15 Top Series C Venture Capital Firms in 2025

As you approach your Series C, or growth stage, funding round, finding the right partner for significant expansion is critical. Understanding the major late-stage venture capital firms is a crucial first step to identifying investors who align with your company's next phase.

To assist with your fundraise, our team has curated this guide to prominent Series C VC firms. Use it to get familiar with the key players before you begin outreach and to better inform your financing strategy.

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Key Takeaways

• Series C funding is a growth-stage investment that helps established startups scale their operations and expand into new markets.

• Top Series C investors include firms like AE Industrial Partners, FTV Capital, JMI Equity, and Aquiline Capital Partners, which back growing businesses.

• If you are raising or have recently closed a round, Rho’s platform provides FDIC-insured accounts, corporate cards with up to 2% cashback, automated bill pay, spend controls, and real-time accounting integrations.

What is Series C Venture Capital?

Series C funding is for established companies ready to accelerate growth, often through market expansion, acquisitions, or developing new products. Unlike earlier rounds that bet on potential, Series C investors back businesses with a proven model and a clear path to capturing significant market share.

Types of Series C VC Firms At A Glance

As you prepare for your Series C fundraise, it helps to know which late-stage venture capital firms specialize by geography or sector; here is a quick breakdown of those trends.

Series C VC Firms in California

The San Francisco Bay Area remains a major hub for growth stage venture capital. Notable VC firms in California include FTV Capital, which focuses on enterprise and financial services, and Eclipse Ventures in Palo Alto, which backs companies transforming physical industries.

Series C VCs in NYC and Boston

On the East Coast, you'll find a strong concentration of investors in New York City and Boston. For example, NYC-based Aquiline Capital Partners invests in financial services and technology, while Boston’s Silversmith Capital Partners partners with SaaS and Healthcare companies.

Series C Firms for FinTech & SaaS Startups

Many Series C investors have deep expertise in specific software verticals. For SaaS startups, firms like JMI Equity are dedicated software investors, and Greenoaks also has a strong track record in both FinTech and enterprise software.

Late-Stage Biotech & Healthcare VC Firms

For founders in life sciences, there are specialized late-stage biotech VC firms. Third Rock Ventures focuses on transformational life science companies, and 5AM Ventures is another key investor for early and growth-stage biotech businesses.

Of course, many multistage growth venture capital funds invest across all industries, locations, and stages.

Here is a closer look at some of the top Series C VC firms to help with your search. For each firm, you'll find details on their location, industry focus, and the qualities that make them a strong potential partner for founders.

1. AE Industrial Partners

AE Industrial Partners is a private investment firm that concentrates on aerospace, power generation, and related industrial markets. They are dedicated to helping companies succeed within these technically demanding sectors.

The firm has a clear focus on physical industries, backing companies in sectors like SpaceTech, transportation, and energy. Their portfolio includes notable names such as Sierra Space and Firefly Aerospace, signaling their commitment to ambitious industrial technology.

Founders building businesses in aerospace, energy, or transportation may find AE Industrial Partners to be a good match. Their sector-specific approach is well-suited for companies that require specialized investor support.

• Industries of focus: SpaceTech, transportation, energy, ClimateTech, and CleanTech
• Investment stage: Series C
• Location: Boca Raton, Florida
• Founded: 1998
• Notable portfolio companies: Sierra Space, Firefly Aerospace

You can refer to their website here.

2. FTV Capital

FTV Capital is a growth equity firm that invests in high-growth companies, concentrating on enterprise solutions, financial services, and payments. They back businesses with proven models at the Series C stage, as seen with portfolio companies like WePay and LoanPro.

This focus makes them a good match for founders who have achieved product-market fit and are ready to scale within the B2B software or FinTech sectors. If your company operates in these areas, FTV Capital's sector-specific experience could be valuable.

• Industries of focus: Enterprise solutions, financial services, payments, SaaS, B2B
• Investment stage: Series C
• Location: San Francisco
• Founded: 1998
• Notable portfolio companies: WePay, LoanPro, Plate IQ, OpenSesame

You can refer to their website here.

3. JMI Equity

JMI Equity is a growth equity firm that partners with established software companies. With a history dating back to 1992, they have a long track record of backing businesses in this sector.

The firm’s defining feature is its exclusive focus on software, with investments spanning from cybersecurity to FinTech. Their portfolio, which includes companies like Workday Adaptive Planning and Classy, shows a pattern of backing proven B2B software leaders.

Founders with established software companies seeking a partner with deep sector knowledge may find JMI Equity to be a strong fit. Their approach is well-suited for businesses that need experienced guidance to scale effectively.

