Top 15 Late Stage Venture Capital Firms to Watch

Understanding the key players in late-stage venture capital is critical as you prepare for your next funding round. Investors at this growth stage, which includes Series B, Series C, and beyond, have specific criteria for the companies they back.

To help you prepare, our team at Rho has compiled this overview of prominent late-stage VC firms. Use this guide to get familiar with potential partners before you begin outreach and to better inform your fundraising strategy.

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Key Takeaways

• Late-stage venture funding is for established startups looking to scale operations, expand into new markets, or prepare for an exit like an IPO.
• Top late-stage investors like Franklin Templeton, Norwest Venture Partners, General Catalyst, and StepStone Group back growing companies with proven traction.
• If you’re raising or have just closed a round, Rho’s platform gives you FDIC-insured accounts, corporate cards with up to 2% cashback, automated bill pay, spend controls, and real-time accounting integrations.

What is Late Stage Venture Capital?

Late-stage venture capital is for established companies with proven business models that are ready to scale significantly. Unlike earlier rounds that focus on validating an idea, investors at this stage provide strategic support for market expansion, operational growth, and preparing for an exit.

Types of Late Stage VC Firms At A Glance

As a founder raising a Series B, C, or beyond, it helps to know which late-stage venture capital firms specialize by geography or sector. Here’s a quick breakdown of those trends across top investors.

Late Stage VCs in California

Many of the most prominent late-stage VC firms in the USA are concentrated in California, particularly in the San Francisco Bay Area. This includes well-known investors like Sequoia Capital, Andreessen Horowitz, and Accel.

Late Stage VCs in New York City & Boston

The East Coast is also home to major players in growth-stage venture capital. You’ll find the headquarters of global software investor Insight Partners and private equity firm General Atlantic in New York City, while Wellington Management is a key firm in Boston's ecosystem.

Late Stage Firms for Financial Services Startups

The financial services and FinTech sectors attract significant late-stage funding. Firms with a strong track record in this space include Tribe Capital and Norwest Venture Partners, which have backed multiple financial services companies.

Late Stage VCs for Technology & Healthcare

For founders in specialized sectors like enterprise software, AI, and biotechnology, certain firms have deep expertise. Investors like Menlo Ventures and Pear VC have backed companies in both the technology and life science fields.

Of course, many late-stage venture capital funds are multistage and invest across all industries and locations.

To help you identify potential partners, here is a closer look at prominent late-stage VC firms. We've outlined their locations, industry focus, and what makes each one a compelling choice for founders.

1. Franklin Templeton

While traditionally known as a global investment firm for mutual funds, Franklin Templeton is also a significant investor in late-stage venture capital. With roots going back to 1947, the firm brings extensive financial market experience to its venture partnerships.

The firm’s portfolio shows a focus on high-growth technology, backing companies like electric vehicle maker Lucid Motors and AI chip developer Blaize. Their investment in Oddity, a beauty-tech company that went public in 2023, highlights their experience guiding companies toward major liquidity events.

Franklin Templeton may be a good match for founders of established companies with proven traction and ambitious plans for scaling or a public exit. Their portfolio suggests an interest in capital-intensive technology sectors like automotive, AI, and fintech.

• Investment stage: Late Stage Venture
• Industries of focus: Financial Services, Wealth Management, and high-growth technology
• Geographical presence: San Mateo, California
• Founded: 1947
• Notable portfolio companies: Lucid Motors, Tifin, Blaize, Oddity
• Portfolio snapshot: Over 215 investments and 68 exits

You can refer to their website here.

2. Norwest Venture Partners

Norwest Venture Partners is a long-standing investment firm with a history dating back to 1961. They operate as both a venture capital and growth equity investor, supporting companies from their early stages through to late-stage growth.

The firm’s multi-stage investment strategy is a key feature, allowing them to back companies across their entire lifecycle. Their portfolio includes notable exits, from the LendingClub IPO to the acquisition of 6 River Systems by Shopify, demonstrating their ability to guide companies toward significant outcomes.

