15 Top Venture Capital Firms Investing in Business Development

When preparing to raise capital, knowing which investors understand your specific industry is critical. For founders building Business Development technology, this means finding VC firms that recognize the value of your model, saving you time and improving your odds of finding the right partner.

To help you focus your fundraising efforts, our team has curated this overview of top venture capital firms investing in the Business Development space. This guide is a starting point for identifying relevant investors, whether you're seeking seed stage or Series A funding.

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

Key Takeaways

• Securing venture funding provides the capital to scale your Business Development technology and brings on a strategic partner who understands your specific market.
• Firms like Craft Ventures, Wing Venture Capital, QED Investors, and Shield Capital are notable backers of startups in the Business Development sector.
• Once you've secured funding, Rho helps you manage and deploy your new capital with fast business banking, corporate cards, and automated bill pay.

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

Knowing which investors to approach is important at every stage of your company’s growth, from early funding rounds to a potential exit. Here is a brief guide to VC firms that invest in Business Development companies, organized by funding stage.

Pre-seed and Seed VC Firms in Business Development

Pre-seed and seed funding is typically the first institutional capital a startup raises, used to validate the business idea and build an initial product. For founders in the Business Development space, seed stage VC firms like Defy, Powerhouse Ventures, and Day One Ventures are known for backing companies from their earliest stages.

Early Stage VC Firms in Business Development (Series A & B)

Early-stage funding, which includes Series A and B rounds, provides capital for startups with proven traction to scale their operations and accelerate growth. Some early-stage venture capital firms with a focus on Business Development technology include Craft Ventures, Wing Venture Capital, and Austin-based Silverton Partners.

Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.

Late Stage VC Firms in Business Development

Late-stage funding is for established companies looking to expand significantly, enter new markets, or prepare for an exit like an IPO or acquisition. Notable late-stage venture capital firms that invest in high-growth companies include IVP, G Squared, and QED Investors.

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

To help you identify the right partners, we've compiled an overview of top VC firms that invest in Business Development companies. The following list includes details on their typical investment stages, geographic focus, and what makes each firm distinct.

1. Craft Ventures

Based in San Francisco, Craft Ventures is a venture capital firm that specializes in backing B2B software and SaaS companies. Since its founding in 2017, the firm has built a reputation for investing in enterprise technology from the earliest stages.

Craft invests from seed to late-stage rounds, with a clear focus on SaaS business models that have the potential to become market leaders. Their portfolio includes high-profile companies like Affirm, ClickUp, and Anduril, showing a pattern of backing businesses that achieve significant scale.

This firm is a strong potential partner for founders building ambitious B2B SaaS platforms. If you are developing a product with market-defining potential and need a partner with experience scaling unicorns, Craft Ventures may be a good fit.

• Investment stages: Seed to late-stage venture
• Industries of focus: B2B software, SaaS, Business Development, Finance
• Geographical presence: San Francisco, CA
• Founded: 2017
• Notable portfolio companies: Affirm, Airbnb, Anduril, ClickUp, Addepar
• Portfolio size: Over 325 investments

You can refer to their website here.

2. Wing Venture Capital

Based in Palo Alto, Wing Venture Capital is a firm that backs technology companies, with a particular focus on early-stage B2B startups. Since its founding in 2013, Wing has concentrated on helping founders build businesses with long-term market relevance.

The firm shows a clear pattern of supporting companies through to major outcomes, including acquisitions by Oracle and Miro, and the IPO of Opower. Their portfolio includes foundational technology companies like the blockchain platform Algorand, signaling an interest in businesses that define new markets.

Wing Venture Capital is a strong potential match for early-stage founders in B2B technology, especially those working in machine learning or financial services. If you have a clear vision for achieving significant scale and a well-defined exit strategy, this firm could be a valuable partner.

• Investment stages: Seed to late-stage venture
• Industries of focus: Business Development, Financial Services, Machine Learning, Impact Investing
• Geographical presence: Palo Alto, CA
• Founded: 2013
• Notable portfolio companies: Algorand, Opower, Palerra, Noteable
• Portfolio size: 197 investments

You can refer to their website here.

3. QED Investors

Based in Alexandria, Virginia, QED Investors is a venture capital firm founded in 2007 that supports high-growth companies. The firm is recognized for its sharp focus on the financial technology and financial services sectors.

