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Key Takeaways for Founders B2B stays strong: Recurring revenue and enterprise demand for AI, cloud, and automation keep B2B a top VC focus. Know your subsector: Clearly position as Enterprise SaaS, B2B Commerce, Payments/Fintech, Vertical SaaS, or B2B2C so investors benchmark you correctly. Metrics that matter: Consistent ARR growth, NRR ≥ 100% (110%+ is strong), CAC payback ~12 months for SMB/PLG or 12–18 months for enterprise, and 70–80% gross margins. Winning GTM strategies: Match price and product—Direct Enterprise for high-ACV, Product-Led Growth for bottoms-up tools, or a Hybrid model (PLG wedge- enterprise upsell). Fundraising edge: Prepare a complete data room and show security readiness, referenceable customers, and clear ROI to shorten long enterprise sales cycles. The business-to-business (B2B) sector remains one of the strongest categories for venture capital investment. Unlike B2C startups that often chase shifting consumer behavior, B2B companies provide essential products and services that solve inefficiencies, improve productivity, or unlock new revenue streams for other businesses. “Enterprise software is set to remain the fastest-growing segment of IT spending in 2025 as organizations prioritize AI-enabled applications and platforms that enhance productivity, efficiency and resilience.” - Gartner That growth reflects both the resilience of the sector and its critical role in keeping enterprises competitive. B2B startups fundraising in this environment still face distinct challenges. Enterprise sales cycles are long and complex. Security and compliance reviews often stall deals. Multi-stakeholder approvals slow down adoption. Founders must prove not only product-market fit, but scalability, ROI, and defensibility. This guide identifies the top venture capital firms investing in B2B startups across key subsectors, highlights what those investors seek, and provides founders with tactical guidance for successful fundraising. The B2B Fundraising Landscape B2B is not a single category. Within it are multiple subsectors, each with unique investor expectations, growth patterns, and go-to-market motions. Understanding where your company fits is critical because investors benchmark you against peers in your category. Positioning yourself clearly, “we’re enterprise SaaS with $3M ARR and 125% NRR” versus just “we’re B2B”, ensures you’re compared fairly and pitched to the right funds. What Investors Look for by Subsector Enterprise Software: Investors expect strong net revenue retention (NRR), evidence of compliance and security readiness, and expansion potential inside existing accounts. B2B Commerce: Benchmarked on GMV (gross merchandise value) growth, take rate, and strength of network effects. Founders should highlight liquidity between buyers and sellers. B2B Payments: Investors care about transaction volume, regulatory readiness, and trust signals such as banking or platform partnerships. Profitability comes from scale and layered financial services. Vertical/Horizontal SaaS: SaaS investors compare gross margins (70–80% range), CAC payback, and ARR growth rate against sector cohorts. Vertical SaaS founders should demonstrate industry-specific stickiness. B2B2C: Benchmarked on how strongly you serve both sides of the chain. VCs want proof that partners win more customers using your product, and that those downstream consumers are highly engaged. Why Founder Positioning Matters Raising as a B2B founder isn’t just about “we’re growing X%.” You need to: Frame yourself in the right subsector to be benchmarked appropriately. Show fluency in the KPIs relevant to your segment. Pitch investors who specialize in or at least understand your fundraising lane. The Six Core Subcategories We’ll Explore General B2B B2B & Enterprise B2B Commerce B2B Payments B2B Software (SaaS) B2B2C Each carries unique investor criteria, fundraising success signals, and different leading VCs. By studying how each subsector is evaluated, founders can craft compelling narratives and raise more efficiently. General B2B B2B startups attracted the majority of venture dollars, led by demand for AI-native solutions, digital infrastructure, and SaaS platforms. Predictable contract revenue and high customer lifetime value make these companies resilient and attractive to investors. Fundraising Tips A healthy pipeline of paying customers plus referenceable case studies/logos, demonstrating product-market fit. ARR growth that is both strong and consistent- many SaaS companies in recent benchmark reports show ~25-30% median YoY growth, with top quartile performers achieving 50-60%. Pavilion Net Revenue Retention (NRR) above 100%, ideally in the ~105-110% range for top performers, showing that expansion within existing accounts offsets churn. saascan CAC (Customer Acquisition Cost) payback period of ~12 months is common in SMB / mid-market segments; for enterprise deals, payback up to ~18-24 months can be acceptable. Bantrr Evidence of scalability: ability to serve multiple customer sizes (SMB, mid, enterprise), or industries, showing that the GTM model works across segments. Diversified revenue sources and customer base improve resilience. Top VCs Actively Investing in all B2B D2 Fund About: D2 invests in B2B start-ups solving technical challenges. We look for durable business models and believe a strong focus on capital efficiency radically improves the odds of success for founders and investors. Acceleprise About: Acceleprise invests in early stage B2B SaaS and enterprise technology companies and unifies the global technology community through mentors. Sweetspot check size: $ 100K Traction metrics requirements: Looking at companies from pre-product to $250k+ Thesis: There are many founders who have great ideas in B2B, but don't know enough about Sales and GTM to scale. With the help of top operators in our network from the likes of Salesforce, Cisco, Gainsight, Zuora, and more, we can help. 2048 Ventures About: First and foremost, we always want to meet exceptional founders with a compelling vision and strong founder-market-fit, regardless of the space they are building in.We look for companies that are differentiated and defensible through data and technology. Business models we like: API/Data Platforms, Marketplaces/Networks, B2B Vertical SaaS, Consumer Subscription with a science/technology edge. Sectors we gravitate towards: Anything API first, bio/genomics, digital health, frontier tech (preferably software/enablement layer, but would do hardware too), sustainability/climate, AI/ML applications, fintech, femtech, eldertech, VR/AR. Active Capital About: Active Capital is a venture firm focused on leading seed rounds for B2B SaaS companies outside of Silicon Valley. Sweetspot check size: $ 750K Traction metrics requirements: Pre-Seed: Product built and in market with users. Pre-revenue is ok. Seed: $20k MRR and growing swiftly each month (flexible) Thesis: Active Capital is a venture firm designed to lead seed rounds for B2B SaaS companies outside of Silicon Valley. Visionaries Club Traction metrics requirements: Visionaries Club is divided into two micro funds. A (pre) seed-stage fund leveraging its unicorn and digital founder LP network for very early and exclusive access to the most promising entrepreneurs across Europe. A second Early Growth fund leveraging especially the fund's industrial LP network that is intended to support the most promising European B2B companies in their early growth stage from Series B onwards with global reach and scale. Thesis: Visionaries Club is a Berlin-based early stage VC fund focusing on B2B investments in Europe and is backed by leading European digital founders and family business entrepreneurs. Method Capital About: Method Capital is a Chicago-based venture capital firm specializing in growth stage investments in B2B technology companies. We look to invest in companies that have completed initial software development, recurring revenue and scalable business models. Method Capital is primarily focused on working with firms based in the Midwest, although we will invest anywhere. We are seeking to fund initial investments ranging from $1 million to $10 million, although exceptions will occur. Ideal initial investment size is $5 million. Openspace Ventures About: Openspace Ventures makes investments in early-stage technology companies based in Southeast Asia. Thesis: By focusing on the fundamentals and with a wide-scale operations team, we actively partner with our 45+ portfolio companies to help build viable and responsible B2B and B2C businesses. B2B Enterprise Enterprise IT spending is projected to grow 8 percent this year, driven by AI-enabled software, data infrastructure, and cybersecurity. However, enterprise adoption cycles remain lengthy, often stretching 9–18 months. Fundraising Tips Security and compliance readiness (SOC 2, ISO certifications, etc.) Strong design partners or early enterprise pilot customers Ability to navigate complex sales (multi-stakeholder buying committees) Proof of enterprise ROI and reduced time-to-value during implementation Path to large contract values and upsell/expansion opportunities Top VCs Actively Investing in B2B Enterprise Fin Capital About: Fin VC is focused on B2B, principally Enterprise SaaS FinTech companies in the US, EU, MENA, and Asia. LETA Capital About: Software is eating up the world. LETA Capital invests in b2b software, early stage, focused on Russia, Eastern Europe and Israel. Counterpart Ventures Thesis: We invest in B2B SaaS, mobility and marketplace technologies which target nontrivial problems or fill missing gaps in large markets. CEAS Investments Thesis: Investing in enterprise software businesses at the early stages (pre-seed/seed). We are investing off of a family office's balance sheet. We typically invest between $150k - $1.5m as a first check into a company and have the ability to meaningfully follow-on and lead later rounds. Spicehaus Partners AG About: Spicehaus Partners AG is an independent Swiss venture capital investor. We focus on seed and early stage companies in the technology sector in Switzerland. We are hands-on investors and actively accompany our portfolio companies on their road to success. B2B Commerce B2B commerce platforms have surged in relevance as industries continue to digitalize procurement, supply chain, and wholesale trade. Traditional offline distribution is being disrupted by verticalized online marketplaces and platforms that manage everything from payments to logistics. Investors see huge potential in vertical B2B marketplaces (e.g., construction materials, agriculture inputs, industrial goods) that bring transparency to fragmented industries. The most successful platforms show rapid GMV growth and embed financial services such as working capital, insurance, and payments into transactions. Fundraising Tips GMV (Gross Merchandise Volume) growth trajectory and take-rate consistency Network effects, liquidity, and buyer/seller stickiness Expansion into embedded services like payments, credit, or logistics Strong unit economics (CAC relative to GMV and margin capture) Vertical-specific expertise and defensibility against incumbents Top VCs Actively Investing in B2B Commerce Curiosity VC Thesis: Curiosity aims to support founders in Europe, building AI-first B2B software companies that serve the world, not eat it. Illuminate Ventures About: Illuminate Ventures is an early-stage VC investor focused exclusively on B2B software companies. We don’t rely on “pattern recognition” or following the herd. Our sweet spot is as a lead or co-lead of a startup's first institutional round of financing. Our team is made up of experienced investors with prior operational success, complemented by a world class, 45+ member Business Advisory Council. We’ve been there ourselves as entrepreneurs and work closely with founders to support them in building truly great companies and teams. Thesis: Further along seed stage companies that can demonstrate rapid and measurable ROI. Relay Ventures About: Relay Ventures is an early stage venture capital firm that invests in passionate entrepreneurs disrupting and creating new markets through mobile technologies. Unlike other funds, Relay exclusively focuses on software for mobile devices and the connected Internet, creating an unparalleled set of networks and resources that tangibly help founders build world-class companies. With offices in Toronto and Calgary, the firm is active throughout North America. Revo Capital About: Established in 2013, Revo Capital is Turkey’s largest and one of its pioneering venture capital firms, dedicated to empowering the startup ecosystem across Turkey and Central Eastern Europe (CEE). Thesis: With its third fund, Revo Capital is strategically focused on six sectors: B2B SaaS and enterprise software, financial technology, health technology, cybersecurity and cloud solutions, energy, and gaming. The firm emphasizes investments in companies leveraging AI to drive growth and transformation, aiming to scale these innovations in both regional and global markets. Beta Boom About: Beta Boom is a generalist pre-seed and seed fund investing in founders who do not fit the Silicon Valley founder profile. Traction metrics requirements: Beta Boom invests in pre-seed and seed startups solving meaningful problems for consumers, businesses, & workers. B2B Payments In the past few years, startups have emerged to streamline accounts payable/receivable, enable cross-border transfers, and provide embedded finance options within marketplaces and software platforms. Investors are drawn to this space because of its massive volume, sticky integrations, and opportunities to layer value-added services such as credit, fraud prevention, and working capital financing. Fundraising Tips Transaction volume growth and increasing share of wallet Partnerships with financial institutions, processors, or enterprise software providers Compliance with relevant regulations (KYC, AML, PSD2, local banking licenses) Gross margin durability, especially in interchange or SaaS hybrid models Potential to expand into lending, card issuance, or treasury services Top VCs Actively Investing in B2B Payments Eight Roads About: Eight Roads is a global venture capital firm backed by Fidelity, with over 50 years of investing experience. Managing $11 billion in assets, the firm has invested in more than 500 companies worldwide. With offices in Europe, India, China, Japan, and the US, Eight Roads partners with technology and healthcare companies, supporting them as they scale to become global leaders. The firm's portfolio includes notable companies such as AppsFlyer, Icertis, Paidy, and PharmEasy. Thesis: Eight Roads focuses on partnering with ambitious technology and healthcare founders globally. Leveraging its extensive network and resources, the firm aims to support companies in scaling and achieving market leadership. By combining deep sector expertise with a long-term investment approach, Eight Roads seeks to drive innovation and deliver sustainable growth across its portfolio. Caixa Capital Risc Traction metrics requirements: Deeptech: MVP some market feedback, B2B SaaS: Early proven market traction (>10K€ MRR) AirTree Ventures About: AirTree Ventures is a group of experienced investors and entrepreneurs based in Sydney. Relish Works Thesis: Our fund invests in technology and companies looking to disrupt the food value chain. 