Norwest could be a strong partner for founders seeking a flexible, long-term investor who can provide capital at different growth phases. Their experience across sectors like fintech, digital health, and enterprise software makes them a good fit for ambitious companies with proven models.

• Investment stage: Early to late-stage venture, growth equity, and private equity
• Industries of focus: Finance, Financial Services, Healthcare, Consumer, and Enterprise
• Geographical presence: Palo Alto, California
• Founded: 1961
• Notable portfolio companies: Omada Health, 6 River Systems, LendingClub, FireEye, 1010data
• Portfolio snapshot: Over 970 investments and more than 210 exits

You can refer to their website here.

3. General Catalyst

General Catalyst is a venture capital firm that partners with founders from the earliest stages through to growth. They focus on building resilient companies and have a particular interest in applied AI.

The firm’s broad investment strategy, which covers everything from seed funding to post-IPO rounds, is a defining characteristic. Their portfolio includes major successes like Airbnb, Stripe, and HubSpot, showing a strong track record of backing companies that become market leaders.

General Catalyst is a good fit for founders at any stage who are building companies with high-growth potential, especially in tech and finance. Their history of supporting businesses through IPOs and major acquisitions makes them a compelling partner for those with long-term ambitions.

• Investment stage: Seed to post-IPO, private equity
• Industries of focus: Finance, Financial Services, Venture Capital, with a focus on applied AI
• Geographical presence: San Francisco, California
• Founded: 2000
• Notable portfolio companies: Airbnb, Stripe, HubSpot, Kayak, Samsara
• Portfolio snapshot: Over 1,460 investments and 222 exits

You can refer to their website here.

4. StepStone Group

StepStone Group is a global private markets firm that provides investors with customized portfolios. Their model integrates primary fund investments, secondary market purchases, and direct co-investments.

A defining feature is their flexible approach, which allows them to deploy capital across different structures, not just direct venture funding. This, combined with a focus on finance, fintech, and real estate, signals deep expertise in these specific markets.

StepStone may be a strong partner for founders in the fintech or real estate industries seeking a strategic investor with sophisticated financial knowledge. Companies that could benefit from creative or non-traditional capital structures may find their model a good fit.

• Investment stage: Late Stage Venture
• Industries of focus: Banking, Financial Services, FinTech, Real Estate Investment, Venture Capital
• Geographical presence: New York, New York
• Founded: 2007
• Portfolio snapshot: 101 investments and 10 exits

You can refer to their website here.

5. Andreessen Horowitz

Andreessen Horowitz, also known as a16z, is a venture capital firm that invests across all stages, from seed to late-stage growth. Founded in 2009 and based in Menlo Park, they manage assets across multiple funds.

The firm is known for backing category-defining technology companies, with a portfolio that includes Airbnb, Stripe, and Coinbase. As detailed in their investment history, their funding for GitHub yielded a significant return after its acquisition by Microsoft, highlighting a track record of successful exits.

A16z is a good match for founders with high-growth ambitions at any stage, particularly in software, finance, and emerging tech. Their history of supporting companies toward major exits makes them a strong partner for those aiming for market leadership.

• Investment stage: Seed to late-stage venture
• Industries of focus: Finance, Financial Services, Technology
• Geographical presence: Menlo Park, California
• Founded: 2009
• Notable portfolio companies: GitHub, Coinbase, Airbnb, Stripe, Oculus VR
• Portfolio snapshot: Over 1,690 investments and 249 exits

You can refer to their website here.

6. Tribe Capital

Tribe Capital is a venture firm that uses data science to guide its investments in private technology companies and crypto markets. Founded in 2018, they apply a quantitative approach to identify promising opportunities.

The firm’s defining feature is its quantitative, data-first methodology for evaluating companies across all stages, from seed to late-stage. Their portfolio includes well-known companies like the crypto exchange Kraken and sales platform Apollo.io.

Tribe Capital could be a good partner for founders who value a data-informed perspective and are building businesses in fintech, crypto, or enterprise software. Their ability to invest across multiple stages makes them a potential long-term backer for companies with strong product-market fit.

