15 Top Venture Capital Firms Investing in Business Development

For founders in the Business Development space, understanding which investors are active in your sector is a critical step when preparing to raise capital. Finding a VC firm that truly gets your model can make all the difference.

To help you identify the right partners, our team at Rho curated this guide to the top venture capital firms investing in BizDev technology. It’s a straightforward overview to help you quickly find investors who are a good fit for your company, whether you're seeking seed funding or a later-stage round.

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Which VC Firms in Business Development Are Right for Your Stage?

Knowing which investors to approach is crucial, whether you're raising an early round or preparing for an exit. Here is a quick look at the venture capital firms that invest in Business Development companies at each stage.

Pre-seed and Seed VC Firms in Business Development

Pre-seed and seed funding are the earliest forms of capital, typically used to validate an idea and build an initial product. For founders in the business development space, some seed stage VC firms to consider are The General Partnership, Shield Capital, and Day One Ventures.

Early Stage VC Firms in Business Development

Early-stage funding, which includes Series A and B rounds, helps startups with a proven product scale their operations and grow their customer base. Venture capital firms like Craft Ventures and Silverton Partners are two examples that focus on this stage for business development companies.

Late Stage VC Firms in Business Development

Late-stage capital is for established companies looking to expand significantly, enter new markets, or prepare for an acquisition or IPO. If your company is more mature, you might look to late-stage venture capital firms such as IVP and G Squared.

Keep in mind that some venture capital firms invest across multiple stages, from seed to growth rounds.

To help you find the right investment partner, we've compiled more information on the top VC firms in the Business Development space. The following list covers their typical investment stages, locations of focus, and other key attributes that might be important for your fundraising.

1. Craft Ventures

Craft Ventures is a San Francisco-based firm that specializes in backing B2B software and SaaS companies. They invest across multiple stages, from seed to late-stage venture rounds.

The firm is known for its portfolio of high-profile companies, including successes like Affirm, Airbnb, and ClickUp. This track record points to their expertise in helping SaaS companies scale into market leaders.

If you are a founder building a B2B SaaS product with the potential for significant scale, Craft Ventures could be a strong partner. Their experience with category-defining companies suggests they are a good fit for ambitious teams.

• Investment stages: Seed to late-stage venture
• Industries of focus: B2B software, SaaS, business development, and finance
• Geographical presence: Based in San Francisco, California
• Founded: 2017
• Notable portfolio companies: Affirm, Airbnb, Anduril, and ClickUp
• Portfolio size: The firm has made over 325 investments.

You can refer to their website here.

2. Wing Venture Capital

Wing Venture Capital is a Palo Alto-based firm that invests in technology businesses, with a strong focus on the early stages. They support companies from seed through late-stage venture rounds, helping them build and scale for the long term.

The firm concentrates on sectors like machine learning, financial services, and business development. Their portfolio includes several notable exits, such as Palerra's acquisition by Oracle and Opower's IPO, which shows their experience in guiding companies toward significant outcomes.

If you are an early-stage founder building a technology company with a clear path to a major acquisition or public offering, Wing Venture Capital could be a suitable partner. Their track record suggests they are well-equipped to support ambitious founding teams.

• Investment stages: Seed, early-stage, and late-stage venture
• Industries of focus: Business Development, Financial Services, and Machine Learning
• Geographical presence: Based in Palo Alto, California
• Founded: 2013
• Notable portfolio companies: Algorand, Opower, and Palerra
• Portfolio size: 197 investments

You can refer to their website here.

3. QED Investors

QED Investors is a Virginia-based venture capital firm that backs high-growth companies, with a strong focus on the financial technology sector. They invest across all stages, from seed rounds to late-stage venture, supporting businesses as they scale.

The firm's expertise in fintech is evident from its portfolio, which includes major successes like Nubank, SoFi, and Credit Karma. This track record of guiding companies to IPOs and large acquisitions suggests they are skilled at helping businesses achieve significant outcomes.

If you are a founder building a fintech company with high-growth ambitions, QED Investors could be an excellent partner. Their deep industry experience makes them a valuable resource for teams aiming to build a market-defining company.

• Investment stages: Seed to late-stage venture
• Industries of focus: FinTech, Financial Services, Business Intelligence, and Business Development
• Geographical presence: Based in Alexandria, Virginia
• Founded: 2007
• Notable portfolio companies: Nubank, SoFi, and Credit Karma
• Portfolio size: Over 365 investments

You can refer to their website here.

4. Shield Capital

Shield Capital is a San Francisco-based firm that invests in founders building frontier technologies. They primarily support companies at the seed and early venture stages, providing capital to get ambitious ideas off the ground.

