15 Top Multistage VC Firms You Should Know About

For founders seeking funding, understanding the venture capital scene is critical. Multi-stage firms, which invest across different rounds from early-stage Series A to later-stage growth, offer unique opportunities. Knowing which investors operate in this space helps you target your efforts effectively and find a partner aligned with your long-term vision.

To help you prepare for your fundraise, our team at Rho has curated this overview of top multi-stage venture capital firms. Use this guide to get familiar with the key players relevant to your funding round before you begin outreach.

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

• Multi-stage venture funding offers startups a potential long-term partnership with an investor that can fund multiple growth rounds.

• Top multi-stage firms like Norwest Venture Partners, General Catalyst, Andreessen Horowitz, and Tribe Capital are notable backers of various startups.

• If you’re raising or just closed a round, Rho Capital connects you to non-dilutive funding like venture debt and credit lines. With funds in, Rho’s platform gives you FDIC-insured accounts, corporate cards with up to 2% cashback, automated bill pay, spend controls, and real-time accounting integrations.

What is Multi Stage Venture Capital?

Multi-stage venture capital firms invest in companies at different points in their growth, from early rounds like Series A to later-stage financing.

This approach means you could have a single investment partner for multiple funding rounds, unlike firms that focus exclusively on seed or late-stage investments.

Types of Multi Stage VC Firms At A Glance

If you're a startup founder raising capital, it helps to know which multi-stage venture capital firms specialize by geography or sector; here’s a quick breakdown of those trends across top investors.

Multi-Stage VCs in California

The San Francisco Bay Area remains a major hub for venture capital, with firms active across the state from Los Angeles to San Francisco. Prominent multi-stage investors in the region include Andreessen Horowitz, Sequoia Capital, and Accel.

Multi-Stage VCs in New York

On the East Coast, New York is home to several key players. Among the VC firms in New York with a multi-stage approach are Union Square Ventures and Deerfield Management.

Multi-Stage Firms for SaaS Startups

For B2B software and SaaS companies, certain investors have deep expertise. For example, Craft Ventures specializes in this area, while Tribe Capital uses a data-driven approach to back SaaS leaders.

Multi-Stage Firms for Healthcare & Biotech Startups

Founders in the life sciences can look to specialized investors. Deerfield Management is a dedicated biotechnology venture capital firm, and Pear VC has also backed notable health-tech companies.

Of course, many multi-stage VC firms are generalists, investing across all industries, locations, and funding stages from Series A to pre-IPO.

To help you identify the right partners, we've outlined key information on top multi-stage VC firms, including their locations, sector preferences, and what distinguishes them.

1. Norwest Venture Partners

With a history dating back to 1961, Norwest Venture Partners is a long-standing investment firm based in Palo Alto. They operate as both a venture capital and growth equity investor, funding businesses from their early stages through to later growth rounds.

The firm is distinguished by its broad investment strategy, backing companies from early venture rounds all the way to private equity. Their portfolio includes companies that have seen significant exits, such as digital-health company Omada Health and the online marketplace LendingClub.

Norwest may be a good fit if you are looking for a long-term partner that can provide capital across your company’s entire lifecycle. Their track record suggests a capacity to support founders from the early days through major growth milestones and acquisitions, like that of 6 River Systems by Shopify.

• Investment stages: Early Stage Venture, Late Stage Venture, Growth Equity, Private Equity
• Industries of focus: While focused on financial services, their portfolio also includes consumer, enterprise, and healthcare companies
• Geographical presence: Palo Alto, California
• Founded: 1961
• Notable portfolio companies: Omada Health, 6 River Systems, LendingClub, FireEye
• Portfolio size: Over 970 investments

You can refer to their website here.

2. General Catalyst

General Catalyst, founded in 2000, is a multi-stage firm that partners with founders from the earliest stages through to growth and beyond. Based in San Francisco, they focus on building resilient companies with enduring value.

