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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 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.

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 ambitious startup founders, securing capital from venture capital firms is often the rocket fuel needed to transform innovative ideas into market-leading companies. The landscape of venture capital is more dynamic and globally interconnected than ever. While capital is abundant, venture capital firms are increasingly selective, backing startups with clear market fit, strong teams, and scalable business models. Many founders find the process of identifying and engaging with the right VC firms overwhelming. It’s not just about raising money — it’s about finding the right partner whose stage focus, industry expertise, and geographic presence align with your company’s needs and goals. A mismatch can slow your growth or affect your trajectory for years. This guide is designed to give founders a practical roadmap through the complex world of venture capital firms. We’ll break down how VCs make investment decisions, share strategies for discovering and organizing the right investors using tools like Visible’s Connect investor database and Visible’s fundraising CRM, and highlight leading venture capital firms across major U.S. regions and global hubs. By the end, you’ll have a clear, actionable approach to targeting and evaluating the venture capital firms most likely to help you scale — and the tools to track your investor pipeline with confidence. How Venture Capital Firms Make Investment Decisions: Thinking Like a VC When you’re raising funding, understanding how venture capital firms evaluate startups is one of the most important advantages you can have. Too many founders approach investors with a generic pitch when, in reality, every firm is guided by a specific investment thesis and a fairly consistent evaluation framework. Knowing this mindset allows you to tailor your approach, highlight the right strengths, and address potential concerns before they arise. Understanding the VC Investment Thesis Every venture capital firm operates under a defined investment thesis — a strategy that outlines which types of businesses they invest in, at what stage, within which geographies, and at what check size. Some firms might focus exclusively on fintech seed rounds in North America, while others lean toward Series A AI startups in Europe. For founders, this means: fit matters. If your startup falls outside a VC’s thesis, you’re unlikely to win their attention no matter how strong your product is. The good news is that most VCs publish their thesis on their websites or speak about it in podcasts, blog posts, or conference panels. The best investor outreach begins with homework: researching whether your startup aligns with a firm before making contact. Tip: Check out our Connect investor database — each profile includes a thesis and about section to help you quickly understand an investor’s focus. The Core Pillars of VC Evaluation While each venture capital firm has nuances in decision-making, most look at four core pillars: Team (The #1 Factor) VCs invest in people as much as in businesses. They want to see a complementary founding team with experience, resilience, and the ability to attract top talent. Coachability and clarity of vision matter—VCs often ask themselves: “Is this the team that can build a billion-dollar company in this market?” Market Opportunity Investors assess the Total Addressable Market (TAM) and its growth potential. Timing is critical: is the industry ready for disruption now? Founders who articulate why now is the right moment have a major edge. Product/Technology Is the product differentiated and defensible? VCs look for proprietary technology, patents, or unique insights. Early traction—whether users, revenue, or strong engagement—is proof of demand. Business Model & Economics Can the company scale profitably? Metrics like CAC (customer acquisition cost), LTV (lifetime value), churn, and margins are scrutinized. Even at early stages, a clear path to sustainable unit economics builds investor confidence. The Due Diligence Process: What VCs Dig Into After the initial excitement, venture capital firms dive into due diligence. This typically involves: Initial Screening: Reviewing decks, intro calls, quick checks of traction. Deep Dive: Analyzing financial statements, market data, legal structure, technical audits. Reference Checks: Speaking with customers, industry experts, and prior colleagues. Team Interviews: Multiple partners interacting with founders to test chemistry and alignment. This stage can be rigorous. Founders should expect detailed questions, data requests, and background checks designed to uncover risks. Stage-Specific Investment Criteria Venture capital firms vary their focus depending on the startup’s stage: Pre-Seed/Seed: It’s mostly about the team, vision, market opportunity, and early product validation. Numbers matter less at this stage. Series A: Expect heavy focus on product-market fit, revenue trends, and key growth metrics. Series B and Beyond: By now, VCs want proof of scalable economics, strong unit metrics, and market leadership. The focus shifts from “Can this company work?” to “How big can this get?” Beyond the Metrics: The X-Factors Not every decision can be reduced to numbers. Venture capital firms also weigh more intangible but critical factors: Founder-Market Fit: Do you deeply understand the problem you’re solving? Moats & Defensibility: What prevents competitors from easily outpacing you? Vision & Ambition: Can this become a company worth $1B+ (the scale VCs seek for returns)? Warm Introductions: Trusted referrals still carry enormous weight—network credibility dramatically improves your chances at a first meeting. How to Find the Best Venture Capital Firms Finding the right venture capital firms isn’t about casting the widest net; it’s about being intentional. With thousands of firms worldwide, the most successful founders build a focused pipeline of investors who are the best fit for their stage, sector, and vision. Visible makes this process easier through its integrated tools: Visible's Connect investor database for discovery and Visible’s fundraising CRM for organization and tracking. Using the Connect Investor Database to Discover the Right VC Partners Connect is a purpose-built investor database designed to simplify the search for venture capital firms. Unlike broad business databases, Connect is curated specifically for fundraising, giving founders the ability to quickly filter and identify investors who are the best match. With Connect, you can search for firms and partners based on: Stage focus (pre-seed, seed, Series A, and beyond) Industry and sector specialization (SaaS, fintech, climate tech, biotech, etc.) Geographic presence (local or global investment focus) Typical check sizes and preferences Each investor profile provides actionable details, making it easier to personalize outreach and target firms aligned with your company’s trajectory. Instead of spending hours digging through generic data sources, founders can zero in on venture capital firms most likely to invest in their type of business — saving time and increasing the odds of successful conversations. Using Introductions and Networks Even with the best database, warm introductions continue to be the fastest way to get in front of a venture capital firm. Outreach via founders, mentors, advisors, or angels increases your chances of a response significantly. The key is to treat introductions as a form of social proof. When a trusted referral makes the introduction, you start the conversation with credibility already established. Evaluating VC Fit Through Portfolio Research Not all capital is created equal. Before reaching out, use Connect and Crunchbase to research a firm’s portfolio. Look at which sectors they’ve invested in, the stage of companies they back, and whether they’ve doubled down in specific markets. These signals are invaluable in confirming whether a venture capital firm truly fits your strategy, or whether their thesis lies elsewhere. Founders who do this research in advance not only save time but also show investors they’ve done their homework when tailoring the pitch. Use Visible’s Fundraising CRM to Organize Your Target List Discovery is only half the battle. The real challenge for many founders is staying organized as conversations with investors progress. That’s where Visible’s fundraising CRM comes in. With the CRM, you can: Pull VC profiles directly from Visible Connect into your fundraising pipeline. Track the status of each relationship: outreach, meetings, diligence, or closed. Add notes, reminders, and communication history for each firm. Send investor updates seamlessly without leaving the platform. The benefit of managing your pipeline in a CRM is simple: no opportunity slips through the cracks. Instead of juggling spreadsheets, missed follow-ups, and scattered email threads, founders keep everything in one place. A clean, structured process also shows professionalism — something venture capital firms value when assessing long-term partners. Venture Capital Firms by Region While venture capital is increasingly global, geography still plays an important role in shaping the types of investors you’ll encounter. Each region develops its own strengths, influenced by local industries, university systems, talent pools, and economic activity. For founders, understanding the local landscape can help you prioritize outreach and build relationships with firms most likely to recognize the value of your startup. West Coast The West Coast remains the world’s most influential hub for venture capital. Silicon Valley investors are known for their willingness to take big bets on disruptive ideas and their deep networks in technology sectors such as SaaS, fintech, AI, and consumer platforms. In addition to the Bay Area, Los Angeles and Seattle have also grown as active ecosystems with access to both talent and capital. Sequoia Capital About: Sequoia is a VC firm focused on energy, financial, enterprise, healthcare, internet, and mobile startups. Thesis: We partner early. We’re comfortable with the rough imperfection of a new venture. We help founders from day zero, when the DNA of their businesses first takes shape. Andreessen Horowitz (a16z) About: Andreessen Horowitz (a16z) is a stage-agnostic venture capital firm that backs entrepreneurs building the future through technology. The firm invests from seed through growth across categories including artificial intelligence (AI), bio and healthcare, consumer, crypto, enterprise, fintech, games, infrastructure, and companies advancing “American Dynamism.” a16z reports $46B in committed capital across multiple funds, with a platform designed to support portfolio companies in talent, go-to-market, capital markets, and more. Thesis: Andreessen Horowitz invests in transformative technology companies from seed to growth. Key focus areas include AI, bio and healthcare, consumer, crypto, enterprise, fintech, games, infrastructure, and American Dynamism. The firm looks for category-defining teams and products that reshape industries, pairing capital with hands-on support. Benchmark About: Benchmark Capital is focused on one, and only one, mission: to help talented entrepreneurs build great technology companies. That's what drives them and everything they do - from how they organize their firm to their investment strategy. Their investments range in size from as little as $100,000 to as much as $10 or $15 million. Typically, they invest $3 to $5 million initially and expect to invest $5 to $15 million over the life of a company. Greylock Partners About: We are the first partner for founders. Over 80% of our investments are the first check: Pre-Seed, Seed, or Series A. Many start on a whiteboard. Focused on AI-first companies. We partner selectively, care deeply, and strive for excellence. Thesis: We back founders who are building disruptive enterprise and consumer software companies. Lightspeed Venture Partners About: Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, Health, and