Top Venture Capital Firms Funding Series D Startups

Understanding the key players in Series D funding, often called the growth stage, is a critical step for any founder. At this point, the right late-stage venture capital partner provides more than just money; they bring expertise and a network that can shape your company's future. It’s about finding a firm that aligns with your long-term vision.

To help you prepare, our team has curated this overview of top Series D VC firms. We created this resource to help you identify potential partners and better understand the investors relevant to your funding round before you start conversations.

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

• Series D funding is a late-stage round designed to help your startup scale operations and prepare for an exit, such as an acquisition or IPO.

• Notable Series D investors include Quiet Capital, Riverwood Capital, Susquehanna Growth Equity, and Arthur Ventures, all active backers of growth-stage companies.

• Whether you're raising or have just closed a round, Rho Capital connects you to non-dilutive funding, while our core platform helps you manage it with FDIC-insured accounts, corporate cards with up to 2% cashback, and automated bill pay.

What is Series D Venture Capital?

Series D is a late-stage funding round, typically following Series C, for established companies needing capital for major expansion or to prepare for an exit. Investors at this stage provide significant funding and strategic support to help you solidify market leadership, a different goal than earlier rounds focused on initial growth.

Types of Series D VC Firms At A Glance

When you're raising a Series D, knowing which late-stage venture capital firms specialize by geography or sector can help focus your search. Here’s a quick breakdown of these trends across top Series D investors.

Series D VCs in California

The San Francisco Bay Area remains a major hub for growth-stage venture capital. Firms like Quiet Capital in San Francisco and Riverwood Capital in Menlo Park are prominent investors in the region.

Series D VCs in Other US Hubs

Leading growth-stage investors are also found in major hubs across the country, from Jump Capital in Chicago to Susquehanna Growth Equity in Philadelphia and Blumberg Capital, which has a presence in New York City.

Series D Firms for SaaS & B2B Software

Many late-stage firms have a strong focus on SaaS and B2B software. Key investors in this space include Arthur Ventures, which targets companies outside Silicon Valley, and Sorenson Capital.

Specialist Late-Stage Venture Capital Firms

Some firms concentrate on specific high-growth industries. For example, Longitude Capital and Vivo Capital are well-known late-stage biotech VC firms, while Blockchain Capital focuses exclusively on blockchain and crypto companies.

Of course, many venture capital firms invest more broadly across different industries, locations, and even funding stages.

To help you identify the right partner, we've compiled an overview of top Series D venture capital firms. Below, you'll find key details on their locations, industry specializations, and what makes each one a compelling choice for founders.

1. Quiet Capital

Quiet Capital is a technology investment firm based in San Francisco with a presence in other key US hubs like New York and Miami. They invest across a wide range of industries, supporting companies as they scale through growth-stage funding rounds.

The firm’s most distinct characteristic is its breadth, with a portfolio that spans FinTech, SaaS, BioTech, and consumer technology. Their investments in well-known companies like Reddit, DuckDuckGo, and Substack signal an eye for products with strong community or developer appeal.

Quiet Capital could be a good match for founders building technology-driven companies across many different sectors. Their diverse portfolio suggests they are a good fit for teams that value an investor with a broad network and experience in multiple markets.

• Investment stages: Series D and growth-stage investments

• Industries of focus: Broadly focused on technology, including FinTech, SaaS, Developer Tools, Consumer, and BioTech

• Geographical presence: Headquartered in San Francisco with a presence in New York, Seattle, and Miami

• Founded: 2017

• Notable portfolio companies: Reddit, DuckDuckGo, Substack, and Mercury

• Portfolio size: Over 260 investments

You can refer to their website here.

2. Riverwood Capital

Riverwood Capital is a growth-stage investment firm that provides both financial and intellectual capital to technology companies. Based in Menlo Park, they partner with businesses that have established product-market fit and are ready to scale significantly.

The firm has a clear focus on B2B technology, with an emphasis on enterprise software, SaaS, and FinTech. Their approach combines funding with deep operational support, signaling they are a hands-on partner for growth, as seen with portfolio companies like Technisys and Industrious.