The firm has a stated interest in applied AI and a history of backing category-defining companies. Their portfolio includes major technology platforms like Airbnb, Stripe, and HubSpot, reflecting their ability to identify and support businesses that achieve massive scale.

General Catalyst could be a strong partner if you are building a high-growth technology company, particularly one with an AI component. Their capacity to invest across stages makes them suitable for founders seeking a long-term financial and strategic partner.

• Investment stages: Seed to growth, private equity, and post-IPO
• Industries of focus: Applied AI, finance, and broad technology sectors
• Geographical presence: San Francisco, California
• Founded: 2000
• Notable portfolio companies: Airbnb, Stripe, HubSpot, Kayak, Samsara
• Portfolio size: Over 1,460 investments

You can refer to their website here.

3. Andreessen Horowitz

Andreessen Horowitz, also known as a16z, is a stage-agnostic venture capital firm founded in 2009. Based in Menlo Park, they invest from seed to late-stage rounds across multiple funds.

The firm is known for making significant investments in category-defining companies, including early backing for GitHub and Coinbase. Their portfolio highlights a focus on ambitious technology platforms that have achieved massive scale and high-profile exits.

A16z is a good match if you are a founder building a transformative technology company with the potential for significant market impact. Their ability to invest across all stages makes them a valuable partner for long-term growth.

• Investment stages: Seed, Early Stage Venture, Late Stage Venture
• Industries of focus: Broad technology sectors including finance and financial services
• Geographical presence: Menlo Park, California
• Founded: 2009
• Notable portfolio companies: GitHub, Coinbase, Airbnb, Stripe, Oculus VR
• Portfolio size: Over 1,690 investments

You can refer to their website here.

4. Tribe Capital

Tribe Capital is a venture firm that uses data science to guide its investments in both venture and crypto markets. Founded in 2018 and based in San Francisco, they apply a quantitative approach to identify promising companies.

The firm’s defining feature is its data-driven methodology, which it uses to find an edge in early and late-stage opportunities. Their portfolio reflects this focus, with investments in crypto exchange Kraken, equity platform Carta, and sales platform Apollo.io.

Tribe Capital is likely a good fit if your company operates in a data-rich environment, such as fintech, SaaS, or crypto. Founders who value a quantitative, product-focused investment thesis may find their approach particularly compelling.

• Investment stages: Seed, Early Stage Venture, Late Stage Venture
• Industries of focus: Finance, Financial Services, Crypto, SaaS
• Geographical presence: San Francisco, California
• Founded: 2018
• Notable portfolio companies: Kraken, Carta, Airtable, Shiprocket, Apollo.io
• Portfolio size: Over 240 investments

You can refer to their website here.

5. Accel

Accel is a venture capital firm that has been investing in companies from seed to growth stages since 1983. Based in Palo Alto, the firm supports a global community of entrepreneurs and has a long history of backing foundational technology companies.

The firm is distinguished by its track record of identifying and supporting category-defining businesses. Their portfolio includes some of the most successful technology companies in history, such as Facebook, Slack, and Dropbox, demonstrating a clear focus on platforms with massive potential.

Accel may be a strong partner if you are building a company with global ambition, particularly in consumer technology or enterprise software. Their ability to invest across multiple stages signals a capacity to support founders through a long growth journey, from initial funding to major exits.

• Investment stages: Seed, Early Stage Venture, Late Stage Venture, Private Equity
• Industries of focus: While their listed focus includes finance, their portfolio shows deep expertise in consumer tech, SaaS, and e-commerce
• Geographical presence: Palo Alto, California
• Founded: 1983
• Notable portfolio companies: Facebook, Flipkart, Dropbox, Slack, Bumble
• Portfolio size: Over 2,190 investments

You can refer to their website here.

6. Pear VC

Pear VC is an early-stage investment firm based in Menlo Park that has been active since 2013. They primarily focus on backing technology companies at the pre-seed and seed stages.

The firm is notable for its early-stage conviction, having seeded companies that went on to major public offerings and acquisitions. Their portfolio includes successes like food-delivery platform DoorDash, diagnostics company Guardant Health, and lending marketplace Credible Labs.