01A (01 Advisors) About: 01A is founded on the simple idea that proven scaled operators are uniquely positioned to help hyper-growth companies reach the next level. We’ve grown companies $0 to $123B in yearly combined revenue and created $1T of public company market cap, as the former CEO and CRO/COO of Twitter and CRO of Facebook. We come in right after companies have found product-market fit (usually Series As and Bs) with a $10M-$20M check, and focus on scaling and GTM. We help Founders learn, adapt and improve their pace of execution in order to transform breakthrough products into world-class companies. B2B SaaS B2B SaaS continues to be a major focus in the startup and VC ecosystem. Key expansion areas include Vertical SaaS (industry-specific tools for healthcare, logistics, construction, etc.) and AI-powered SaaS, particularly generative AI automating workflows in customer support, sales, product, etc. Even amid broader market headwinds, B2B SaaS remains relatively resilient due to its recurring-revenue models and strong global demand for cloud-based applications. Jurassic Capital Fundraising Tips Strong ARR growth with visibility into pipeline remains essential. Net Revenue Retention (NRR) of ~100-110% is typical; >110% places a company in the higher performing group. Benchmarkit CAC payback of ~12 months is excellent in SMB or mid-market segments. For enterprise / high ACV customers, 12-18+ months may be more realistic. Lucid Gross margins of ~75-80% are strong for pure SaaS business models; lower for hybrids, services or tools with high non-SaaS components. K-38 Consulting Go-to-market efficiency (whether sales-led, PLG, hybrid) is increasingly critical—those with self-serve / PLG motions tend to have better revenue efficiency and quicker scaling. ProductLed Top VCs Actively Investing in B2B Software (SaaS) Macdoch Ventures About: Macdoch Ventures is a private Sydney-based venture firm helping startups with financing, business development and other strategic advice. Sweetspot check size: $ 500K Thesis: Supporting Australian and New Zealand companies to launch globally, right at the beginning. TinySeed About: TinySeed is the first startup accelerator in the ‘independent funding’ space – that space between bootstrapping and venture capital. While not strictly RBI, we are designed for SaaS founders who want to maintain control of their companies and who up until last year, would have bootstrapped due to the lack of relevant funding options. Frontier Growth About: Frontier Growth is a growth equity firm focused on software and technology-enabled business services companies. Thesis: We partner with domain experts who are disrupting late adopting industries with modern vertical SaaS solutions that customers love. We are people first investors, passionate about supporting vertical SaaS companies through their growth journey. ATX Venture Partners About: ATX Venture Partners is a venture capital firm that focuses on leading Seed, Series A, and early-stage software investments across the US. The firm invests in disruptive and emerging B2B software, APIs, applications, frontier tech, and marketplaces across a number of industries including Supply Chain, FinTech, InsurTech, and Future of Work. ATX also opportunistically invests into different stages, investment structures, and profiles outside of our early stage fund vehicles. Las Olas Venture Capital About: LOVC is an early-stage venture capital firm. We lead rounds in B2B software companies with an initial check size of $1 - 3 million and work closely with our portfolio founders. Thesis: We partner with early-stage startups capitalizing on the growing demand for technology that modernizes outdated business workflows and provides measurable ROI benefits. Our core mission is to amplify their impact. We achieve this by taking a low-frequency, high-conviction investment approach, which enables us to be deeply collaborative and hands-on with the founders we back. B2B2C B2B2C (business-to-business-to-consumer) models serve businesses that then deliver value to end consumers. Examples include fintech infrastructure providers enabling banks to launch consumer apps, or e-commerce platforms that power merchants' online storefronts. This hybrid approach has gained traction because it allows startups to scale quickly by leveraging existing business distribution networks while still tapping into consumer demand. Fundraising Tips Clear value proposition for both the business partner and the downstream consumer Strong metrics on partner adoption (number of merchants, banks, providers) Evidence of consumer engagement, conversion, and retention at the end-user level Ability to balance enterprise sales cycles with consumer growth dynamics Downstream network effects that create defensibility Top VCs Actively Investing in B2B2C Mercury Mercury is an early-stage venture capital firm partnering with entrepreneurs to drive innovation across Middle America. Mercury’s investment themes target B2B SaaS and B2B2C marketplace platforms enabling the digital transformation of markets, industries, and customer relationships. With $750M under management, Mercury has created over $9 billion of value with an operationally focused investment strategy helping startups achieve rapid, sustainable growth. Mercury is headquartered in Houston with offices in Austin, Texas and Ann Arbor, Michigan. Bossanova Investimentos About: Bossanova is the most active VC in Latin America ; We invest in startups at the pre-seed stage; B2B or B2B2C companies with scalable and digital business models that are operating and making money. Wildcat Venture Partners About: Wildcat invests in early stage B2B and B2B2C tech startups in the following markets: Digital Health, EdTech, Enterprise SaaS and FinTech. Thesis: We invest in B2B and B2B2C startups leveraging key technologies such as Machine Learning/AI, IoT, and Cloud & Mobility in the following markets: Digital Health, EdTech, Enterprise SaaS, and FinTech. Ananda Impact Ventures Thesis: Ananda Impact Ventures is one of the leading impact investors in the UK and Europe. Our investees address social challenges in vital areas such as education, health, consumption, and ageing population. We are also open to other impactful areas. Leadout Capital About: Leadout Capital is a high resolution early stage venture capital fund. We lead with a founder market fit thesis and look to back “non-obvious”, resilient founders working on solving problems in overlooked and underserved markets. Thesis: Invest in historically overlooked founders who have deep knowledge of a customer need that they are meeting with a software solution Additional Founder Guidance Key Fundraising Metrics in 2025 Investors benchmark B2B startups against peers, so understanding what “good” looks like is essential. Some of the key metrics that matter most this year: Annual Recurring Revenue (ARR): Series A companies often target $1–3M ARR (or more) with steady, measurable month-over-month growth. Series B companies more commonly show $5–10M+ ARR (depending on market / vertical). YoY ARR growth of ~50-100% is excellent and tends to indicate strong product-market fit; median growth for many SaaS companies is lower (~25-30%) so much of this depends on stage. Pavilion Net Revenue Retention (NRR): Anything above 100% shows expansion vs. churn (baseline). ~110-120% is good for many companies. ~120-130%+ is best-in-class for enterprise or high-expansion SaaS. SaaS and Co CAC Payback Period: ~12 months or less is excellent for SMB / PLG / faster-sales-cycle businesses. For enterprise / higher ACV / longer sales cycle companies, 12-18 months (or more) may be typical. First Page Sage Gross Margin: Healthy gross margins for B2B SaaS firms are often in the 70-85% range. Margins lower than ~70% suggest either high cost of service delivery, infrastructure, or support; margins consistently above ~80-85% are hard to maintain unless you're very efficient or have low delivery costs. Maxio Sales Efficiency / Magic Number: This metric is often computed as Net New ARR ÷ prior period Sales & Marketing spend. Wall Street Prep A Magic Number of ~0.75-1.0 is solid. A number >1.0 indicates very efficient growth (you are generating more than $1 of new ARR for every $1 spent on S&M in the previous period). Tip: Too many founders highlight total sign-ups or website visitors, but investors want recurring financial results and evidence of repeatability. Go-to-Market Strategies for B2B Startups Selecting the wrong GTM strategy is one of the biggest pitfalls for early B2B companies. Each approach matches product type and price point: Direct Enterprise Sales Best for high annual contract value (ACV) products, often above $50K per year (varies by industry). Requires seasoned account executives, longer sales cycles, proof-of-concept or pilot programs, and hands-on onboarding with technical and professional services. Investors look for early referenceable customers, multi-year contracts, and evidence of expansion potential within those accounts. Product-Led Growth (PLG) Ideal for bottom-up adoption such as developer platforms or team productivity tools. Key metrics include freemium-to-paid conversion rates, active usage, and team expansion inside accounts. A frequent mistake is underinvesting in customer success and onboarding for free users, which slows conversion and overall growth. Channel or Partnership Sales Effective when trust and wide distribution are essential—common in fintech, payments, or regulated markets. Investors expect proof that partners bring qualified leads, not just recognizable logos. Embedding technology into larger ecosystems—through integrations or marketplace partnerships—can accelerate growth while reducing direct sales costs. Hybrid Models Combine PLG adoption with enterprise upsells. Often begins with individuals or small teams using a free or low-cost version, then expands until IT or executives sign a broader enterprise contract. Favored by investors because it shows bottom-up demand while enabling large enterprise deal sizes. Preparing Your Data Room and Fundraise Narratives Enterprise B2B startups often get stuck in diligence because of long cycles and complex buyer requirements. A well-prepared data room can eliminate weeks of back-and-forth. Core elements include: Financials: P&L, cash flow, balance sheet, burn multiple, ARR build (monthly). Revenue Data: Cohort retention tables, churn analysis, logo retention, NRR. Pipeline Metrics: Sales cycle length, conversion rates by stage, win/loss breakdowns. Operational Documentation: Product roadmap, compliance and security certifications (SOC 2, GDPR, ISO). Customer Proof Points: Customer reference list, case studies, NPS scores. Team & Cap Table: Hiring plan, organizational chart, option pool details, investor rights. Remember, investors not only fund growth, they underwrite risk. For B2B companies, that risk is tied to enterprise adoption cycles, security, and scalability. Making sure your data room answers these questions proactively ensures smoother fundraising conversations. Balancing Fundraising With Enterprise Sales A reality for B2B founders is that fundraising and sales cycles often collide. It’s common to be in a fundraising process while enterprise deals are still stuck in procurement. Strategies that help: Line up strong design partners or early pilots before you raise. Focus on logo signals over revenue at very early stages. A Fortune 500 proof of concept can often carry as much weight as $1M ARR in fundraising conversations. Build investor confidence by narrating the sales cycle clearly: show average cycle length, stage-by-stage pipeline, and recent conversions. Prepare security and compliance documentation early. Founders often lose months to InfoSec reviews, which also slows fundraising momentum. Resources and Next Steps Fundraising in B2B is complex, but founders don’t need to navigate it alone. Visible’s mission is to make connecting with the right investors and running a smooth fundraising process easier. Here are a few ways to take the next step: Use Visible Connect filters to discover venture capital firms that specialize in the subsectors covered here: B2B enterprise, B2B commerce, B2B software, B2B2C, B2B Payments, all B2B, and more. You can filter by stage, check size, geography, and subsector focus to build a targeted investor list. Prepare your data room inside Visible with clear, consistent reporting. Founders can share investor updates, track metrics like ARR and NRR, and centralize financial documentation. Send investor updates with confidence. Try Visible for free here. Frequently Asked Questions (FAQ) 1. Why is B2B still a top focus for venture capital in 2025? Investors value B2B startups for their predictable recurring revenue, high customer lifetime value, and strong demand for AI-enabled, cloud, and automation solutions. Even with broader market volatility, enterprise software remains one of the most resilient segments of global IT spending. 2. What key metrics do VCs expect from B2B startups? Investors typically look for steady ARR growth, Net Revenue Retention (NRR) of at least 100% (with 110%+ considered strong), CAC payback around 12 months for SMB/PLG models or 12–18 months for enterprise sales, and gross margins in the 70–80% range for pure SaaS businesses. 3. How should founders position their company when fundraising? Clearly define your subsector—such as Enterprise SaaS, B2B Commerce/Marketplaces, B2B Payments/Fintech, Vertical SaaS, or B2B2C—so investors benchmark you against the right peers and apply the most relevant valuation and growth expectations. 4. Which go-to-market strategies work best for B2B startups? Choose a strategy that matches your product and price point. Direct Enterprise Sales fits high-ACV solutions with complex needs, Product-Led Growth (PLG) works for bottoms-up tools with viral adoption, and Hybrid models that start PLG and scale to enterprise contracts are increasingly favored. 5. What slows down B2B fundraising and sales cycles? Enterprise deals often face multi-stakeholder approvals, lengthy proof-of-concept phases, and strict security and compliance reviews. Founders should prepare a detailed data room, highlight ROI, and show referenceable customers to speed diligence and close deals. 6. Which B2B trends should founders watch in 2025? Major themes include AI-native applications, vertical SaaS tailored to specific industries, embedded finance within software platforms, and digital supply-chain resilience—areas where investors see significant growth potential. 7. Where can I find a reliable B2B investors list? Founders can explore curated B2B investors lists through platforms like Visible Connect. Filter by stage, check size, geography, and subsector, helping you build a targeted outreach list of venture firms that actively fund B2B startups. 8. Who are some of the top B2B investors in 2025? Leading B2B investors include firms with deep enterprise expertise such as D2 Fund, Acceleprise, 2048 Ventures, Visionaries Club, Method Capital. These VCs consistently back high-growth B2B software, SaaS, and enterprise technology companies worldwide, making them top B2B investors for founders seeking capital.