• Industries of focus: Software, SaaS, FinTech, Cybersecurity, PropTech
• Investment stage: Series C
• Location: Baltimore, Maryland
• Founded: 1992
• Notable portfolio companies: Classy, Huntress, Workday Adaptive Planning, AlertMedia

You can refer to their website here.

4. Aquiline Capital Partners

Aquiline Capital Partners is a private investment firm that provides capital to businesses in the financial services and technology industries. Based in New York City, the firm backs innovative companies at the growth stage.

The firm maintains a clear focus on verticals like FinTech, InsurTech, and software. They invest at the Series C stage, signaling a preference for companies with established business models that are ready to scale.

Founders leading companies in financial services or related technology sectors may find Aquiline to be a strong potential partner. Their sector-specific strategy is well-suited for businesses seeking experienced investors for their next phase of growth.

• Industries of focus: FinTech, InsurTech, Consumer, Software
• Investment stage: Series C
• Location: NYC
• Founded: 2005

You can refer to their website here.

5. Goodwater Capital

Goodwater Capital is a venture fund that invests exclusively in consumer technology companies. Their mission is to support entrepreneurs who are building products that aim to improve people's lives globally.

The firm's defining characteristic is its singular focus on consumer-facing technology across a wide range of sectors. Their portfolio includes companies like Polygon and Simple Health, showing their interest in diverse consumer applications.

Founders of consumer tech startups who have found product-market fit and are ready for their Series C round may find Goodwater a suitable partner. Their specialized focus is a good match for businesses building directly for consumers.

• Industries of focus: Consumer tech, including FinTech, Healthcare, E-Commerce, and Mobile
• Investment stage: Series C
• Location: San Francisco
• Founded: 2014
• Notable portfolio companies: Polygon, Simple Health, Boulder Care, Jerry
• Portfolio size: Over 218 investments

You can refer to their website here.

6. Greenoaks Capital

Greenoaks is a global investment firm that specializes in backing technology companies. They operate with a worldwide perspective, seeking out promising businesses across different markets.

The firm concentrates on high-growth sectors like FinTech, enterprise software, and AI/ML. Their portfolio, which includes companies like Tipalti and Commure, reflects a focus on established businesses ready for significant expansion.

Founders with a proven technology product in FinTech, software, or healthcare may find Greenoaks to be a good fit. Their global approach is well-suited for companies aiming for international scale at the Series C stage.

• Industries of focus: FinTech, Software, Healthcare, Artificial Intelligence & Machine Learning (AI/ML), Enterprise
• Investment stage: Series C
• Location: San Francisco
• Founded: 2012
• Notable portfolio companies: Tipalti, Commure, Exafunction
• Portfolio size: 104 investments

You can refer to their website here.

7. Silversmith Capital Partners

Silversmith Capital Partners is a Boston-based firm that partners with technology and healthcare companies. They focus on providing capital and support to entrepreneurs leading growing businesses in their chosen sectors.

The firm invests in profitable, bootstrapped businesses, with a clear focus on SaaS and Healthcare IT. Their portfolio, which includes companies like ActiveCampaign and Zonos, shows a preference for established B2B models ready for their first institutional funding.

Founders leading a proven SaaS or healthcare business who have been capital-efficient to date may find Silversmith a good match. Their partnership approach is designed for entrepreneurs seeking experienced guidance as they scale.

• Industries of focus: SaaS, Healthcare, FinTech, E-Commerce, B2B
• Investment stage: Series C
• Location: Boston, Massachusetts
• Founded: 2015
• Notable portfolio companies: ActiveCampaign, Zonos, Venminder, Higg Co
• Portfolio size: 43 investments

You can refer to their website here.

8. Declaration Partners

Declaration Partners is a New York-based investment firm that makes direct investments in growth-stage companies. They operate as an investment management organization, providing capital to businesses across several industries.

The firm’s investment strategy is notably broad, covering sectors from AI and BioTech to Food and Beverage. This diverse focus is reflected in their portfolio, which includes companies like the AI-driven ConcertAI and the fast-casual restaurant chain Cava Group.

Founders with established businesses in tech, healthcare, or consumer industries may find Declaration Partners to be a good fit. Their flexible approach is suitable for companies with proven models seeking a growth partner who is not limited to a single vertical.

• Industries of focus: Big Data & Analytics, AI/ML, BioTech, SaaS, Healthcare, Food and Beverage, Hospitality
• Investment stage: Series C
• Location: New York
• Founded: 2017
• Notable portfolio companies: ConcertAI, Duos, Cava Group
• Portfolio size: 28 investments

You can refer to their website here.