Pear VC could be a great partner if you are a founder at the very beginning of your journey with a high-growth technology concept. Their track record suggests a strong ability to identify and support companies from inception through to significant market success.

• Investment stages: Pre-seed, seed, and early-stage venture
• Industries of focus: Financial Services, Education, Angel Investment
• Geographical presence: Menlo Park, California
• Founded: 2013
• Notable portfolio companies: DoorDash, Guardant Health, Credible Labs
• Portfolio size: Over 400 investments

You can refer to their website here.

7. Wellington Management

Wellington Management is a private investment firm with a long history dating back to 1933. Based in Boston, they manage capital for institutional clients across various asset classes, including private equity and venture capital.

The firm has a strong private investing arm that has backed some of the most significant tech IPOs in recent years. Their portfolio includes companies like Airbnb and Coinbase, indicating a focus on late-stage, high-growth companies poised for the public markets.

Wellington could be a good partner if you are leading a well-established, late-stage company on a clear trajectory toward an IPO. Their experience is valuable for founders preparing for a public listing and navigating that transition.

• Investment stages: Debt, early-stage to late-stage venture, and private equity
• Industries of focus: While their stated focus is on financial services and asset management, their private investment portfolio shows a strong record in technology, fintech, and e-commerce.
• Geographical presence: Boston, Massachusetts
• Founded: 1933
• Notable portfolio companies: Airbnb, Affirm, Coinbase, Coupang, ACV Auctions
• Portfolio size: Over 290 investments

You can refer to their website here.

8. Madrona

Madrona is a venture firm founded in 1995, primarily investing in companies based in the Pacific Northwest. They support founders from the earliest stages of development through to later growth rounds and beyond.

The firm has a strong focus on cloud data services and enterprise software, with a track record of backing companies to major exits. Their portfolio includes enterprise software firm Apptio, acquired by IBM, and work-management platform Smartsheet, which had a successful IPO.

Madrona is a solid choice if you are a founder in the Pacific Northwest building a company in the cloud or enterprise space. Their history of supporting companies like Redfin and Rover.com through to the public markets shows their commitment to long-term growth.

• Investment stages: Seed, early-stage, late-stage, and post-IPO
• Industries of focus: Cloud data services, finance, service industry
• Geographical presence: Seattle, Washington
• Founded: 1995
• Notable portfolio companies: Apptio, Smartsheet, Redfin, Rover.com, Impinj
• Portfolio size: Over 530 investments

You can refer to their website here.

9. Sequoia Capital

Sequoia Capital is a venture capital firm that has been active since 1972, known for backing some of technology's most iconic companies. Based in Menlo Park, they invest across a company's full lifecycle, from seed rounds to post-IPO.

The firm has a long history of supporting foundational companies, with early investments in businesses like Apple, Google, and Nvidia. Their portfolio demonstrates a clear focus on backing businesses that go on to define their industries.

Sequoia may be a good fit if you have ambitious, long-term goals to build a market-defining company in sectors like enterprise, healthcare, or finance. Their capacity to invest across all stages makes them a powerful partner for the entire growth journey.

• Investment stages: Seed, Early Stage Venture, Late Stage Venture, Post-IPO
• Industries of focus: Energy, financial, enterprise, healthcare, internet, and mobile
• Geographical presence: Menlo Park, California
• Founded: 1972
• Notable portfolio companies: Apple, Google, Nvidia, YouTube, Zoom
• Portfolio size: Over 2,130 investments

You can refer to their website here.

10. Khosla Ventures

Khosla Ventures is a venture capital firm founded in 2004 that provides assistance to entrepreneurs. Based in Menlo Park, they invest in companies working on AI, sustainability, enterprise, consumer, and health technologies.

The firm is known for backing companies with ambitious, science-driven ideas that have the potential for major impact. Their portfolio includes foundational investments in companies like OpenAI, Impossible Foods, and Block (formerly Square), showing a clear focus on high-risk, high-reward ventures.