When founders set out to raise capital, one of the first questions is often which are the best venture capital firms to approach. The answer is more than simply looking at the largest funds or the firms with the highest name recognition. The true measure of the best venture capital firms lies in their track record, their industry specialization, and how they support founders after making an investment. In this article we will explore the critical criteria that extend beyond financial capacity, focusing on track record, specialization, and the tangible support offered to portfolio companies. This article highlights leading venture capital firms, organized by their sector specialization, enabling founders to target the most relevant partners for their industry. By the end of this guide, you will have a clearer understanding of how to identify and approach the venture capital firms that are truly the best fit for your startup’s unique needs. What Makes a Venture Capital Firm the Best? Founders often default to chasing the VC firms with the biggest names or largest funds, but the best VC for your startup is the one that aligns with your business model, stage, and long-term vision. Understanding how to evaluate these firms is the first step toward choosing the right financial and strategic partner. Key Criteria for Evaluation By using these criteria as a checklist, founders can create a more curated target list instead of reaching out to every “top” brand-name investor. When evaluating a venture capital firm, it is helpful to ask the following questions: Track Record: Has this firm backed companies like mine, and have those companies achieved meaningful exits or scaled into enduring businesses? A strong history of successful investments shows a firm’s ability to identify winners but also to provide hands-on support. Domain Expertise: Does the firm understand my market’s nuances, customer dynamics, and regulatory environment? For example, a fintech founder benefits more from a firm with deep experience in financial services than a generalist who cannot help navigate compliance or build banking partnerships. Founder Support and Networks: Can this VC add value beyond capital? Some firms are known for world-class recruiting support, others for customer introductions or international expansion. A strong founder-first culture often becomes obvious when you speak with portfolio founders about their experiences. Stage and Geography Fit: Does the firm usually lead rounds at my stage? Do they have global reach if cross-border expansion is in my roadmap? For instance, a U.S.-based SaaS startup eyeing Europe should consider investors with a presence and network in that region. Why "Best" is Subjective Each startup has unique needs, which shifts the definition of what makes a venture capital firm the right fit. A SaaS startup optimizing for predictable revenue growth may prioritize VCs who understand customer acquisition funnels and have scaled multiple subscription businesses. A ClimateTech founder building a hardware-intensive solar solution may care less about generalist capital and more about investors who specialize in navigating pilot projects, government incentives, and capital-intensive deployments. The subjectivity of "best" also applies to founder preferences. Some founders want a highly engaged partner who attends every board meeting and works closely on hiring. Others prefer investors who trust them to operate with independence and only step in when asked. Recognizing your preferred style of support is as important as evaluating a VC’s capital or network. Generalist vs Specialist VCs Founders often face a trade-off between raising from a prestigious generalist fund versus a specialist fund dedicated to their industry. Generalist funds: typically bring broad recognition, brand halo, and large follow-on reserves. Partnering with a well-known generalist can signal credibility to customers and other investors. However, their wide investment scope may mean less depth in your particular industry. Specialist funds: often have fewer household names but can deliver more meaningful impact within their niche. A healthcare-focused VC may help you design clinical strategy, secure scientific advisors, and connect with regulatory bodies—value few generalist firms can provide. A common approach for startups is a hybrid strategy: secure a specialist VC as the lead investor for deep expertise and co-investors from generalist funds for added capital and signaling. This balance can give you both credibility and domain-focused guidance. Best Venture Capital Firms by Sector The venture capital landscape is too vast and diverse for a single universal ranking. A firm that is the best fit for one startup may not serve another nearly as well. To make this guide actionable, we highlight leading investors by their sector strengths. This allows founders to identify firms most likely to understand their business model and provide tailored guidance. SaaS SaaStr SaaStr is the world’s largest community of SaaS executives, founders, and entrepreneurs. To continue expanding and serving the community, SaaStr has grown its offerings to include regional and global events, a co-selling space, an investment fund, and an automated e-learning platform. Scale Venture Partners About: Investing in the Intelligent Connected World. Creator of the www.scalestudio.vc benchmarking tool for SaaS companies. Sapphire Ventures About: Sapphire is global software venture capital firm with $10B+ in AUM and team members across Austin, London, New York, Menlo Park and San Francisco. For more than two decades, Sapphire has partnered with visionary teams and venture funds to help scale companies of consequence. Since its founding, Sapphire has invested in more than 170 companies globally resulting in more than 30 Public Listings and 45 acquisitions. The firm’s investment strategies — Sapphire Ventures, Sapphire Partners and Sapphire Sport — are focused on scaling companies and venture funds, elevating them to become category leaders. Sapphire’s Portfolio Growth team of experienced operators delivers a strategic blend of value-add services, tools and resources designed to support portfolio company leaders as they scale. Acceleprise About: Acceleprise invests in early stage B2B SaaS and enterprise technology companies and unifies the global technology community through mentors. Thesis: There are many founders who have great ideas in B2B, but don't know enough about Sales and GTM to scale. With the help of top operators in our network from the likes of Salesforce, Cisco, Gainsight, Zuora, and more, we can help. 01A (01 Advisors) About: 01A is founded on the simple idea that proven scaled operators are uniquely positioned to help hyper-growth companies reach the next level. Accel About: Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Braintree, Cloudera, CrowdStrike, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, FreshWorks, Jet, Qualtrics, Slack, Spotify, Supercell, UiPath and Vox Media are among the companies the firm has backed over the past 35 years. Index Ventures About: They are an international venture capital firm based in London, San Francisco and Geneva Thesis: Other firms invest in deals, Index invests in people. A deal is transactional. Relationships endure, and ours are based on curiosity, thoughtfulness, and deep conviction. Bessemer Venture Partners (BVP) About: Bessemer Venture Partners is the world's most experienced early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter, and supports them through every stage of their growth. The firm has backed more than 120 IPOs, including Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, DocuSign, Fiverr, Wix, and MindBody. Bessemer's 16 investing partners operate from offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India. Battery Ventures About: Battery Ventures is a leading venture capital firm focused on investing in technology companies at all stages of growth. With a team of over 30 experienced investment professionals, Battery leverages its people, expertise and capital to actively guide companies to category dominance. The firm has invested in over 160 technology companies worldwide across the communications, software, infrastructure, and media and content industries. Thesis: Software is eating the world - invest across many different theses FinTech Ribbit Capital About: Ribbit Capital is a Silicon Valley-based venture capital firm that invests globally in unique individuals and brands who aim to disrupt the financial services industry. Ribbit aims at driving innovation in lending, payments, insurance, accounting, tax preparation and personal financial management. Ribbit targets disruptive, early stage companies that leverage technology to reimagine and reinvent what financial services can be for people and businesses. The firm will mainly focus on investments in the U.S., Canada, Brazil, the United Kingdom, Germany, Italy, Spain, South Africa and Turkey. QED Investors About: QED Investors is a leading venture capital firm based in Alexandria, Virginia. We are focused on investing in disruptive financial services companies in the U.S., the U.K. and Europe, Latin America, India and Southeast Asia and Africa. QED Investors is dedicated to building great businesses and uses a unique, hands-on approach that leverages its partners’ decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth. Nyca Partners About: Nyca Partners is a venture capital and advisory firm exclusively focused on applying innovation in financial services into the global financial system. Our rich experience and deep connections in both finance and technology give us a unique perspective and facility to help entrepreneurs transform payments, credit models, digital advice, andfinancial infrastructure. We strive to form truly collaborative partnerships, offering our own money and expert advice. Anthemis Group About: Our deep understanding of markets and models, passion for emerging technology and values inspire everything we do. By creating fertile ground for a diverse group of startups, investors, entrepreneurs, institutions, academics, and visionaries to converge, we believe we can solve the financial services world’s most pressing challenges faster, better and for the benefit of all. Thesis: Invests in startups that leverage technology to significantly impact the financial system. Clocktower Ventures About: We partner with phenomenal entrepreneurs who have the vision and drive to innovate across our two domains: financial services and climate change. Clocktower Ventures invests from the earliest seeds of startup life to businesses scaling for growth. Our distinctive approach to venture capital is crafted around a curated network of global macroeconomic thinkers and investors. Canapi Ventures About: Canapi Ventures is a venture capital firm that invests in early to growth-stage fintech companies that deploy solutions on modern platforms. ClimateTech and Impact Breakthrough Energy Ventures About: Breakthrough Energy is dedicated to helping humanity avoid a climate disaster. Through investment vehicles, philanthropic programs, policy advocacy, and other activities, we’re committed to scaling the technologies we need to reach net-zero emissions by 2050. Thesis: Breakthrough Energy Ventures provides reliable and affordable power without contributing to climate change. Energy Impact Partners About: Energy Impact Partners LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $2.5 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of over 70 professionals based in its offices in New York, San Francisco, Palm Beach, London, Washington D.C., Cologne, and Oslo. Thesis: We bring together incumbents and innovators in a differentiated collaborative model to build and scale businesses for substantial impact. Lowercarbon Capital About: Lowercarbon Capital funds research and invests in technologies to reduce CO2 in the atmosphere. For too long, the world has ignored the scientists, inventors, and entrepreneurs who are pursuing solutions to lower emissions, remove carbon, actively cool the planet, and save human, animal, and plant life