Top 12 Venture Capital Firms in Chicago

For founders preparing to raise capital in Chicago, understanding the local investment community is a crucial first step. The venture capital environment in the Windy City and the broader Silicon Prairie has its own character. To help you find the right partners, our team at Rho curated this overview of the top VC firms in the area. We built this guide to help you quickly identify relevant investors for your startup, whether you're at the pre-seed stage or raising a Series A.

Rho provides access to business banking, corporate cards, and bill pay — built for startup teams moving fast.

Key Takeaways

• Seeking venture capital funding means finding the right financial partners who align with your company's vision and can provide the capital needed for growth.
• Chicago's investment community includes a variety of firms, with top players like S2G Investments, ARCH Venture Partners, G Squared, and CMT Digital.
• If you are raising capital or have just closed a round, Rho helps you manage your funds with fast business banking, corporate cards, and integrated bill pay.

Which Chicago VC Firms Are Right for Your Stage?

Whether you're an early-stage company or preparing for an exit, connecting with the right investors is key. To help, we've outlined which Chicago VC firms focus on each investment stage.

Pre-seed and Seed VC Firms in Chicago

This is the earliest round of funding, designed to help you turn an idea into a viable business before you have significant revenue. For founders seeking seed funding, Chicago firms like Chingona Ventures and M25 focus on this critical initial stage, while crypto and web3 startups might look to CMT Digital.

Early Stage VC Firms in Chicago

Early-stage venture capital typically covers Series A and Series B, providing capital for companies with a proven product to scale operations and growth. In Chicago, you'll find early-stage VC firms such as Origin Ventures, which invests in software and marketing, Lightbank, which has a portfolio including AI and SaaS companies, and Impact Engine for founders focused on social impact.

Late Stage VC Firms in Chicago

Late-stage funding is for established companies looking to expand into new markets, make acquisitions, or prepare for an exit like an IPO. Firms in this category include G Squared, a growth-stage investor, as well as specialists like ARCH Venture Partners for life sciences discoveries and S2G Investments for agtech and food innovation.

Keep in mind that many venture capital firms invest across multiple stages, from seed to exit.

Below is a closer look at the top VC firms in Chicago, Illinois, covering their investment stages, sector focus, portfolio highlights, and what makes each a strong potential partner for your company.

1. S2G Investments

S2G Investments is a multi-stage firm providing capital to companies in the food, agriculture, oceans, and energy sectors. They partner with businesses working to build a more sustainable and healthy food system from the ground up.

The firm uses a "systems investing" approach, seeking opportunities across the entire supply chain from soil to shelf. As part of the Builders Vision impact platform, S2G emphasizes creating a more humane and healthy planet through its portfolio.

S2G could be a great partner if your company has a strong sustainability mission within their target industries. Their flexible, multi-stage strategy makes them relevant for founders seeking capital from seed rounds through later growth stages.

• Investment stages: Multi-stage, from seed to late venture and post-IPO
• Industries of focus: Food & agriculture, oceans, and energy
• Founded: 2014
• Portfolio highlights: Apeel, Beyond Meat, sweetgreen
• 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 discoveries. They focus on co-founding and funding companies that aim to prevent, detect, and cure diseases.

The firm is known for building companies from the ground up around major scientific breakthroughs. They invest across all stages, from seed to public markets, signaling a long-term commitment to their portfolio companies.

ARCH is an ideal partner if you are a founder in the life sciences sector with a company built on a powerful scientific innovation. Their ability to support companies through their entire lifecycle makes them a strong choice for ambitious, long-term projects.

• Investment stages: Seed, early-stage, late-stage, 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 funding to dynamic companies. They look for businesses that are already demonstrating strong traction and are ready to scale.

A key characteristic is their broad investment mandate, covering all stages from seed to post-IPO. The firm also participates in the secondary market, offering liquidity options beyond typical funding rounds.

G Squared could be a strong partner if you are leading a high-growth company and need a versatile investor. Their ability to invest across stages and through secondary purchases makes them a unique source of capital.

• Investment stages: Seed, early-stage, late-stage, post-IPO, and secondary market
• Industries of focus: Finance and financial services
• Founded: 2011
• Portfolio size: 108 investments
• Exits: 35

You can refer to their website here.