Khosla Ventures may be a good match if you are a founder working on a deeply technical or "frontier" technology that could create a new market. Their ability to invest across all stages means they can support a company from its earliest days through to a public listing.

• Investment stages: Seed, Early Stage Venture, Late Stage Venture, Post-IPO
• Industries of focus: AI, sustainability, enterprise, consumer, health, and frontier technologies
• Geographical presence: Menlo Park, California
• Founded: 2004
• Notable portfolio companies: DoorDash, Instacart, Impossible Foods, OpenAI, Block
• Portfolio size: Over 1,290 investments

You can refer to their website here.

11. Mayfield Fund

Mayfield is a venture capital firm with a long history, founded in 1969. Based in Menlo Park, they focus on early-stage investments in enterprise, deeptech, and companies advancing human and planetary health.

The firm has a track record of backing companies from their early days through to significant exits. Their portfolio includes marketing-automation platform Marketo and ride-hailing service Lyft, both of which had successful public offerings.

Mayfield could be a good partner if you are an early-stage founder in their key sectors. Their history suggests they are a patient capital partner, capable of supporting companies toward IPOs or major acquisitions, like the sale of ad-tech firm Moat to Oracle.

• Investment stages: Seed, early-stage, and late-stage venture
• Industries of focus: Enterprise, deeptech, human and planetary health
• Geographical presence: Menlo Park, California
• Founded: 1969
• Notable portfolio companies: Lyft, Marketo, HashiCorp, SolarCity
• Portfolio size: Over 700 investments

You can refer to their website here.

12. Deerfield Management

Deerfield Management is a healthcare-focused investment firm based in New York that has been active since 1994. The firm operates across investment, information, and philanthropy to support the healthcare industry.

Their portfolio shows a deep commitment to the entire healthcare ecosystem, from early-stage biotech to large public companies. They have backed companies like oncology biotech Nuvalent through its IPO and hold positions in major players like Viatris and Centene Corporation.

Deerfield is a strong potential partner if you are a founder in the life sciences or health-tech sectors. Their ability to invest across all stages is well-suited for companies requiring long-term capital for research, development, and commercialization.

• Investment stages: Seed, early-stage, late-stage, and post-IPO
• Industries of focus: Health Care, Health Insurance, Information Services
• Geographical presence: New York, New York
• Founded: 1994
• Notable portfolio companies: Nuvalent, Viatris, Neurocrine Biosciences, Centene Corporation
• Portfolio size: 33 investments

You can refer to their website here.

13. Headline

Headline is a venture capital firm that invests in technology-driven companies from seed to early stages. Since its founding in 1998, the firm has focused on partnering with founders at the start of their growth.

The firm maintains a clear focus on early-stage rounds, indicating they prefer to get involved as founders are establishing product-market fit. While their industry focus is broad within technology, they have a stated interest in finance and financial services.

Headline may be a good partner if you are a founder seeking seed or early-stage capital for a technology business. Their structure is well-suited for entrepreneurs who need a first institutional check to scale their operations.

• Investment stages: Seed, Early Stage Venture
• Industries of focus: Technology, Finance, Financial Services
• Geographical presence: San Francisco, California
• Founded: 1998
• Portfolio size: Over 510 investments
• Exits: 77

You can refer to their website here.

14. Union Square Ventures

Union Square Ventures is a New York-based firm that has been investing since 2003. They support companies across their lifecycle, from early-stage and startup financing to later growth capital.

The firm is known for its thesis-driven approach, focusing on companies that broaden access to knowledge, capital, and well-being. Their portfolio includes foundational internet companies like Twitter and Etsy, reflecting a focus on large networks and community-driven platforms.

USV is a good fit for founders building businesses with strong network effects or those aiming to democratize access in key areas. If your company is creating a large, engaged user network, their experience and investment thesis could be highly relevant.