as we know it. We are working to fix that. Congruent Ventures About: Congruent Ventures is a leading early stage venture firm focused on partnering with entrepreneurs to build companies addressing climate and sustainability challenges across four themes: Mobility and Urbanization, the Energy Transition, Food and Agriculture, and Sustainable Production and Consumption. Elemental Excelerator About: Elemental Impact is a nonprofit investing platform with 15 years of experience advancing innovative technology that creates lasting economic and climate benefits across communities. Through our platform, we deploy catalytic capital and provide expert services to a portfolio of 160+ companies across energy, agriculture, transportation, industry, and nature-based solutions. Climate Capital About: Climate Capital is an early-stage climate tech VC with over 250+ portfolios across various sectors working on decarbonizing the global economy. Learn more about our syndicate. Clean Energy Ventures About: At Clean Energy Ventures we’re beating back climate change through energy innovation. We fund disruptive, capital-light technologies and business model innovations that can reshape how we produce and consume energy. Each startup we invest in has the potential to substantially reduce greenhouse gas emissions between our investment and 2050. Extantia Capital About: We are all about climate first. We invest in deep decarbonisation technologies that will lead us to a world beyond fossil fuels. Extantia literally aims at the aspect of survival; not only of our planet, but also of humanity, of our values, of our culture of inclusion and progress. There is no better way to achieve this than by supporting the next generation of mission-driven founders. Health Allianz Life Ventures About: We invest in innovative technology startups that align with our core business and financial goals. Thesis: We have a simple investment philosophy – we make investments in companies with market traction and a demonstrated ability to drive innovation. Investing is more than a transaction for us – it’s a mutually beneficial relationship. Our initial investment size typically ranges from $500,000 to $5 million, and we’re active in all investment stages – from seed and early stage to growth – of companies operating within North America. Versant Ventures About: Versant Ventures is a leading healthcare investment firm committed to helping exceptional entrepreneurs build the next generation of great companies. The firm’s emphasis is on biotechnology companies that are discovering and developing novel therapeutics. With $2.4 billion under management and offices in the U.S., Canada and Europe, Versant has built a team with deep investment, operating and clinical expertise that enables a hands-on approach to company building. Since the firm’s founding in 1999, more than 70 Versant companies have achieved successful acquisitions or IPOs. MPM Capital About: MPM Capital caters to the healthcare sector with seed, early, and later stage ventures, and private equity investments. ARCH Venture Partners About: ARCH Venture Partners invests primarily in companies co-founded with leading scientists and entrepreneurs, concentrating on bringing to market innovations in information technology, life sciences, and physical sciences. ARCH currently manages five funds totaling over $700 million and has invested in the earliest venture capital rounds for more than 90 companies. ARCH investors include major corporations, financial institutions, and private investors. SteelSky Ventures About: SteelSky Ventures is an early stage VC fund investing in Women’s Health. Thesis: SteelSky Ventures invests in companies that improve access, care, and outcomes in women's health. Our innovative approach allows investment across the spectrum of women’s health indications and in technology infrastructure that supports new and innovative care delivery models. Broadview Ventures About: Broadview Ventures is a mission-driven investment organization. Its primary investment goal is to improve human health in the areas of cardiovascular disease and stroke. We define success as improving human health by bringing innovative technologies to patients. AI Andreessen Horowitz (a16z) About: Andreessen Horowitz was established in June 2009 by entrepreneurs and engineers Marc Andreessen and Ben Horowitz, based on their vision for a new, modern VC firm designed to support today's entrepreneurs. Andreessen and Horowitz have a track record of investing in, building and scaling highly successful businesses. Thesis: Historically, new models of computing have tended to emerge every 10–15 years: mainframes in the 60s, PCs in the late 70s, the internet in the early 90s, and smartphones in the late 2000s. Each computing model enabled new classes of applications that built on the unique strengths of the platform. For example, smartphones were the first truly personal computers with built-in sensors like GPS and high-resolution cameras. Applications like Instagram, Snapchat, and Uber/Lyft took advantage of these unique capabilities and are now used by billions of people. LDV Capital About: Investing in deep technical teams who leverage computer vision, machine learning and artificial intelligence to analyze visual data. Impact Venture Capital About: Impact Venture Capital invests in early stage IT startups, with a focus on TMT, Civic Tech, Cyber Security, FinTech, and Data Analytics. Thesis: Early Stage with a focus on AI & AI applied ff Venture Capital About: ff Venture Capital is one of the best performing seed- and early-stage venture capital firms investing in some of the strongest growth areas to date, including cybersecurity, artificial intelligence, machine learning, drones, enterprise cloud software, and crowdfunding. Alpha Intelligence Capital About: Alpha Intelligence Capital (AIC) is an entrepreneurs-led, entrepreneurs-invested, global closed-end private venture capital fund. Thesis: We invest in Seed to Series B, deep Artificial Intelligence/Machine Learning (AI/ML) technology-based companies. We invest in teams applying deep expertise in the algorithmic sciences to develop breakthrough products and solve real business problems. Deep Tech Deep tech ventures face long commercialization timelines and require investors with patient capital, strong technical expertise, and risk tolerance. These firms specialize in backing frontier ideas that reshape industries. DCVC (Data Collective) About: Data Collective is a venture fund with a unique team of experienced venture capitalists, technology entrepreneurs and practicing engineers, investing together in seed and early stage Big Data and IT infrastructure companies. Bloc Ventures About: We focus on the technology foundations of the future, across cloud, connectivity, data science and security. Cardumen Capital About: Cardumen Capìtal is an Independent Alternative Investment Management Company regulated by the National Securities Market Commission (CNMV). The company was founded by Igor de la Sota and Gonzalo Martínez de Azagra in 2017 and has offices in Tel Aviv, Israel and Madrid, Spain. The company raised their first venture capital fund of $60 million focused on early stage companies in the fields of artificial intelligence, cybersecurity, Internet of Things, software, and big data. Notable investors in the fund include global energy company Repsol and banking group Banco Sabadell. AtlanVest About: Investing in category leaders with high gross-margins, proven technology, and product-led growth in niche industries. Bloc Ventures About: We focus on the technology foundations of the future, across cloud, connectivity, data science and security. 7 Percent Ventures About: Early stage tech investing in UK, EU & US. Seeking the most ambitious founders with deeptech or transformative moonshot ideas to change the world for the better Thesis: We invest in early stage tech startups which represent billion dollar opportunities. How to Choose the Best Venture Capital Firm for Your Startup Not every well-known venture capital firm is the right fit for your startup. The best choice depends on how closely an investor’s focus, resources, and style align with your company’s needs. Founders who treat investor selection with the same rigor as hiring a senior executive often build stronger long-term partnerships. Match by Industry Expertise, Not Just Prestige Well-known global funds can open doors and send strong credibility signals, but industry expertise often matters more. A ClimateTech startup attempting to commercialize carbon capture technology, for instance, may gain more practical value from a fund specializing in clean energy than from a top-tier brand name fund with no climate experience. Startups should look at a firm’s portfolio. If they have repeatedly backed similar companies and helped them scale, that is often a more useful signal than how often the firm is mentioned in the press. Stage Alignment and Check Size Every fund has a sweet spot. Some firms primarily invest at the seed stage, writing checks in the $500,000 to $2 million range and helping companies validate product-market fit. Others specialize in Series B or later, where typical investments can exceed $20 million and the focus shifts to scaling. A mismatch between your raise size and a firm’s typical investment profile is a red flag. Founders should always ask: At what stage does this firm usually lead? How much capital do they typically reserve for follow-on funding? Aligning stage and check size prevents wasted effort in pursuing investors who are unlikely to participate. Geographic Fit and Global Expansion Support Geography still matters, even in a startup world connected by digital tools. Local investors may have critical on-the-ground networks, while global firms can provide connections to international markets. A fintech startup in Latin America may gain significant benefit from an investor with strong regional ties, whereas a U.S. SaaS company looking to expand into Europe should consider funds with offices or partnerships that open access to that market. The best firms for your startup are often the ones that are most active where your customers and talent base are located. Founder-Investor Fit and Engagement Style Different firms take different approaches to working with founders. Some are extremely hands-on, joining every board meeting and regularly introducing new customers or hires. Others take a more hands-off approach, offering support when called upon but not intruding on daily operations. Speaking with current portfolio founders is the best way to understand a firm’s style. If multiple founders report that an investor is overly controlling or slow to make crucial decisions, that is a caution flag. The cultural fit between you and your lead investor can be as decisive as the capital itself. Long-Term Value Beyond the First Check A strong VC partner should be able to grow with you. This means having reserves for supporting multiple rounds and networks that expand as your company scales. Firms that invest once and rarely follow on may leave founders scrambling in future raises. It is also important to evaluate a firm’s ecosystem. Do they host events that connect you with customers? Do they maintain connections with top talent in your market? The most valuable relationships are those that keep creating opportunities long after the initial funding closes. Start Your Next Round with Visible We believe great outcomes happen when founders forge relationships with investors and potential investors. We created our Connect Investor Database to help you in the first step of this journey. Instead of wasting time trying to figure out investor fit and profile for their given stage and industry, we created filters allowing you to find VCs and accelerators who are looking to invest in companies like you. Check out all our investors here and filter as needed. After finding the right Investor you can create a personalized investor database with Visible. Combine qualified investors from Visible Connect with your own investor lists to share targeted Updates, decks, and dashboards. Start your journey for free here.