4. CMT Digital

CMT Digital is a venture capital firm that invests in blockchain and web3 companies globally. They operate as both a proprietary trading firm and an investor, focusing on early-stage opportunities.

The firm has a clear focus on the crypto and fintech sectors, backing companies from the seed stage onward. Their background in proprietary trading suggests a deep technical and market understanding of the digital asset space.

If you are a founder building an early-stage company in the blockchain, crypto, or web3 space, CMT Digital could be a good fit. Their specialization makes them a knowledgeable partner for founders in this specific vertical.

• Investment stages: Seed, early-stage venture, and convertible notes
• Industries of focus: Blockchain, cryptocurrency, and fintech
• Founded: 2017
• Portfolio size: 157 investments
• Exits: 5

You can refer to their website here.

5. M25

M25 is a highly active venture capital firm that concentrates on early-stage startups based in the Midwest. They invest across a wide range of industries, making them a generalist investor within their specific geography.

The firm's defining feature is its dedicated focus on the Midwest, aiming to be the most prolific investor in the region's tech scene. Their broad industry scope means they don't limit themselves to a single vertical, instead looking for strong founding teams.

M25 is an excellent match if you're an early-stage founder with a company headquartered in the Midwest. Their industry-agnostic approach makes them a good fit for startups in sectors from consumer tech to enterprise software.

• Investment stages: Seed and early-stage venture
• Industries of focus: Industry-agnostic, with investments in consumer, enterprise, and fintech
• Geographical focus: Midwest-based startups
• Founded: 2015
• Portfolio size: Over 175 investments
• 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 provide both capital and strategic support to help their portfolio companies grow.

A defining feature of the firm is its accelerator program, which gives companies industry exposure and mentorship. Their focus is on technology that serves the real estate, finance, insurance, and sustainability sectors.

Moderne Ventures is a great potential partner if your company is building technology for these specific markets. Founders looking for hands-on support and deep industry connections will find their model particularly valuable.

• Investment stages: Early-stage venture, late-stage venture, and private equity
• Industries of focus: Real estate, finance, insurance, fintech, and sustainability
• Founded: 2015
• Portfolio size: 105 investments
• Exits: 25
• Key feature: Operates an accelerator program for industry-specific tech companies

You can refer to their website here.

7. Lightbank

Lightbank is a venture capital firm that invests across a variety of technology sectors, including AI, SaaS, and fintech. Led by founder Eric Lefkofsky, the firm manages $700M in assets and backs companies from their earliest stages.

The firm is notable for its broad investment scope, covering multiple stages from seed to late-stage venture. They invest across a wide range of industries, including marketplaces, healthcare, and consumer technology, showing a flexible approach.

Lightbank is a good fit if you're a founder in one of their core technology sectors seeking a partner for the long haul. Their ability to invest across different funding rounds makes them a versatile source of capital as your company grows.

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

You can refer to their website here.

8. Origin Ventures

Origin Ventures is an early-stage firm that funds software and marketing businesses. Their investment thesis centers on companies building for the "Digital Native" economy.

The firm takes a product-first approach to investing and typically leads or co-leads Series A rounds. They also set aside significant capital for follow-on investments, signaling a commitment to long-term partnership.

Origin Ventures is a strong potential partner if you have a product-centric software or marketing company ready for a Series A. Founders building for what the firm calls "Digital Natives" will find their thesis particularly relevant.

• Investment stages: Seed, early-stage, and late-stage venture
• Industries of focus: Software, marketing, and fintech for the Digital Native economy
• Founded: 1999
• Portfolio size: 121 investments
• Notable exits: 21, including Grubhub and Tock
• Investment approach: Product-first investors who typically lead or co-lead Series A rounds.

You can refer to their website here.

9. CIVC Partners

CIVC Partners is a private equity firm with deep roots in Chicago, bringing over five decades of experience to its investments. They provide capital to companies in the business and financial services sectors.

The firm has a dual focus, participating in both early-stage venture rounds and later-stage private equity investments. This structure suggests they are interested in partnering with companies for the long term, through various stages of growth.

CIVC Partners could be an excellent match if you are a founder in the business or financial services industry. Their model is particularly well-suited for companies seeking a financial partner that can support them from early growth stages through to maturity.

• Investment stages: Early-stage venture and private equity
• Industries of focus: Business and financial services
• Founded: 1970
• Portfolio size: 35 investments
• 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, often before they have a product or revenue. They provide critical seed and early-stage funding, with a focus on the financial services sector.

