Top Venture Capital Firms Funding Series D Startups

Understanding the investors in the Series D or growth equity stage is a critical part of a successful fundraise. Knowing who the active late-stage venture capital firms are, what they look for, and how they operate can help you focus your efforts and find the right partners for your company's next phase.

To help you prepare, our team at Rho has created this overview of key Series D investors. Use this guide to get familiar with the firms that are active in your funding round before you start conversations.

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Key Takeaways

• Series D funding is a late-stage investment round designed to help established companies scale operations, enter new markets, or prepare for an initial public offering (IPO).
• Notable venture capital firms focusing on Series D investments include Quiet Capital, Riverwood Capital, Susquehanna Growth Equity, and Arthur Ventures, which have backed many growing businesses.
• If you are raising capital or have recently closed a round, Rho’s platform provides FDIC-insured accounts, corporate cards with up to 2% cash back, automated bill payments, spending controls, and direct accounting integrations.

What is Series D Venture Capital?

Series D venture capital is a late-stage funding round for companies that have already found product-market fit and are ready to scale significantly. Unlike earlier rounds focused on development, Series D investors provide substantial capital to help you expand into new markets, make strategic acquisitions, or prepare for an IPO.

Types of Series D VC Firms At A Glance

If you're a founder raising a Series D round, 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.

Series D VCs in California

Many prominent growth stage venture capital firms are concentrated in California. For instance, Quiet Capital and Blockchain Capital are based in San Francisco, while Riverwood Capital and Trinity Ventures operate out of Menlo Park.

Series D Firms for FinTech Startups

For financial services startups, several firms have a strong focus on FinTech. Investors to watch include Susquehanna Growth Equity, Citi Ventures, and the Chicago-based Jump Capital, all of which have FinTech companies in their late stage venture capital portfolio.

Late-Stage Biotech & Healthcare VC Firms

The healthcare and life sciences sectors attract specialized capital. Notable late-stage biotech VC firms include Longitude Capital and Vivo Capital, while firms like Blumberg Capital also invest heavily in healthcare and have a presence in cities like NYC.

Series D VCs for B2B SaaS

B2B SaaS and enterprise software remain a major investment area for later stage venture capital. Firms like Arthur Ventures, which focuses on companies outside Silicon Valley, and Fulcrum Equity Partners are key players in this space.

Of course, many firms like Canaan and Kapor Capital are multistage growth venture capital investors that back companies across a wide range of industries and locations throughout the USA.

To help with your fundraising research, here is an overview of prominent Series D VC firms. You’ll find key details on their locations and industries of focus, along with what makes each firm a noteworthy option for founders.

1. Quiet Capital

Quiet Capital is a technology investment firm based in the San Francisco Bay Area with a presence in New York, Seattle, and Miami. The firm invests in a wide variety of technology companies, making them a generalist investor.

The firm is notable for its exceptionally broad investment scope, backing companies in nearly every technology sector. Their portfolio includes well-known names like Reddit, DuckDuckGo, and Substack, showing a focus on product-led companies with strong user bases.

This firm could be a great partner if your company has a strong product and clear traction but doesn't fit a narrow investment theme. Founders who value a generalist investor with a diverse network may find Quiet Capital to be a good match.

• Investment Stage: Series D
• Industries of Focus: A broad range including FinTech, SaaS, AI/ML, Healthcare, and Consumer
• Geographical Presence: San Francisco, New York, Seattle, and Miami
• Founded: 2017
• Notable Portfolio: Includes companies like Reddit, DuckDuckGo, Substack, and Mercury
• Portfolio Size: Over 260 investments

You can refer to their website here.

2. Riverwood Capital

Riverwood Capital is a Menlo Park-based firm that provides growth capital to technology companies. They focus on established businesses that need both financial and intellectual resources to scale their operations.

The firm concentrates on sectors like SaaS, FinTech, and enterprise software, looking for companies ready for significant expansion. Their approach combines funding with operational partnership, and their portfolio includes companies like Technisys and Industrious.

This firm is a strong potential partner if you lead a high-growth tech company with a proven business model. Founders who want hands-on support to enter new markets will find their approach valuable.

• Investment Stage: Series D
• Industries of Focus: Enterprise, SaaS, CloudTech, FinTech, Information Technology
• Geographical Presence: Menlo Park
• Founded: 2007
• Notable Portfolio: Includes Industrious, Files.com, and Technisys
• Portfolio Size: 71 investments

You can refer to their website here.

3. Susquehanna Growth Equity

Susquehanna Growth Equity (SGE) is a Philadelphia-based firm that invests in growth-stage technology companies. They focus on providing capital to businesses in the software, information services, and internet sectors.

