Top 12 Venture Capital Firms in Chicago

For startup founders preparing to raise capital, understanding the local investor scene is a critical first step. In a major hub like Chicago, knowing which venture capital firms align with your vision can make all the difference.

To help you get started, our team at Rho has curated this overview of the top VC firms in the Windy City. This guide is designed to help you quickly identify the right partners for your fundraising journey.

Just raised? Set up your financial stack with Rho in minutes. We provide business banking, corporate cards, and bill pay—all built for startup teams moving fast.

Which Chicago VC Firms Are Right for Your Stage?

Whether you’re an early-stage company or preparing for an exit, knowing who to approach is key. Here is a quick overview of Chicago VC firms and the stages at which they typically invest.

Pre-seed and Seed VC Firms

Pre-seed and seed funding are the earliest forms of capital, designed to help you turn an idea into a viable product and achieve initial market traction. For founders at this stage, firms like Chingona Ventures focus on the earliest investments, while M25 is a very active seed funding venture capital firm for Midwest startups, and Impact Engine supports early-stage companies with a social mission.

Early Stage VC Firms

Early-stage funding, typically Series A and B, is for companies with a proven product and initial revenue that need capital to scale operations and expand their market reach. In Chicago, you'll find early-stage venture capital firms like Origin Ventures which backs software businesses, crypto and web3 venture capital firms such as CMT Digital, and Lightbank which invests across sectors including AI and fintech.

Late Stage VC Firms

Late-stage rounds provide significant capital to mature companies for large-scale expansion, market leadership, or to prepare for an exit through an IPO or acquisition. Notable late-stage investors include G Squared, a growth-stage firm, along with specialized biotech venture capital firms like ARCH and agtech investors such as S2G Investments.

It's also worth noting that many venture capital firms invest across multiple funding stages, from seed to exit.

To help you find the right fit, here is our detailed guide to the top VC firms in Chicago. We’ve included key details on their investment stages, sector focus, and portfolio highlights to clarify what makes each a compelling partner for your startup.

1. S2G Investments

S2G Investments is a multi-stage firm that backs companies transforming our food, agriculture, and energy systems. They invest with a "systems-investing" approach, looking for solutions that can drive both economic and social progress.

The firm’s approach is defined by its deep focus on specific sectors, including food, agriculture, oceans, and energy. Their flexibility to invest across the entire company lifecycle, from seed to post-IPO, signals a commitment to being a long-term partner.

S2G is an ideal partner for founders building solutions in agtech, food tech, or clean energy. If you are looking for an investor who understands the complexities of these industries and can provide capital at multiple growth phases, this firm is a strong fit.

• Investment stages: Seed, early-stage, late-stage, debt, and post-IPO
• Industries of focus: Food, agriculture, oceans, and energy
• Founded: 2014
• Portfolio size: Over 175 investments

You can refer to their website here.

2. ARCH Venture Partners

ARCH Venture Partners is a firm dedicated to advancing life science innovations. They focus on co-founding and funding companies that are working on groundbreaking ways to prevent, detect, and cure diseases.

A key aspect of ARCH is their ability to support companies across their entire lifecycle. They invest from the earliest seed stages all the way through to post-IPO, signaling a commitment to being a long-term partner rather than just a short-term investor.

This firm is an excellent match for founders in the life sciences sector who are tackling major health challenges. If you need a capital partner with deep scientific expertise and the capacity to provide funding at every stage of growth, ARCH is a compelling choice.

• Investment stages: Seed, early-stage, late-stage, convertible note, debt, and post-IPO
• Industries of focus: Life sciences
• Founded: 1986
• Portfolio size: Over 500 investments

You can refer to their website here.

3. G Squared

G Squared is a growth-stage venture capital firm that provides private capital to dynamic companies. They partner with businesses that have already found their footing and are poised for significant expansion.

The firm’s strategy centers on growth-stage opportunities, but a defining feature is its activity in the secondary market. This allows them to provide liquidity to early investors and employees, offering flexibility beyond traditional funding rounds.

G Squared is an ideal partner for founders of established, high-growth companies seeking capital to scale aggressively. If you are leading a company with proven traction and are looking for a partner for a growth round, this firm is a strong fit.

• Investment stages: Seed, early-stage, late-stage, convertible note, secondary market, and post-IPO
• Industries of focus: Finance, financial services, and business development
• Founded: 2011
• Portfolio size: Over 100 investments

You can refer to their website here.

4. CMT Digital

CMT Digital is a global venture capital firm that invests in early-stage blockchain and web3 companies. They combine proprietary trading with venture investing, giving them a unique position in the market.

The firm's deep specialization in crypto and web3 is its defining feature, backed by its experience as a proprietary trading firm. This suggests a hands-on, technically-focused approach to investing in the financial infrastructure of the future.