For startup founders navigating the complex world of fundraising, understanding VC funds is as crucial as knowing the venture capital firms that manage them. A VC fund is essentially a pool of capital, raised from various limited partners (LPs), that a venture capital firm then strategically deploys into promising startups. It’s the engine that powers venture investment, and its structure, size, and stage focus directly influence the types of companies it can back. Many founders mistakenly believe all venture capital operates the same way, but the specific fund you engage with dictates everything from the check size they can write to their investment timeline and strategic focus. Knowing whether you're speaking to a seed fund, a Series A fund, or a growth fund can dramatically alter your fundraising strategy and expectations. In this guide, we’ll break down the different types of funds by investment stage, explain how their operational models and investment sizes vary, and illustrate how a startup’s journey often interacts with multiple funds over time. You’ll gain insights into the lifecycle of a fund, the roles of limited and general partners, and how to align your fundraising efforts with the right capital source. Top VC Funds by Stage Not all VC funds are created equal. Funds typically specialize in specific stages of the startup journey, and their strategies, check sizes, and levels of involvement differ significantly. Founders who understand these distinctions can better tailor their fundraising approach and save valuable time targeting the wrong investors. Top Seed VC Funds Seed funds are designed to back startups at their earliest, riskiest stage. These funds typically invest small checks relative to later‑stage VC funds, often ranging from $100,000 to $2 million. At this stage, startups are focused on validating their ideas, building early product traction, and demonstrating a path to product‑market fit. Seed VC funds usually take a hands‑on role, providing not just capital but also mentorship, operational guidance, and introductions to potential hires or early customers. For many founders, this is where the relationship with venture capital begins. Hustle Fund About: Hustle Fund is a seed fund for hilariously early hustlers. Traction metrics requirements: Post-product please Thesis: Software generalists; we think through customer acquisition a lot First Round Capital About: First Round is a venture capital firm that specializes in providing seed-stage funding to technology companies. Initialized Capital About: Initialized Capital is early stage VC firm focused on helping software engineers, designers and product people with their first seed checks. Susa Ventures About: Susa Ventures is an early stage venture capital firm, investing in a growing family of dreamers and builders. Sweetspot check size: $ 1.25M Traction metrics requirements: We do invest pre-launch and pre-revenue, but early traction (e.g. $100k+ ARR) is our sweet spot. Thesis: Companies that can build strong moats over time through network effects, data, or economies of scale. Illuminate Ventures About: Illuminate Ventures is an early-stage VC investor focused exclusively on B2B software companies. We don’t rely on “pattern recognition” or following the herd. Our sweet spot is as a lead or co-lead of a startup's first institutional round of financing. Our team is made up of experienced investors with prior operational success, complemented by a world class, 45+ member Business Advisory Council. We’ve been there ourselves as entrepreneurs and work closely with founders to support them in building truly great companies and teams. Sweetspot check size: $ 1M Traction metrics requirements: MVP with initial customers in target ICP. Further along seed stage companies that can demonstrate rapid and measurable ROI. Thesis: Further along seed stage companies that can demonstrate rapid and measurable ROI. Boldstart Ventures About: Boldstart Ventures is a first check investor for technical enterprise founders. Sweetspot check size: $ 1.50M Thesis: Day one partners for technical enterprise founders. Founder Collective About: Founder Collective is a seed-stage venture capital firm that has invested in over 300 startups, including Uber, Airtable, PillPack, SeatGeek, The Trade Desk, Whoop, and Cruise. Founder Collective's mission is to be the most aligned fund for founders at the seed stage. FC has offices in NYC and Cambridge, MA and has been the top-rated seed fund on the Forbes Midas list for four of the last five years. Sweetspot check size: $ 1.25M Traction metrics requirements: Founder-market fit + strong customer use case Thesis: Our mission is to be the most aligned fund for Founders at the seed stage. Uncork Capital About: Uncork Capital is a seed-stage venture firm that commits early, helps with the hard stuff, and sticks around. Really. Top Series A & B Funds Series A and B funds step in once a company has achieved product‑market fit and is ready to scale. These funds typically invest between $2 million and $20 million, with a focus on accelerating growth, expanding teams, and building sustainable revenue streams. At these stages, VC funds often take board seats and play a more formal governance role, while still providing strategic support. They look closely at metrics such as customer growth, retention, and unit economics. The involvement level is still quite high, but the guidance shifts from idea validation to operational efficiency and market expansion. 24Haymarket About: Headquartered in London and with a regional office in Edinburgh, we are distinguished by the calibre and engagement of the 24Haymarket Investor Network. We follow a strict investment thesis with a focus on verticals in the nascent stages of high growth where we can leverage proprietary insight from our Investor Network. We focus on investing in companies that have demonstrated initial commercial traction. We adhere to an active investment philosophy with a right to a board seat in each investment we pursue combined with an involved post-investment model. 01A (01 Advisors) About: 01A is founded on the simple idea that proven scaled operators are uniquely positioned to help hyper-growth companies reach the next level. We’ve grown companies $0 to $123B in yearly combined revenue and created $1T of public company market cap, as the former CEO and CRO/COO of Twitter and CRO of Facebook. We come in right after companies have found product-market fit (usually Series As and Bs) with a $10M-$20M check, and focus on scaling and GTM. We help Founders learn, adapt and improve their pace of execution in order to transform breakthrough products into world-class companies. Acton Capital About: Acton Capital Partners is a specialist investor in internet- and mobile-based, consumer-oriented businesses. Having managed more than 30 investments since 1999 as the corporate venture capital business of Hubert Burda Media, the German family-owned global media company, the Acton team brings a wealth of expertise to the companies in which it invests, delivering superior capital returns. Augmentum Fintech About: Augmentum Fintech is the UK’s only publicly listed fintech fund, investing in talented, dynamic fintech founders across Europe at series A and later. Our current portfolio of 19 companies includes interactive investor, Zopa, Tide, iwoca, Monese, Tide, Habito and Farewill. Sweetspot check size: $ 4M Traction metrics requirements: $1m ARR Thesis: Fintechs that stand out from the crowd Astia About: Astia is an angel group that invests in women-owned companies operating in cleantech, SaaS, life sciences, and IoT sectors. We have multiple investment vehicles: - Astia Fund $100MM venture fund Series A/B (5 investment completed, targeting 10-13 more) - Astia Angels direct investing at any stage ($36MM deployed into 64 companies) - Astia Edge Seed Stage investment vehicle investing in Female Black and Lantina CEOs Array Ventures About: Array Ventures funds founders solving impactful problems in forgotten industries using revolutionary technology. Thesis: We invest in smart people with a bold mission who take big risks in large or new markets. Top Growth VC Funds Growth funds provide the capital needed once a company has proven its model and is scaling aggressively, often into new markets or preparing for acquisition or IPO. These funds typically invest $20 million or more, sometimes writing checks in the hundreds of millions. Unlike earlier‑stage VC funds, growth investors tend to be less hands‑on operationally. Instead, they bring expertise in scaling globally, structuring late‑stage financing, and connecting with strategic partners or acquirers. Their role is heavily focused on governance, growth capital, and financial stewardship ahead of exit events. Acrew Capital About: Acrew Capital is a venture capital firm that provides investable assets for diverse angel investors to fund tomorrow's companies. Thesis: We engage in long-term partnerships with world-class teams that are uniquely suited to transform big challenges into bigger opportunities. Activate Capital Sweetspot check size: $ 20M Traction metrics requirements: >$5M in revenue Thesis: Digitizing the Industrial Economy Alumni Ventures Group About: AVG provides high-quality, diversified venture portfolios to individual investors who previously haven't had access to VC. Tiger Global About: Tiger Global is an investment firm focused on public and private companies in the global Internet, software, consumer, and financial technology industries. Thesis: Our mission is to generate world-class investment returns over the long term. We aspire to do so in a way that makes our partners and portfolio companies proud, as we build a unique, global investment platform. AtlanVest Traction metrics requirements: >50% YoY revenue-growth rates, >65% gross-margins, and pathway to operating profitability within 3 years from investment. Thesis: Investing in category leaders with high gross-margins, proven technology, and product-led growth in niche industries Glade Brook About: Glade Brook is a global investment firm that specializes in global growth equity, with a focus on internet, software and technology enabled businesses. The firm partners with entrepreneurs and management teams to accelerate growth and maximize long-term shareholder value, from growth stage through IPO and beyond. How VC Funds Differ Across Stages Although all VC funds share the same basic structure, their role in a startup’s journey looks very different depending on the stage. From the size of the initial investment to the level of involvement a fund takes in day‑to‑day operations, understanding these differences helps founders know what to expect — and how to prepare. Investment Size The most significant difference between VC funds is the size of the checks they write: Seed VC funds: $100,000 to $2 million, spread across several small, early‑stage bets. Series A & B VC funds: Typically $2 million to $20 million, concentrated in companies with proven traction. Growth VC funds: $20 million+ per investment, sometimes reaching hundreds of millions in later rounds. These differences aren’t just about the numbers — they reflect a fund’s risk appetite. Seed funds know most of their bets won’t pan out, but the few winners can drive big returns. Growth funds, on the other hand, are far more risk‑averse, backing companies with proven track records. Level of Involvement Involvement also shifts as companies grow: Seed VC funds tend to be very hands‑on, often acting as close advisors on hiring, fundraising, and go‑to‑market strategy. Series A & B VC funds typically take board seats, guiding startups on scaling operations, building repeatable sales models, and entering new markets. Growth VC funds are more governance‑focused, ensuring financial discipline and strategic expansion ahead of IPOs or acquisitions. A founder should expect fewer day‑to‑day interactions at the growth stage, but much more oversight at the board and financial reporting level. Time Horizon and Expectations Seed funds invest with patience — they know their companies may take years before meaningful revenue or traction appears. Series A & B funds look for measurable progress and scalability within 12–24 months of their investment. Growth VC funds, however, operate on even clearer timelines, pushing for exit opportunities within a defined horizon to return capital to their limited partners. How Founders Engage With VC Funds Across Stages A typical founder journey highlights how different VC funds support growth over time: In the beginning, a Seed fund backs your vision, helps validate your product, and gets you to product‑market fit. Once you’ve proven traction, a Series A or B fund helps you scale customers, operations, and revenue. Finally, a Growth fund steps in with large capital injections to expand globally, optimize operations, and prepare for an IPO or acquisition. It’s worth noting that some VC funds are structured as multi‑stage investors, which means they can invest across multiple phases of your growth — from seed to later rounds. Others are stage‑specific, committing exclusively to early or late‑stage deals. For founders, this distinction matters. Multi‑stage funds can provide continuity as you scale, but stage‑specific funds may bring deeper expertise and focus at the point where they engage. Understanding whether a VC fund is multi‑stage or stage‑specific helps founders set realistic expectations, target the right investors for their current needs, and build a long‑term investor strategy that lasts well beyond the first round of funding. How VC Funds Are Structured and Raised Behind every VC fund is a structure that dictates how it operates, who supplies the capital, and how that capital flows back to investors over time. For founders, understanding this structure can help make sense of why some funds are eager to write new checks while others are more focused on supporting their existing portfolio. What Makes Up a VC Fund A VC fund is typically composed of two main groups: General Partners (GPs): The venture capitalists who manage the fund. They raise the capital, decide which startups to invest in, and actively support portfolio companies. In return, they earn a management fee and a share of the profits (known as “carry”). Limited Partners (LPs): The investors who supply the capital. LPs can include pension funds, university endowments, sovereign wealth funds, family offices, corporations, and high‑net‑worth individuals. Unlike GPs, LPs are passive investors — they provide the money but do not make investment decisions. The size of a VC fund has a major influence on its strategy. Smaller funds (tens of millions) typically focus on seed or early‑stage companies, while larger billion‑dollar funds are geared toward writing big growth‑stage checks. The Lifecycle of a VC Fund Most VC funds follow a standard lifecycle of about 10–12 years, broken down into phases: Fundraising phase: The GPs raise capital from LPs to create a new fund. Investment or deployment phase: Usually the first 3–5 years, where the majority of new investments are made. Follow‑on capital phase: Remaining capital is reserved to support existing portfolio companies in future rounds. Harvest or exit phase: Over time, portfolio companies generate exits through acquisitions or IPOs, returning capital (and profits) to LPs. Why This Matters for Founders The stage of a fund’s lifecycle can make a big difference for founders seeking capital: Fund age: A fund early in its cycle is more likely to be actively investing, while an older fund may have slowed down new deals and be prioritizing its current portfolio. Dry powder: The amount of undeployed capital left in a fund — often discussed in fundraising — directly affects whether a fund is ready to write new checks. Multiple funds: Many firms raise and manage multiple funds at once (Fund III, Fund IV, etc.), so a single firm may be making investments from different pools of capital with different strategies. In practice, this means that founders should ask the right questions: Is this fund actively investing? Which fund is the partner representing today? How much dry powder is available? A clear understanding of the fund lifecycle can help you avoid wasted time and focus outreach where capital is truly available. Choosing the Right VC Fund as a Founder For founders, the decision of which VC funds to approach can be just as critical as the pitch itself. Not every fund is a perfect match, and targeting the wrong ones can waste valuable time during an already demanding fundraising process. By understanding how funds differ and aligning with the right ones, you can dramatically improve your chances of building successful, long‑term investor relationships. Match Stage and Fund Size The first filter is simple: does the fund invest at your stage? Seed funds write small checks to help validate an idea, Series A/B funds support proven traction, and growth funds fuel large‑scale expansion. Approaching a billion‑dollar growth fund with nothing more than an MVP and a few users will lead to a quick no. Instead, target funds whose size and strategy match exactly where you are in your journey. Evaluate Investment Thesis and Portfolio Every VC fund is guided by an investment thesis, which shapes the industries, geographies, and types of companies it will back. Founders should always research whether their company aligns with this thesis. Look closely at the fund’s portfolio: have they invested in startups similar to yours or in adjacent spaces? Do they tend to double down with follow‑on checks when companies perform well? Alignment here not only increases your chances of raising capital but also ensures the fund can bring strategic insights and contacts that matter for your category. Multi‑Stage vs. Stage‑Specific Funds Some VC funds take a multi‑stage approach, investing from seed through growth. Others remain highly stage‑specific, focusing only on a narrow slice. Multi‑stage funds can be valuable long‑term partners that provide continuity and large pools of follow‑on capital. Stage‑specific funds, on the other hand, often bring sharper expertise and more hands‑on involvement at the point they engage. There isn’t a “better” option — the right choice depends on where you are today and where you expect your relationship with that investor to evolve. Fund Lifecycle and Deployment Timing Timing matters. Many funds are most active in the first three to five years of their lifecycle when they’re deploying new capital. Later in the cycle, they may conserve remaining cash to support existing companies. Talking to a fund that has little “dry powder” available is often a dead end, even if they like your business. Founders should not hesitate to ask directly whether the fund is actively investing from its current pool of capital or between fundraising cycles. The Value Beyond Capital Capital is only part of the value VC funds can provide. The right partner brings strategic guidance, introductions to potential customers, support in scaling teams, and credibility that opens doors. At growth stages, a fund’s reputation with IPO preparation or global expansion may be just as important as the check size. One of the best ways to evaluate this is by talking with founders from the fund’s current portfolio to hear about their real experiences working with the partners. Tools for Connecting with the Right VC Funds Finding the right VC funds and staying organized throughout the process doesn’t have to be overwhelming. Tools like Visible’s Connect investor database allow you to filter and discover funds by stage, geography, investment size, and sector focus. Once you identify the right funds, you can pull their profiles directly into Visible’s fundraising CRM, where you can track outreach, manage notes, and keep tabs on where each investor stands in your pipeline. Having this organization not only saves time but also signals professionalism to VCs, showing you run your fundraising like you run your business. Founder Takeaway Choosing the right VC fund comes down to a few key criteria: the stage must match, the thesis must align, the timing must be right, and the fund should deliver real value beyond capital. Reputation matters, but fit matters more. The best VC fund is not necessarily the most famous one — it’s the one that understands your market, believes in your journey, and has the resources to help you scale. Navigating the World of VC Funds with Confidence Understanding VC funds is a critical step for any founder seeking to raise venture capital. As we’ve explored, these pools of capital are not monolithic; they vary significantly by stage, size, structure, and strategic focus. From the early bets placed by seed funds to the large-scale growth capital provided by later-stage investors, each type of fund plays a distinct role in the startup ecosystem. Founders who grasp the nuances of fund lifecycles, the roles of general and limited partners, and the stage-specific criteria of different VC funds are better equipped to navigate their fundraising journey. This knowledge allows for a more targeted approach, ensuring you connect with investors whose capital, expertise, and timeline align perfectly with your company’s needs. Ultimately, successful fundraising isn't just about securing capital; it's about forging the right partnerships. By carefully evaluating VC funds based on their stage fit, investment thesis, and value-add beyond the check, you can build a robust investor base that truly supports your growth. Ready to streamline your fundraising and connect with the right VC funds? Leverage our Connect investor database to discover aligned investors and use Visible at no cost to empower your fundraising strategy with the tools designed to help you succeed.

