Power Law Investor Ranking 2025
Venture returns follow a power law, only the top investors truly bend the curve. Our 7th-annual Power Law Ranking shows who they are, built on Dealroom's proprietary data and a scoring model that rewards outcomes, not hype.
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What's new in 2025? Focus on fundamentals.
Two-thirds of this year's score comes from revenue milestones, not valuations:
Colts
Companies with $25-100M annual revenue
Thoroughbreds
Companies with $100M+ ARR
Unicorns
Still counted, but now the minority of the score
$1B+ Exits
M&A or IPO outcomes
What hasn't changed? Stage still counts.
As in the last four editions, we give extra credit to investors who wrote the early checks, Seed and Series A, where conviction matters most.
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The Dealroom Power Law is a quantitative ranking of the world's most prominent venture capital investors. Based on objective and observable Dealroom data, this list is a practical tool for startups and LPs to assess the leading VCs supporting startups.
Whether you're an LP measuring performance, a founder picking partners, or a VC benchmarking peers, this is the most transparent view of who consistently turns investments into durable outcomes.
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Top 100 Thoroughbreds in EMEA
We've ranked the top 100 thoroughbreds, or companies with $100M+ in revenue, in EMEA. Access the interactive landscape below.
View Top 100 ThoroughbredsDefinitive, data-driven VC league table
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Methodology
How we built the Power Law Investor Ranking
Who's in the sample?
We track ~25,000 investors globally: VCs, accelerators, CVCs, angel networks, and crossover funds. The table only includes those with at least one "Outcome" in the selected ecosystem.
What counts as an Outcome?
- 🦄 Unicorn - private valuation over $1B
- 💸 $1B+ exit - via M&A or IPO
- 🏇 Thoroughbred - $100M+ annual revenue
- 🐎 Colt - $25-100M annual revenue
Counting the right cheque
For each outcome company, we tag the earliest round where each investor participated (Seed, A, B, etc.). Earlier entries earn more credit. Late-stage entries get less. This "stage weighting" has been used since Edition 3, so scores are comparable year to year.
Scoring formula (simplified)
100 pts x Seed → Unicorn/$100M+ rev
30 pts x Series A → Unicorn/$100M+ rev
10 pts x Series B+ → Unicorn/$100M+ rev
25 pts x Seed → Colt
7.5 pts x Series A → Colt
Two-thirds of all points come from revenue milestones (Thoroughbreds + Colts). Valuation-based outcomes (Unicorns + $1B exits) make up the remaining third.
Data sources & refresh rate
Dealroom's public and proprietary data, company filings, press releases, and investor submissions. Tables update nightly. Scores are frozen annually for each official edition.
Why mix revenue and valuation?
Unicorn status signals market promise; revenue proves product-market fit. If a company hits both, it earns on both, because it shows both potential and proof.
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