CMT Digital is a great fit for founders building at the intersection of blockchain and financial services. If you are creating early-stage crypto infrastructure or fintech solutions, their specialized expertise is a significant asset.

• Investment stages: Seed, early-stage, and convertible note
• Industries of focus: Blockchain, cryptocurrency, financial services, and fintech
• Firm type: Venture capital and proprietary trading
• Founded: 2017
• Portfolio size: Over 150 investments

You can refer to their website here.

5. M25

M25 is one of the most active venture capital firms dedicated to early-stage startups across the Midwest. They invest broadly across numerous industries, focusing on companies headquartered in the region.

The firm’s defining trait is its disciplined geographical focus combined with an industry-agnostic approach. This signals a deep commitment to the Midwest ecosystem and a belief that great companies can be built anywhere, in any sector.

M25 is an excellent partner for founders building an early-stage company in the Midwest, regardless of the industry. If you are seeking a seed-stage investor with a strong regional network and a high-volume investment pace, this firm should be on your list.

• Investment stages: Seed and early-stage venture
• Industries of focus: Industry-agnostic, with investments in consumer, enterprise software, and fintech
• Geographical presence: Midwest US
• Founded: 2015
• Portfolio size: Over 175 investments
• Number of exits: 23

You can refer to their website here.

6. Moderne Ventures

Moderne Ventures is a strategic venture capital and growth equity firm that invests in technology companies innovating within large, established industries. They support businesses across multiple funding stages, from early venture rounds to more mature private equity deals.

The firm’s focus on sectors like real estate, finance, insurance, and sustainability is a core part of its strategy. A defining feature is its role as an accelerator, which signals a hands-on approach that provides founders with structured operational support and deep industry connections.

Moderne Ventures is an excellent fit for founders building technology for the real estate, finance, or insurance sectors. If you value a partner that offers both capital and a dedicated program to help you grow, this firm is a compelling choice.

• Investment stages: Early-stage venture, late-stage venture, and private equity
• Industries of focus: Real estate, finance, fintech, insurance, and sustainability
• Firm type: Accelerator, private equity, and venture capital
• Founded: 2015
• Portfolio size: Over 100 investments
• Number of exits: 25

You can refer to their website here.

7. Lightbank

Lightbank is a Chicago-based venture capital firm that invests across a wide range of technology sectors. Led by founder Eric Lefkofsky, the firm backs companies in areas from AI and SaaS to consumer tech and healthcare.

A key characteristic of Lightbank is its flexibility, investing from seed rounds through to late-stage venture. Their broad industry focus suggests an opportunistic approach, seeking strong founders and business models across the tech landscape.

This firm is a strong match for founders who need a versatile capital partner that can provide support across multiple growth phases. If your company operates in a major tech sector and you value an investor with a multi-stage strategy, Lightbank is worth considering.

• Investment stages: Seed, early-stage, and late-stage venture
• Industries of focus: AI, SaaS, marketplaces, healthcare, fintech, consumer, and enterprise software
• Founded: 2010
• Assets Under Management: $700M
• Portfolio size: Over 200 investments
• Number of exits: 44

You can refer to their website here.

8. Origin Ventures

Origin Ventures is an early-stage venture capital firm that invests in software and marketing businesses. They specifically back companies that are building for the "Digital Native" economy.

The firm’s thematic focus on the Digital Native economy is a defining trait, showing a deep conviction in businesses built for modern consumer and business behaviors. This specialized approach suggests they bring more than just capital, offering insights relevant to this specific market.

This firm is an ideal partner for founders creating software or marketing solutions for a digitally fluent audience. If your company has product-market fit and is ready to scale with a focused capital partner, Origin Ventures is a strong candidate.

• Investment stages: Seed, early-stage, and late-stage venture
• Industries of focus: Software and marketing businesses
• Founded: 1999
• Portfolio size: Over 120 investments
• Number of exits: 21

You can refer to their website here.

9. CIVC Partners

CIVC Partners is a Chicago-based private equity firm with more than five decades of experience investing in middle-market companies. They partner with founders and management teams to support business growth and long-term value creation.

A defining characteristic of the firm is its dual focus on both private equity and early-stage venture investments. This flexibility allows them to engage with companies at different points in their lifecycle, from initial growth to mature market leadership.

This firm is a good match for founders in the financial and business services sectors who are seeking a long-term capital partner. If you need an investor with the capacity to support you from early funding rounds through to a potential exit, CIVC is a compelling option.

• Investment stages: Early-stage venture and private equity
• Industries of focus: Financial services and business services
• Investor type: Private equity and venture capital
• Founded: 1970
• Portfolio size: Over 35 investments
• Number of exits: 17

You can refer to their website here.

10. Chingona Ventures

Chingona Ventures is a venture capital firm that invests in companies at their earliest stages. They specialize in providing pre-seed and seed funding to help founders turn their initial ideas into businesses.