Fintech sectors. Thesis: The future isn’t built by dreamers. It’s built today, by doers. East Coast The East Coast offers a unique blend of finance, biotech, and SaaS-focused venture firms. New York has established itself as a tech and fintech capital, while Boston continues to lead in healthcare and biotech thanks to its university ecosystem and deep research talent. Union Square Ventures About: Union Square Ventures is a venture capital firm focused on early-stage, growth-capital, late-stage, and startup financing. Thesis: USV backs trusted brands that broaden access to knowledge, capital, and well-being by leveraging networks, platforms, and protocols. Insight Partners About: Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of June 30, 2023, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. First Round Capital About: First Round is a venture capital firm that specializes in providing seed-stage funding to technology companies. General Catalyst About: General Catalyst backs exceptional entrepreneurs who are building innovative technology companies and market leading businesses, including Airbnb, BigCommerce, ClassPass, Datalogix, Datto, Demandware, Gusto (fka ZenPayroll), The Honest Company, HubSpot, KAYAK, Oscar, Snap, Stripe, and Warby Parker. The General Catalyst team leverages its broad experience to help founders build extraordinary companies. General Catalyst has offices in Cambridge, MA, Palo Alto, CA and New York City. Bessemer Venture Partners 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. RRE Ventures AboutRRE Ventures is a New York-based venture capital firm that offers early-stage funding to software, internet, and communications companies. Midwest The Midwest has emerged as a serious player in venture capital thanks to growing ecosystems in Chicago, Minneapolis, and Detroit. Known for pragmatic investors and increasingly sophisticated startups, this region often emphasizes industries like logistics, manufacturing tech, and healthcare. Drive Capital About: Drive Capital is a Columbus-based venture capital firm founded in 2012 by former Sequoia Capital partners Mark Kvamme and Chris Olsen. The firm invests in world-class entrepreneurs building market-defining companies across North America—especially in regions often overlooked by traditional tech investors, from East of the Rockies to West of the Hudson River. Thesis: Drive Capital seeks stage-agnostic, technology-driven companies outside Silicon Valley—across enterprise, consumer, fintech, AI, robotics, and healthcare. Their approach emphasizes regional strength, high ownership, and achievable exits (e.g., ~$3B outcomes) over chasing rare “unicorns.” They back founders who aim to build significant businesses where they live, combining conviction with hands-on support. Chicago Ventures About: An early-stage venture capital fund, investing in exceptional entrepreneurs in the Central US. Thesis: Chicago Ventures partners closely with exceptional entrepreneurs building companies in undercapitalized high-potential ecosystems. M25 About: Early-stage VC investing in startups headquartered in the Midwest across a wide variety of industries. Thesis: Midwest HQ, tech-enabled, and any industry except therapeutics/pharma or vices. Other U.S. Regions Beyond the coasts and the Midwest, other U.S. regions are growing rapidly as hotspots for startups and venture capital. Austin has become a leading destination for tech companies relocating from California, while Atlanta is a rising hub for fintech, logistics, and SaaS. Silverton Partners (Austin) About: Silverton Partners is an early-stage venture capital firm that invests across software, tech enabled services, and CPG brands. LiveOak Venture Partners (Austin) About: LiveOak Venture Partners is a venture capital firm making early-stage investments in technology and technology-driven services. Tech Square Ventures (Atlanta) About: Tech Square Ventures is a seed & early-stage venture fund that investing in cloud, internet of things, and university spinouts Thesis: We partner with visionary entrepreneurs and help them with what they need most – access to markets and customers. Top Global Venture Capital Firms For founders raising in the U.S., global investors are increasingly an option. Many international firms look to the U.S. market for access to growth-stage investment opportunities, while some focus on cross-border expansion for their portfolio companies. Antler About: Antler is a global startup generator and early-stage VC that is building the next big wave of tech. With the mission to turn exceptional individuals into great founders, Antler aims to create thousands of companies globally. Tiger Global Management 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. Accel (London, Palo Alto, Bangalore) 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 (London and San Francisco) About: Invests globally with a particular strength in SaaS and consumer platforms. Kleiner Perkins (U.S. with partnerships and portfolio reach across Asia, Europe) About: Kleiner Perkins is a venture capital firm specializing in investing in early-stage, incubation, and growth companies. Thesis: To be the first call for founders who want to make history and to partner with them as company builders in pursuit of that goal. Andreessen Horowitz (a16z) (Expanding internationally and global portfolio footprint) 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. Norwest Venture Partners (Palo Alto, San Francisco, New York, Mumbai, Bangalore, Tel Aviv) About: Norwest is a global venture capital and growth equity investment firm that manages more than $7.5B in capital. IVP (Institutional Venture Partners) (U.S. offices plus global late‑stage investments in Europe and APAC.) About: IVP turns breakout companies into enduring market leaders. A 40-year record of driving growth and 130+ IPOs, we’ve partnered with over 400 companies including Amplitude, Brex, Coinbase, Crowdstrike, Datadog, Discord, Klarna, Slack, Snap, and Twitter. As trusted allies, IVP helps founders and CEOs meet the challenge of leading a rapidly growing company. With $8.7 billion of committed capital, we are selective, proven, pragmatic, and genuine. We accompany the undaunted on the path to extraordinary outcomes. Atomico (London + active presence in U.S. and Asia through partners.) About: Atomico is a risk capital group. They are entrepreneurs with global perspectives who invest their own capital in passionate entrepreneurs with powerful ideas. Through their experience building Skype, Joost and Kazaa, they understand the value of game-changing business models and have created a worldwide ecosystem to help accelerate the growth of the companies in which they invest. Balderton Capital (European HQ but strong North America + APAC exposure via portfolio) About: Balderton Capital is an early-stage venture firm that's based on the principles of teamwork and an intense dedication to building companies of lasting value. They provide superior service to entrepreneurs through a unique, team-oriented partnership. This team approach not only makes it more fun for them to come to work everyday, but more importantly, it benefits their portfolio companies. Instead of competing for resources, they share ideas, contacts and resources. Peak XV Partners (India and across Asia-Pacific) About: Peak XV Partners (formerly Sequoia Capital India & SEA) is a leading venture capital and growth investing firm investing across India, Southeast Asia and beyond. Temasek and GIC (Singapore) About: Temasek is an investment company based in Singapore, with a focus on delivering sustainable returns over the long term. Choosing the Right Venture Capital Firms for Your Startup Raising venture capital is about more than just money. The right partner can accelerate your growth, open doors to customers, and provide critical guidance through each stage of scaling. As this guide highlights, venture capital firms differ widely by stage, specialization, geography, and level of founder support. The key is alignment — finding investors whose thesis, portfolio, and style of partnership match your company’s vision. By approaching the fundraising process strategically, founders position themselves for long-term success. Use tools like Connect to identify the most relevant firms, and rely on a structured CRM to manage your outreach and relationships as professionally as you run your business. The venture capital landscape will continue to evolve globally, but the fundamentals remain constant: strong teams, big markets, scalable products, and trusted partnerships win attention from the best venture capital firms. Founders who prepare thoughtfully and build focused pipelines will find not just investors, but true partners in growth. Ready to take the next step? Start building your target list and tracking investor relationships today for free with Visible — and give yourself every advantage in finding the right venture capital partners for your journey.

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.

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.

Michigan has rapidly become a thriving hub for startups, attracting significant venture capital investment across various industries. With a robust ecosystem of investors, accelerators, and resources, the state offers countless opportunities for founders looking to scale their companies. From top-tier venture capital firms like Plymouth Growth, Courtside Ventures, and Detroit Venture Partners to a wide range of resources designed to support entrepreneurs, Michigan presents a fertile ground for business growth. This article explores the key venture capital firms in Michigan, valuable resources for fundraising, and important networking and pitch events, providing founders with the insights they need to successfully raise capital and navigate Michigan’s dynamic startup ecosystem. Top VCs in Michigan Fontinalis Partners About: Investing in early-stage startups on the new frontiers of efficient movement, industrial innovation, and sustainability. Thesis: Macro trends are driving demand, Mobile & big data are catalyzing growth, Proven technology can be scaled globally, A strategic approach enhances value creation Plymouth Growth About: At Plymouth Growth, we invest in growth-stage technology companies - with proven business models and strong teams - that are ready to scale. Courtside Ventures About: Courtside Ventures invests in early-stage companies focused on sports, gaming, and collectibles. Detroit Venture Partners About: Detroit Venture Partners is an American venture capital firm that funds seed- and early-stage technology companies. Sweetspot check size: $ 250K Thesis: Detroit Venture Partners is an American venture capital firm that funds seed- and early-stage technology companies. BioStar About: BioStar Capital invests in and nurtures transformative medical technologies. Our team of renowned healthcare clinicians, medical thought leaders, and financial professionals brings unique insight to every investment opportunity. By marshaling a rare combination of domain expertise, industry connections, and access to medical facilities and innovators, BioStar has consistently produced life-changing outcomes for patients and rewarding returns for investors. Michigan Rise About: Michigan Rise Pre-Seed Fund III supports the growth and success of Michigan-based technology startups by providing strategic early-stage venture funding. In partnership with the MSU Research Foundation and Michigan Economic Development Corporation (MEDC), we connect founders with the resources and support they need to scale and thrive. Michigan Capital Network About: MCN is one of Michigan’s most active and consistent investment organizations. Our objective is to build world-class companies and entrepreneurial talent through investment and mentoring. We are only successful if the people with whom we invest are successful. Our group is committed to utilizing our financial, intellectual, and networking resources to help our portfolio companies achieve more. Our commitment is to grow strong entrepreneurs and companies in Michigan and the Midwest region. Invest