For venture capitalists, timing is everything. The ability to recognize a turning point in a portfolio company’s performance, either positive or negative, can be the difference between a missed opportunity and a game-changing intervention. At Visible, we’ve seen how metric alerts can transform a VC’s ability to stay ahead. By proactively flagging key performance shifts, you can deliver guidance exactly when it’s needed or celebrate a win in real time. Recently, we identified a list of high-impact metrics from our proprietary dataset to identify which alerts are set most often and what thresholds matter most to investors. The result: a short list of high-impact metrics and recommended thresholds that VCs can start monitoring today. A Quick Overview of Metric Alerts in Visible Metric alerts allow you to set specific performance thresholds for any tracked metric and receive notifications when they are met or exceeded. This ensures you’re not just reviewing data after the fact, but acting on it in real time. With Visible, you can: Choose alerts for the metrics you care about most. Set custom floor or ceiling thresholds. Define how alerts are triggered (percentage shifts, fixed number changes, period-over-period changes, etc.). Receive timely notifications when your conditions are met. Learn more about how to set up metric alerts in Visible → The Most Commonly Tracked Metrics and Recommended Thresholds Our analysis surfaced six key metrics that investors track most often. Here’s what they mean and the most common set of related metric alerts.. 1. Months of Runway Definition: The number of months a company can continue operating at its current burn rate before cash reserves are depleted. Formula: Runway (months) = Cash on Hand​ / (Average Monthly Operating Expenses – Average Monthly Revenue) Common Alert Thresholds: Critical Alert: < 3 months - Immediate need for capital or drastic cost adjustments. Caution Alert: < 6 months - Funding conversations should be underway. Observation Alert: < 12 months - Useful for keeping an eye on mid-term capital needs. 2. Cash Ratio Definition: Liquidity metric showing a company’s ability to pay short-term liabilities using only cash and cash equivalents. Formula: Cash Ratio = (Cash + Cash Equivalents) / Current Liabilities Floor Alerts: Critical Alert: < 0.5 - Potential inability to cover short-term obligations. Caution Alert: < 0.75 Trailing average for 2+ periods - Warning of deteriorating liquidity. Ceiling Alerts: Observation Alert: > 2.0 Trailing average for 2+ periods without major planned expenses which could indicate idle capital. Overcapitalization Alert: > 3.0 Without investment plans in next 2 quarters - Displays possible inefficiency in capital deployment. Spike Alert: > 50% Change % - Could point to new funding or asset sales. 3. Asset Turnover Ratio Definition: Measures how efficiently a company uses assets to generate revenue. Formula: Asset Turnover Ratio = Net Sales (Revenue) / Average Total Assets Floor Alerts: Critical Alert: Below industry-adjusted threshold (default < 0.5). Caution Alert: > 20% Previous period change. Ceiling Alerts: Observation Alert: > 2.0 Trailing average for 2+ periods without asset base expansion. Spike Alert: Jump > 30% Previous period change - Worth investigating source of sudden efficiency. 4. Debt Ratio Definition: The proportion of total assets financed by debt to better understand leverage and underlying risk. Formula: Debt Ratio = Total Liabilities / Total Assets Floor Alerts: Conservative Alert: < 0.1 - Very low leverage with potential underutilization of debt capacity. Growth Watch Alert: < 0.2 - Trailing average for 3+ periods which could suggest overly cautious capital structure. Ceiling Alerts: Caution Alert: > 0.6 - Leverage is approaching riskier territory. Critical Alert: > 0.8 - High financial risk. Leverage Spike Alert: > 15% Previous period change. 5. EBITDA Margin Definition: Operating profitability as a percentage of revenue, excluding interest, taxes, depreciation, and amortization. Formula: EBITDA Margin = (EBITDA / Net Sales (Revenue) * 100 Floor Alerts: Critical Alert: < 0% - Signaling negative operating profitability. Caution Alert: < 10% (unless industry-adjusted). Compression Alert: > 5% Previous period change. Ceiling Alerts: Observation Alert: > 40% (unless industry-adjusted). Spike Alert: > 10% Previous period change. Efficiency Over-Optimization Alert: >10% trailing average for 2+ periods 6. Revenue Growth (QoQ) Definition: Quarter-over-quarter revenue increase, expressed as a percentage. Formula: Revenue Growth (QoQ) = ((Revenue current quarter - Revenue previous quarter)/ Revenue previous quarter) * 100 Common Alert Threshold: Positive Growth Alert: ≥ 20% Previous period change – Shows strong growth momentum, often worth deeper review or follow-up. Proactive Insights, Timely Action By setting smart, data-driven thresholds for these metrics, you can spot risks and opportunities before they’re obvious in quarterly reports. This approach ensures you’re showing up for founders with the right guidance at the right time. Ready to set up your first metric alerts? Learn how here.

On the sixth episode of the Thrive Through Connection Podcast, we welcome Kristian Andersen of High Alpha. Kristian is a co-founder and partner at High Alpha, an Indianapolis-based venture capital firm that helps founders and the companies they lead reach their full potential. Kristian joins us to discuss how best-in-class leaders use storytelling to sharpen all facets of their business. About Kristian Before founding High Alpha, Kristian founded Studio Science, a leading design firm, and Gravity Ventures, a seed-stage venture fund. Throughout his career in design and investing, Kristian has had a front row seat to the importance of brand, storytelling, and founder selling. Mike, our CEO, had an opportunity to sit down and chat with Kristian. You can give the full episode a listen below: Spotify Link Apple Link What You Can Expect to Learn from Kristian The responsibilities and roles of a CEO The similarities between selling and storytelling Why the ability to tell stories across an institution is a competitive advantage What he looks for when it comes to a pitch meeting and deck How founders should think about benchmarking their business Stay up to date with the Thrive Through Connection Podcast by subscribing wherever you listen to podcasts. You can find links to your favorite podcast hosts below: YouTube Spotify Apple

On the fifth episode of the Thrive Through Connection Podcast, we welcome Kyle Poyar, the founder of Tremont and Growth Unhinged. Tremont is an early growth equity firm based in Boston. Kyle joins us to break down his career supporting companies at OpenView, how SaaS companies should think about benchmarks, and the future of SaaS investing. About Kyle Before founding Tremont, Kyle was an Operating Partner at OpenView Ventures. During his time there, he launched the SaaS Benchmarks Report, a staple in the SaaS industry. Since then, Kyle has started Growth Unhinged, his newsletter breaking down the playbooks and tactics behind best-in-class startups. Mike, the CEO and Founder of Visible, had an opportunity to sit down and chat with Kyle. You can give the full episode a listen below: Spotify Link Apple Link What You Can Expect to Learn from Kyle How investors and founders can think about leveraging benchmarks Which SaaS metrics and benchmarks are growing in importance Why hiring is the lowest-hanging fruit for VCs to support portfolio companies How he built a content flywheel at Growth Unhinged Stay up to date with the Thrive Through Connection Podcast by subscribing wherever you listen to podcasts. You can find links to your favorite podcast hosts below: YouTube Spotify Apple

On the eighth episode of the Thrive Through Connection podcast, we welcome Hunter Walk. Hunter is a Partner and Co-founder at Homebrew, a seed-stage venture capital firm backing mission-driven founders. He joins us to discuss emerging trends in the venture space since Homebrew’s founding in 2013. About Hunter Since founding Homebrew, Hunter has also helped launch Screendoor, a fund that invests in emerging VC fund managers. Throughout his career as both a VC and an LP, Hunter has had a front-row seat to the evolution of the venture capital world since the early 2010s. Mike, our CEO, sat down with Hunter to talk through how the venture landscape has shifted, the growing role of secondaries, and his new work with Screendoor. You can give the full episode a listen below: Spotify Link Apple Link What You Can Expect to Learn from Hunter How seed-stage investing has changed in the last 12 years What’s driving the rise of secondaries in venture Why Hunter believes secondaries are here to stay How founders can think about secondaries for their business Why Hunter helped launch Screendoor to invest in VC funds Want more stories like this? Head to the Thrive Through Connection Hub for every past and upcoming episode.

What is a Portfolio Review Meeting in Venture Capital A portfolio review meeting in the context of Venture Capital is a dedicated time for the investment and operational team members at an investment firm to align on recent updates across the portfolio. Other purposes of this meeting are to exchange cross-functional insights and coordinate the best ways to support portfolio companies. Check out this sample agenda that is similar to what is used by Visible customers. Who Typically Leads Portfolio Review Meetings? Portfolio review meetings can be led by anyone at the firm but since the meetings are largely focused on updates about portfolio companies, it is often led by the person responsible for collecting and synthesizing updates from portfolio companies on a regular basis. At a smaller firm, this person may be a Partner, and at a larger VC firm, this person often has the title of Platform Manager, Director of Portfolio Operations, or someone in finance. Ultimately, it should be led by someone with a wide-lens view of what is going on across the portfolio. Related Resource –> Portfolio Data Collection Tips for VCs Portfolio Review Meeting Frequency According to a poll led by Visible, 50% of VC’s are hosting Portfolio Review Meetings on a quarterly basis, followed by 29% weekly, and 14% monthly. The frequency of this meeting largely depends on the size of your portfolio company and how hands-on you are with your companies. A quarterly frequency makes sense for most VC firms because 70% of investors are collecting structured data from their companies on a quarterly basis. (Source data is aggregated usage data on Visible’s portfolio monitoring platform used by 660+ VC funds). How Investors Are Leveraging Visible to Enhance Portfolio Review Meetings Visible makes it simple to centralize your fund and portfolio company performance so you can conduct your Portfolio Review Meetings in the solution! For a step-by-step resource on how to run your portfolio review meeting in Visible, refer to this guide. VKAV’s Portfolio Company Dashboards Verod-Kepple Africa Ventures (VKAV), a long-term Visible user, hosts a formal Portfolio Review Meeting on a quarterly basis. During this meeting, Portfolio Review Committee members join to review the performance of the portfolio companies during the quarter. Additionally, VKAV’s investment team holds an internal Portfolio Review Meeting every other week. Right now, the purpose of this meeting is mostly to check the status of action items (either for VKAV or the portfolio company). VKAV keeps track of open action items directly on a company’s dashboard in Visible so that it is linked to the broader context of how the company is performing. How Emergence Capital Uses Visible for Portfolio Review Meetings Emergence Capital has transformed its portfolio review process by embracing Visible’s powerful KPI tracking and portfolio monitoring tools. As Andrew Crinnion, Emergence’s Director of Portfolio Analysis, puts it, “Visible streamlines our data collection process, providing a centralized source for all portfolio information,”. By pulling consistent, timely data from their companies, they enter meetings with clarity and agility, minimizing manual prep, elevating transparency, and enabling sharper, data-informed discussions with LPs. Visible’s seamless workflow turns what used to be hours of spreadsheet wrangling into strategic storytelling grounded in metrics. Check out how Emergence Capital turns portfolio data into their advantage. 01 Advisors Approach to Portfolio Review Meetings 01 Advisors a San Francisco-based venture firm utilizes Visible’s Request feature to streamline the way they collect data from companies on a quarterly basis. The team meets 1-2 times per quarter for an internal Portfolio Review meeting. Check out their meeting agenda outline below. 01 Advisors Portfolio Review Meeting Agenda Investment Strategy Portfolio Company Categorization Reserve Allocation Strategy Portfolio Company Support Learn more about how 01 Advisors uses Visible for the internal portfolio review meetings in this video.