The firm shows a strong preference for deep tech, with portfolio companies in sectors like artificial intelligence, defense, and aerospace. Their investments in companies like Snorkel AI and Rebellion Defense signal a focus on businesses with foundational technological advantages.

If you are a founder working on a technically complex product, especially in a sector with high barriers to entry like national security or advanced hardware, Shield Capital may be a good match. They appear well-suited for early-stage teams with long-term, ambitious goals.

• Investment stages: Seed and early-stage venture
• Industries of focus: Frontier technologies, AI, defense, and information technology
• Geographical presence: Based in San Francisco, California
• Founded: 2021
• Notable portfolio companies: Snorkel AI, Rebellion Defense, and Hawkeye 360
• Portfolio size: 29 investments

You can refer to their website here.

5. Silverton Partners

Silverton Partners is an Austin-based venture capital firm that invests in early-stage companies. They focus on software, tech-enabled services, and consumer product goods (CPG) brands.

A key characteristic of the firm is its track record of guiding portfolio companies toward major public market exits. Their support for businesses like Ping Identity and SailPoint through their IPOs indicates a deep understanding of what it takes to build a company to that scale.

If you are a founder building a software or tech-enabled services company with ambitions for an IPO, Silverton Partners may be a strong fit. Their base in Austin also makes them a central player for founders in the Texas technology scene.

• Investment stages: Seed, early-stage, and late-stage venture
• Industries of focus: Software, tech-enabled services, CPG, and business development
• Geographical presence: Based in Austin, Texas
• Founded: 2006
• Notable portfolio companies: Ping Identity, Vacasa, SailPoint, and WP Engine
• Portfolio size: Over 200 investments

You can refer to their website here.

6. IVP

IVP is a Menlo Park-based firm that concentrates on later-stage investments in fast-growing technology companies. They have been active since 1980, making them one of the more established players in venture capital.

The firm is known for backing many well-known technology brands through significant growth phases and successful public offerings. Their portfolio includes major exits like the IPOs for Coinbase and UiPath, signaling deep expertise in preparing companies for the public markets.

IVP is a strong potential partner if you are a founder of a high-growth company that is ready for later-stage funding. Their track record suggests they are an excellent fit for businesses aiming for a large-scale exit or IPO.

• Investment stages: Early-stage to late-stage venture, private equity, and post-IPO
• Industries of focus: Business Development, Finance, and Financial Services
• Geographical presence: Based in Menlo Park, California
• Founded: 1980
• Notable portfolio companies: Coinbase, UiPath, Dropbox, Snap, and Supercell
• Portfolio size: Over 400 investments

You can refer to their website here.

7. G Squared

G Squared is a Chicago-based venture capital firm that invests in growth-stage companies. They support businesses across a wide spectrum, from early venture rounds to post-IPO, and also participate in secondary markets.

The firm is distinguished by its portfolio of iconic, high-growth technology companies, including Airbnb, Spotify, and Instacart. Their strategy involves backing businesses through their entire lifecycle, from private funding rounds to the public markets.

G Squared is an ideal partner for founders of companies with proven market traction and ambitions for a large-scale exit. Their experience with major IPOs makes them particularly well-suited for businesses preparing for the public markets.

• Investment stages: Seed, early-stage, late-stage venture, post-IPO, and secondary market
• Industries of focus: Business Development, Finance, and Financial Services
• Geographical presence: Based in Chicago, Illinois
• Founded: 2011
• Notable portfolio companies: Airbnb, Coursera, Instacart, Lyft, and Spotify
• Portfolio size: 108 investments

You can refer to their website here.

8. The General Partnership

The General Partnership is a San Francisco-based firm that works with startups from their formation through their growth stages. They provide capital and support to companies at the seed and early venture stages.

The firm’s portfolio signals its strategy, featuring several unicorn companies like Coda, Nuro, and Grafana Labs. This focus on high-valuation businesses suggests they prioritize companies with the potential to become market leaders in their fields.

If you are a founder building a company with high-growth potential, particularly in enterprise software or deep tech, The General Partnership could be a good fit. They are well-suited for ambitious teams at the seed or early stages aiming to build a category-defining business.

• Investment stages: Seed, Early Stage Venture
• Industries of focus: Business Development, Finance, Financial Services, and Venture Capital
• Geographical presence: Based in San Francisco, California
• Founded: 2018
• Notable portfolio companies: Coda, Nuro, Grafana Labs, Chainlink Labs, and Newfront
• Portfolio size: 33 investments

You can refer to their website here.