Michigan About: Invest Michigan is a non-profit funded by the Michigan Strategic Fund. As fund manager for both the Michigan Pre-Seed Fund 2.0 and the University Commercialization Fund, Invest Michigan invests in early-stage high tech businesses located in Michigan. The Michigan Pre-Seed Fund 2.0 is an investment fund aimed at supporting pre-seed and seed stage technology companies located in Michigan. The MPSF 2.0 offers equity or convertible debt initial investments ranging from $50,000 – $150,000 with the goal of supporting our portfolio companies with additional follow-on investments. eLab Ventures About: eLab Ventures is a Silicon Valley and Michigan-based early stage venture capital fund with significant experience in building and investing in disruptive technology that is fueling the rise of autonomous and connected vehicles which we believe will be the most disruptive development in transportation since the invention of the automobile itself. Thesis: Building and investing in companies leveraging disruptive technologies, including autonomous and connected vehicles. Grand Ventures About: We have invested in some of the fastest growing companies in North America alongside some of the most prestigious venture funds. We pride ourselves on supporting great entrepreneurs from inception through rapid growth to maturity and helping out at each stage of the journey. Our sweetspot is to write $500K-$2MM checks for companies raising their first institutional round of funding. Beyond our capital investment, we help entrepreneurs with refining strategy and focus, talent development, and business development. Our goal is to help entrepreneurs achieve successful follow-on rounds and future exits. Thesis: Grand Ventures is an early stage venture fund investing in seed stage B2B SaaS companies in emerging regions of the US and Canada focused on Supply Chain, Fintech, DevOps, and Digital Health. Arboretum Ventures About: Arboretum Ventures is a venture capital firm targeting investments in early-stage life sciences companies. Their areas of focus include: medical devices and diagnostics; pharmaceuticals and biotechnology; and, health care services. Arboretum makes seed and early-stage investments, often representing the founder’s first professional investor. As such, Arboretum’s principals remain actively involved with the portfolio companies. Ludlow Ventures About: VC is a customer service business. Whether it's testing product, pushing pixels, leveraging our network, or forcing people to download your app, we're here to help. You make our dream jobs possible and we're forever thankful for that. Sweetspot check size: $ 1.25M Thesis: We believe in VC without ego. We invest with insane conviction and love backing the right teams when others think it's too early. BioStar Ventures About: BioStar Ventures is a venture capital based fund created by physicians and medical business leaders to invest primarily in vascular medical devices and related technology. The management and board members of the Bio-Star have proven track records within the medical industry and offer the investor decades of inside knowledge into the business of medicine as well as patient care delivery. Michigan Capital Advisors About: Michigan Capital Advisors is an operationally-focused private investment firm based in Metro Detroit. MCA was founded in 2016 by Charles "Chip" McClure and partners with private equity and venture capital firms to invest in industrial and renewable technology companies in emerging markets like manufacturing, mobility, and advanced materials. Augment Ventures About: Augment Ventures invests in exceptional teams with innovative products in enterprise software, smart hardware and physical innovation. Thesis: We invest in transformational companies, commercializing disruptive technologies that enhance the quality of life and business efficiency across global markets. RPM Ventures About: RPM is a based seed and early-stage venture fund focusing on Mobility, B2B Enterprise, and Marketplaces. Thesis: We are recognized as thought leaders and have built a wide range of strategic relationships in several focused sectors, including: mobility, automotive, enterprise software, financial services, insurance and real estate. Biosciences Research & Commercialization Center of Western Michigan University About: The Biosciences Research and Commercialization Center provides startup and gap funding to promising Michigan-based life sciences and medical device ventures entering the commercialization phase of development. Our customers include entrepreneurs, scientists, corporations, and University Technology Transfer offices. Resources for Michigan Startup Fundraising A wealth of resources designed to support entrepreneurs at various stages help navigate the startup landscape in Michigan. From accelerators and incubators to grants and angel investor networks, the state offers a robust infrastructure to aid startup growth and fundraising efforts. Accelerators and Incubators Engaging with accelerators and incubators can provide startups with essential mentorship, funding opportunities, and networking connections. Notable programs in Michigan include: Ann Arbor SPARK: This organization operates two business incubators—the SPARK Central Innovation Center in Ann Arbor and the SPARK East Innovation Center in Ypsilanti. They offer affordable office spaces, mentorship, and access to a network of business leaders to help early-stage companies reach key milestones. Desai Accelerator: A seven-month program based in Ann Arbor, the Desai Accelerator provides tech-enabled startups with funding, mentorship, staff support, and resources necessary for rapid growth. Techstars Detroit: Part of the global Techstars network, this accelerator offers $125,000 in seed funding, mentorship, and a robust network to startups, particularly those in the mobility and automotive sectors. Grants & Non-Dilutive Funding For startups seeking capital without equity dilution, several grants and non-dilutive funding options are available: Michigan Small Business Development Center (SBDC): The SBDC offers no-cost consulting services, training, and resources to Michigan small businesses. Their support includes assistance in identifying and applying for appropriate grant opportunities. Accelerate Michigan: This competitive pitch event targets high-growth startups, offering significant funding awards and opportunities to connect with potential investors and industry leaders. 20Fathoms and Venture North Grants: These organizations have awarded grants to small businesses in northwest Michigan, focusing on underrepresented entrepreneurs. Recent initiatives provided $4,500 to each of 10 small businesses to support their growth and local economic impact. Angel Investor Groups Connecting with angel investors and participating in pitch events can be pivotal for securing early-stage funding: BlueWater Angels Investment Network: Comprising over 30 high-net-worth individuals and organizations, this group invests in promising Michigan startups across various sectors. They regularly host pitch events, providing entrepreneurs with opportunities to present their ventures to potential investors. Michigan Angel Fund: Managed by Ann Arbor SPARK, this fund focuses on early-stage Michigan-based companies, providing capital and mentorship to foster growth. Plans are underway to raise a sixth fund to continue supporting early-stage innovation. Best Networking & Fundraising Events in Michigan Michigan's startup ecosystem offers a variety of networking and fundraising events that provide valuable opportunities for founders to connect with investors, mentors, and peers. Here are some notable events to consider: 1. Michigan Business Challenge (MBC) Hosted by the Zell Lurie Institute at the University of Michigan, the MBC is a premier business plan competition that attracts student entrepreneurs from across the state. Participants compete for funding and mentorship, presenting their business ideas to a panel of judges. The competition includes an information session and a "How to Pitch" workshop to prepare participants. 2. Burgess New Venture Challenge Organized by Michigan State University's Burgess Institute for Entrepreneurship & Innovation, this competition offers student entrepreneurs the chance to compete for over $50,000 in funding. The event emphasizes collaboration, venture development, and the entrepreneurial mindset, providing mentoring and connections to Michigan's entrepreneurial ecosystem. 3. Tech Week Grand Rapids Scheduled for September 15-20, 2025, Tech Week Grand Rapids is a week-long series of events that bring together technology professionals, entrepreneurs, and investors. The event features independently hosted gatherings, workshops, and networking opportunities, culminating in a large-scale conference. 4. Cleantech Open & Plug and Play Detroit Kick-Off Networking Event This event introduces the 2025 Accelerator Program, focusing on cleantech innovations. Hosted by Cleantech Open and Plug and Play Detroit, it offers networking opportunities with like-minded individuals and insights into the accelerator program. 5. Ilitch School Startup Technology Pitch Competition Hosted by Wayne State University's Ilitch School of Business, this competition invites current students to pitch technology-based business ideas. Teams can win cash investments, and the event provides exposure to potential investors and industry professionals. Maximizing Networking Opportunities at These Events To make the most of these events: Prepare Your Pitch: Develop a concise and compelling elevator pitch that clearly articulates your startup's value proposition. Engage Actively: Participate in workshops, panel discussions, and networking sessions to build relationships with potential investors and mentors. Follow Up: After the event, reach out to the contacts you've made to continue the conversation and explore potential collaborations or funding opportunities. The Startup & Investment Landscape in Michigan Key Industries Attracting Venture Capital Michigan's startup ecosystem is experiencing significant growth, with venture capital investments focusing on several key industries: Automotive and Mobility: Building upon its rich automotive heritage, Michigan is a leader in mobility innovations, attracting investments in autonomous vehicles, electric transportation, and related technologies. Life Sciences and Healthcare: The state is home to a robust life sciences sector, with venture capital directed towards healthcare startups, medical devices, and biotech firms. Information Technology: Michigan's IT sector has seen substantial growth, with a 15% average increase, employing around 100,000 workers. This expansion has led to venture capital interest in software development, cybersecurity, and fintech startups. Overview of Michigan’s Proximity to Major Markets Strategically located in the Midwest, Michigan offers startups advantageous access to major markets: Access to Major U.S. Markets: Michigan's central location provides convenient access to major U.S. markets, facilitating business operations and expansion opportunities. International Trade: Proximity to Canada enhances cross-border trade opportunities, benefiting startups aiming for international market penetration. Connect With Investors in Michigan Using Visible At Visible, we often times compare a fundraise to a B2B sales and marketing funnel. At the top of your funnel, you are finding new investors. In the middle, you are nurturing and pitching potential investors. At the bottom of the funnel, you are working through diligence and ideally closing new investors. With the introduction of data rooms, you can now manage every aspect of your fundraising funnel with Visible. Find investors at the top of your funnel with our free investor database, Visible Connect and find a filtered list of Michigan's investors here. Track your conversations and move them through your funnel with our Fundraising CRM Share your pitch deck and monthly updates with potential investors Organize and share your most vital fundraising documents with data rooms Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.