9. Eclipse Ventures

Eclipse Ventures backs entrepreneurs building companies to modernize the physical industries that propel our economies. Based in Palo Alto, the firm invests in foundational technology for these critical sectors.

The firm’s defining characteristic is its focus on companies that bridge the digital and physical worlds, particularly in manufacturing, logistics, and supply chain tech. Portfolio companies like Augury and Reliable Robotics Corporation show their commitment to this thesis.

Founders creating technology for legacy industries—from robotics and advanced materials to industrial software—may find Eclipse to be a strong partner. Their approach is well-suited for companies with ambitious plans to overhaul major economic sectors.

• Industries of focus: Transportation, manufacturing, robotics, supply chain tech, healthcare, enterprise software
• Investment stage: Series C
• Location: Palo Alto, California
• Founded: 2015
• Notable portfolio companies: Augury, Reliable Robotics Corporation, Swift Navigation, Oxide Computer Company
• Portfolio size: Over 100 investments

You can refer to their website here.

10. Industry Ventures

Industry Ventures is an investment firm focused on venture capital, managing over $3.5 billion in institutional capital. They provide funding to companies across various stages of growth, with a focus on the technology sector.

A key characteristic of the firm is its broad investment mandate, backing companies in sectors from FinTech and SaaS to ClimateTech and Healthcare. Their portfolio includes well-known names like Quizlet and Kin Insurance, showing their ability to support diverse business models.

Founders with a proven business in one of the many sectors they cover could find Industry Ventures to be a good partner. Their experience across a wide range of industries makes them suitable for companies that don't fit a single, narrow investment thesis.

• Industries of focus: AudioTech, FinTech, Big Data & Analytics, ClimateTech & CleanTech, Healthcare, E-Commerce, EdTech, Mobile, SaaS, Telecommunications (TMT)
• Investment stage: Series C
• Location: San Francisco
• Founded: 2000
• Notable portfolio companies: Quizlet, Kin Insurance, Bugcrowd, Pantheon, Turvo
• Portfolio size: Over 158 investments

You can refer to their website here.

11. Third Rock Ventures

Third Rock Ventures is a venture fund that invests in life science companies with significant growth potential. Based in Boston, they focus on businesses in sectors like BioTech and healthcare.

The firm's primary focus is on transformational life science companies, from BioTech to medical devices. Their portfolio, including companies like Element Science and Ambys Medicines, shows a clear pattern of backing businesses in this specialized field.

Founders leading a growth-stage company in BioTech or a related healthcare field may find Third Rock Ventures to be a good match. Their specialized approach is well-suited for businesses that require an investor with deep scientific and market expertise.

• Industries of focus: Healthcare, Medical Device, Wearables & Quantified Self, BioTech
• Investment stage: Series C
• Location: Boston, Massachusetts
• Founded: 2007
• Notable portfolio companies: Element Science, Ambys Medicines, Cedilla Therapeutics
• Portfolio size: 123 investments

You can refer to their website here.

12. 5AM Ventures

5AM Ventures is a venture capital firm that primarily finances early-stage life science companies. Based in Menlo Park, they have a long history of backing businesses in the BioTech and healthcare sectors since their founding in 2002.

The firm's core focus is on life sciences, with a portfolio that includes companies like Artiva Biotherapeutics and Enliven Therapeutics. While they are known for backing seed and early-stage businesses, they also participate in later rounds for companies showing significant promise.

Founders leading companies in BioTech, healthcare, and other life science fields may find 5AM Ventures to be a strong partner. Their experience supporting companies from the earliest stages through to growth rounds is ideal for entrepreneurs seeking a long-term investor.

• Industries of focus: BioTech, Life Science, Healthcare
• Investment stage: Seed, early-stage, and Series C
• Location: Menlo Park, California
• Founded: 2002
• Notable portfolio companies: Artiva Biotherapeutics, Enliven Therapeutics, Dianthus Therapeutics
• Portfolio size: Over 166 investments

You can refer to their website here.

13. Boathouse Capital

Boathouse Capital is a Pennsylvania-based investment firm that provides structured capital to growth and later-stage businesses. They offer flexible financing through both debt and equity to support companies as they scale.

A key feature of the firm is its use of structured capital, offering both debt and equity to fund growth. Their portfolio includes companies in AdTech, SaaS, and media, such as Convene and Choozle, showing a focus on established tech-enabled businesses.

Founders leading established companies who are looking for flexible financing beyond a traditional equity round may find Boathouse a good fit. Their model is suited for businesses that can benefit from a mix of debt and equity to fuel their next stage of growth.