Riverwood Capital is a strong potential partner for founders of mature technology companies who value an investor with operational experience. If you lead a B2B company and are looking for strategic guidance to expand, this firm could be a good match.

• Investment stages: Series D

• Industries of focus: Enterprise software, SaaS, FinTech, and CloudTech

• Geographical presence: Menlo Park

• Founded: 2007

• Notable portfolio companies: Industrious, Technisys, and Files.com

• Portfolio size: Over 70 investments

You can refer to their website here.

3. Susquehanna Growth Equity

Susquehanna Growth Equity is a Philadelphia-based firm that invests in growth-stage technology companies. They provide capital to businesses in the software, information services, and internet sectors.

The firm’s portfolio shows a broad interest across many industries, from FinTech and AI/ML to e-commerce and AdTech. Investments in companies like ActiveCampaign and Morning Consult point to a strategy of backing businesses with clear market traction.

Susquehanna Growth Equity is a strong potential partner for founders leading established software or internet companies. If your business has a proven model and is ready for its next phase of expansion, this firm is worth considering.

• Investment stages: Series D

• Industries of focus: Software, Information Services, Internet, FinTech, and AI/ML

• Geographical presence: Philadelphia

• Founded: 2006

• Notable portfolio companies: ActiveCampaign, Morning Consult, and Rentable

• Portfolio size: Over 90 investments

You can refer to their website here.

4. Arthur Ventures

Arthur Ventures is a Minneapolis-based firm that invests in B2B software companies located outside of Silicon Valley. They partner with founders building enterprise software solutions in markets often overlooked by coastal investors.

The firm’s most defining characteristic is its commitment to funding companies beyond the coastal tech centers. Their portfolio, which includes companies like ThreatLocker and DataCamp, shows a clear focus on enterprise-grade SaaS and software.

Arthur Ventures could be an excellent partner if you are a founder of a B2B software company based outside of the Bay Area. Their specific focus suggests they bring relevant experience for scaling in different regional ecosystems.

• Investment stages: Series D

• Industries of focus: B2B Software, SaaS, Cybersecurity, FinTech, and Enterprise

• Geographical presence: Minneapolis, with a focus on companies outside Silicon Valley

• Founded: 2008

• Notable portfolio companies: ThreatLocker, DataCamp, and Stream

• Portfolio size: Over 60 investments

You can refer to their website here.

5. Trinity Ventures

Trinity Ventures is a long-standing venture capital firm based in Menlo Park that has been funding companies since 1986. While known for its early-stage investments, the firm also participates in later growth rounds like Series D.

The firm’s investment strategy is notably broad, covering sectors from consumer and SaaS to FinTech and AI. This wide-ranging focus is reflected in a diverse portfolio that includes companies like Thrive Causemetics, Birdeye, and Arize AI.

Trinity Ventures could be a good fit for founders across a variety of technology industries who are looking for an investor with deep experience. Their extensive history and large portfolio suggest a stable partner with a valuable network.

• Investment stages: Series D

• Industries of focus: Consumer, SaaS, FinTech, AI/ML, Health & Wellness, and Enterprise Software

• Geographical presence: Menlo Park, California

• Founded: 1986

• Notable portfolio companies: Birdeye, Thrive Causemetics, Arize AI, and Fieldwire

• Portfolio size: Over 460 investments

You can refer to their website here.

6. Blockchain Capital

Blockchain Capital is a San Francisco-based venture firm that invests exclusively in companies building on blockchain technology. They provide capital to businesses across the blockchain ecosystem, from infrastructure to applications.

The firm’s defining feature is its singular focus on the blockchain and crypto industry, a commitment it has held since 2013. Their portfolio, featuring foundational companies like Ripple, Abra, and Securitize, shows a deep conviction in the long-term potential of the space.

