Top 15 Late Stage Venture Capital Firms to Watch

As your company matures, understanding the late-stage venture capital scene becomes critical. The investors who fund Series B, Series C, and later growth rounds have different expectations than early-stage backers. Knowing the key players is the first step in finding the right partner for your company's next phase.

To help you prepare, our team has curated this overview of prominent late-stage VC firms. Use this guide to get familiar with the key investors in growth stage venture capital before you begin outreach and start your fundraise with confidence.

Actively raising? You can now access non-dilutive funding options like venture debt and credit lines through Rho Capital. Rho also provides access to business banking, corporate cards, and bill pay — built for startup teams moving fast.

Key Takeaways

• Late-stage venture funding is for established companies focused on scaling operations, entering new markets, or preparing for an exit, which requires a different strategic approach than early-stage fundraising.
• Prominent investors in this space include Franklin Templeton, Norwest Venture Partners, General Catalyst, and StepStone Group, all notable backers of growing businesses.
• If you are raising or have just closed a round, Rho Capital connects you to non-dilutive funding such as venture debt, credit lines, and revenue-based financing; once funded, the Rho platform provides FDIC-insured accounts, corporate cards with up to 2% cashback, automated bill pay, and spend controls to manage your capital.

What is Late Stage Venture Capital?

Late-stage venture capital is funding for companies that have already found product-market fit and are now focused on significant growth.

Unlike early-stage rounds where the goal is to validate an idea, late-stage investors provide substantial capital to help you scale operations, expand into new markets, and solidify your position as a market leader.

Types of Late Stage VC Firms At A Glance

As you prepare for a late-stage fundraise, it helps to know which VC firms specialize by geography or sector, so here is a quick breakdown of those trends across top investors.

Late Stage VCs in the Bay Area

California’s Bay Area remains a major hub for growth stage venture capital. Firms like Andreessen Horowitz and Sequoia Capital are headquartered in Menlo Park, while you'll find prominent investors such as General Catalyst and Tribe Capital based in San Francisco.

Late Stage VCs in New York City

On the East Coast, New York City is another key center for late-stage funding. This includes global software investor Insight Partners, private equity firm General Atlantic, and the customized portfolio provider StepStone Group.

Late Stage VCs for Technology & AI Startups

Many firms focus on high-growth technology, software, and AI companies. For example, Accel has a history of backing major software companies like Slack and Dropbox, while Menlo Ventures is a key investor in the AI space with Anthropic in its portfolio.

Late Stage Firms for Financial Services Startups

Given the size of the market, many late-stage investors have a strong focus on financial services and fintech. Wellington Management has backed fintech leaders like Affirm and Coinbase, and Norwest Venture Partners has a track record in the space with investments like LendingClub.

However, many late-stage venture capital firms are multistage and invest across a wide range of industries and locations.

To help you find the right partner, here is our overview of leading late-stage VC firms. We've highlighted their locations, industry specializations, and what makes each one distinct for founders like you.

1. Franklin Templeton

Franklin Templeton is a global investment firm with a long history, now active in late-stage venture capital. They bring the resources of a major financial institution to support growth-stage companies.

While their core business is in financial services, their venture portfolio is diverse, including investments in EV maker Lucid Motors and AI chip designer Blaize. Their backing helped fintech platform Tifin reach unicorn status and supported the IPO of beauty-tech company Oddity.

This firm is a good match if you lead an established company preparing for a significant growth round or a potential exit. Their experience with public markets and large-scale financing can be a major asset for your team.

• Investment stage: Late Stage Venture
• Industries of focus: Financial Services, Hedge Funds, Professional Services, Wealth Management
• Location: San Mateo, California
• Founded: 1947
• Notable portfolio companies: Lucid Motors, Tifin, Blaize, Oddity, Brelyon
• Track record: 217 investments and 68 exits

You can refer to their website here.