Boston, a city steeped in history and innovation, has established itself as a premier hub for startups and venture capital. With its world-renowned universities, such as MIT and Harvard, and cutting-edge research institutions, Boston fosters an environment rich in intellectual capital and technological advancements. The city’s vibrant and diverse startup scene is bolstered by a strong network of venture capital firms, angel investors, and accelerators, providing essential funding, mentorship, and resources to aspiring entrepreneurs. For founders looking to launch and grow their ventures, Boston offers a collaborative community and a wealth of opportunities, making it an ideal destination for startup success. This guide aims to equip Boston-based founders with the knowledge and strategies needed to navigate the fundraising landscape effectively, tapping into the unique advantages of the city's dynamic ecosystem. The Boston Startup Ecosystem Boston’s startup ecosystem offers a unique blend of intellectual capital, innovation, and community support, making it an ideal environment for launching and growing a startup. Boston provides a solid foundation for entrepreneurial success with access to top-tier talent, a collaborative network, and abundant funding opportunities. Here’s a closer look at what makes it so unique and advantageous for startups: Innovation Hub Boston is globally recognized as a hub for innovation, particularly in technology, healthcare, and biotechnology. The city is home to many cutting-edge companies and research institutions that drive technological advancements and create a fertile ground for new ideas. Startups in Boston benefit from this innovative atmosphere, gaining access to the latest research and development trends. Academic and Research Influence The presence of prestigious universities like MIT, Harvard, Boston University, and Northeastern University plays a crucial role in shaping the startup ecosystem. These institutions produce a steady stream of talented graduates and foster a culture of entrepreneurship through various programs, incubators, and accelerators. Collaborations between startups and these universities often lead to groundbreaking innovations and access to state-of-the-art facilities. Networking and Community Boston boasts a vibrant networking scene, with numerous events, meetups, and industry conferences facilitating connections among entrepreneurs, investors, and industry experts. Organizations like MassChallenge, Techstars Boston, Venture Café, and Harvard i-Lab are instrumental in helping startups refine their business models, access funding, connect with potential investors and partners, showcase their ideas, and navigate the challenges of early-stage growth. Venture Capital and Funding Boston is home to a robust network of venture capital firms and angel investors that actively seek to invest in promising startups. Firms like General Catalyst, Battery Ventures, and Polaris Partners are just a few of the prominent players in the local VC landscape. These investors provide capital and bring valuable expertise and networks to help startups scale and succeed. Co-working Spaces Boston has a plethora of co-working spaces like WeWork, CIC Boston, and Workbar that offer flexible office solutions for startups. These spaces foster collaboration and innovation, allowing entrepreneurs to work alongside like-minded individuals and companies. Co-working spaces often host events and workshops, further enhancing the sense of community and providing additional networking opportunities. Success Stories and Role Models Boston’s startup ecosystem is rich with success stories that inspire and motivate new entrepreneurs. Companies like HubSpot, Wayfair, and Ginkgo Bioworks began their journeys in Boston and have since achieved significant success. These role models demonstrate the potential for growth and innovation within the city and serve as valuable sources of insight and inspiration for emerging startups. Leveraging Local Resources Boston’s startup ecosystem is rich with resources that can help founders navigate the challenges of launching and growing a business. By leveraging these local resources, entrepreneurs can gain crucial support, mentorship, and networking opportunities to accelerate their journey toward success. Here’s how to make the most of what Boston has to offer: Professional Services Access to experienced professional services can be crucial for startups, particularly in legal, accounting, and consulting areas: Law Firms: Firms like Foley Hoag, Goodwin Procter, and WilmerHale have strong practices focused on startup and venture capital law, helping startups with incorporation, funding rounds, and intellectual property. Accounting Firms: Firms like EY, PwC, and KPMG offer specialized services for startups, including financial planning, tax advisory, and audit services. Consulting Firms: Local consulting firms such as Innosight and Altman Solon provide strategic advice to help startups scale and navigate market challenges. Networking and Mentorship Programs Building a network of mentors and peers is essential for startup success. Boston offers numerous programs to facilitate this: Venture Café: A weekly gathering that brings together entrepreneurs, investors, and innovators to share ideas and collaborate. MIT Enterprise Forum: Provides educational programs and networking opportunities for tech entrepreneurs. SCORE Boston: Offers free mentoring and workshops from experienced business professionals to help startups at various stages of their journey. Government and Non-Profit Support There are several government and non-profit initiatives designed to support startups in Boston: Massachusetts Life Sciences Center (MLSC): Provides grants, loans, and tax incentives to support life sciences startups. MassVentures: Offers early-stage funding to Massachusetts-based startups, particularly those in technology and innovation sectors. Small Business Development Center (SBDC): Provides consulting and training services to help small businesses grow and succeed. Related Resource: The 12 Best VC Funds You Should Know About Top Venture Capital Firms in Boston 1. General Catalyst Partners As put by the team at General Catalyst Partners, “We work with companies through their entire lifecycle—from the earliest stages through growth and beyond. Our team has expertise in all phases of company building and can add real value at every inflection point. No matter where they are in their journey, we always aspire to be a founder’s first call—connecting them to the relationships that matter most.” Focus and industry: General Catalyst invests across every sector. They specifically mention consumer, enterprise, fintech & crypto, and health assurance on their website. Funding stage: General Catalyst invests across every stage — “from creation to IPO.” General Catalyst is on of the biggest names in the venture industry. They’ve raised 15 funds dating back to 2001. The team invests in companies across every sector, in every stage, across the globe. A few of their most popular investments include: Stripe Warby Parker Hubspot Airbnb Location: Cambridge, MA – New York – London – San Francisco Related Resource: Exploring the Top 10 Venture Capital Firms in New York City Learn more about General Catalyst by checking out their Visible Connect profile → 2. Battery Ventures As put by the team at Battery Ventures, “We back founders and talented teams at all stages of growth, from startups to established market leaders. We are currently investing from our 14th flagship fund, Battery Ventures XIV, and companion fund Select Fund II, together capitalized at a combined $3.8 billion.” Focus and industry: Battery Ventures invests in many sectors but specifically mentions application software, infrastructure software, consumer, and industrial tech on their website. Funding stage: The team at Battery Ventures invests in companies across all stages Battery Ventures has been investing since 1983. Over their 40 years of investing, they’ve funded 450+ companies. Battery Ventures will invest in companies across all stages across the globe. Check out a few of their most popular investments below: Affirm Amplitude Invision Location: Boston – San Francisco – Menlo Park – Tel Aviv – London – New York City Related Resource: 15 Venture Capital Firms in London Fueling Startup Growth 3. Polaris Partners As put by the team at Polaris Partners, “Since 1996, Polaris has been guided by the fundamental beliefs that people come first and true partnerships make all the difference. Rooted in mutual respect and a shared passion for innovation, our relationships with outstanding visionaries principally in technology and healthcare have helped to change the world for the better.” Focus and industry: The team at Polaris is focused on healthcare and life science/biotechnology companies Related Resource: The Top VCs Investing in BioTech (plus the metrics they want to see) Funding stage: The team at Polaris Partners does not publicly stage their stage focus. Polaris Partners has been funding healthcare businesses for 20+ years. Polaris has raised 10 funds focused on funding companies in healthcare and technology. A few of their most popular investments include: Syros SimplyInsured Amunix Location: Boston – New York – San Francisco 4. Summit Partners As put by their team, “Summit Partners was founded in 1984 with a commitment to find and partner with exceptional entrepreneurs to help them accelerate their growth and achieve dramatic results. Since then, Summit has become the investment partner of choice for many of the best growth companies in the world. We’ve grown to a team of more than 115 investment professionals, led by Managing Directors and Partners whose tenures average more than 16 years with Summit. We have the capital and team to support your growth initiatives.” Focus and industry: Summit Partners is focused on technology, healthcare & life science, and growth products Funding stage: The team at Summit Partners is focused on growth-stage companies and typically writes checks between $10M and $500M As put by their team, “We invest around the world and have portfolio companies in North and South America, Europe, Asia, Australia, and Africa. Based from offices in North America and Europe, our team travels the globe in search of growing companies and the resources to support them.” A few of their most popular investments include: WebEx Uber Reverb Location: Boston, MA 5. .406 Ventures As put by the team at .406 Ventures, “We invest in opportunities where we understand the need and your company’s technology solution; where we have deep, relevant networks; and where we believe we can add disproportionate value as a partner, investor, and board member. Our initial investments are typically between $2 and $5 million with substantial additional capital reserved for follow-on investment.” Focus and industry: The team at .406 Ventures focuses on cybersecurity, digital health, and data & cloud companies. Funding stage: .406 Ventures is focused on early-stage companies and typically writes checks between $2M and $5M. As put by their team, “When we were building our own entrepreneurial companies, we found that it was often our independent board members, not the VC board members, who contributed the most value. Invariably, it was the independent board members who had the deep experience and strong operational networks—and who had been in our shoes. At .406, we aim to bring these qualities, in addition to capital, to every one of our portfolio companies. It is our goal to be the most valuable member on your board.” Some of their most popular investments include: Compass Nomad Health Randori Location: Boston, MA 6. OpenView According to their team, “OpenView, the expansion stage venture firm, helps build software companies into market leaders. Through our Expansion Platform, we help companies hire the best talent, acquire and retain the right customers and partner with industry leaders so they can dominate their markets. Our focus on the expansion stage makes us uniquely suited to provide truly tailored operational support to our portfolio companies.” Focus and industry: OpenView Partners is focused on companies that are “changing the future of work.” Related Resource: 15+ VCs Investing in the Future of Work Funding stage: OpenView Partners is focused on expansion-stage companies. OpenView is largely associated with “product-led growth” and has backed some of the most prolific and successful SaaS companies. With their focus on the future of work companies + expansion stage companies, OpenView offers resources to help companies tackle all aspects of expansion stage growth. A few of their most popular investments include: Calendly Lessonly Datadog Location: Boston, MA 7. 