Portfolio reviews aren’t just check-ins — they’re decision-making engines. Without a clear agenda, calls can drift into endless updates with no clear next steps. The right structure keeps discussions focused, data-driven, and primed for action. At Visible, we’ve seen hundreds of firms use a similar framework to turn portfolio reviews into strategic power hours. Here’s how: 1. Kick Off with Clarity Open with the meeting focus — quarterly performance, capital allocation, operational health. State key decisions needed (follow-ons, exits, support). Cover quick big-picture updates (fundraising, LP news, major hires). 2. Fund Performance at a Glance Review IRR, DPI, TVPI vs. benchmarks. Check portfolio construction and reserves to spot concentration risks. Flag diversification gaps and emerging threats. 3. Company Deep Dives For each company: Key financials — revenue, burn, runway. Market moves — product launches, partnerships, competitive shifts, regulations. Customer health — acquisition, retention, churn, NPS. Team stability — leadership changes, key hires. Capital & strategy needs — funding runway, follow-on potential. 4. Cross-Portfolio Wins & Challenges Spot patterns and shared roadblocks. Launch value-add programs — hiring support, sales intros, shared services. Share success stories to replicate wins. 5. Strategy & Decisions Lock in follow-on investments and exit plans. Adjust fund strategy where needed. Address underperformers head-on. 6. Clear Action Items Assign owners and deadlines. Set communication plans for LPs and internal teams. Use the Agenda A great agenda turns portfolio reviews from information dumps into action plans. It ensures you leave with clarity, accountability, and momentum. Download our VC Portfolio Review Agenda to start running sharper, faster, more effective meetings.

On the sixth episode of the Thrive Through Connection Podcast, we welcome Kristian Andersen of High Alpha. Kristian is a co-founder and partner at High Alpha, an Indianapolis-based venture capital firm that helps founders and the companies they lead reach their full potential. Kristian joins us to discuss how best-in-class leaders use storytelling to sharpen all facets of their business. About Kristian Before founding High Alpha, Kristian founded Studio Science, a leading design firm, and Gravity Ventures, a seed-stage venture fund. Throughout his career in design and investing, Kristian has had a front row seat to the importance of brand, storytelling, and founder selling. Mike, our CEO, had an opportunity to sit down and chat with Kristian. You can give the full episode a listen below: Spotify Link Apple Link What You Can Expect to Learn from Kristian The responsibilities and roles of a CEO The similarities between selling and storytelling Why the ability to tell stories across an institution is a competitive advantage What he looks for when it comes to a pitch meeting and deck How founders should think about benchmarking their business Stay up to date with the Thrive Through Connection Podcast by subscribing wherever you listen to podcasts. You can find links to your favorite podcast hosts below: YouTube Spotify Apple

On the fourth episode of the Thrive Through Connection Podcast, we welcome Max Yoder, the Founder of Lessonly and author of Do Better Work. Lessonly was an Indianapolis-based company that grew to over 300 employees and $30 million in annual recurring revenue before being acquired by Seismic in 2021. Max joins us to share the lessons he learned from scaling Lessonly and writing Do Better Work. About Max In addition to growing Lessonly to 300+ employees and leading it through a successful exit, Max became known for his thoughtful approach to leadership, insights he captured in his book, Do Better Work. He’s had a front-row seat to the highs, lows, and daily challenges that startup founders and leaders face. In this episode, Max breaks down the countless relationships that shaped both Lessonly and Do Better Work. Mike, the CEO and Founder of Visible, had an opportunity to sit down and chat with Max. You can give the full episode a listen below: Spotify Link Apple Link What You Can Expect to Learn from Max How the mission and vision for Lessonly came to life How mentors helped shape decision-making and strategy in the early days The advantages of having a strong network What it means to lead with vulnerability The importance of aligning with investors and partners Stay up to date with the Thrive Through Connection Podcast by subscribing wherever you listen to your podcast. You can find links to your favorite podcast hosts below: YouTube Spotify Apple

Managing equity is one of startup founders' most strategic and challenging responsibilities. Many advisors, investors, and peers contribute valuable insights to a business in the early stages, often without direct financial compensation. For startups with limited cash flow, offering advisory shares becomes a creative and practical way to engage experts while preserving resources for growth. Advisory shares allow founders to attract and retain top-tier talent by providing equity in exchange for critical guidance. This article explores what advisory shares are, how they work, their benefits and drawbacks, and key considerations for offering them in your startup. What Are Advisory Shares? Advisory shares are a form of equity compensation provided to individuals who offer strategic guidance and expertise to a startup. Unlike traditional employee equity, advisory shares are typically granted to external advisors, such as industry experts, seasoned entrepreneurs, or key network connectors, who help the business grow and succeed. These shares often follow a shorter vesting schedule, reflecting the limited but impactful nature of the advisor's contributions. By offering advisory shares, startups can incentivize advisors to commit their time and knowledge, aligning their success with the company’s growth. Advisor Shares vs. Regular Shares (or Equity) Advisory shares and regular shares both represent equity in a company, but their purposes, recipients, and structures are distinct. Regular shares are issued to founders, employees, and investors to reflect direct contributions, whether through work or funding. Advisory shares, however, are explicitly granted to external advisors as compensation for their expertise and guidance, aligning their interests with the company's success without requiring financial or operational involvement. Related resource: CEO vs. Advisory Board: Key Differences in Leadership and Guidance How Are Advisory Shares and Regular Shares Similar? Despite their differences, advisory shares and regular shares share common traits. Both represent ownership in the company, incentivize recipients by tying their potential financial gains to its growth, and typically involve vesting schedules to ensure commitment. Issuing either type of share also contributes to equity dilution, affecting all existing stakeholders. Related Read: The Main Difference Between ISOs and NSOs How Do Advisory Shares Work? While advisory shares can take on different forms, they typically can be boiled down to a few similarities. Of course, these can change depending on your business. Exchanged for advice or expertise Typically offered as NSO stock options Follow a shorter vesting schedule Related resource: Everything You Should Know About Diluting Shares Learn more about how advisory shares typically work below: 1. Advisor Agreement Before granting advisory shares, the startup and advisor enter into a formal agreement that outlines the terms of their relationship. This agreement specifies the advisor’s role, including the scope of their contributions, such as strategic guidance, mentorship, or leveraging their network. It also details the advisor's responsibilities, expected time commitment, and deliverables. Importantly, the agreement defines the number of advisory shares the advisor will receive and the terms under which they are granted, such as the vesting schedule and any conditions tied to performance. By setting clear expectations, this agreement protects both parties and ensures alignment in achieving the company’s goals. 2. Grant of Shares After finalizing the advisor agreement, the startup grants the advisor the right to purchase a specified number of shares at a predetermined exercise price. This exercise price is typically set at the fair market value of the company’s stock at the time of the grant. This approach ensures compliance with tax regulations while offering the advisor an opportunity to benefit from the company’s growth. The grant also outlines the conditions under which the advisor can exercise these options, such as meeting vesting milestones or fulfilling specific responsibilities. By linking the grant to the advisor’s contributions, startups create a mutually beneficial arrangement that aligns incentives with the company’s success. 3. Vesting Period The advisor’s right to exercise their options is generally tied to a vesting period, which ensures their continued commitment to the startup over time. Vesting periods for advisory shares often span shorter durations than employee stock options but typically last one to four years. A common structure includes a one-year cliff, where no options are vested during the first year, followed by monthly vesting thereafter. This means the advisor gains the ability to exercise a portion of their options incrementally, as they fulfill their responsibilities and contribute to the company’s growth. Vesting schedules protect the startup by ensuring advisors earn their shares through sustained involvement and expertise. 4. Exercise of Options Once the vesting period is complete, the advisor gains the right to exercise their options. This involves paying the predetermined exercise price to purchase the shares granted under the advisory agreement. The exercise process typically requires the advisor to notify the company of their intent and complete the necessary paperwork. After the payment is made, the advisor becomes a shareholder in the company and holds equity outright. This step allows the advisor to benefit from any future increase in the company’s valuation, aligning their financial incentives with the startup’s long-term success. 5. Potential Profit If the company’s stock price appreciates over time, the advisor can sell their shares for a profit. Since advisory shares are typically granted at the fair market value at the time of issuance, any subsequent increase in the stock price represents a gain for the advisor. For example, if the exercise price was set at $1 per share and the stock price rises to $10 per share, the advisor can sell the shares at the higher market price, realizing a profit of $9 per share. This potential for financial gain serves as a strong incentive for advisors to contribute meaningfully to the company’s success and growth. Benefits of Advisory Shares Advisory shares come with their own set of pros and cons. Properly maintaining and distributing equity is a critical role of a startup founder so understand the benefits, and drawbacks, of offering advisory shares is a must. Related Resource: 7 Essential Business Startup Resources Learn more about the benefits of offering startup advisory shares below: Access to Expertise and Guidance Advisory shares are a powerful tool for attracting experienced professionals with specialized knowledge that can drive a startup’s growth. These individuals bring valuable insights in areas such as strategy, product development, marketing, or fundraising—critical components for scaling a business. By offering equity in lieu of cash compensation, startups can engage top-tier experts who might otherwise be out of reach financially. These advisors act as strategic partners, helping founders navigate challenges, seize opportunities, and build a strong foundation for long-term success. Related Resource: Seed Funding for Startups 101: A Complete Guide Strengthen Credibility and Network Associating with credible advisors can significantly enhance a startup’s reputation, signaling expertise and trustworthiness to the broader market. Advisors with established industry recognition lend their credibility to the company, boosting its appeal to potential investors, partners, and customers. Beyond reputation, advisors often bring extensive networks of valuable connections, opening doors to strategic partnerships, funding opportunities, and key client relationships. By aligning with respected professionals, startups can accelerate their growth while building trust within their industry. Cost-Effective Compensation As we previously mentioned, most businesses that benefit most from advisors are unable to offer them a salary or cash compensation. With advisor shares, startup founders are able to offer shares as compensation and conserve thei cash to help with scaling their business and headcount. Attract Long-Term Commitment Vesting schedules play a crucial role in fostering long-term commitment from advisors. By distributing equity over a set period, such as one to four years, advisors are incentivized to remain actively engaged with the startup for the duration of the vesting timeline. This structure ensures that advisors continue to contribute their expertise and resources while aligning their success with the company's growth. The gradual allocation of shares motivates advisors to stay invested in the startup’s achievements, creating a mutually beneficial relationship that drives sustained collaboration and progress. Drawbacks of Advisory Shares Of course, offering advisor shares is not for everyone. While there are benefits to offering advisor shares, there are certainly drawbacks as well. Weighing the pros and cons and determining what is right for your business is ultimately up to you. We always recommend consulting with a lawyer or counsel when determining how to compensate advisors. Diluted Ownership The biggest drawback for most founders will be the diluted ownership. By offering shares to advisors, you will be diluting the ownership of yourself and existing shareholders. As advisors are fully vested in 1-2 years, they will potentially not be invested in future success as other stakeholders and could be costly when taking into account the diluted ownership. Potential Conflicts of Interest Advisors might not have the same motivators and incentives as your employees and other shareholders. As their ownership is generally a smaller % and their shares vest early, they are potentially not as incentivized for the growth of your company as employees and larger % owners will be. Getting in front of these conversations and making sure you have a good read on any potential advisors before bringing them onboard is a good first step to mitigate potential conflicts. Extra Stakeholder to Manage Chances are most advisors are helping other companies as well. This means that their attention is divided and you will need to ensure you are getting enough value to warrant dilution. This also means that you are responsible for managing a relationship and communication with another stakeholder in your business — what can be burdensome on some founders. The 2 Variations of Advisory Shares Advisory shares are generally offered in 2 variations — restricted stock awards and stock options. Learn more about each option and what they mean below: Restricted Stock Awards Restricted stock awards (RSAs) are a form of equity compensation where shares are granted to an individual with certain restrictions, typically tied to a vesting schedule or performance milestones. Unlike stock options, RSAs represent ownership of the shares from the moment they are granted, though the recipient may not fully control or sell them until the restrictions are lifted. These shares often include voting rights and entitle the recipient to dividends, aligning their interests with the company’s long-term success. Restricted stock awards are commonly used to reward early contributors or advisors, ensuring their commitment while providing immediate equity ownership subject to conditions. Stock Options Stock options are a type of equity compensation that grants the recipient the right to purchase company shares at a fixed price, known as the exercise price, within a specified timeframe. Unlike restricted stock awards, stock options do not represent immediate ownership but provide the potential to acquire shares if certain conditions, such as vesting schedules or performance milestones, are met. The exercise price is typically set at the fair market value of the shares at the time of the grant. If the company’s valuation increases, the recipient can profit by purchasing the shares at the lower exercise price and selling them at the higher market value. Stock options are often used to align the recipient’s incentives with the company’s growth, encouraging active involvement and long-term commitment. Who Gets to Issue Advisory Shares? Issuing advisory shares is typically reserved for the founder or CEO of a company. Having a decision-making process and gameplan when issuing advisory shares is important. This might mean offering no shares at all, having an allocated amount of advisor shares from the get go, or something inbetween. Making sure your board of directors and other key stakeholders are on board is crucial to make sure that interest and strategy stays aligned for all stakeholders. Related resource: Is An Advisory Board Paid? What Startups Should Know How Many Shares Should You Give a Startup Advisor? Determining the number of shares to offer a startup advisor requires balancing sufficient incentives with managing equity dilution. The exact amount will vary based on factors such as the advisor’s experience, expected contribution, and time commitment. Advisors who bring extensive industry expertise or access to valuable networks may justify a higher equity allocation than those with a more limited role. According to guidelines referenced by Silicon Valley Bank, advisors are often granted between 0.25% and 1% of the company's equity, depending on the startup's stage and the nature of the advisory role. Structuring this compensation strategically- including a vesting schedule or performance milestones- helps ensure that the advisor’s contributions provide meaningful value while maintaining flexibility for the company. Let Visible Help You Streamline the Investment Management Process Managing equity and fostering investor relationships are critical for your startup’s success. Visible simplifies this process with tools for tracking advisory shares, managing fundraising pipelines, and keeping stakeholders informed through data rooms and investor updates. Raise capital, update investors, and engage your team from a single platform. Try Visible free for 14 days.