• Industries of focus: Advertising (AdTech), Entertainment & Media, SaaS, Software, PropTech, Events, Hospitality, CloudTech, Telecommunications (TMT)
• Investment stage: Series C, growth, and later stage
• Location: Wayne, Pennsylvania
• Founded: 2009
• Notable portfolio companies: Choozle, Convene, Unitas Global
• Portfolio size: 23 investments

You can refer to their website here.

14. Edison Partners

Edison Partners is a growth equity firm based in Princeton, New Jersey, that has been investing since 1986. They provide capital to technology-enabled companies in specific high-growth sectors.

The firm concentrates on FinTech, Healthcare IT, and enterprise software, backing companies with established products. Their portfolio, which includes companies like Yieldstreet and Capital Rx, shows a clear preference for businesses at the growth stage.

Founders leading growth-stage companies in FinTech, Healthcare IT, or enterprise software may find Edison Partners to be a strong match. Their long history and sector-specific focus are well-suited for businesses seeking an experienced partner for scaling.

• Industries of focus: FinTech, Healthcare IT, Enterprise Software

• Investment stage: Growth equity

• Location: Princeton, New Jersey

• Founded: 1986

• Notable portfolio companies: Yieldstreet, Capital Rx, Overhaul, Kaiyo

• Portfolio size: Over 235 investments

You can refer to their website here.

15. Learn Capital

Learn Capital is a venture capital firm that invests exclusively in companies focused on improving learning and education. Based in San Mateo, they support founders who are building new tools and platforms in the education sector.

The firm's defining feature is its singular focus on the future of learning, which it applies across various sectors from EdTech to enterprise software. Their portfolio, including companies like Teachable and Varsity Tutors, shows a commitment to backing businesses that are creating new educational models.

Founders with a proven business model in the education or corporate training space may find Learn Capital to be a good partner. Their specialized focus is well-suited for companies ready to scale their learning-focused products at the Series C stage.

• Industries of focus: EdTech, FinTech, HR Tech, SaaS, Enterprise
• Investment stage: Series C
• Location: San Mateo, California
• Founded: 2008
• Notable portfolio companies: Teachable, Varsity Tutors, Minerva Project, Climb Credit
• Portfolio size: Over 145 investments

You can refer to their website here.

What Startup Founders Should Look for in a Series C VC Firm

When selecting a Series C venture capital partner, look beyond the valuation and capital offered. At this growth stage, you are choosing a long-term partner who will influence your company’s trajectory. The right firm provides strategic guidance, operational support, and valuable network connections that are critical for scaling successfully.

As our list demonstrates, many late-stage VC firms have a specific focus. Some concentrate on industries like financial services, while others have deep roots in geographic hubs from the Bay Area to Chicago. This specialization can be a major asset, providing you with investors who truly understand your market and its challenges.

As you evaluate potential partners, ask critical questions to ensure alignment:

• Does the firm have a proven track record in our specific industry?

• Is there strong alignment on the company's long-term vision and growth plan?

• What operational support does the firm offer its portfolio companies post-investment?

Choosing the right late-stage venture capital fund is a foundational decision for your company's next chapter.

Raise Confidently with Rho

A focused list of relevant investors is invaluable when your time and energy are limited during a fundraise. 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 help you manage your new capital with precision and control. We provide integrated business banking, corporate cards, and automated bill pay to support your startup's operations.

FAQs about Series C Venture Capital

What are the typical venture capital returns by stage?

Late-stage venture capital returns are typically lower but less risky than early-stage investments. Growth stage venture capital firms, like those in Miami's growing tech scene, expect solid returns from established companies, unlike the high-risk profile of seed rounds.

How do late-stage VC firms differ by region in the USA?

Late-stage VC firms often specialize by region. For example, Los Angeles VCs may focus on media and consumer tech, while Boston firms are strong in biotech. This regional expertise can be a significant advantage for your growth stage venture capital fundraise.

What is the difference between Series B and Series C venture capital?

Series B venture capital typically funds market expansion. Series C venture capital is for more mature companies, common in sectors like sustainability tech, looking to scale rapidly, capture market share, and potentially prepare for an IPO.

Are there specialized late-stage venture capital funds for AI?

Yes, many growth stage venture capital funds now specialize in artificial intelligence. These AI-focused VC firms provide capital and expertise to help companies scale their technology and capture market share in this competitive sector.

What defines a multistage growth venture capital firm?

A multistage growth venture capital firm invests across different venture capital series, from early rounds to later stage venture capital. This allows them to support a company throughout its entire lifecycle, providing consistent partnership as it scales.

How can Rho help after my Series C venture capital funding?

Once your Series C venture capital funding is secured, our platform helps you manage it effectively. Rho provides integrated banking, corporate cards, and automated payables to help you deploy your new capital with precision and control.