• Investment stage: Seed to late-stage venture
• Industries of focus: Finance, Financial Services, and Crypto
• Geographical presence: San Francisco, California
• Founded: 2018
• Notable portfolio companies: Kraken, Carta, Airtable, Shiprocket, Apollo.io
• Portfolio snapshot: 240 investments and 13 exits

You can refer to their website here.

7. General Atlantic

General Atlantic is a private equity firm that provides capital and strategic support for growth companies. Since its founding in 1980, it has operated as a long-term partner for businesses looking to scale.

The firm’s investment strategy is flexible, covering early-stage venture through to private equity. Their portfolio highlights a focus on high-growth consumer and technology, backing companies like generative AI tool Runway and activewear brand Vuori.

General Atlantic may be a good match for founders of established companies with significant traction who are seeking a strategic partner. Their global presence and deep experience in consumer and tech make them a compelling choice for ambitious teams.

• Investment stage: Early Stage Venture, Late Stage Venture, Private Equity
• Industries of focus: Finance, Financial Services, Venture Capital
• Geographical presence: New York, New York
• Founded: 1980
• Notable portfolio companies: Runway, Vuori, Adevinta, Kyriba, Athletic Brewing Company
• Portfolio snapshot: 481 investments and 159 exits

You can refer to their website here.

8. Menlo Ventures

Menlo Ventures is a venture capital firm that provides capital for companies in AI, consumer, and life science technologies, investing from seed to growth stages. With a history dating back to 1976, they are one of the more established firms in the industry.

The firm’s multi-stage investment model allows them to support companies from their earliest days through to significant scale. As their investment history details, their portfolio includes category-defining companies like Uber, Roku, and Siri, demonstrating a track record of guiding companies toward major exits.

Menlo Ventures is a strong potential partner for founders in the AI, consumer, or life sciences sectors who are seeking a long-term investor. Their history of backing companies from early stages through to IPO or acquisition makes them a good fit for teams with high-growth ambitions.

• Investment stage: Early to late-stage venture
• Industries of focus: AI, consumer, and life science technologies
• Geographical presence: San Francisco, California
• Founded: 1976
• Notable portfolio companies: Uber, Roku, Siri, Anthropic, Warby Parker
• Portfolio snapshot: 829 investments and 186 exits

You can refer to their website here.

9. Accel

Accel is a venture capital firm that has been backing entrepreneurs since 1983, investing from seed to growth stages. They focus on supporting a global community of founders from their base in Palo Alto.

The firm is defined by its multi-stage investment strategy and a portfolio of iconic companies like Facebook, Slack, and Dropbox. Their early investment in Facebook, which yielded one of the highest VC returns ever, showcases their ability to identify and support market-defining businesses.

Accel is an excellent partner for founders at any stage who are building technology companies with global ambitions. Their extensive experience guiding businesses toward major acquisitions and IPOs makes them a compelling choice for teams aiming for a significant exit.

• Investment stage: Seed, Early Stage Venture, Late Stage Venture, Private Equity
• Industries of focus: Finance, Financial Services, Venture Capital
• Geographical presence: Palo Alto, California
• Founded: 1983
• Notable portfolio companies: Facebook, Flipkart, Dropbox, Slack, Bumble
• Portfolio snapshot: Over 2,195 investments and 395 exits

You can refer to their website here.

10. Pear VC

Pear VC is a venture capital firm that specializes in backing technology companies from their earliest, pre-seed and seed stages. Based in Menlo Park, they operate at the center of Silicon Valley’s startup ecosystem.

The firm’s approach is defined by its commitment to partnering with founders at the very beginning, as shown by their early investments in companies like DoorDash and Guardant Health. Their track record includes guiding these companies from their initial stages to successful IPOs.

Pear VC is a strong potential partner for founders at the pre-seed or seed stage who are building ambitious technology companies. Those looking for an investor with experience in scaling businesses toward major exits will find their model particularly attractive.