9. Translink Capital

Translink Capital is a Palo Alto-based firm that supports founders by helping them build customer relationships and strategic partnerships in Asia. They invest across various stages, from seed funding to later-stage venture rounds.

A key part of their approach is connecting portfolio companies with key markets in Asia, a valuable asset for businesses with global ambitions. Their track record includes guiding companies to successful exits through both acquisitions, like CliQr by Cisco, and IPOs, such as Carbonite.

This firm is a strong potential partner if you are a founder looking to expand into Asian markets. Their experience with different exit strategies also makes them a good fit for companies that have a clear vision for their long-term outcome, whether it's an acquisition or going public.

• Investment stages: Seed to late-stage venture
• Industries of focus: Business Development, Financial Services, and Venture Capital
• Geographical presence: Based in Palo Alto, California
• Founded: 2007
• Notable portfolio companies: Carbonite (IPO), CliQr (acquired by Cisco), and deCarta (acquired by Uber)
• Portfolio size: 167 investments

You can refer to their website here.

10. Defy.vc

Defy.vc is a San Mateo-based firm that concentrates on seed-stage investments in emerging companies with high potential. They provide the initial capital for founders to build and launch their businesses.

A defining characteristic of the firm is its success in guiding companies to significant exits, from IPOs like The Honest Company to acquisitions like eero by Amazon. Their portfolio, which includes the entertainment platform Triller, shows a focus on businesses with the ability to achieve large scale.

This firm is a strong potential partner for founders at the earliest stages who are building a company with a clear path to a major exit. If your ambition is a public offering or a strategic acquisition, Defy's track record is a good indicator of their expertise.

• Investment stages: Seed, early-stage, and late-stage venture
• Industries of focus: Business Development, Financial Services, and Venture Capital
• Geographical presence: Based in San Mateo, California
• Founded: 2016
• Notable portfolio companies: The Honest Company, eero, Nautilus Biotechnology, and Securly
• Portfolio size: 105 investments

You can refer to their website here.

11. Acrew Capital

Acrew Capital is a San Francisco-based firm that invests from seed to late-stage rounds. A core part of their strategy is to help diversify the cap tables of high-growth companies.

The firm has a strong record of backing major technology companies, particularly in fintech and cybersecurity. Their portfolio includes well-known names like Chime, Coinbase, and Slack, indicating their ability to support businesses on the path to an IPO or a significant acquisition.

Acrew Capital is a good match if you are a founder building a company in fintech, security, or enterprise software with clear potential for large-scale growth. Their experience with major exits suggests they are well-equipped to support teams aiming for a public offering or a major acquisition.

• Investment stages: Seed, early-stage, and late-stage venture
• Industries of focus: Financial Services, Cybersecurity, Business Development, and Venture Capital
• Geographical presence: Based in San Francisco, California
• Founded: 2019
• Notable portfolio companies: Chime, Coinbase, Slack, Marqeta, and Cato Networks
• Portfolio size: 139 investments

You can refer to their website here.

12. Day One Ventures

Day One Ventures is a San Francisco-based firm that invests in early-stage companies. A key part of their model is providing hands-on support by leading communications and PR for the businesses they back.

The firm’s focus on "customer-obsessed" companies is a core part of its identity, as is its active role in shaping a startup's public narrative. Their portfolio includes several high-profile unicorns like Remote and Worldcoin, showing a strong ability to identify and support breakout companies.

This firm is a great fit for founders who value storytelling and want a partner to help build their brand from the start. If you are building a customer-centric business and need expert communications support, Day One Ventures could be an ideal match.

• Investment stages: Seed and early-stage venture
• Industries of focus: Business Development, Financial Services, and Information Technology
• Geographical presence: Based in San Francisco, California
• Founded: 2018
• Notable portfolio companies: Remote, Worldcoin, BitFury, and Root
• Portfolio size: 111 investments

You can refer to their website here.

13. Dragonfly

Dragonfly is a San Francisco-based firm that invests in companies and protocols within the cryptocurrency sector. They focus on supporting what they see as the most promising opportunities in the digital asset space.

The firm has a clear, specialized focus on the crypto and blockchain industry, from Layer-1 infrastructure to decentralized finance (DeFi). Their portfolio includes foundational projects like Polygon and Avalanche, as data from Chain Broker shows, signaling their ability to back market-defining technologies.

Dragonfly is a strong potential partner for founders building technically complex projects in the crypto or web3 space. If your company is creating new blockchain infrastructure or a DeFi application, their deep industry expertise could be a significant asset.