2. Norwest Venture Partners

Norwest Venture Partners is a venture and growth equity firm that invests across a company's lifecycle, from early rounds to late-stage financing. Their multi-stage approach means they can act as a long-term partner for growing businesses.

They have a broad portfolio with successful exits in fintech, cybersecurity, and digital health, including companies like online marketplace LendingClub and robotics startup 6 River Systems. This signals their strength in guiding companies toward major acquisitions or IPOs.

Norwest is a good match for founders who want an investor for the long haul, one with the experience to support them through multiple rounds. Their track record is particularly relevant if you are building a company with a clear path to a large-scale exit.

• Investment stage: Early to late-stage venture, private equity
• Industries of focus: Finance, Financial Services, Digital Health, Robotics, Cybersecurity
• Location: Palo Alto, California
• Founded: 1961
• Notable portfolio companies: Omada Health, LendingClub, FireEye, 6 River Systems
• Track record: 973 investments and 213 exits

You can refer to their website here.

3. General Catalyst

General Catalyst is a venture firm that partners with founders from the earliest stages through to growth and beyond. They emphasize a collaborative approach, with a focus on building resilient companies and supporting applied AI.

The firm invests across the entire company lifecycle, from seed funding to post-IPO, signaling their capacity for long-term partnership. Their portfolio includes iconic companies like Airbnb, Stripe, and HubSpot, showing a strong record of backing businesses that become market leaders.

General Catalyst is a good fit if you are looking for a long-term capital partner that can support you through multiple stages of growth. Founders building ambitious, high-growth technology companies, particularly those with an AI component, will find their approach and experience valuable.

• Investment stage: Seed to post-IPO
• Industries of focus: Technology, SaaS, Fintech, Consumer
• Location: San Francisco, California
• Founded: 2000
• Notable portfolio companies: Airbnb, Stripe, HubSpot, Kayak, Samsara
• Track record: 1,464 investments and 222 exits

You can refer to their website here.

4. StepStone Group

StepStone Group is a global private markets firm that provides investors with customized portfolios. They do this by integrating primary fund investments, secondary market purchases, and direct co-investments.

Their approach gives them a broad view of the market, with a clear focus on financial services, fintech, and real estate. Because they often co-invest, they typically participate in rounds led by other venture capital firms.

StepStone may be a good match if your lead investor brings them in as a co-investment partner. They could also be a potential source of liquidity for founders or early investors in mature companies looking to sell shares on the secondary market.

• Investment stage: Late Stage Venture
• Industries of focus: Banking, Financial Services, FinTech, Real Estate Investment
• Location: New York, New York
• Founded: 2007
• Investor type: Private Equity Firm, Venture Capital
• Track record: 101 investments and 10 exits

You can refer to their website here.

5. Andreessen Horowitz

Andreessen Horowitz, also known as a16z, is a venture capital firm that invests across all stages, from seed ideas to established growth companies. They are a stage-agnostic investor, managing multiple funds to support founders throughout their journey.

The firm is known for backing transformative technology companies that go on to define their categories. Their portfolio includes major names like GitHub, which was acquired by Microsoft, and Stripe, one of the most valuable private fintech companies.

A16z is a good fit for founders with ambitious, category-defining ideas, regardless of their company's stage. Their ability to invest from seed to late stage makes them a potential long-term partner for high-growth technology businesses.

• Investment stage: Seed to late-stage venture
• Industries of focus: Technology, Software, Fintech, Crypto
• Location: Menlo Park, California
• Founded: 2009
• Notable portfolio companies: GitHub, Coinbase, Airbnb, Stripe, Oculus VR
• Track record: 1,693 investments and 249 exits

You can refer to their website here.

6. Tribe Capital

Tribe Capital is a venture firm that applies data science to its investment strategy, focusing on opportunities in venture and crypto. They support companies from their earliest seed rounds through later growth stages.

The firm's reliance on data science to guide investment choices is a core part of its identity. Their portfolio features well-known technology companies, including crypto exchange Kraken and sales data platform Apollo.io.