• Investment stage: Pre-seed, Seed, Early Stage Venture, Late Stage Venture
• Industries of focus: Technology, Education, Financial Services
• Geographical presence: Menlo Park, California
• Founded: 2013
• Notable portfolio companies: DoorDash, Guardant Health, Credible Labs
• Portfolio snapshot: 402 investments and 35 exits

You can refer to their website here.

11. Wellington Management

Wellington Management is a private investment firm with a long history dating back to 1933. The firm applies its extensive resources to support the institutional clients and growth companies it backs from its headquarters in Boston.

A defining feature is their track record of investing in companies that achieve major public listings. The firm’s portfolio includes high-profile IPOs like Airbnb, Affirm, and Coinbase, signaling deep experience in guiding companies to the public markets.

Wellington could be a strong partner for founders of high-growth technology and fintech companies with clear ambitions for an IPO. Their flexible capital, which spans from early-stage venture to private equity, makes them a good fit for companies seeking a long-term investor.

• Investment stage: Debt, Early Stage Venture, Late Stage Venture, Private Equity, Venture
• Industries of focus: Asset Management, Finance, Financial Services, Insurance
• Geographical presence: Boston, Massachusetts
• Founded: 1933
• Notable portfolio companies: Airbnb, Affirm, Coinbase, Coupang, ACV Auctions
• Portfolio snapshot: 290 investments and 136 exits

You can refer to their website here.

12. Madrona

Madrona is a venture firm that invests across a company's full lifecycle, from seed funding to late-stage growth. While they invest more broadly, they have a strong focus on backing companies in the Pacific Northwest.

The firm has a history of supporting companies toward significant exits, including the $4.6 billion acquisition of Apptio by IBM and the successful IPO of Smartsheet. Their portfolio shows a broad interest in technology, spanning enterprise software, consumer internet, and deep-tech hardware.

Madrona is a compelling partner for founders based in the Pacific Northwest who are building technology companies with high-growth potential. Their multi-stage approach makes them a good fit for teams seeking a long-term investor who can provide support from the early days through to a major exit.

• Investment stage: Seed to post-IPO
• Industries of focus: Cloud data services, enterprise IT, consumer internet, and deep tech
• Geographical presence: Seattle, Washington
• Founded: 1995
• Notable portfolio companies: Apptio, Smartsheet, Redfin, Rover.com, Impinj
• Portfolio snapshot: Over 530 investments and 106 exits

You can refer to their website here.

13. Insight Partners

Insight Partners is a global software investor that backs high-growth technology and internet companies. They have a long history of partnering with businesses from their early stages through to maturity.

The firm’s track record is defined by its support for software companies that achieve major exits, including the IPOs of Shopify and DocuSign. This focus on scaling software businesses to market leadership is a consistent theme in their portfolio.

Insight Partners is a compelling choice for founders of software companies with proven traction and clear ambitions for a public offering or large acquisition. Their flexible capital, spanning from seed to private equity, makes them a potential long-term partner.

• Investment stage: Seed, Early Stage Venture, Late Stage Venture, Private Equity, Convertible Note, and Debt
• Industries of focus: Software, Technology, Internet, Finance
• Geographical presence: New York, New York
• Founded: 1995
• Notable portfolio companies: Shopify, Twitter, Qualtrics, DocuSign, SentinelOne
• Portfolio snapshot: Over 1,140 investments and 244 exits

You can refer to their website here.

14. International Finance Corporation

International Finance Corporation (IFC) is a private equity and venture capital firm focused on supporting the private sector in developing countries. As a member of the World Bank Group, it provides capital to advance economic development.

A defining characteristic is its mission-driven focus on emerging markets, investing across all stages from seed to private equity. Their portfolio includes companies like Interswitch, a Nigerian fintech unicorn, and BigBasket, India’s largest online grocer, highlighting their role in scaling businesses in these regions.

IFC is a strong match for founders building companies in developing nations, particularly in sectors like fintech, e-commerce, and edtech. Teams seeking a partner with deep global development experience will find their model appealing.