• Investment stages: Seed, early-stage venture, private equity, and ICOs
• Industries of focus: Cryptocurrency, DeFi, Business Development, and Financial Services
• Geographical presence: Based in San Francisco, California
• Founded: 2018
• Notable portfolio companies: Polygon, Avalanche, NEAR Protocol, Aptos, and MakerDAO
• Portfolio size: 167 investments

You can refer to their website here.

14. Flare Capital Partners

Flare Capital Partners is a Boston-based firm that provides capital for early-stage and emerging healthcare technology companies. They invest across multiple stages, from seed funding to later venture rounds, to support businesses transforming the healthcare industry.

The firm has a strong record of backing companies to successful, large-scale exits. Their portfolio includes major outcomes like Bright Health's IPO and Iora Health's acquisition by One Medical, as noted in an announcement about their third fund. This demonstrates a clear focus on building health tech companies with unicorn potential.

If you are a founder building a healthcare technology company with a clear path to a major acquisition or public offering, Flare Capital could be a strong partner. Their expertise makes them a good fit for ambitious teams looking to scale.

• Investment stages: Seed, early-stage, and late-stage venture
• Industries of focus: Healthcare technology
• Geographical presence: Based in Boston, Massachusetts
• Founded: 2015
• Notable portfolio companies: Bright Health, Iora Health, Aetion, and Somatus
• Portfolio size: 90 investments

You can refer to their website here.

15. Powerhouse Ventures

Powerhouse Ventures is an Oakland-based firm that backs seed-stage startups. They focus on companies building software to decarbonize the global energy and mobility sectors.

The firm has a clear thematic priority on software solutions for cleantech, renewable energy, and transportation. Their investment in Raptor Maps, a solar asset management platform, highlights their focus on software that accelerates the energy transition.

If you are a founder at the seed stage building a software-based solution for the energy or mobility industries, Powerhouse Ventures could be a good fit. Their specific focus suggests they bring deep expertise to companies aiming to address climate change.

• Investment stages: Seed, convertible note, and early-stage venture
• Industries of focus: CleanTech, renewable energy, mobility, and software
• Geographical presence: Based in Oakland, California
• Founded: 2018
• Notable portfolio companies: Raptor Maps, Zenduty, and CropLogic
• Portfolio size: 47 investments
• Number of exits: 6

You can refer to their website here.

What This Tells Us About The VC Scene for Business Development Companies

This list of venture capital firms shows a healthy and varied funding environment for companies in the business development sector. For founders, this means there is a wide range of potential partners to consider, regardless of your specific focus or stage.

You'll find strong support at the early stages, with many firms dedicated to seed and Series A rounds. At the same time, a significant number of investors on our list have the capacity to fund companies through later growth stages, offering continuity as you scale.

While California remains a major center for these VCs, there are active investors in other key hubs like Austin, Chicago, and Boston. Ultimately, the investor community for business development is well-balanced, giving you solid options as you plan your next fundraising steps.

Raise Confidently with Rho

Having a focused list of relevant investors is a major advantage when you're raising capital. It allows you to direct your time and energy toward the firms most likely to be a good fit.

After a successful fundraise, the next step is putting that capital to work. Rho can help you set up your financial stack in minutes so you can focus on growth.

Our platform gives you the tools to manage your new funding with confidence. We provide business banking, corporate cards, and bill pay solutions built specifically for startup teams.

FAQs about Venture Capital Firms Focused on Business Development

Which Bay Area VC firms invest in business development technology?

The San Francisco Bay Area is a major hub. Firms on our list like Craft Ventures, The General Partnership, and IVP are based there and actively invest in companies building business development tools and platforms, from seed to growth stages.

What are some top business development VC firms outside of Silicon Valley?

Yes, several leading firms are based in other tech hubs. For example, Silverton Partners is a key investor in Austin, G Squared is based in Chicago, and Flare Capital Partners operates out of Boston, showing a broad geographic spread.

Are there many business development venture capital firms in Europe?

While our list focuses on US-based investors, many have a global presence or co-invest with European VCs. For a European fundraise, it is best to research local firms that share a similar investment thesis with the ones listed here.

How should I approach a VC firm that specializes in business development?

When you approach a specialized firm, highlight how your company aligns with their portfolio and expertise in the business development sector. Show that you have done your research and understand why they are a particularly good fit for your startup.

How can Rho help after I raise from a venture capital firm?

Once your funding is secured, our platform helps you manage it effectively. We provide integrated business banking, corporate cards, and payment solutions designed for fast-growing companies. You can get started with Rho in minutes.