This firm is a good option for founders who value a quantitative, product-centric investment partner. If you are building a technology business, especially in fintech or crypto, their analytical approach may be a good fit for your company.

• Investment stage: Seed, early-stage, and late-stage venture
• Industries of focus: Finance, Financial Services, Venture Capital, Crypto
• Location: San Francisco, California
• Founded: 2018
• Notable portfolio companies: Kraken, Carta, Airtable, Shiprocket, Apollo.io
• Track record: 240 investments and 13 exits

You can refer to their website here.

7. General Atlantic

General Atlantic is a global private equity firm that has provided capital and strategic support to growth companies since 1980. They partner with businesses across various stages, from early venture rounds to more mature private equity investments.

The firm invests across a company's entire lifecycle, from early venture to private equity, signaling their ability to be a long-term partner. Their portfolio is notably diverse, including generative AI company Runway, activewear brand Vuori, and non-alcoholic beer maker Athletic Brewing Company.

General Atlantic is a good fit for founders leading high-growth companies who need a flexible, long-term capital partner. Their broad portfolio suggests an interest in strong business models across consumer, technology, and finance, not just a narrow sector focus.

• Investment stage: Early to late-stage venture, private equity
• Industries of focus: Finance, Financial Services, Venture Capital
• Location: New York, New York
• Founded: 1980
• Notable portfolio companies: Runway, Vuori, Adevinta, Kyriba, Athletic Brewing Company
• Track record: 481 investments and 159 exits

You can refer to their website here.

8. Menlo Ventures

Menlo Ventures is a venture capital firm that funds companies from their earliest stages through to growth, with a focus on AI, consumer, and life science technologies. They have a long history of backing companies that become household names, including ride-hailing giant Uber and streaming platform Roku.

Their portfolio also shows a strong eye for foundational technology, with early investments in Siri before its acquisition by Apple and AI leader Anthropic. Their ability to invest from seed to growth makes them a potential long-term capital partner for ambitious founders.

This firm is a good choice if you are a founder in their core sectors looking for a partner with deep experience in scaling companies for major exits. Their track record suggests a strong ability to identify and support category-defining businesses.

• Investment stage: Seed to growth
• Industries of focus: AI, consumer, and life science technologies
• Location: San Francisco, California
• Founded: 1976
• Notable portfolio companies: Uber, Roku, Siri, Anthropic, Warby Parker
• Track record: 829 investments and 186 exits

You can refer to their website here.

9. Accel

Accel is a venture capital firm that invests from the earliest seed rounds through to later growth stages. They partner with founders globally, providing capital and support to help build enduring companies.

The firm is known for backing foundational technology companies, with a portfolio that includes Facebook, Slack, and Dropbox. Their track record of turning early investments into massive exits signals a deep understanding of what it takes to build a category-defining business.

Accel is a strong choice for founders with high-growth software or consumer technology companies who are looking for a long-term partner. Their experience guiding companies to major IPOs and acquisitions is particularly relevant if you are building a business with a clear path to a large-scale exit.

• Investment stage: Seed to late-stage venture and private equity
• Industries of focus: Software, Consumer Technology, E-commerce
• Location: Palo Alto, California
• Founded: 1983
• Notable portfolio companies: Facebook, Slack, Dropbox, Flipkart, Bumble
• Track record: 2,195 investments and 395 exits

You can refer to their website here.

10. Pear VC

Pear VC is a venture capital firm that primarily invests in technology companies at the pre-seed and seed stages. They partner with founders from the very beginning to help build their businesses from the ground up.

The firm has a strong record of backing companies that achieve major success, including food-delivery service DoorDash and oncology diagnostics company Guardant Health. Their ability to support businesses from the earliest idea to a public offering or acquisition is a key part of their model.

Pear VC is an excellent match for founders at the pre-seed or seed stage who are looking for a hands-on partner for the long term. If you want an investor who will join you at the start and provide support through your company's entire growth cycle, they are worth considering.