The firm's identity is built around backing founders who are often overlooked by traditional venture capital. Their concentration on the pre-seed and seed stages signals a commitment to partnering with entrepreneurs from the very beginning.

Chingona Ventures is an ideal partner if you are an early-stage founder, particularly from an underrepresented background. Their focus makes them a great first check for businesses that are still finding their footing.

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

You can refer to their website here.

11. Second Century Ventures

Second Century Ventures is a venture capital fund that invests in technology companies promoting innovation in the real estate industry. They provide capital to founders who are building new solutions for real estate professionals and consumers alike.

The firm's most distinct characteristic is its backing by the National Association of REALTORS®, giving it deep connections within the industry. They also operate the REACH accelerator, a program designed to help real estate technology startups grow quickly.

This firm is an excellent choice if you are a founder developing technology for the real estate market. Their strategic industry ties and accelerator program offer more than just funding, providing direct access to a massive network.

• Investment stages: Early-stage, late-stage, and convertible notes
• Industries of focus: Real estate technology, financial services, and smart home
• Founded: 2009
• Portfolio size: Over 200 investments
• Exits: 25
• Key feature: Backed by the National Association of REALTORS® and operates the global REACH accelerator program.

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 outcomes. They provide both financial capital and hands-on support to help founders build businesses that matter.

The firm's defining feature is its exclusive focus on impact investing, backing for-profit companies that address major social and environmental challenges. Their strategy centers on early-stage opportunities, providing foundational capital to businesses built for both profit and purpose.

Impact Engine is an ideal partner if you are a founder whose company has a clear, measurable social or environmental mission at its core. They are a great fit for early-stage entrepreneurs seeking investors who value purpose as much as profit.

• Investment stages: Seed, early-stage venture, and convertible notes
• Industries of focus: Impact investing, finance, and financial services
• Founded: 2012
• Portfolio size: 87 investments
• Exits: 6

You can refer to their website here.

What This Tells Us About Chicago's VC Scene

This review of Chicago's top firms suggests a well-rounded and mature investment market. You will find a healthy balance of investors, from those who focus on the earliest pre-seed and seed rounds to larger, multi-stage firms that can support a company through its entire growth cycle. This means that whether you are just starting out or preparing for a late-stage round, there are relevant financial partners in the city.

Beyond the investment stage, there is also significant variety in sector focus. While some firms are industry-agnostic, Chicago shows particular strength in areas like fintech, life sciences, and real estate technology. For you as a founder, this diversity indicates a robust community where you can connect with investors who have direct experience in your field.

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 connect with the right partners more effectively.

Once your round is closed, the next step is putting that capital to work. Rho can help you set up your financial stack in minutes, giving you a solid foundation for growth.

Our platform provides integrated business banking, corporate cards, and bill pay designed for startups. This gives you the tools to manage your new funds with clarity and control from day one.

FAQs about Venture Capital Firms in Chicago

What about social impact venture capital firms in Chicago?

Chicago is home to firms dedicated to positive change. Impact Engine, for example, specifically backs early-stage companies that have a clear social or environmental mission built into their business model, combining profit with purpose.

Which Chicago VCs focus on SaaS or AI startups?

Firms like Origin Ventures and Lightbank actively invest in SaaS and AI. Many generalist firms, such as M25, also fund tech companies in these sectors, so it's worth reviewing their current portfolios to see if you align.

Are there many pre-seed VC firms in Chicago?

Yes, Chicago has a growing number of pre-seed investors. Firms like Chingona Ventures and M25 specialize in providing the earliest institutional capital, helping founders turn a promising idea into a real business before generating significant revenue.

How do I choose between similar Chicago VC firms?

Look beyond their stated focus. Research the partners' backgrounds, talk to founders in their portfolio, and assess their reputation. The best partner offers relevant guidance and connections, not just a check.

How should I prepare for a meeting with a Chicago VC?

Know the firm and the specific partner you're meeting. Be prepared to clearly articulate your business, market, and traction. Have your key metrics ready and be able to explain why your team will win.

How can I manage my funds after a successful raise?

Once you've secured funding, managing it well is critical. Our platform offers integrated banking, corporate cards, and bill pay to help you control spending and manage your new capital with clarity. Get started with Rho.