• Investment stages: Early-stage to late-stage venture
• Industries of focus: Thesis-driven, with a focus on platforms that broaden access to knowledge, capital, and well-being
• Geographical presence: New York, New York
• Founded: 2003
• Notable portfolio companies: Twitter, Etsy, Coinbase, Twilio, MongoDB
• Portfolio size: Over 470 investments
• Exits: 62

You can refer to their website here.

15. Craft Ventures

Craft Ventures is a venture capital firm founded in 2017, specializing in early-stage investments for B2B software and SaaS companies. Based in San Francisco, they support founders from the initial seed round through later venture stages.

The firm has a clear focus on B2B software, backing companies that become essential tools for business operations. Their portfolio includes high-profile successes like productivity platform ClickUp and defense-technology company Anduril, indicating a strategy of investing in businesses with strong market adoption.

Craft Ventures is a good match for founders building B2B SaaS products with the potential for significant scale. If you are creating a tool that can become a core part of a company's workflow, their expertise and track record are highly relevant.

• Investment stages: Seed, early-stage, and late-stage venture
• Industries of focus: B2B software, SaaS, Finance
• Geographical presence: San Francisco, California
• Founded: 2017
• Notable portfolio companies: Affirm, Airbnb, ClickUp, Anduril, Addepar
• Portfolio size: 325 investments
• Exits: 27

You can refer to their website here.

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

When choosing a multi-stage VC firm, look for a partner whose expertise aligns with your long-term goals. As our list shows, many top firms are concentrated in hubs like California and Boston, but their true value often lies in a specific industry focus. A firm with deep experience in your sector, such as AI or SaaS, can provide more than just capital.

Consider where you are in your funding journey. The term "multi-stage" is broad; some firms actively lead early-stage venture capital rounds, while others prefer to enter at a later stage. Understanding this distinction is critical when preparing for your specific venture capital series, whether it's a Series A or a pre-IPO round.

Ultimately, your goal is to find an investor who can support you through multiple phases of growth. Before you begin outreach, keep these points in mind:

• Review a firm’s portfolio for companies similar to yours.

• Clarify their definition of "multi-stage" and their typical entry point.

• Assess if their network and geographical focus match your needs.

Raise Confidently with Rho

Having a focused list of relevant investors is critical when your time and energy are limited during a fundraise. We created this guide to help you target your outreach effectively and find the right long-term partners for your company.

If you’ve just raised or are planning to, Rho can help you set up your financial stack in minutes. Our platform is built to support your company's financial operations from day one.

For founders actively raising, Rho Capital connects you to non-dilutive funding options like venture debt and working capital. Once your round is closed, our integrated banking, cards, and bill pay tools help you manage your new capital with precision.

FAQs about Multi Stage Venture Capital

What are the typical venture capital returns by stage?

Venture capital returns by stage vary. Early-stage venture capital often targets higher returns to compensate for greater risk, while late-stage venture capital may see more moderate, consistent returns from established companies in hubs like San Diego.

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

Each venture capital series marks a new growth stage. Series A venture capital typically funds initial scaling, while Series B and C rounds support expansion for growth-stage companies in markets like Austin.

What defines an early-stage venture capital firm?

Early-stage venture capital firms, including many VC firms in Chicago, focus on seed and Series A venture capital funding. They partner with startups on product-market fit, often before significant revenue is generated.

What is the focus of late-stage growth venture capital?

Late-stage growth venture capital targets established companies preparing for major scaling or an IPO. These late-stage VC firms provide capital to accelerate growth, expand into new markets, or make strategic acquisitions.

Are there multi-stage VCs for specific sectors like climate tech?

Yes, many multi-stage venture capital funds specialize. You can find firms focused on specific sectors, from multistage climate venture capital to late-stage biotechnology venture capital, providing deep industry expertise alongside funding.

How can Rho help after my venture capital series funding?

Once your venture capital series funding is secured, our platform helps you manage it. We offer integrated banking, corporate cards, and automated payments to support your growth. Get started with Rho today.