• Investment stage: Seed to late-stage venture
• Industries of focus: Angel Investment, Education, Financial Services, Venture Capital
• Location: Menlo Park, California
• Founded: 2013
• Notable portfolio companies: DoorDash, Guardant Health, Credible Labs
• Track record: 402 investments and 35 exits

You can refer to their website here.

11. Wellington Management

Wellington Management is a global investment management firm that applies its significant resources to support growth-stage companies. They operate across public and private markets, giving them a broad perspective on long-term value creation.

The firm has a clear track record of backing high-profile technology companies through to successful IPOs, including fintech leaders Affirm and Coinbase. This focus on pre-IPO financing signals their strength in guiding companies toward the public markets.

Wellington is a strong potential partner if you are leading a mature, late-stage company preparing for a public offering. Their deep experience with the entire IPO process can be a critical asset for your management team.

• Investment stage: Early to late-stage venture, private equity, and debt
• Industries of focus: Asset Management, Finance, Financial Services, Fintech, E-commerce
• Location: Boston, Massachusetts
• Founded: 1933
• Notable portfolio companies: Airbnb, Affirm, Coinbase, Coupang, ACV Auctions
• Track record: 290 investments and 136 exits

You can refer to their website here.

12. Madrona

Madrona is a venture firm that invests from early to late stages, with a strong focus on companies in the Pacific Northwest and beyond. They are a multi-stage investor, prepared to partner with founders from the earliest days through to growth and the public markets.

The firm has a strong record of guiding companies to major exits, including the acquisition of Apptio by IBM and the IPO of Smartsheet. Their portfolio also includes consumer brands like Redfin and Rover.com, signaling their strength in both enterprise and consumer markets.

Madrona is a strong match for founders, particularly those in the Pacific Northwest, who are building a business with a clear path to an IPO or large-scale acquisition. Their ability to invest across a company's lifecycle makes them a potential long-term partner.

• Investment stage: Seed to post-IPO
• Industries of focus: Cloud data services, finance, and service industries
• Location: Seattle, Washington
• Founded: 1995
• Notable portfolio companies: Apptio, Smartsheet, Redfin, Rover.com, Impinj
• Track record: 536 investments and 106 exits

You can refer to their website here.

13. Insight Partners

Insight Partners is a global software investor that supports high-growth technology and internet companies. They are a multi-stage firm, providing capital from early rounds through to private equity, which allows them to partner with founders for the long term.

The firm is known for its focus on helping software companies scale, with a portfolio that includes major names like Shopify, DocuSign, and SentinelOne. Their track record of guiding companies to successful IPOs and acquisitions shows a deep understanding of the software market.

Insight Partners is a good fit for founders of software companies who are ready for significant growth and need an operationally-focused investor. Their global presence and ability to invest across a company's lifecycle make them a strong partner for businesses with high-growth ambitions.

• Investment stage: Seed, early to late-stage venture, private equity, debt
• Industries of focus: Technology, Software, Internet
• Location: New York, New York
• Founded: 1995
• Notable portfolio companies: Twitter, Shopify, Qualtrics, DocuSign, SentinelOne
• Track record: 1,149 investments and 244 exits

You can refer to their website here.

14. International Finance Corporation

The International Finance Corporation (IFC) is the private sector investment arm of the World Bank Group, focused on advancing economic development in emerging markets. They provide capital across multiple stages, from seed funding to private equity and debt financing.

The firm’s defining feature is its mission to support companies in developing countries, with a portfolio that includes African fintech unicorn Interswitch and Indian online grocer BigBasket. Their investments in global companies like Coursera and Remitly also show a focus on businesses with significant cross-border impact.

IFC is a good match for founders building businesses in emerging markets that require a flexible, long-term capital partner. If your company has the potential for significant social and economic impact, their mission-driven approach and multi-stage support could be a strong fit.

