's own legal identity over aggregated or secondary articles. For FilingDossier purposes, Finn Murphy is the verified manager associated with Nebular Fund II.
Overall, Nebular Fund II appears to be a credible and fast-growing second-generation early-stage venture fund. Its original $55 million raise already represented a significant step up from Fund I, and the 2026 amendment further expanded the structure to roughly $61.3 million. The manager has concrete portfolio evidence across space, healthcare, AI and technical infrastructure, while the emergence of Nebular Expansion series vehicles suggests a broader co-investment or deal-specific capital architecture around the flagship fund. The main unresolved questions are Fund II's current exact commitments, portfolio concentration, fair-value marks, reserve strategy, SPV allocation policy and realized versus unrealized performance.
Form D confirms an exempt securities offering. It does not mean the SEC approved Nebular Fund II, Nebular, Finn Murphy or any portfolio company or investment return.
Original First Sale: September 24, 2025
Original Offering: $55,000,000
Original Amount Sold: $32,310,000
Original Amount Remaining: $22,690,000
Original Investors: 33
Original Minimum Investment: $5,000
Sales Commissions: $0
Finder's Fees: $0
Management Fee: Permitted under partnership agreement Exact rate not publicly disclosed in Form D
Latest Form Type: Form D/A
Latest Filing Date: September 18, 2026
Latest Signature Date: September 17, 2026
Latest Reported Offering Size: Approximately $61.3M
Incremental Capital Reported by Form D Tracking Data: Approximately $28.963M
Important: Offering size, incremental capital, NAV and current AUM are different measures and should not be treated as interchangeable without reviewing the latest primary filing.
Verified Manager: Finn Murphy
Role: Manager of General Partner Founder / General Partner of Nebular
Nebular Fund I: Approximately $30M final-close scale according to public manager / market sources
Fund I Strategy: Pre-seed and seed venture investing
Fund II Scale-Up: Approximately 2x Fund I scale
Public Nebular Strategy: Very early-stage Unexpected / frontier ideas Concentrated thematic investing Lead checks Founder autonomy U.S. and European opportunities
Public Team Signals: Finn Murphy — Founder / GP Robbie Osborne — CFO & Operating Partner Tom McCarthy — Applied Research Csaba Hartmann — Operating / manufacturing adviser Lydia Rahill — GTM adviser
Public Portfolio Evidence:
Starcloud Sector: Space-based AI / orbital data centers
Nebular Entry Evidence: Early investor
2026 Series A: $170M
Reported March 2026 Valuation: Approximately $1.1B
Later 2026 Financing: Large extension round
Reported Later Valuation: Approximately $2.3B
Important: Portfolio-company valuation is not equivalent to fund realized return.
Teton.ai Sector: Healthcare AI / clinical monitoring
Nebular Relationship: Early investor and later follow-on / Series A participation publicly referenced by Finn Murphy
Project Eleven Sector: Crypto / security / frontier computing
Nebular Relationship: Incubated by Finn Murphy Murphy publicly described serving as interim CEO during company formation
Trace.Space Sector: Engineering / systems software
Co:Helm Sector: Healthcare
Amperos Health Sector: Healthcare technology
Crewline AI Sector: AI software
Seamflow Sector: Software / AI workflow
Oratomic Sector: Frontier technology
Additional Public Themes: Robotics Remote patient monitoring Space infrastructure Healthcare AI-native software Engineering tools Frontier science
Related Nebular Series Vehicles:
Nebular Expansion, LP Nebular Expansion II, LP
Selected Series: ST-0106 Fund II LO-0330 Fund II OR-0827 Fund II
OR-0827 Fund II: CIK 0002153803 First Sale: September 10, 2026 Amount Sold: approximately $9.499923M Offering: fully sold in initial filing Fund Type: Venture Capital Fund Related Persons: Nebular Fund II GP, LLC / Finn Murphy
Important: Series-vehicle capital should not automatically be added to flagship Fund II AUM without confirming whether the vehicles are SPVs, feeders, co-investments or economically separate mandates.
Current Fund II Portfolio Count: Not publicly confirmed
Current Fund II NAV: Not publicly disclosed
Current Fund II Gross IRR: Not publicly disclosed
Current Fund II Net IRR: Not publicly disclosed
Current Fund II MOIC: Not publicly disclosed
Current Fund II DPI: Not publicly disclosed
Auditor: Not publicly confirmed
Administrator: Not publicly confirmed
Custodian: Not publicly confirmed
Fund Counsel: Not publicly confirmed
Management Fee Rate: Not publicly disclosed
Carried Interest: Not publicly disclosed
GP Commitment: Not publicly disclosed
Primary Strengths: Clear second-fund continuity Visible founder Focused early-stage philosophy Real portfolio-company evidence Demonstrated early entry into Starcloud Healthcare and frontier-tech sourcing Ability to lead seed checks Growing operating team SPV / series infrastructure for follow-ons
Primary Risks: Portfolio concentration Seed-stage failure rate Frontier-tech technical risk Private valuation volatility Space-industry execution risk Healthcare regulation AI competition Follow-on financing requirements Key-person dependence SPV allocation conflicts Limited public fund performance Illiquidity Paper gains vs. realized returns
Primary Due-Diligence Focus: Latest exact amount sold Current investor count Current commitments vs. capital called Fund II portfolio list Top five positions Starcloud cost basis Starcloud current fair value Ownership percentages Reserve strategy Follow-on policy Fund II vs. SPV allocation Series-vehicle fees Management fee Carried interest GP commitment Administrator Auditor Valuation policy Fund I gross IRR Fund I net IRR Fund I MOIC Fund I DPI Fund II gross IRR Fund II net IRR Realized exits Key-person provisions LPAC rights
Regulatory Penetration: Very Strong
Manager Verification: Exceptional
Portfolio Penetration: Very Strong
Strategy Transparency: Very Strong
Fund-Level Performance Transparency: Limited
Independent Conclusion: Nebular Fund II is a verified second-generation early-stage venture fund managed by Finn Murphy. Its original 2025 filing reported $32.31 million sold to 33 investors against a $55 million target, while its September 2026 amendment expanded the offering to approximately $61.3 million. Nebular's public portfolio provides strong evidence of real investing activity across space, healthcare, AI and frontier technology, with Starcloud representing the clearest example of a very early investment progressing into a multibillion-dollar private company. The central diligence questions are current fund concentration, valuation, reserve policy, realized performance and the economic relationship between the flagship fund and Nebular's growing network of series and SPV vehicles.