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 We do not cite aggregate deal value for each fund in this case since no data is available on a fund's contribution in the financing rounds.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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500 Startups
HQ
Mountain View, US

500 Startups is an early-stage seed fund and incubator program focused on consumer and small- and medium-sized internet startups.

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Kleiner Perkins Caufield & Byers
HQ
Menlo Park, US

Partnering with entrepreneurs to build companies from success to significance.

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New Enterprise Associates
HQ
Menlo Park, US

New Enterprise Associates (NEA) is an American worldwide venture capital firm.

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Sequoia Capital
HQ
Menlo Park, US

Sequoia Capital is a venture capital firm focused on energy, financial, enterprise, healthcare, internet and mobile startups.

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SV Angel
HQ
San Francisco, US

SV Angel is a San Francisco-based angel firm that helps startups with business development, financing, M&A, and other strategic advice.

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Y Combinator
HQ
Mountain View, US

Y Combinator provides seed funding for startups.

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Draper Fisher Jurvetson (DFJ)
HQ
Menlo Park, US

Draper Fisher Jurvetson (DFJ) is a venture capital firm that funds companies in seed, early, and growth stages.

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Kima Ventures
HQ
Paris, FR

We fund ambitious, cohesive teams with stellar learning & execution curves Investing in 2 startups per week, globally.

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Andreessen Horowitz
HQ
Menlo Park, US

Andreessen Horowitz is a venture capital firm specializing in investing in seed, start-ups, early, mid stage, growth and late stage.

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First Round Capital
HQ
San Francisco, US

First Round Capital is a venture capital firm specializing in growth capital investments in seed, startups, and early stage companies in the fintech sector.

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Greylock Partners
HQ
Menlo Park, US

Greylock Partners backs entrepreneurs who are building disruptive, market-transforming consumer and enterprise software companies.

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GV
HQ
Mountain View, US

GV provides venture capital funding to bold new companies.

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Index Ventures
HQ
Genève, CH

Index Ventures is a multi-stage international venture capital firm that backs the best and most ambitious entrepreneurs.

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DAG Ventures
HQ
Palo Alto, US

A mid-stage venture capital partnership with a service-oriented mindset. The firm invests in a variety of IT, energy, and life sciences companies.

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Meritech Capital Partners
HQ
Palo Alto, US

Meritech Capital Partners invests in the leading category defining tech companies.

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Bessemer Venture Partners
HQ
Larchmont, US

From seed-stage to growth, Bessemer Venture Partners invests in consumer, enterprise and healthcare technology startups.

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Lightspeed Venture Partners
HQ
Menlo Park, US

Lightspeed Venture Partners is an early stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise and Consumer sectors.

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