• Investment stage: Debt, early to late-stage venture, private equity, seed
• Industries of focus: Finance, Financial Services, Funding Platform, Hedge Funds
• Location: Washington, D.C.
• Founded: 1956
• Notable portfolio companies: Coursera, Interswitch, Remitly, Planet Labs, BigBasket
• Track record: 603 investments and 163 exits

You can refer to their website here.

15. Sequoia Capital

Sequoia Capital is a venture capital firm that has been a foundational partner to founders for decades. They invest across multiple stages and industries, including technology, healthcare, and finance.

The firm is known for backing legendary companies from their early days, including Apple, Google, and Nvidia. Their ability to invest from seed to post-IPO makes them a long-term capital partner for businesses with global ambitions.

Sequoia is a good match for founders building category-defining companies. If you have a bold vision and are seeking a partner with a long history of helping businesses achieve massive scale, they are a top firm to consider.

• Investment stage: Seed to post-IPO
• Industries of focus: Energy, financial, enterprise, healthcare, internet, mobile
• Location: Menlo Park, California
• Founded: 1972
• Notable portfolio companies: Apple, Google, Nvidia, YouTube, Zoom
• Track record: 2,138 investments and 421 exits

You can refer to their website here.

What Startup Founders Should Look for in a Late Stage VC Firm

When you're seeking late-stage venture capital, the decision goes beyond the term sheet. The right partner brings strategic value that aligns with your company's trajectory, whether that involves scaling operations, entering new markets, or preparing for an IPO. Your goal is to find an investor with a proven ability to support companies at your stage.

As this list shows, many firms have specific strengths. Some concentrate on tech hubs like Boston and California, while others build deep expertise in sectors like biotechnology or enterprise software. Look for a late-stage VC firm whose portfolio and network reflect your industry and goals. This alignment is often a key indicator of a successful partnership.

Finally, consider the firm's investment model. A multi-stage investor can be a long-term partner through various growth phases, while others specialize purely in late-stage rounds. Understanding this distinction helps you set clear expectations for the relationship and the kind of support you'll receive as you manage your growth stage venture capital.

Raise Confidently with Rho

Fundraising requires your full attention, and your time is best spent with investors who are a strong fit. A focused list of potential partners is one of your most important assets during this process.

If you have just raised or are planning to, Rho can help you set up your financial stack in minutes. For founders who are actively raising, Rho Capital also connects you to non-dilutive funding options like venture debt and working capital.

Once your capital is secured, our integrated tools—including business banking, corporate cards, and automated bill pay—are built to help you manage and deploy your funds with clarity and control.

FAQs about Late Stage Venture Capital

What are typical venture capital returns by stage?

Early-stage funds target higher multiples, while late-stage venture capital funds often see lower but more consistent returns. Growth stage venture capital aims for a balance, backing proven companies with significant upside, especially in sectors like SaaS.

How do venture capital series A, B, and C differ?

Series A validates product-market fit. Series B venture capital focuses on scaling. Series C venture capital is late-stage growth funding for market expansion or acquisitions, common for companies in major hubs like Chicago.

Are there late-stage biotech VC firms in specific US hubs?

Yes, late-stage biotech venture capital is concentrated in hubs like Boston and San Diego. These late-stage VC firms specialize in life science and healthcare, providing capital for clinical trials and commercialization.

What defines a multistage growth venture capital firm?

A multistage growth venture capital firm invests across a company's lifecycle, from early rounds to late-stage venture capital. This allows them to be a long-term partner, supporting your company from initial traction in life sciences through scaling.

What should I do after securing late-stage venture capital?

After closing your round, focus on efficient capital management. This includes setting up robust banking and spend controls to deploy funds effectively, whether you're in technology or a field like sustainability.

How can Rho help my company manage its capital?

Rho provides an integrated platform for banking, corporate cards, and automated payments. Once you've secured funding, our tools help you manage and deploy your capital with the control and clarity needed for your next growth stage.