Cartography Capital is an early-stage venture firm focused on breakthrough technologies and the infrastructure that powers them. With a growing portfolio and an expanding strategy, Cartography needed a portfolio management solution that could scale with their ambitions and growth plans. Scaling Reporting While Maintaining Founder Connection As Cartography's portfolio expanded globally across sectors like deep tech, energy, and sustainability, so did the complexity of its operations. Early on, the team relied on manual tools and founder relationships to stay updated. “We used basic tools like Google Sheets and relied on our relationships with founders to get updates via phone or email.” This ad hoc process worked in the beginning, but became unsustainable as Cartography prepared to launch a second fund focused on infrastructure financing. With that expansion came a deeper need for precision and visibility. To support this evolving strategy, Cartography needed more than better reporting—they needed a way to intentionally define the data they required, streamline founder communications, and align their internal and external stakeholders. A Centralized System Built for Scale After evaluating several platforms, Cartography selected Visible in early 2024. “Given our size, budget, and what we needed, Visible was the best option.” The onboarding experience was hands-on and effective: “Visible’s import tool made it easy to get started—once we provided the data in the required format, the team handled the upload efficiently and got us up and running quickly.” The platform quickly became a core part of the team’s workflow. Cartography now leverages Visible to: Automate performance data collection across SPVs Visualize fund performance using dashboards Manage investor materials with a centralized data room Assign unstructured email updates to companies using the AI inbox “The ability to create custom metrics for each portfolio company and automate data requests has significantly streamlined our reporting process… Setting up dashboards was quick, and the visuals are clean, intuitive, and easy to interpret.” More Efficient Reporting, Deeper Insights, and Better Connections Since adopting Visible, Cartography estimates that its reporting workload has decreased by roughly 30%, giving the team more time to focus on analysis, founder support, and LP engagement. Beyond time savings, the platform has pushed the team to become more intentional—defining the metrics and data they need from founders in a way that aligns both with internal priorities and LP expectations. It has also introduced greater structure to how the team tracks investment activity, valuations, and performance over time. Onboarding new portfolio companies is now faster and more consistent, and LP communications have improved through a branded, trackable data room that’s easy to manage and update. “Visible has brought valuable structure to our periodic reporting and record keeping.” Ben Stein, General Partner Check out how you can leverage Visible and join firms like Cartography here.

What is a Portfolio Review Meeting in Venture Capital A portfolio review meeting in the context of Venture Capital is a dedicated time for the investment and operational team members at an investment firm to align on recent updates across the portfolio. Other purposes of this meeting are to exchange cross-functional insights and coordinate the best ways to support portfolio companies. Check out this sample agenda that is similar to what is used by Visible customers. Who Typically Leads Portfolio Review Meetings? Portfolio review meetings can be led by anyone at the firm but since the meetings are largely focused on updates about portfolio companies, it is often led by the person responsible for collecting and synthesizing updates from portfolio companies on a regular basis. At a smaller firm, this person may be a Partner, and at a larger VC firm, this person often has the title of Platform Manager, Director of Portfolio Operations, or someone in finance. Ultimately, it should be led by someone with a wide-lens view of what is going on across the portfolio. Related Resource –> Portfolio Data Collection Tips for VCs Portfolio Review Meeting Frequency According to a poll led by Visible, 50% of VC’s are hosting Portfolio Review Meetings on a quarterly basis, followed by 29% weekly, and 14% monthly. The frequency of this meeting largely depends on the size of your portfolio company and how hands-on you are with your companies. A quarterly frequency makes sense for most VC firms because 70% of investors are collecting structured data from their companies on a quarterly basis. (Source data is aggregated usage data on Visible’s portfolio monitoring platform used by 660+ VC funds). How Investors Are Leveraging Visible to Enhance Portfolio Review Meetings Visible makes it simple to centralize your fund and portfolio company performance so you can conduct your Portfolio Review Meetings in the solution! For a step-by-step resource on how to run your portfolio review meeting in Visible, refer to this guide. VKAV’s Portfolio Company Dashboards Verod-Kepple Africa Ventures (VKAV), a long-term Visible user, hosts a formal Portfolio Review Meeting on a quarterly basis. During this meeting, Portfolio Review Committee members join to review the performance of the portfolio companies during the quarter. Additionally, VKAV’s investment team holds an internal Portfolio Review Meeting every other week. Right now, the purpose of this meeting is mostly to check the status of action items (either for VKAV or the portfolio company). VKAV keeps track of open action items directly on a company’s dashboard in Visible so that it is linked to the broader context of how the company is performing. How Emergence Capital Uses Visible for Portfolio Review Meetings Emergence Capital has transformed its portfolio review process by embracing Visible’s powerful KPI tracking and portfolio monitoring tools. As Andrew Crinnion, Emergence’s Director of Portfolio Analysis, puts it, “Visible streamlines our data collection process, providing a centralized source for all portfolio information,”. By pulling consistent, timely data from their companies, they enter meetings with clarity and agility, minimizing manual prep, elevating transparency, and enabling sharper, data-informed discussions with LPs. Visible’s seamless workflow turns what used to be hours of spreadsheet wrangling into strategic storytelling grounded in metrics. Check out how Emergence Capital turns portfolio data into their advantage. 01 Advisors Approach to Portfolio Review Meetings 01 Advisors a San Francisco-based venture firm utilizes Visible’s Request feature to streamline the way they collect data from companies on a quarterly basis. The team meets 1-2 times per quarter for an internal Portfolio Review meeting. Check out their meeting agenda outline below. 01 Advisors Portfolio Review Meeting Agenda Investment Strategy Portfolio Company Categorization Reserve Allocation Strategy Portfolio Company Support Learn more about how 01 Advisors uses Visible for the internal portfolio review meetings in this video.

When Andrew Crinnion joined Emergence Capital as Director of Portfolio Analysis, he stepped into a role that required more than crunching numbers. As a Series A investor in B2B SaaS companies, Emergence prides itself on being data-driven, but that only works when the correct data is accessible, consistent, and actionable. The challenge? Their portfolio was growing fast, but performance tracking lived in scattered spreadsheets and inboxes. "Before Visible, it was Excel Sheets and lots of manual emails," Andrew explained. "We were a pretty data-driven firm, which gave me a good foundation. But we needed a better way to scale." A Central Source of Truth Andrew was tasked with finding a portfolio monitoring solution that could grow with their fund and simplify performance data management. After evaluating platforms like iLevel, Dynamo, and Standard Metrics, he ultimately chose Visible. What stood out? "Flexibility," he said. "The ability to build dashboards and calculate our own metrics was huge. Before, I'd ask for something like burn rate and NDR, and I wasn’t always sure how it was being calculated. So being able to calculate it within the system was a big help." The transition was smooth. After merging their existing data into a more structured format, onboarding to Visible was seamless. “It was real smooth to load that into Visible and move forward.” Driving Better Decisions With Visible in place, Andrew can surface insights faster and share them more effectively with the general partners. "Once a company responds to our Visible Request, it graphs it out. I can see if burn rate increases or if runway is dropping off, and it prompts me to ask the right questions to the GPs. It keeps us aligned." The dashboards are a core part of portfolio reviews and one-off requests alike. "They don’t really see how it’s getting made,” he said, “but it makes it a lot easier for me to answer their questions.” Better Data = Stronger LP Relationships When communicating with LPs, the value of Visible became even more clear. When LPs are digging into performance, portfolio metrics, and fund-level questions, the Emergence team is ready. "Visible helps me quickly respond to all our LP requests. I have a repository of data that makes it easy to pull what they need. It also helps GPs answer LP questions faster, with more confidence." By having a centralized system to rely on, Emergence offers transparency and builds trust with its limited partners, a key ingredient in any relationship. Turning Internal Value Into External Impact As Emergence’s data infrastructure matured, Andrew saw an opportunity to scale the value of what they were learning. Portfolio companies were coming to him with questions like, “What should my CAC payback be?” and “How much should I be spending on R&D?” Thanks to the insights they’d built internally with Visible, Emergence launched the Beyond Benchmark report, an external study based on data from over 560 companies. What began as a tool for internal alignment became a valuable resource for the broader SaaS community. Support That Scales With You Throughout the process, Visible’s Customer Success team remained a key part of the experience. “They’ve been great. I’ve shared product feedback, and it’s been implemented. They’re responsive and invested in helping us succeed.” Emergence Capital didn’t just choose Visible, they built a system around it. For funds building out platform or investor relations teams, he recommends investing early in the right metrics and infrastructure. The payoff? Faster answers, stronger LP conversations, and the confidence to scale with clarity. Check out how you can join Emergence Capital and leverage Visible for your portfolio monitoring and reporting here.