1414 Ventures As put by their team, “1414 Ventures is focused solely on the digital identity space which supports functions such as payments, cybersecurity, and data privacy & trust. Given the exponential surge in virtual and digital transactions/interactions over the last year combined with increased security, fraud prevention, and privacy needs, there is a huge opportunity for next-generation digital identity startups.” Focus and industry: 1414 Ventures invests in companies that are “focused on creating innovative digital identity solutions.” Funding stage: Pre-seed and seed-stage companies 1414 Ventures has an intense focus on companies that are developing the future of digital identity. Some of 1414 Ventures’ most popular investments are: SingularKey Tautuk SwiftConnect Location: Boston, MA 8. Mendoza Ventures As put by their team, “Mendoza Ventures is an early and growth stage Fintech, AI, and Cybersecurity venture fund that provides an actively managed approach to VC. We invest in areas where we have deep domain expertise, companies with early revenue, a clear value proposition, and use a proven due diligence model. We focus on diversity as playing an important role in our investment decisions, as roughly 75% of our portfolio consists of start-ups led by immigrants, people of color, and women.” Focus and industry: Mendoza is focused on Fintech, AI, and Cybersecurity companies. Funding stage: Mendoza Ventures is focused on early and growth-stage companies On their website, Mendoza further explains their background and foundation, “Based in Boston, Mendoza Ventures is women-owned and the first LatinX-owned venture fund on the East Coast. The firm is run by husband and wife Adrian and Senofer Mendoza, entrepreneurs and prior operators who are veterans of the Boston start-up ecosystem.” Some of their most popular investments include: Canvas Senso Daylight Location: Boston – San Francisco 9. HLM Venture Partners As put by their team, “HLM provides venture capital to early- to mid-stage health care information technology, health care services, and medical device companies. HLM has helped over 75 privately-held health care companies turn innovative ideas into market-leading businesses. The Company’s investment professionals have over 125 years of collective expertise in the health care industry, an accumulation of knowledge and experience that is invaluable to the leadership of its portfolio companies.” Focus and industry: HLM Venture Partners are focused on healthcare services and companies. Funding stage: HLM offers early to mid-stage capital. HLM Venture Partners has invested in 75+ companies. Some of their most popular investments are: Able To Blue Rabbit Tebra Location: Waltham, MA 10. Venrock As put by the team at Venrock, “Originally established as the venture capital arm of the Rockefeller family in 1969, Venrock partners with entrepreneurs to build some of the world’s most disruptive, successful companies. With a primary focus on technology and healthcare.” Focus and industry: The team at Venrock is focused on investing in technology and healthcare companies Funding stage: Venrock invests across all stages Venrock is an original player in the venture capital space. Over their history, they have invested in 700 companies and have raised 10 funds. They’ve invested in some of the most prolific companies such as: Apple Nest Zoominfo Location: New York – Palo Alto 11. Third Rock Ventures As put by the team at Third Rock Ventures, “To achieve what hadn’t been done before, we created a process that hadn’t been done before. By starting with big ideas and fostering collaboration among brilliant people with expertise in science, medicine, business, and strategy, we set out to do more than fund startups – we aim to build sustainable, innovative companies that can transform the lives of patients.” Focus and industry: Third Rock Ventures focuses on biotechnology companies Funding stage: Third Rock Ventures does not publicly list a specific stage or check size As put by their team, “We build our companies on a solid foundation, instilling core values and a commitment to a great culture. Our companies are based on bold ideas that meet at the intersection of science, business, medicine, and strategy – where transformational science meets operational rigor – providing the best opportunity to make a dramatic difference in patient’s lives.” Some of their most popular investments include: Celsius Faze Medicines Moma Location: Boston – San Francisco 12. Boston Seed Capital Boston Seed Capital is a well-established venture capital firm dedicated to investing in early-stage technology companies. With a focus on fostering innovation and growth, Boston Seed Capital provides not only financial support but also strategic guidance and resources to help startups thrive. Founders working with Boston Seed Capital benefit from the firm’s extensive network, expertise, and commitment to building successful businesses. Focus and industry: Boston Seed Capital primarily focuses on technology-driven industries. They invest in sectors such as software, digital media, e-commerce, and internet services. The firm is particularly interested in companies that leverage innovative technologies to disrupt traditional markets and create new opportunities. Funding stage: They typically invest in early-stage companies, including pre-seed and seed rounds. Their investment amounts generally range from $250,000 to $2.5 million in seed rounds. Location: Located in the heart of Boston on Atlantic Avenue. 13. Boston Millenia Partners Boston Millenia Partners is a distinguished venture capital firm known for its strategic investments in innovative companies. With a strong track record of identifying and nurturing high-potential businesses, Boston Millenia Partners is dedicated to providing both financial support and strategic expertise. Founders partnering with this firm benefit from their deep industry knowledge, extensive network, and a collaborative approach to building successful enterprises. Focus and industry: Boston Millenia Partners primarily focuses on industries such as healthcare, life sciences, and technology. They are particularly interested in companies that are at the forefront of medical innovations, digital health solutions, and advanced technological developments. Funding stage: Boston Millenia Partners typically invests in later-stage companies, including growth and expansion stages but they also invest in seed rounds. They provide substantial financial backing, with investment amounts generally ranging from $1 million to $15 million. Location: Located in the bustling financial district of Boston on Federal Street. 14. Beacon Angels Beacon Angels is a Boston-based angel investment group dedicated to supporting early-stage, fast-growing companies in New England. Founded in 2006, Beacon Angels brings together experienced investors who provide not only financial support but also strategic advice and mentorship to help startups succeed. The group is known for its collaborative approach, leveraging the collective expertise and networks of its members to foster innovation and growth in the companies they back. Focus and industry: Beacon Angels primarily focuses on a diverse range of industries, including technology, software, IT, health care, biotechnology, consumer goods Funding stage: Beacon Angels typically invests in early-stage companies, providing seed and early-round funding. Their investment amounts usually range from $50,000 to $400,000 per company. Location: Located in the heart of Boston, offering easy access to the city’s vibrant startup ecosystem, their office is situated on Federal Street. 15. Underscore VC Underscore VC is a Boston-based venture capital firm founded in 2015. The firm is committed to backing bold entrepreneurs at the early stages, particularly in the B2B software sector. With a focus on creating a supportive community, Underscore VC connects founders with experienced operators, executives, and entrepreneurs to provide strategic guidance and resources. Their approach is designed to help startups navigate the challenges of growth and scale effectively. Focus and industry: Underscore VC primarily focuses on B2B software companies. Their investment interests span various sectors, including SaaS, fintech, AI, cloud computing, and logistics. Companies in their portfolio often originate from top academic institutions such as Harvard and MIT, reflecting their strong ties to the academic and tech communities in Boston​​​​. Funding stage: Underscore VC invests in pre-seed, seed, Series A, Series B, and Series C companies. Their sweet spot check size is $4 million but will also invest up to $10 million. Their investment strategy is aimed at helping startups achieve key milestones, such as product development, market validation, and early customer acquisition, which are crucial for attracting further investment and scaling the business​​​​. Location: Underscore VC is headquartered in the historic Old City Hall on School Street. 16. Volition Capital Volition Capital is a Boston-based growth equity firm that principally invests in high-growth, founder-owned companies across the software, Internet, and consumer sectors. Founded in 2010, Volition has over $1.1 billion in assets under management and has invested in over 30 companies in the United States and Canada. The firm selectively partners with founders to help them achieve their fullest aspirations for their businesses. Focus and industry: Volition Capital focuses on several high growth key industries, including software, internet services, and consumer sectors. The firm has a strong emphasis on technology-driven businesses, particularly those in SaaS , fintech, cybersecurity, digital health, and e-commerce. Funding stage: Volition Capital typically invests in growth-stage companies, providing capital in the range of $10 million to $20 million per investment. Their funding is aimed at accelerating growth, expanding market presence, and enabling shareholder liquidity. The firm seeks to take meaningful minority ownership stakes and often secures board positions to actively participate in the strategic direction of the companies they back​​​​. Location: Volition Capital is headquartered on Huntington Avenue, Boston. 17. Atlas Venture About: Atlas Venture is a leading biotech venture capital firm. With the goal of doing well by doing good, we have been building breakthrough biotech startups for over 30 years. We work side by side with exceptional scientists and entrepreneurs to translate high impact science into medicines for patients. Our seed-led venture creation strategy rigorously selects and focuses investment on the most compelling opportunities to build scalable businesses and realize value. 18. Converge VC About: Converge VC focuses on early-stage investments at the pre-seed, seed, and early Series A stages for B2B companies solving businesses' most pressing needs. Thesis: AI native business applications; rewriting of the software stack to optimize for large models; the application of modern AI to traditional industries like manufacturing, agriculture, transportation Find investors in Boston with Visible As we previously mentioned, a venture fundraise oftentimes mirrors a traditional B2B sales and marketing funnel. Just as sales and marketing teams have dedicated tools to track their funnel, shouldn’t founders have dedicated tools to manage their most important asset – equity? With Visible, you can track and manage every part of your fundraising funnel. Find investors at the top of your funnel with Visible Connect, our free investor database Add them directly to your fundraising pipeline directly in Visible Share your pitch deck and data room with investors in your pipeline Send Updates to current and potential investors to keep them engaged with the progress of your business. Take your investor relations to the next level with Visible. Give Visible a free try for 14 days here.

On the eighth episode of the Thrive Through Connection Podcast, we welcome Andrew Dumont. Andrew is the Founder and CEO of Curious, a long-term holding company that buys and grows software companies with empathy. Andrew joins us to discuss the economics of venture capital and what it means for founders starting companies today. About Andrew Before Curious, Andrew founded and exited multiple companies, served as CEO of Stamped, and worked in venture at Tiny Capital. His journey led him to a powerful insight: many great businesses fall between the cracks of traditional venture. Curious was built for them. Mike, our CEO, had an opportunity to sit down and chat with Andrew, who brings a rare perspective: founder, investor, acquirer. In this conversation, Andrew shares a candid take on the economics of venture capital—and what happens when your company doesn’t become a power law success story. You can give the full episode a listen below: Spotify Link Apple Link What You Can Expect to Learn from Andrew How the power law shapes venture capital Why many great businesses can’t raise their next round Alternative paths for founders post-venture How Curious supports sustainable software companies 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.