QED invests across a company's full lifecycle, from seed and early-stage rounds to late-stage venture and even debt financing. Their portfolio includes major fintech successes like Nubank, SoFi, and Credit Karma, demonstrating a clear pattern of guiding companies toward significant outcomes like IPOs and major acquisitions.

This firm is a strong potential partner for founders building fintech businesses with ambitions for massive scale. If you are developing a product in the financial services space and need a partner with deep operational expertise, QED’s track record is highly relevant.

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

You can refer to their website here.

4. Shield Capital

Shield Capital is a San Francisco-based venture firm that backs founders building frontier technologies. Established in 2021, they focus on early-stage companies in sectors where deep tech creates a significant advantage.

The firm invests from seed to early-stage venture rounds, with a clear interest in companies operating at the intersection of national security and commercial enterprise. Their portfolio highlights this focus, featuring companies like AI platform Snorkel AI and defense software provider Rebellion Defense.

Shield Capital is a compelling partner for founders with deep technical expertise building businesses in areas like AI, aerospace, and data infrastructure. If your company has dual-use potential for both commercial and government markets, their focus could be a strong alignment.

• Investment stages: Seed to early-stage venture
• Industries of focus: Frontier Technology, AI, Aerospace, Business Development
• Geographical presence: San Francisco, CA
• Founded: 2021
• Notable portfolio companies: Snorkel AI, Rebellion Defense, Hawkeye 360, Elroy Air
• Portfolio size: 29 investments

You can refer to their website here.

5. Silverton Partners

Based in Austin, Texas, Silverton Partners is an early-stage venture capital firm that has been investing since 2006. The firm primarily backs companies in software and tech-enabled services, but also invests in CPG brands.

Silverton has a history of guiding companies toward significant public market exits. Their portfolio includes identity-governance provider SailPoint and cloud identity firm Ping Identity, both of which completed IPOs.

This firm is a strong potential match for early-stage founders, particularly those in the Texas tech scene, who are building a business with a clear path to a public offering. Their experience taking companies public could be a significant asset for your team.

• Investment stages: Seed to late-stage venture
• Industries of focus: Software, Financial Services, Business Development, Asset Management
• Geographical presence: Austin, TX
• Founded: 2006
• Notable portfolio companies: Ping Identity, Vacasa, SailPoint, WP Engine
• Portfolio size: Over 200 investments

You can refer to their website here.

6. IVP

IVP is a long-standing venture capital firm based in Menlo Park, known for backing fast-growing technology companies since 1980. They primarily focus on later-stage investments, helping established businesses accelerate their growth.

The firm has a distinguished track record of guiding companies to major public market debuts and acquisitions. Their portfolio includes landmark IPOs like Coinbase and UiPath, and successful exits such as Snap and Dropbox, showing their expertise in scaling companies for significant outcomes.

IVP is an excellent match for founders of high-growth companies with proven market traction who are preparing for the next stage of expansion. If you are looking for a partner with deep experience in navigating the path to an IPO, this firm is a top contender.

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

You can refer to their website here.

7. G Squared

G Squared is a Chicago-based growth-stage venture capital firm that has been investing in dynamic companies since 2011. They act as a capital partner for businesses across various stages of their development, from early rounds to the public markets.

The firm is known for its flexible investment approach, participating in rounds from seed all the way to post-IPO. Their portfolio features globally recognized brands like Spotify, Airbnb, and Instacart, showing a clear track record of backing companies through to major public listings.

G Squared is a strong potential partner for founders of high-growth companies with proven traction and public market ambitions. If your business is scaling rapidly and you need a long-term investor with experience guiding companies to an IPO or direct listing, this firm is worth considering.

Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.

• Investment stages: Seed to post-IPO, including secondary markets
• Industries of focus: Business Development, Finance, Financial Services
• Geographical presence: Chicago, IL
• Founded: 2011
• Notable portfolio companies: Airbnb, Coursera, Instacart, Lyft, Spotify
• Portfolio size: Over 108 investments

You can refer to their website here.

8. The General Partnership

The General Partnership is a San Francisco-based firm that partners with companies from their earliest formation through their growth stages. Founded in 2018, they focus on providing capital and support to ventures at the seed and early stages.

The firm concentrates on leading initial funding rounds, with a portfolio that includes several high-profile unicorns like the collaborative doc platform Coda and autonomous delivery company Nuro. This pattern highlights an ability to identify and back companies with massive growth potential from the very beginning.

The General Partnership is a strong potential match for founders at the seed or early stages who are building highly ambitious companies. If your startup has a clear path to a billion-dollar valuation, particularly in finance or B2B software, their track record is highly relevant.

Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.

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

You can refer to their website here.

9. Translink Capital

Based in Palo Alto, Translink Capital is a venture firm that has been investing since 2007. They focus on helping entrepreneurs build customer connections and strategic partnerships in key Asian markets.

The firm’s key differentiator is its focus on bridging Silicon Valley with Asia, giving portfolio companies a distinct advantage for global expansion. Their investment history shows a pattern of guiding companies to successful exits, including the IPO of Carbonite and acquisitions by Cisco and Uber.

Translink Capital is an ideal partner for founders with global ambitions, especially if your growth strategy involves entering Asian markets. If you have a clear exit plan and are seeking an investor with a track record of successful M&A and public offerings, this firm's experience is highly relevant.

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

You can refer to their website here.

10. Defy.vc

Based in San Mateo, Defy is a venture capital firm that concentrates on seed-stage investments. They partner with founders building companies with high-growth potential from their earliest days.

While Defy focuses on leading seed rounds, they continue to support companies through later stages. Their track record includes significant exits like the IPO of Nautilus Biotechnology and the acquisition of eero by Amazon, showing a pattern of backing businesses to major outcomes.

Defy is a strong potential partner for founders raising a seed round for an ambitious, market-defining company. Their history of guiding businesses to successful public listings and high-profile acquisitions makes them a good fit if you have a clear vision for a large-scale outcome.

Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.

• Investment stages: Seed, Early-stage, and Late-stage venture
• Industries of focus: Business Development, Financial Services, Consumer Media, Ed-Tech
• Geographical presence: San Mateo, CA
• Founded: 2016
• Notable portfolio companies: Nautilus Biotechnology, Triller, The Honest Company, eero, Securly
• Portfolio size: Over 105 investments

You can refer to their website here.

11. Acrew Capital

Acrew Capital is a San Francisco-based venture firm founded in 2019. They invest in companies they view as transformative and also focus on diversifying the cap tables of high-growth businesses.

The firm invests from seed to late-stage rounds, with a strong record in financial services and enterprise technology. Their portfolio includes major successes like the acquisition of workplace messaging platform Slack and the IPO of card-issuing platform Marqeta, showing a pattern of backing companies to significant exits.

Acrew is a compelling partner for founders building category-defining companies in fintech or B2B software with clear public market potential. Their focus on diversifying cap tables may also appeal to teams that prioritize inclusive ownership structures as they scale.

Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.

• Investment stages: Seed, early-stage, and late-stage venture
• Industries of focus: Business Development, Financial Services, Venture Capital
• Geographical presence: San Francisco, CA
• Founded: 2019
• Notable portfolio companies: Slack, Coinbase, Chime, Marqeta, 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 founded in 2018 that backs customer-obsessed companies. They take a hands-on approach by also leading communications and PR for their portfolio businesses.

The firm invests primarily in seed and early-stage rounds, with a focus on companies in financial services and information technology. Their portfolio includes high-growth businesses like Remote and Worldcoin, showing a clear ability to back companies that achieve unicorn status.

Day One Ventures is a great fit for early-stage founders who value a partner that provides direct support with public relations and storytelling. If your company is built around a strong customer focus and has ambitions for rapid growth, their model could be a significant advantage.

Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.

• Investment stages: Seed, Early Stage Venture
• Industries of focus: Business Development, Financial Services, Information Technology
• Geographical presence: San Francisco, CA
• Founded: 2018
• Notable portfolio companies: Remote, Worldcoin, BitFury, Root, Lithic
• Portfolio size: 111 investments

You can refer to their website here.

13. Dragonfly

Dragonfly is a San Francisco-based venture firm founded in 2018 that invests exclusively in the cryptoasset space. They support companies building foundational technologies for the decentralized web.

The firm’s deep focus on crypto is evident in its portfolio, which includes major protocols like the Ethereum-scaling network Polygon, Avalanche, and MakerDAO. They invest across a company's lifecycle, from seed rounds and ICOs to later-stage private equity.

Dragonfly is an ideal partner for crypto-native founders building core infrastructure, DeFi applications, or other web3 technologies. If you are seeking investors with deep technical knowledge of the blockchain space, this firm is a primary contender.

Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.

• Investment stages: Seed to private equity, including ICOs
• Industries of focus: Crypto, Finance, Financial Services, Business Development
• Geographical presence: San Francisco, CA
• Founded: 2018
• Notable portfolio companies: Polygon, Avalanche, NEAR Protocol, Aptos, MakerDAO
• Portfolio size: 167 investments

You can refer to their website here.