Blockchain Capital is an ideal partner for founders whose companies are native to the blockchain sector. If you are building a FinTech, software, or infrastructure company with blockchain at its core, this firm offers specialized expertise.

• Investment stages: Series D

• Industries of focus: Cryptocurrency, Blockchain, FinTech, and Information Technology

• Geographical presence: San Francisco, California

• Founded: 2013

• Notable portfolio companies: Ripple, Abra, Securitize, and Bitwise

• Portfolio size: Over 120 investments

You can refer to their website here.

7. Blumberg Capital

Blumberg Capital is a venture firm with a long history of backing technology companies. With offices in major hubs like San Francisco, New York, and Tel Aviv, they have a global presence and support companies from early stages through growth rounds.

The firm's investment thesis is broad, covering a wide range of B2B technology sectors including FinTech, enterprise software, cybersecurity, and AI/ML. Their portfolio, which includes companies like Lendio and FundGuard, reflects a focus on businesses that provide practical solutions for complex industries.

Blumberg Capital is a good potential partner for founders of technology-driven companies, particularly in the B2B space, who are looking for an investor with a global network. Their long track record and multi-stage approach suggest they can support a company's long-term journey.

• Investment stages: Series D and other growth rounds (originally an early-stage investor)

• Industries of focus: FinTech, Enterprise Software, SaaS, AI/ML, Cybersecurity, and Logistics

• Geographical presence: San Francisco, New York, Miami, and Tel Aviv

• Founded: 1991

• Notable portfolio companies: Lendio, FundGuard, Angle Health, and SQream Technologies

• Portfolio size: Over 210 investments

You can refer to their website here.

8. Fulcrum Equity Partners

Fulcrum Equity Partners is a growth equity firm based in Atlanta that invests in high-growth software and healthcare companies. They provide capital to businesses that are ready for their next stage of expansion.

The firm concentrates on specific sectors, including SaaS, tech-enabled services, and healthcare IT, indicating a preference for established business models. Their backing of companies like Stax and Kevel points to a focus on businesses providing critical technology infrastructure.

Fulcrum Equity Partners is a solid choice for founders leading B2B SaaS or healthcare IT companies with proven traction. If your business is located in the Southeast or operates in one of their core sectors, they could be a relevant partner.

• Investment stages: Series D and growth equity

• Industries of focus: SaaS, Tech-Enabled Services, Healthcare IT, FinTech, and AdTech

• Geographical presence: Atlanta, Georgia

• Founded: 2006

• Notable portfolio companies: Stax, Kevel

• Portfolio size: Over 60 investments

You can refer to their website here.

9. Jump Capital

Jump Capital is a Chicago-based venture firm that provides expansion-stage capital to technology and software companies. While they often invest in Series A and B rounds, they also participate in later stages like Series D to support sustained growth.

The firm’s investment thesis is notably broad, covering sectors from FinTech and enterprise software to AI and consumer applications. This wide-ranging interest is reflected in a portfolio that includes well-known companies like M1, Doctor On Demand, and Personal Capital.

Jump Capital is a strong potential partner for founders leading high-growth technology companies across many different industries. Their Midwest presence and focus on expansion capital make them a compelling option for teams building outside of traditional coastal hubs.

• Investment stages: Series D and other expansion-stage rounds

• Industries of focus: Broadly focused on technology, including FinTech, SaaS, Enterprise, AI/ML, and Consumer

• Geographical presence: Chicago, Illinois

• Founded: 2012

• Notable portfolio companies: M1, Doctor On Demand, Personal Capital, and Phantom

• Portfolio size: Over 190 investments

You can refer to their website here.

10. Kapor Capital

Kapor Capital is an Oakland-based investment firm that backs tech startups with a mission to close access gaps for underrepresented communities. While known for its early-stage focus, the firm also supports companies through later growth rounds.

The firm’s defining characteristic is its commitment to impact investing, backing companies that create both economic value and positive social change. Their portfolio, with companies like PadSplit and Daylight, shows a clear focus on technology that addresses inequities in education, finance, and health.