Portfolio reviews are crucial for venture capital firms to make informed decisions, support portfolio companies, and communicate fund performance to LPs. Whether you’re an experienced Visible user or a first-time VC looking to streamline these sessions, proper preparation and effective use of Visible can transform your reviews into actionable, insightful conversations. In this post, we’ll cover: Pre-review steps to ensure accurate, actionable data A link to a standard portfolio review agenda with VC best practices How to use Visible during the meeting to capture insights and create a lasting record Pre-Review: Setting the Foundation for Success An effective portfolio review starts well before everyone sits down. Here’s how to prepare with Visible: 1. Gather Structured Data with Requests and AI Inbox Consistent, structured data is the backbone of your review. Create a repeatable data request process to collect the 5–15 key metrics quarterly that move the needle the most for your portfolio companies. Additionally, it’s common to ask for qualitative updates from companies as well to ensure you have a holistic view of how a company is performing. With Visible AI, founders can upload files directly to your request, and the platform parses and prefills the data automatically to minimize manual entry and make it a seamless experience for your founders. You’ll likely still receive updates via email from some founder, and the AI Inbox is the answer. Simply forward emails to Visible’s AI Inbox to parse and upload the data directly to the portfolio company's profile in your Visible account. Learn more about building a scalable data collection workflow → 2. Set Up Metric Alerts Metric alerts will notify you when a company’s metrics hit predefined thresholds, allowing you to flag risks or opportunities before the meeting. You can view all alerts in the alerts log to see which portfolio companies require immediate attention. How to set up metric alerts for investors → 3. Update Investment Data Accurate investment records ensure fund-level metrics (like IRR, TVPI, DPI) reflect reality. With Visible, you can: Add rounds and transactions individually (guide) or bulk upload them (guide).As your position values change over time, mark up the Fair Market Values (FMVs) directly in Visible (guide). When you exit a position, follow the native workflow (guide) to record the correct holdings in the portfolio company. Finally, add any manual fund-level inputs to ensure your fund-level metrics remain accurate Fund and company investment data definitions → 4. Design Dashboards and Tear Sheets Dashboards make data actionable during your VC portfolio reviews. Visible supports four dashboard types: Flexible Dashboards: Track multiple companies, fund data, or a single company with no space restrictions Tear Sheets: One-page export-friendly summaries (tear sheet guide) Fund Performance Dashboard: Auto-generated template displaying your fund data (guide) Benchmark Dashboard: Compare portfolio companies by a single metric (guide) Use dashboard templates to scale views across your portfolio (template guide). Define the Portfolio Review Agenda A clear and organized agenda is important to ensure focus, alignment, and productive discussion. By outlining objectives, key topics, and expected decisions, it helps participants prepare and engage effectively. Here is a sample agenda to run an effective portfolio review. Why it works:The flow from fund performance review to company deep dives and strategic planning supports informed decision-making. Then, ending with clear action items, responsibilities, and timelines promotes accountability and follow-through, to help turn discussion into measurable results. Using Visible During the Portfolio Review To make the review actionable and leave a lasting record, add qualitative notes and commentary. Use Visible Notes to document discussion points, action items, and strategic decisions directly in each company’s profile. Add custom properties to dashboards for qualitative data and the change log will help you track how these inputs evolve over time (view change log guide). Review Outstanding Metric Alerts During the meeting, open the metric alerts log to address flagged issues in real time. Add any necessary context to notes and custom properties for continuity in future reviews. Navigate Dashboards Seamlessly Use dashboard templates to quickly switch between companies Reference tear sheets for concise summaries Compare metrics side-by-side in the benchmark dashboard This structured approach keeps discussions focused and ensures nothing falls through the cracks. Final Thoughts By following these steps and leveraging Visible’s features, your portfolio reviews can shift from being status updates to strategic decision-making sessions backed by accurate data and actionable insights. For Non-Visible Users Not using Visible yet? Book a personalized demo to see how our platform can transform your portfolio reviews. For Current Visible Customers Already a Visible customer? Connect with your Customer Success Manager to design a tailored strategy and unlock the full potential of Visible for your next portfolio review session.

Advertising startups are entering a pivotal window. Despite tighter late-stage funding, early-stage investing in AI-native AdTech/MarTech, retail media, and privacy-centric infrastructure remains active, driven by shifting consumer behavior, the rise of new channels, and the urgent need for better measurement. Global ad spend continues to hit new highs, and brands are reallocating budgets toward performance and commerce media—opening clear opportunities for startups that can prove outcomes and scale responsibly. What’s different now is the mix of tailwinds and constraints founders must navigate. The deprecation of third-party cookies, signal loss on major platforms, and evolving privacy regimes are forcing a re-architecture of the ad stack. At the same time, breakthroughs in generative AI and automation are compressing creative and operations cycles, while retail media networks and connected TV (CTV) create fresh inventory and first-party data access. Investors are backing founders who can turn these structural shifts into durable advantages with defensible data, interoperable integrations, and provable incrementality. Three forces define the opportunity in 2025. First, budgets are following channels with measurable ROI: retail media and commerce-driven advertising are among the fastest-growing categories, supported by closed-loop sales data. Second, AI is moving beyond copy and images into targeting, bid optimization, and media planning—making full-stack automation and creative-performance feedback loops a core differentiator rather than a nice-to-have. Third, privacy-by-design is now table stakes for enterprise sales; startups that can operate with consented first-party data, clean rooms, and modern identity frameworks unlock global brand and retailer partnerships. For founders raising capital, the bar is higher but clearer. Investors want crisp unit economics (gross vs. net revenue recognition, payback, retention), a credible go-to-market motion that fits brands, agencies, and retail media partners, and a moat grounded in proprietary data or workflow lock-in. Platform dependency risk must be addressed head-on with multi-channel strategies that include open web, CTV/streaming, and retail media. Compliance and security posture need to be part of your pitch, not an afterthought, to accelerate enterprise diligence and shorten sales cycles. In this guide you’ll find an up-to-date list of top global VCs actively investing in advertising-focused startups. We’ll cover the trends shaping the market, the technology shifts that matter, and the investor criteria that win term sheets. You’ll get a practical playbook on GTM, measurement, clean rooms, and compliance, plus cross-border fundraising tips, key accelerators and events, and exit pathways. With this information you can sharpen your narrative, strengthen your data room, and target the right investors with confidence. Top Global VCs Investing in Advertising Startups Aperiam About: Driving the Future of Advertising and Marketing Technology. Aperiam is the leading adtech and martech venture capital firm. In addition to venture capital, we offer advisory and technology orchestration services to drive outcomes for both our portfolio companies and their customers: brands, agencies, media owners, and other tech companies. Aperiam is led and backed by the adtech and martech entrepreneurs and operators who built the industry. North Base Media About: An investment firm focused on journalistic enterprise and digital-driven opportunities in emerging markets. Sweetspot check size: $ 750K Thesis: Digital media in global growth markets; engagement and monetization software NDRC About: NDRC is a business that transforms entrepreneurial teams and ideas into startups with early investment and research help. We're an Accelerator providing €100k SAFE to ~10 companies per cohort. Traction metrics requirements: Pre-seed. Team and Opportunity Thesis: Digital B2B Mature founders with deep domain knowledge Circadian Ventures About: Venture capital firm investing in early-stage tech and tech-enabled businesses. We actively partner with exceptional entrepreneurs to build enduring businesses. Circadian Ventures has investments in various sectors across the United States. Ground Up Ventures About: Our relationship with our founders is one in which we intend to grow together, learn from each other, and hold each other accountable. We check our egos at the door and jump into the trenches with you as you build your business. Sweetspot check size: $ 500K Thesis: We partner with extraordinary founders building transformational companies from the ground up. Expert DOJO About: Expert DOJO is a startup accelerator based in Santa Monica. Sweetspot check size: $ 100K Traction metrics requirements: MVP Thesis: Our mission is to help entrepreneurs at the early stages of your startup’s development to achieve your goals and more. Ridge Ventures About: Ridge Ventures is a fast, flexible, and founder-focused early stage venture capital fund. Sweetspot check size: $ 5M Watkins Bay About: Watkins Bay assist Founders and Entrepreneurs realise their dreams by providing all the help they need too succeed, specialising in Go To Market for Hypergrowth . Sweetspot check size: $ 500K Traction metrics requirements: 20% CGMR digitalundivided About: At digitalundivided, we use original, proprietary research to develop a data-driven ecosystem that expands the current body of knowledge about entrepreneurship in emerging communities. Sweetspot check size: $ 5K Thesis: Founded in 2012, digitalundivided is the leading non-profit leveraging our data, programs, and advocacy to catalyze economic growth for Latina and Black women entrepreneurs and innovators. Our goal is to create a greater world in which all women of color own their work and worth. Our mission moves the entrepreneurial ecosystem forward, to increase funding, access, and opportunities for women of color in business and innovation. Key Element Capital About: At Key Element Capital, we’re dedicated to fueling the future of gaming, casino, and sportsbook innovations. As seasoned investors and industry enthusiasts, we’re passionate about discovering and supporting the next generation of gaming disruptors. Unit Economics & Revenue Quality Investors Expect Why Revenue Quality Matters in Ad/MarTech Advertising startups often blend software, data, and media. Investors differentiate between high-margin, repeatable platform revenue and pass-through media dollars. Clear disclosure of what’s true platform/technology revenue versus media spend is essential for comparability, margin analysis, and valuatio. Gross vs. Net Revenue Recognition Be explicit about when you recognize revenue on a gross versus net basis. If you control the media buy and set pricing, you may record gross; if you’re acting as an agent or facilitating spend, you typically record net (platform fee/take rate). Disclose take rates, rebates, and usage components so investors can normalize your P&L and metrics package. Media-In vs. Media-Out Models Media-in models (you purchase and resell media) can inflate top-line but compress gross margin and increase working-capital needs. Media-out models (SaaS, usage-based