14. Flare Capital Partners

Flare Capital Partners is a Boston-based venture firm that provides capital for early-stage and emerging healthcare technology companies. Since its founding in 2015, the firm has established itself as a key investor focused exclusively on the health-tech sector.

The firm invests across a company's lifecycle, from seed rounds to later-stage venture. Their portfolio shows a clear pattern of backing companies to major outcomes, including the IPO of Bright Health and the multi-billion dollar acquisition of Iora Health.

Flare Capital is an excellent match for founders building ambitious healthcare technology companies. If you are developing a platform with the potential for significant scale and have a clear strategy for a major exit, their deep industry focus and track record are highly relevant.

Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.

• Investment stages: Seed to late-stage venture and private equity
• Industries of focus: Healthcare Technology
• Geographical presence: Boston, MA
• Founded: 2015
• Notable portfolio companies: Bright Health, Iora Health, Aetion, Somatus, HealthVerity
• Portfolio size: 90 investments

You can refer to their website here.

15. Powerhouse Ventures

Based in Oakland, Powerhouse Ventures has backed seed-stage startups since 2018. The firm concentrates on software companies building technology to decarbonize global energy and mobility systems.

Their focus is on seed-stage software with a clear climate-tech application, supporting companies from their earliest stages. The portfolio highlights this with companies like Raptor Maps, a solar asset management platform, and includes successful exits like the acquisition of Zenduty.

Powerhouse Ventures is a strong match for seed-stage founders building software to address decarbonization in the energy and mobility sectors. If you have a software-based solution and are looking for an early partner with a specific climate focus, this firm is a relevant choice.

Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.

• Investment stages: Seed, Early Stage Venture, Convertible Note
• Industries of focus: CleanTech, Software, Energy, Mobility, Decarbonization
• Geographical presence: Oakland, CA
• Founded: 2018
• Notable portfolio companies: Raptor Maps, Zenduty, CropLogic
• Portfolio size: 47 investments

You can refer to their website here.

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

This overview shows that venture capital interest in business development technology is strong and varied. While there's a noticeable concentration of firms in the San Francisco Bay Area, investors are located across the country, from Austin to Boston. The funding environment appears well-balanced, with many firms investing across all stages, from seed to growth equity. This gives you options whether you're just starting or preparing to scale.

It's also clear that investors often have specific interests, such as FinTech, B2B SaaS, or frontier technology, so finding a firm that aligns with your specific model is key. Once you secure that funding, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help you manage and deploy capital efficiently.

Raise Confidently with Rho

Raising capital requires significant focus, and your time is best spent with investors who already understand your market. We hope this list helps you direct your energy toward the right conversations.

After you've successfully raised, the next step is putting that capital to work. Rho can help you set up your financial stack in minutes so you can move forward quickly.

Our platform provides the tools you need to manage your funds efficiently. With business banking, corporate cards, and automated bill pay in one place, you can focus on building your company.

FAQs about Venture Capital Firms Focused on Business Development

Which US cities are hubs for business development venture capital firms?

While the San Francisco Bay Area is a major hub, cities like New York, Boston, and Austin have strong ecosystems for business development venture capital firms. Our list includes investors from several of these key technology centers across the country.

Are there business development venture capital firms in the UK?

Yes, the UK and Europe have a growing number of VCs focused on B2B and enterprise software. Firms like Accel, Index Ventures, and Balderton Capital are active in the region and often invest in business development technology companies.

How do I find early-stage VC firms for business development?

Focus on firms that explicitly state a seed or Series A investment thesis. Use industry databases, attend startup events, and network with other founders to identify investors who have a track record of backing companies like yours at an early stage.

What do late-stage venture capital firms look for in business development companies?

Late-stage investors prioritize proven traction and market leadership. They look for strong revenue growth, a clear path to profitability, a large addressable market, and a management team capable of scaling the company toward an IPO or major acquisition.

What makes a business development startup attractive to VCs?

VCs seek a large market opportunity, a unique product that solves a real problem, and a strong founding team. For business development tech, this means demonstrating clear customer traction, a scalable sales model, and a competitive advantage.

How can Rho help after I secure funding from a VC firm?

Once you've secured funding, our platform helps you manage it. Rho provides integrated business banking, corporate cards, and automated bill pay, giving you the financial tools to deploy your new capital and focus on growth.