The firm’s defining characteristic is its focus on backing founders from day one, often before there is significant traction. This signals a founder-first approach, where conviction in the team and vision is paramount.

This firm is an excellent match for founders seeking their first institutional check. If you are building a company, particularly in financial services, and need a partner who believes in your mission from the start, Chingona Ventures is a strong fit.

• Investment stages: Seed and early-stage venture
• Industries of focus: Finance, financial services, and venture capital
• Founded: 2019
• Portfolio size: 48 investments
• Number of exits: 5

You can refer to their website here.

11. Second Century Ventures

Second Century Ventures is a venture capital firm that invests in technology companies transforming the real estate industry. They provide capital to innovators building solutions for both commercial and residential property markets.

A defining feature of the firm is its backing by the National Association of REALTORS®, making it a highly active corporate venture fund in real estate tech. This connection provides portfolio companies with unparalleled industry access and strategic guidance through its global REACH accelerator program.

This firm is an ideal partner for founders building proptech solutions who want more than just funding. If you are seeking a strategic investor with deep industry connections and a dedicated accelerator to help you scale, Second Century Ventures is a top choice.

• Investment stages: Early-stage, late-stage, convertible note, and venture debt
• Industries of focus: Real estate tech, proptech, smart home, and financial services
• Firm type: Corporate venture capital (backed by the National Association of REALTORS®)
• Founded: 2009
• Portfolio size: Over 200 investments
• Number of exits: 25

You can refer to their website here.

12. Impact Engine

Impact Engine is a venture capital firm that invests in early-stage companies driving positive social and environmental change. They provide both financial and human capital to help mission-driven businesses succeed.

The firm’s clear focus on impact investing is its defining feature, signaling a commitment to businesses that measure success beyond profit. Their support for companies at the seed and early stages shows a focus on nurturing ideas from the ground up.

Impact Engine is a great match for founders whose companies have a core social or environmental mission. If you are at an early stage and need a partner who values both purpose and profit, this firm is a strong choice.

• Investment stages: Seed, early-stage, and convertible note
• Industries of focus: Impact investing, finance, and financial services
• Investor type: Venture capital and micro VC
• Founded: 2012
• Portfolio size: 87 investments
• Number of exits: 6

You can refer to their website here.

What This Tells Us About Chicago, Illinois, United States's VC Scene

This overview of Chicago's top investors shows a mature and well-balanced funding environment. For founders, this means you can find capital partners at nearly every stage of your company's journey. The market isn't skewed heavily toward just early or late-stage deals; instead, there are numerous firms ready to invest from the initial seed round all the way through to growth and exit.

You'll also notice a healthy mix of both generalist investors and specialists. While some firms invest broadly across technology, others bring deep expertise in sectors like life sciences, real estate tech, and finance. Our guide is designed to help you pinpoint the firms that align with your specific stage and industry, so you can focus your fundraising efforts effectively.

Raise Confidently with Rho

Fundraising requires immense focus, and knowing which investors to approach saves you valuable time and energy. We hope this guide helps you target the right partners for your company’s stage and sector.

Once your round is closed, the next step is putting that capital to work efficiently. Rho can help you set up your financial stack in minutes, letting you get back to building your business.

Our platform combines business banking, corporate cards, and automated bill pay to give you full control over your finances. We provide the tools you need to manage your new funding with confidence.

FAQs about Venture Capital Firms in Chicago

What is the difference between venture capital and private equity firms?

Venture capital firms typically fund early-stage, high-growth startups for a minority stake. Private equity firms usually invest in more mature companies, often acquiring a controlling interest to help optimize operations and drive profitability.

How do I find Chicago VCs for niche industries like SaaS or health tech?

Beyond our list, use industry-specific databases and attend local tech events. Many generalist firms like Origin Ventures or Lightbank have deep SaaS experience, while specialists like ARCH Venture Partners focus exclusively on life sciences and health tech.

Are there Chicago VCs that focus on consumer or CPG brands?

While Chicago's VC scene is strong in B2B and deep tech, many firms are industry-agnostic. VCs like M25 and Lightbank invest in promising consumer startups, so focus on demonstrating strong market traction and brand potential.

What do Chicago investors look for in a pitch?

Chicago investors value a clear, data-driven pitch. Focus on your team's expertise, demonstrated traction, a realistic financial model, and a deep understanding of your target market and competitive landscape. This shows you're prepared for growth.

What are the first steps after securing venture capital?

Once your round closes, immediately establish your financial infrastructure. This means opening a primary business bank account, setting up payment systems, and issuing corporate cards to your team so you can put your new capital to work.

How can Rho help my startup manage its new funding?

Our all-in-one platform helps you manage your new capital with confidence. With Rho, you get integrated business banking, corporate cards, and automated bill pay, all designed to help you scale efficiently.