API, or take rate) generally yield higher gross margins and simpler recognition. Many ad startups run hybrids; if so, break out revenue and margin by line of business so investors can assess LTV, valuation multiple fit, and risk profile. CAC, LTV, and Payback the Way VCs Calculate Them Standardize CAC by channel and segment. Include sales cycle length, win rates, ACV by segment, and fully loaded sales/marketing costs. For LTV, anchor on gross margin dollars, realistic expansion assumptions, and observed churn, not aspirational. Early-stage investors often look for sub-12–18 month payback; growth investors favor <12 months with line of sight to single-digit months in core segments. Show how pilots/POCs convert to production and expand ACV to validate your payback logic. Cohort Quality, NRR, and Retention Present monthly or quarterly cohorts by vertical and product module. Separate expansion from new ARR to illuminate land-and-expand. Strong B2B adtech/martech signals include expanding cohorts after initial pilots and NRR above 110–120% in core ICPs; if seasonality depresses certain cohorts, explain why and how you counterbalance with multi-vertical mix. Customer Concentration and Seasonality Flag if any single brand, agency holding company, or retailer exceeds 10–15% of revenue and outline diversification plans. Normalize seasonality by showing TTM metrics, Q/Q bridges, and usage-adjusted gross margin. Clarify campaign-driven spikes and retention through non-cancelable terms or always-on contracts. Pricing Architecture and Margins Choose a model that aligns value with outcomes and supports margin expansion over time: platform subscription plus usage, take rate on spend, seats for workflow tools, or outcome-based fees tied to verified conversions/incrementality. Disclose discounts, credits, and rebates to avoid surprises in diligence. Track gross margin by product line and show how automation, AI-driven ops, and cloud efficiency will lift margins as you scale. The Metrics Pack for Your Data Room Include a GAAP P&L with gross/net reconciliation, revenue by product line and model (SaaS, usage, media), cohort tables with retention/expansion, CAC/LTV and payback by segment and channel, NRR/logo retention, gross margin by line of business, pipeline coverage and win rates by stage, channel mix with platform dependency exposure, and verified outcomes/incrementality studies to substantiate renewals. These artifacts let investors underwrite revenue durability and path to profitability (IAB/PwC measurement and revenue trends. Global Trends in Advertising Startup Fundraising (2025 and Beyond) AI Moves From Experimentation to Production Generative and predictive AI are now embedded in creative workflows, media planning, and bid optimization, with brands prioritizing tools that prove incrementality and compress time-to-value. Startups that pair proprietary data with measurable ROI and tight workflow integrations are attracting early-stage interest. Retail Media and CTV Outpace Overall Ad Growth Retail media remains the fastest-growing channel globally thanks to first-party shopper data and closed-loop attribution, while CTV/streaming expands with more addressable inventory and shoppable formats. These dynamics create openings for retail media infrastructure, off-site activation, commerce creative automation, CTV verification, and cross-device identity. Privacy and Identity Reshape Product Roadmaps Third-party cookie deprecation and tighter data protection enforcement are accelerating first-party data strategies, privacy-enhancing technologies, and clean room adoption. Enterprise buyers now expect privacy-by-design, interoperable identity, and consented activation as table stakes. Cross-Border Capital Is Selective but Active US and European investors are backing non-domestic teams with strong traction, particularly in Europe, India, and Southeast Asia, where digital ad growth outpaces mature markets. To win cross-border capital, founders must show localization readiness. Later-Stage Selectivity Favors Durable Economics Growth rounds prioritize efficient payback, healthy NRR, and diversified channel mix with limited platform concentration risk. Startups that demonstrate profitable unit economics by channel or vertical, plus margin expansion via automation and data moats, clear diligence more consistently. Defensibility & Moats in Advertising Tech What to Show Investors Investors look for proof, not promises. In your deck and data room, include: a description of your proprietary datasets and how they’re ethically sourced; an integration map showing depth across DSPs/retail media/CDPs/clouds; third-party-verified performance lift and incrementality; a compliance and security roadmap with milestones (e.g., SOC 2); case studies demonstrating retention and resistance to switching; and evidence of channel diversification beyond any single walled garden. Proprietary Data and Data Network Effects Defensibility starts with unique, consented datasets that competitors can’t easily replicate. High-value sources include first-party behavioral data, commerce and SKU-level signals, contextual and creative performance metadata, and privacy-safe retail media and CTV exposure logs. Pair data assets with a clear value exchange and robust consent management so data volume and quality improve as usage scales, creating a compounding model advantage. Workflow Lock-In Through Deep Integrations Embedding into the daily stack increases switching costs. Integrate natively with ad servers, DSPs/SSPs, retail media platforms, CDPs, cloud data warehouses, and BI tools, and expose activation via APIs and connectors so your product becomes a system of record rather than a point solution. Align with industry specs—OpenRTB, Prebid, transparency and supply chain standards—to reduce friction and win enterprise procurement. Model Performance Advantages and Continuous Learning A sustainable moat requires measurable lift versus baselines and incumbents. Build continuous learning loops—online learning, multi-armed bandits, and constrained optimization—that adapt to noisy, privacy-limited environments. Validate model advantage with incrementality tests, geo-experiments, and MMM triangulation, and report outcome metrics that withstand scrutiny in diligence and enterprise MSA renewals. Compliance, Trust, and Security as a Competitive Moat Enterprise buyers reward vendors who reduce risk. Make privacy-by-design, consent frameworks (GDPR/CCPA/CPRA), and clear data processing agreements part of your core product story. Maintain a SOC 2 roadmap and readiness to answer IT security questionnaires. Implement brand safety, fraud/IVT mitigation, and supply chain transparency to unlock larger-brand budgets and premium inventory access. Marketplace Liquidity and Two-Sided Network Effects If you operate a platform connecting advertisers with creators, retailers, or publishers, liquidity and quality control are your moat. Focus early on governance (verification, rating systems, SLAs), incentive design that rewards high-quality participation, and tooling that reduces cold-start friction. As both sides scale, matching efficiency and data richness improve, increasing defensibility and margin. Interoperability and Ecosystem Standards Winning vendors “play nice” with the ecosystem. Support major identity frameworks used in the market (such as UID2/SCID where applicable), leading clean rooms, and cloud/CDP connectors so customers can deploy you across multiple regions and partners without re-architecting. Interoperability is becoming a buying criterion in RFPs, especially for multinational brands and retailers. Find VCs Investing in Advertising Companies with Visible Visible helps founders connect with investors using our connect investor database, find VCs specifically investing in Advertising here. For Advertising startups, securing the right investors is critical as it goes beyond mere funding. These investors bring specialized expertise and strategic insights specific to the Advertising sector, and their guidance is invaluable in navigating the unique challenges and opportunities within the space. Use Visible to manage every part of your fundraising funnel with investor updates, fundraising pipelines, pitch deck sharing, and data rooms. Raise capital, update investors, and engage your team from a single platform. Try Visible free for 14 days.

Raising venture capital for an e-commerce startup in 2025 is both more challenging—and more promising—than ever before. The global e-commerce market is projected to reach USD 73.52 trillion by 2030, growing at a compound annual growth rate (CAGR) of about 19.2 percent, fueled by rapid adoption of AI-driven retail technology, the explosive growth of social commerce platforms like TikTok Shop, and increasing cross-border buying habits. Yet with these opportunities come new challenges: investors are becoming more selective in the wake of tighter capital markets, competition is intensifying across borders, and customer acquisition costs remain at historically high levels. For founders, navigating this evolving investment landscape means more than knowing your financial metrics—it requires understanding current fundraising trends, identifying the right venture capital partners, and positioning your business to thrive in multiple markets. Whether you’re launching a DTC brand in Europe, building a B2B e-commerce platform in Southeast Asia, or scaling a marketplace in North America, securing the right funding at the right time can be the deciding factor in your long-term success. This guide compiles the top venture capital firms actively investing in e-commerce startups globally—sourced from our connect investor database and reports – alongside e-commerce-specific fundraising strategies, pitch tips, and global networking resources. Backed by up-to-date research, this is your go-to playbook for raising capital and scaling your e-commerce venture. Top VCs Investing in E-commerce Startups Imag/nary Ventures About: Founded by Natalie Massenet and Nick Brown, Imaginary Ventures is venture capital firm that invests in early–stage opportunities at the intersection of retail and technology in Europe and the US. Ascend About: Ascend is the most active pre-seed venture capital fund in the Pacific Northwest. Thesis: Pre-seed investor in marketplace, consumer brands, E-commerce, and B2B software. 14W About: 14W is a venture capital firm specializing in consumer internet, marketplace, E-commerce, CPG, and media. RevTech Ventures About: RevTech Ventures is a venture capital fund with a focus of early-stage investments at the intersection of retail and technology. We make dozens of small, initial investments, with larger follow-on investments in those companies that demonstrate rapid growth and sustainable advantage. We provide year-round content and support led by our managementteam and our large pool of world-class mentors. Thesis: We invest in technologies and concepts that help the retail industry adapt in the age of Amazon. Mu Ventures About: Early stage venture capital investing in the future of commerce. Thesis: Investing where Vertical AI meets Agentic Commerce. Powering the next era of frictionless transactions. - Commerce infrastructure - Vertical AI and marketplaces - Consumer software, AI-native brands 1984 Ventures About: 1984 Ventures is an early-stage venture capital firm proptech, fintech, healthcare, marketplace, SaaS, e-commerce, and consumer. Thesis: Looking for companies from pre-revenue to 100k+ in MRR Act One Ventures About: Seed stage fund focused on enterprise software and research from LA Universities. We believe in community, diversity, and Los Angeles. Sweetspot check size: $ 1M Thesis: Investing in capital-efficient companies with excellent founder-market fit AppWorks About: Based in Taiwan, AppWorks is the largest startup accelerator in Greater Southeast Asia and one of the region's most active early-stage VCs. Detroit Venture Partners About: Detroit Venture Partners is an American venture capital firm that funds seed- and early-stage technology companies. Sweetspot check size: $ 250K Thesis: Detroit Venture Partners is an American venture capital firm that funds seed- and early-stage technology companies. Harlem Capital About: Harlem Capital is an early-stage venture firm that invests in post-revenue tech-enabled startups, focused on minority and women founders. Sweetspot check size: $ 750K Traction metrics requirements: Post product ($6k+ MRR pref) Thesis: Women or POC founders (no deep tech, bio, crypto, hardware) Global E-Commerce Resources, Accelerators, and Networking Opportunities While capital is crucial, access to the right networks, mentorship, and market entry opportunities can be just as valuable for e-commerce founders. The global ecosystem offers a wide range of accelerators, incubators, events, and communities designed to help founders refine their business models, connect with investors, and scale internationally. Leading Global Accelerators and Programs for E-Commerce Founders Y Combinator — While not exclusively focused on e-commerce, Y Combinator has backed multiple category-defining companies like Stripe and DoorDash. Its global reach, network, and investor access make it a strong launchpad for founders with scalable e-commerce models. Techstars — Techstars runs retail and commerce-focused accelerators in partnership with major corporations, offering mentorship and early-stage investment. One being Techstars Future of E-commerce Powered by eBay Announces Inaugural Cohort. Plug and Play — Based in Silicon Valley with offices worldwide, this program connects startups with global brands and investors in retail, logistics, and digital commerce. 