Kapor Capital is an ideal partner for founders whose business models are fundamentally tied to a social mission. If your company is built to address systemic inequalities, this firm offers deep alignment and relevant experience.

• Investment stages: Series D and other growth rounds (historically an early-stage impact investor)

• Industries of focus: Tech-enabled startups addressing social and economic gaps, including FinTech, EdTech, and HealthTech

• Geographical presence: Oakland, California

• Founded: 1999

• Notable portfolio companies: PadSplit, Daylight, Aclima, and Jopwell

• Portfolio size: Over 240 investments

You can refer to their website here.

11. Longitude Capital

Longitude Capital is a venture firm based in Menlo Park that invests in biotechnology and medical technology companies. They provide growth capital to businesses developing new therapies, devices, and health-related software.

The firm has a clear specialization in life sciences, with a portfolio that shows a focus on both biotech and medtech. Their investments in companies like IntelyCare and WelbeHealth suggest an interest in businesses that improve healthcare delivery and outcomes.

Longitude Capital is a strong potential partner for founders leading companies in the life sciences sector. If your business is focused on developing new medical devices or biotechnology solutions, this firm offers specialized industry knowledge.

• Investment stages: Series D

• Industries of focus: Biotechnology, Medical Technology, and Healthcare

• Geographical presence: Menlo Park, California

• Founded: 2006

• Notable portfolio companies: IntelyCare, WelbeHealth

• Portfolio size: Over 100 investments

You can refer to their website here.

12. Sorenson Capital

Sorenson Capital is a growth equity firm based in Lehi, Utah, that provides capital to small and middle-market companies. They focus on both private equity investments and buyouts for businesses that are ready to scale their operations.

The firm's portfolio shows a strong concentration in B2B software, with investments spanning SaaS, cybersecurity, and FinTech. Their backing of companies like Kenna Security and GuideCX indicates a focus on businesses with established products and market presence.

Sorenson Capital is a good potential partner for founders of mature software or technology companies seeking growth capital. Their Utah headquarters also makes them a relevant investor for businesses operating outside of the primary coastal tech hubs.

• Investment stages: Series D and growth equity

• Industries of focus: B2B Software, SaaS, Cybersecurity, FinTech, and PropTech

• Geographical presence: Lehi, Utah

• Founded: 2002

• Notable portfolio companies: Kenna Security, GuideCX, RealtyMogul, and Uniphore

• Portfolio size: Over 70 investments

You can refer to their website here.

13. Vivo Capital

Vivo Capital is a global investment firm based in Palo Alto that concentrates exclusively on the healthcare sector. They have a long track record, investing in health-related companies since 1996.

Their focus is clear, with investments in life sciences, FemTech, and medical manufacturing. This specialization is evident in their portfolio, which includes companies like PatientPop and INBRACE.

This firm is a strong potential partner if you lead a growth-stage healthcare company. Founders seeking deep industry knowledge and a specialized network will find them to be a good fit.

• Investment stages: Series D

• Industries of focus: Healthcare, Life Science, FemTech, and Manufacturing

• Geographical presence: Palo Alto

• Founded: 1996

• Assets under management: Approximately $5.8 billion

• Notable portfolio companies: PatientPop, INBRACE, and MacuLogix

• Portfolio size: Over 170 investments

You can refer to their website here.

14. Canaan Partners

Canaan Partners is a long-standing venture capital firm based in Menlo Park. While known as an early-stage investor backing founders with transformative ideas, the firm also supports companies through later growth rounds like Series D.

The firm’s investment thesis is exceptionally broad, covering sectors from FinTech and enterprise SaaS to consumer technology and life sciences. This wide-ranging interest is reflected in a diverse portfolio that includes companies like fashion brand Cuyana and robotics company Dusty Robotics.

Canaan could be a strong partner for founders across many different technology sectors. Their experience in both early and growth stages suggests they are a flexible investor for companies with long-term ambitions.

