More investors are backing VC rounds again, but a third of the new money goes to 10 funds

Investors. Every round in Dealroom with a venture round type (angel, seed, early and late VC, growth equity, series A to I, convertible and private placement) of $5M or more, dated 2010 or later, with at least one named investor: 95,535 rounds. A unique investor is a distinct investor in at least one such round in the year. Counting rounds of every size, there were 34,053 investors in 2022 and 24,111 in 2025, and January to October 2026 is 11% below the same months of 2025. Rounds of $5M or more fell 34% from 2022 to 2025 too, so the fall after 2022 shows at every round size; the rise in 2026 shows only above $5M. Dealroom's coverage of the early 2010s is thinner than today's, so part of the growth since 2010 is coverage. The 2026 estimate multiplies January to October 2026 by the ratio of full-year 2025 to January to October 2025, for the total and for each type. Types come from Dealroom's investor-type tags, first match wins: individuals are angels; crossover funds are a named list of 69 hedge funds and public-market asset managers (listed below); a corporate tagged as a VC, or investing through a named venture unit such as GV, M12 or Intel Capital, is a corporate VC; then VC firms, corporates, family offices, private equity firms and angel funds. Other covers accelerators, governments, universities, pension and sovereign wealth funds and crowdfunding platforms.

Funds. Every fund Dealroom classes as Venture Capital, by announcement date, in US dollars at Dealroom's conversion. Undisclosed sizes count as funds but not in the totals. Removed: a duplicate a16z Crypto Fund IV record (2022) and two Indian funds stored in the wrong currency (Anicut Capital 2017, 9Unicorns 2020). SoftBank's Vision Fund (2017) and Vision Fund 2 (2019) are shown separately and left out of the top-10 share. Sequoia's $7B expansion fund and $10B AI and reindustrialisation fund are press reports citing unnamed sources; Sequoia has not confirmed either. 2026 runs to 4 November; the annualised figure scales that total to 365 days.

Crossover funds matched in rounds since 2021: ARK Invest, Abdiel Capital, Adage Capital, Alkeon Capital, Ally Bridge Group, Altimeter Capital, Avidity Partners, BVF Partners, Baillie Gifford, Balyasny Asset Management, BlackRock, Boxer Capital, Capital Group, Casdin Capital, Citadel, Coatue Management, Commodore Capital, Cormorant Asset Management, D1 Capital Partners, Darsana Capital Partners, Deerfield, Dragoneer Investment Group, Driehaus Capital Management, Durable Capital Partners, EcoR1 Capital, Eventide Asset Management, Farallon Capital Management, Fidelity International, Fidelity Investments, Franklin Templeton, Franklin Templeton Investments, Glade Brook Capital Partners, Goldman Sachs Asset Management, Hedosophia, Invesco, Janus Henderson Investors, Lansdowne Partners, Logos Capital, Lone Pine Capital, Marshall Wace, Matrix Capital Management, Maverick Capital, Maverick capital, Millennium Management, Neuberger Berman, Paradigm BioCapital, Perceptive Advisors, Point72, RA Capital Management, RTW Investments, Rock Springs Capital, Samsara BioCapital, Sands Capital Management, Schonfeld Strategic Advisors, Soleus Capital, Steadview Capital, Surveyor Capital, T. Rowe Price, Third Point, Tiger Global, Two Sigma Investments, Tybourne Capital Management, Venrock Healthcare Capital Partners, Viking Global Investors, Ward Ferry Management, Wellington Management, Whale Rock Capital Management, Woodline Partners, XN.