500 Global — Known for its extensive international network, 500 Global supports cross-border e-commerce ventures with an emphasis on market expansion. Chinaccelerator — Specializes in helping international startups enter the Chinese market, which is the largest e-commerce market in the world. Key Industry Events and Conferences Shoptalk — A leading global retail and e-commerce conference held in the US and Europe, focusing on innovation, technology, and consumer trends (shoptalk.com). NRF Retail’s Big Show — Hosted in New York, this event draws global retail leaders and showcases the latest in commerce technology (nrf.com). eTail — Regional editions in North America, Europe, and Asia-Pacific cover actionable insights on omnichannel strategy and scaling online sales (etail.com). Seamless — A major fintech, payments, and e-commerce event held across multiple continents, including the Middle East, Africa, and Asia (terrapinn.com). International Funding and Cross-Border Considerations Investor Syndicates and Platforms — Platforms like our connect investor database allow founders to raise from a global base of investors. Cross-Border Logistics Partners — Success in international expansion often depends on partnerships with logistics leaders like DHL, Maersk, or SF Express, which can reduce delivery times and costs. Regulatory Compliance — Be prepared to address international data privacy regulations (e.g., GDPR, PDPA) and import/export rules during investor discussions. Demonstrating compliance readiness can give investors confidence in your scalability. Podcasts and Communities Tailored to E-Commerce Founders E-commerce Fuel: Hosted by Andrew Youderian, this podcast delivers weekly insights from seasoned store owners, including real numbers and growth strategies. It’s part of the broader eComFuel community, known for data-driven discussions and annual research reports. Down to Chat (DTC): Cody Plofker and Eli Weiss dive into DTC strategies spanning paid acquisition, retention tactics, and actionable growth playbooks from successful e-commerce founders. 9-Figure Operators: Hosted by founders of multi-million-dollar brands (e.g., HexClad, Ridge Wallet), this show features candid discussions about scaling, economic headwinds, and operational decision-making. Honest E-commerce: Chase Clymer interviews merchants who share real-life lessons—including CAC figures and near-bankrupt campaigns—making this a refreshingly transparent podcast. The E-commerce Playbook: A data-rich podcast by Common Thread Collective’s Taylor Holiday and Richard Gaffin, offering metrics-driven strategies for ROAS, attribution models, and more. Beyond the Inbox: Presented by The Drip Team, this podcast explores email automation, abandonment recovery, and actionable sequences with real conversion data—ideal for founders focused on retention. E-commerce Conversations: Hosted by Beardbrand’s Eric Bandholz, this weekly show delivers interviews with e-commerce entrepreneurs that dive into the true realities of building online businesses. The E-commerce Coffee Break: Targeted at Shopify merchants, this podcast provides actionable marketing and conversion tips tailored to growing online stores. Newsletters That Keep E-Commerce Founders Ahead In The Snow: Founder-led newsletter packed with DTC and performance marketing wisdom—especially on Meta, TikTok, and AI-driven advertising tactics. The Operators: Provides deep, founder-level interviews and operational playbooks from top e-commerce operators—think strategies that don’t make it into Twitter threads. Driving Influence: Focuses on AI, culture, and commerce—highlighting how brands can adapt in an evolving digital-first landscape. Modern Retail: Sharp editorial coverage on commerce evolution, platform changes, and retail innovation, especially useful for digital-first brands. DTC Newsletter: Daily dose of growth-focused content for DTC founders—creative testing, CRO strategies, ad performance breakdowns, and toolkits. Retail Brew (by Morning Brew): A tri-weekly roundup of retail and e-commerce trends, insights, and news delivered in an engaging, easy-to-digest format. Digital Commerce 360: Offers daily, weekly, or monthly updates on B2B and retail e-commerce news—complete with topic-specific alerts in logistics, tech, and global commerce. Chase Dimond’s E-commerce Newsletter: Every Monday, receive tactical email marketing insights—from copywriting to campaign strategies—straight from an expert practitioner. Shopifreaks: Newsletter with over 13,000 subscribers, covering strategy, partnerships, platform insights, seed rounds, and industry developments across Shopify, Amazon, and more. Additional Resource from Shopify: 27 Retail News Sites & Newsletters to Follow E-commerce Fundraising Trends & Insights Raising capital for an e-commerce startup in 2025 requires more than a compelling product and growth story. Investors are navigating a market shaped by rapid technological change, evolving consumer behaviors, and tighter capital conditions. For founders, staying competitive means understanding the forces driving VC interest, adapting to new investment criteria, and positioning their companies for long-term sustainability. Macro Trends Driving E-commerce Investment AI-powered retail tech and intelligent tools: AI is reshaping e-commerce operations from the ground up. Startups are using AI for inventory optimization, demand forecasting, product recommendations, and dynamic pricing strategies. Investors are prioritizing companies that integrate AI into their core offerings rather than as an add-on feature, as these solutions often deliver measurable operational and revenue impact. Social commerce and creator-led marketplaces: Platforms such as TikTok Shop, Instagram Shopping, and other video-first marketplaces are driving a shift from search-led to discovery-led buying. Creator partnerships allow smaller brands to scale without heavy upfront ad spend, making social commerce one of the fastest-growing channels for customer acquisition in 2025. Logistics, local fulfillment, and micro-warehousing: Consumers increasingly expect same-day or next-day delivery, pushing demand for decentralized fulfillment networks. Startups offering micro-warehousing, cross-border logistics optimization, and regionally adaptive supply chains are gaining traction with investors who see logistics as a critical enabler of global E-commerce expansion. Investor Expectations Have Shifted Profitability or a clear path to profitability: The growth-at-all-costs era has given way to disciplined scaling. Investors now expect founders to show a roadmap to profitability, supported by strong unit economics, efficient operations, and realistic growth projections. Preference for SaaS-style revenue models: Recurring revenue, low churn, and predictable cash flow have become more appealing to VCs than purely transactional business models. E-commerce infrastructure providers, subscription platforms, and hybrid SaaS-commerce businesses stand out for their scalability and margin potential. How Founders Can Stay Ahead Founders can increase their fundraising success by aligning with the trends and investor preferences shaping the market. This includes focusing on contribution margins, retention rates, CAC payback periods, and overall capital efficiency. Demonstrating durability—whether through resilient supply chains, consistent demand, or market adaptability—is essential. Building a first-party data strategy is also critical as privacy changes and rising ad costs make third-party data less reliable. Above all, investors want to hear a scalable vision that connects market opportunity with platform potential, network effects, and long-term leadership. Pitching to E-Commerce VCs: Sector-Focused Tips Raising venture capital in today’s e-commerce landscape means proving that your business can scale profitably, adapt to shifting consumer behaviors, and leverage technology as a competitive advantage. While general pitch advice applies, e-commerce founders need to tailor their approach to address the nuances of this sector and the current investor mindset. Craft a Compelling Narrative Your pitch should quickly convey what makes your business stand out in a crowded market. This is more than describing your product—it’s about framing your company as the solution to a high-value, urgent problem. Examples include: Reducing logistics friction in a fast-growing market. Delivering AI-driven personalization for niche consumer segments. Enabling B2B e-commerce in emerging economies. By anchoring your story in a real, validated pain point, you position your startup as a must-have, not a nice-to-have. Showcase the Right Metrics Investors in e-commerce are increasingly data-driven. Go beyond top-line revenue and present the numbers that matter for sustainable growth: Customer lifetime value (CLTV) to customer acquisition cost (CAC) ratio. Retention and repeat purchase rates. Contribution margin and gross margin trends. CAC payback period. Including these metrics in your deck demonstrates both operational understanding and investor alignment. Demonstrate Global Readiness E-commerce is inherently global, and cross-border opportunities are expanding. Show how your product, logistics, payments, and compliance strategies support entry into new markets. Highlight any localization efforts—such as language, currency, and regional fulfillment—that make your business adaptable and competitive internationally. Tailor the Deck for E-Commerce While every pitch deck should cover the essentials (problem, solution, traction, market, team, financials), e-commerce decks benefit from added depth in certain areas: Detailed unit economics with a path to profitability. Market behavior insights specific to your target geography or niche. Your technology stack and how it supports scalability (e.g., automation, AI, micro-fulfillment). Partnerships with marketplaces, logistics providers, or payment platforms. Anchor with Platform or Infrastructure Value If you’re building a marketplace or infrastructure tool, emphasize the network effects and scalability potential. Show data that illustrates growing engagement between buyers and sellers, increasing GMV (gross merchandise value), and any early signs of defensibility, such as exclusive supplier relationships or proprietary technology. Find VCs Investing in E-commerce Companies with Visible Visible helps founders connect with investors using our connect investor database, find VCs specifically investing in E-commerce here. For E-commerce startups, securing the right investors is critical as it goes beyond mere funding. These investors bring specialized expertise and strategic insights specific to the E-commerce sector, and their guidance is invaluable in navigating the unique challenges and opportunities within the space. Use Visible to manage every part of your fundraising funnel with investor updates, fundraising pipelines, pitch deck sharing, and data rooms. Raise capital, update investors, and engage your team from a single platform. Try Visible free for 14 days.