• Investment stage: Seed, Early Stage Venture, Late Stage Venture, Private Equity, and Debt
• Industries of focus: Finance, Financial Services, Funding Platform, Hedge Funds
• Geographical presence: Washington, D.C., with a focus on developing countries
• Founded: 1956
• Notable portfolio companies: Coursera, Interswitch, Remitly, Planet Labs, BigBasket
• Portfolio snapshot: Over 600 investments and 163 exits

You can refer to their website here.

15. Sequoia Capital

Sequoia Capital is a venture capital firm with a long history of investing in technology companies since its founding in 1972. They support businesses across a wide range of sectors, including the internet, mobile, and enterprise software industries.

The firm is known for its multi-stage investment approach, backing companies from seed funding through to post-IPO. Their portfolio features some of the most influential technology companies in history, including Apple, Google, and Nvidia.

Sequoia may be a good match for founders building category-defining companies in sectors like enterprise, finance, and healthcare. Their history suggests a preference for ambitious teams aiming for significant, long-term market impact.

• Investment stage: Seed, Early Stage Venture, Late Stage Venture, Post-IPO
• Industries of focus: Energy, financial, enterprise, healthcare, internet, and mobile
• Geographical presence: Menlo Park, California
• Founded: 1972
• Notable portfolio companies: Apple, Google, Nvidia, YouTube, Zoom
• Portfolio snapshot: 2,138 investments and 421 exits

You can refer to their website here.

What Startup Founders Should Look for in a Late Stage VC Firm

When evaluating late-stage venture capital firms, look beyond the term sheet. The right partner provides strategic guidance and industry connections relevant to your growth stage. Find a firm whose investment thesis and operational support align with your long-term vision for scaling.

While many top firms are in hubs like California and New York, strong partners also exist in growing ecosystems like Chicago. Consider if you need a specialist with deep experience in a sector like SaaS or a generalist with a broader portfolio. This choice will influence the support you receive.

For companies raising a Series B or C, a proven track record is critical. Review a firm’s portfolio for experience guiding companies through major growth and successful exits. The right late-stage VC firm acts as a true partner in preparing for what's next.

Raise Confidently with Rho

Fundraising requires significant time and energy. A focused list of relevant investors helps you use your resources effectively.

Once your funding is secured, the work of managing it begins. If you’ve just raised or are planning to, Rho can help you set up your financial stack in minutes.

Our platform gives you the tools to manage your new capital with confidence. We offer integrated business banking, corporate cards, and automated bill pay built for startups.

FAQs about Late Stage Venture Capital

What are typical venture capital returns by stage?

Late-stage venture capital returns are generally lower but less risky than early-stage investments. Investors expect strong, predictable growth from a Series B or Series C venture capital portfolio company, aiming for solid multiples rather than 100x seed round returns.

How do late-stage VC firms differ from early-stage investors?

Late-stage VC firms focus on scaling proven business models, unlike early-stage investors who bet on ideas. They provide growth stage venture capital for market expansion and have deep connections in hubs like Los Angeles and beyond.

What do late-stage biotech VC firms look for?

Late-stage biotech VC firms seek companies with strong clinical data and a clear path to regulatory approval. This late-stage biotechnology venture capital is for scaling manufacturing and commercialization, not for initial research in hubs like San Diego.

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

Series B venture capital typically funds companies that have achieved product-market fit and are ready to scale operations. Series C venture capital is for more mature companies looking to expand into new markets, make acquisitions, or prepare for an IPO.

Are there late-stage venture capital funds outside California and NYC?

Yes, the venture capital USA landscape is growing. While California and NYC are major centers, you can find significant late-stage venture capital funds in emerging tech hubs like Austin and Miami, especially for technology and healthcare.

How can I manage my funding after a late-stage venture capital round?

Once you secure late-stage growth venture capital, managing it efficiently is key. Our platform offers integrated banking, corporate cards, and spend controls to help you deploy your capital with confidence. Get started with Rho today.