Leading Venture Capital Funds - Where Do They Invest?

Since 2006, US venture capital funds have invested approximately $526 billion in 77,600 investments, according to the National Venture Capital Association and Pitchbook’s Venture Monitor report. 


We examined the investment activity of 136 prominent venture capital funds, to see what stage and deal sizes they were participating in, and which firms were most prominent at each deal stage. The data were compiled from VC portfolio pages, CrunchBase and news reports.


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The most frequent deal type was early stage including Seed and Angel, with 5,433 investments totaling $6.1 billion, for an average deal size of $1.1 million. The VC firms also invested in 4,953 Series A rounds and 3,720 Series B rounds, that added up to $42.9 billion and $65.6 billion of round value, respectively.


The firms made fewer late stage investments (Series C, D or later) as seen in the magenta line in this graph:


While Angel/Seed investments accounted for 26% of the total number of deals announced, they amounted to 2% of the total deal value. Series A rounds were 24% of the total number of rounds while representing 14% of the total amount raised.


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The ranking below gives an overview of the venture capital funds with the highest number of closed deals. We do not cite aggregate deal value for each fund in this case since no data is available on a fund's contribution in the financing rounds. Nevertheless, the list presents a ranking of top venture capital firms by investing activity.



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We then looked into each deal stage and ranked the venture firms by number of deals in a certain round category.


The 'Top Seed Stage Investors' list features, for the most part, early stage funds. The leaders here are accelerators Y Combinator and 500 Startups, with 92% and 77% of all of their financings at seed stage. Having announced 1,211 and 1,036 seed deals, they both invested in 2-3 times more deals then the next funds in the ranking: SV Angel, Kima Ventures and Seedcamp.


Besides early stage funds and accelerators, multi-stage VC firms also play a prominent role in the category. The most notable examples are Andreessen Horowitz, GV and New Enterprise Associates, which made 30%, 30% and 10% of their deals in seed stage funding rounds.


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Looking at leading Series A investors, our ranking includes many of the funds featured above.  For these funds, Series A rounds make up 20-30% of their total activity.



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The following rankings of major Series B and C investors feature large multi-stage funds that slightly change the positions across the lists: Sequoia Capital, New Enterprise Associates, Accel Partners and Kleiner Perkins Caufield & Byers and others.



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Late stage financing that refers to Series D through G rounds is the highest by deal volume and the lowest by the number of deals. In the table below one can see that most VC funds have no more than 20% of their investments in the late stage category. However, there are two exceptions to this, for DAG Ventures and Meritech Capital Partners, 36% and 54% of their deals, respectively, were late stage.


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In summary, the figures show that in the last decade the leading venture capital funds invest mostly in Series A and Series B companies. Clear leaders in the Seed/Angel stage category are Y Combinator and 500 Startups.  In the other deal stages, the biggest multi-stage venture capital funds Sequoia Capital, New Enterprise Associates, and Andreessen Horowitz, led the ranks.


Notes:

  • Craft.co analysis.
  • The data includes investments made from 2005 until April 2017.
  • Deals made in the currency other than USD were converted into USD at an average monthly exchange rate taken from https://www.oanda.com.

Sources:

About Craft:

Craft is a machine-learning powered data and analytics platform building the ‘Source of Truth’ on companies, and mapping the global economy. We organize data from thousands of sources to provide comprehensive, up-to-date sector and company profiles, ranging from early-stage to the largest companies in the world.


As the economy and nature of work continue to undergo a massive transformation, Craft’s mission is to provide context and freely available tools to help people discover and evaluate companies and opportunities. Our platform is used for market and sector research, customer lead generation, competitive analysis and career search.

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