• Investment stages: Early-stage and growth rounds, including Series D

• Industries of focus: Broadly focused on technology and life sciences, including FinTech, SaaS, AI/ML, Consumer, and BioTech

• Geographical presence: Menlo Park, California

• Founded: 1987

• Notable portfolio companies: Cuyana, Apex.AI, and RealtyMogul

• Portfolio size: Over 730 investments

You can refer to their website here.

15. Citi Ventures

Citi Ventures is the corporate venture capital arm of Citi, investing in technology companies that align with the bank's strategic interests. Based in San Francisco, they support businesses that are shaping the future of finance and enterprise technology.

As a corporate VC, their primary value is the connection to Citi's global network and deep institutional knowledge, especially in FinTech and enterprise software. Their portfolio, including companies like Kenna Security and Splash Financial, shows a focus on technologies with clear applications for large organizations.

This firm is a compelling partner for founders whose products could benefit from a strategic relationship with a global financial institution. If your company operates in FinTech, cybersecurity, or enterprise software, Citi Ventures offers a direct path to market insights and potential customers.

• Investment stages: Series D

• Industries of focus: FinTech, Enterprise Software, Cybersecurity, and AI/ML

• Geographical presence: San Francisco, California

• Founded: 2008

• Notable portfolio companies: Kenna Security, Splash Financial, The Mom Project, and Anaconda

• Portfolio size: Over 170 investments

You can refer to their website here.

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

Choosing a partner for your Series D round goes beyond the term sheet. At this growth stage, you're looking for a late-stage venture capital firm that offers strategic alignment. Consider their track record with companies at a similar scale and whether their network can support key hires, partnerships, or an eventual exit.

As our list shows, these firms vary significantly. While many are based in California, strong growth-stage venture capital is present in hubs like Boston and Chicago. You'll also find specialists, from those focused on B2B software to late-stage biotech VC firms with deep scientific expertise. This specialization can be a major asset if it matches your industry.

The right choice depends on your company's specific needs. Before starting conversations, clarify what you need most from an investor. Is it operational guidance, access to a particular market, or patient capital from a team that understands your vision? Answering this will help you identify the best fit.

Raise Confidently with Rho

Fundraising requires significant time and energy, making a focused list of relevant investors essential. This preparation helps you direct your efforts toward the firms most aligned with your company's goals.

Whether you are planning your next round or have just closed, our platform is built to support your growth. If you’ve just raised or are planning to, Rho can help you set up your financial stack in minutes.

For founders actively raising, Rho Capital connects you to non-dilutive funding like venture debt and credit lines. Once capital is secured, our integrated tools—business banking, corporate cards, and automated bill pay—help you manage and deploy funds efficiently.

FAQs about Series D Venture Capital

What are typical venture capital returns by stage?

Later stage venture capital funds, common in hubs like Los Angeles, generally target lower multiples than early-stage funds but with less risk. Growth stage venture capital often seeks 3-5x returns, focusing on established, high-growth companies.

How do late-stage VC firms evaluate a portfolio company?

Late stage VC firms focus on predictable revenue and market leadership, especially in sectors like financial services. They prioritize strong metrics and efficiency over unproven potential when evaluating a potential late stage venture capital portfolio company.

Are there late-stage biotech VC firms outside California?

Yes, while California is a major hub, prominent late-stage biotech VC firms operate across the USA. You can find late stage biotechnology growth venture capital investors in established hubs and emerging tech centers.

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

Series C venture capital typically funds scaling for sectors like AI, while Series D is later stage venture capital for market expansion or IPO preparation. The focus shifts from rapid growth to solidifying market dominance.

How is multistage growth venture capital different?

Multistage growth venture capital firms invest across various funding rounds, from Series A to late-stage. This provides consistent partnership, valuable for B2B software companies, unlike firms that specialize only in late stage venture capital funds.

How can Rho help manage my next funding round?

Rho provides an integrated platform to manage your capital efficiently after a raise. We offer corporate cards, automated AP, and business banking to help your late stage venture capital portfolio company scale operations smoothly. Get started with Rho.