SGE is known for backing bootstrapped and capital-efficient companies, offering flexible capital that allows founders to maintain control. Their portfolio, which includes names like ActiveCampaign and Morning Consult, shows a focus on businesses with strong fundamentals and proven market traction.

This firm could be an excellent partner if you've built a capital-efficient business and prefer an investor who provides patient capital without dictating your strategy. Founders who value flexibility and a long-term perspective will find SGE's approach appealing.

• Investment Stage: Series D
• Industries of Focus: Software, FinTech, Information Services, Internet, AI/ML
• Geographical Presence: Philadelphia, Pennsylvania
• Founded: 2006
• Notable Portfolio: Includes Morning Consult, ActiveCampaign, and Rentable
• Portfolio Size: 91 investments

You can refer to their website here.

4. Arthur Ventures

Arthur Ventures is a Minneapolis-based firm that invests in B2B software companies. They are known for their specific focus on backing founders building businesses outside of Silicon Valley.

The firm's strategy centers on B2B software, with a portfolio that includes companies in SaaS, cybersecurity, and FinTech like ThreatLocker and DataCamp. Their approach is to partner with capital-efficient businesses in markets that are often overlooked by other investors.

This firm is an ideal partner if you are a B2B software founder located outside of the traditional coastal tech hubs. Founders who want an investor that understands their specific regional context will find Arthur Ventures to be a strong fit.

• Investment Stage: Series D
• Industries of Focus: B2B Software, including SaaS, Cybersecurity, FinTech, and Enterprise
• Geographical Presence: Minneapolis, Minnesota, with a focus on companies outside Silicon Valley
• Founded: 2008
• Notable Portfolio: Includes ThreatLocker, DataCamp, and Stream
• Portfolio Size: Over 65 investments

You can refer to their website here.

5. Trinity Ventures

Trinity Ventures is a long-standing venture capital firm based in Menlo Park, California. While known for its history in early-stage investing since 1986, the firm also participates in later rounds like Series D.

The firm invests across a wide range of sectors, including consumer, FinTech, and AI, with a large portfolio of over 460 companies. Their track record includes notable names like Thrive Causemetics and Birdeye, demonstrating their ability to back companies through to significant scale.

This firm is a good fit if you are a founder seeking an experienced partner with a deep network and a long history of successful exits. If your company is in the consumer or enterprise software space with proven traction, you may find their approach particularly valuable.

• Investment Stage: Series D
• Industries of Focus: Consumer, FinTech, SaaS, AI/ML, Healthcare
• Geographical Presence: Menlo Park, California
• Founded: 1986
• Notable Portfolio: Includes Birdeye, Thrive Causemetics, and Arize AI
• Portfolio Size: Over 460 investments

You can refer to their website here.

6. Blockchain Capital

Blockchain Capital is a San Francisco-based venture capital firm that invests in companies building on blockchain technology. They are one of the most established investors in the sector, providing capital to businesses across the crypto and Web3 ecosystem.

As a pioneer in the space since 2013, the firm has a deep focus on the entire blockchain stack. Their portfolio includes foundational infrastructure companies like Ripple and Securitize, signaling a commitment to businesses that enable the broader digital asset economy.

This firm is an excellent match if you are a founder whose business is fundamentally built on blockchain technology. Companies seeking a partner with a decade of experience and a network dedicated to the crypto industry will find their expertise particularly helpful.

• Investment Stage: Series D
• Industries of Focus: Cryptocurrency, Blockchain, FinTech, Software, and Information Technology
• Geographical Presence: San Francisco, California
• Founded: 2013
• Notable Portfolio: Includes Ripple, Securitize, Abra, Bitwise, and Paxos
• Portfolio Size: Over 129 investments

You can refer to their website here.

7. Blumberg Capital

Blumberg Capital is a venture firm with a long history of backing early-stage companies, operating from offices in San Francisco, Tel Aviv, Miami, and NYC. While known for its early investments, the firm also supports its portfolio companies through later growth rounds like Series D.

The firm invests broadly across technology, with a clear focus on enterprise software, FinTech, and digital health. With a track record dating back to 1991, their portfolio includes companies like FundGuard and Lendio, showing a preference for businesses with strong technical foundations.

Blumberg Capital is a good match if you are a founder in the B2B software, FinTech, or healthcare sectors seeking a long-term partner. Their global presence and history of following on in later rounds make them a solid choice for companies with significant growth ambitions.

• Investment Stage: Early-stage through growth rounds, including Series D
• Industries of Focus: Enterprise, FinTech, Healthcare, Big Data, AI/ML, and SaaS
• Geographical Presence: San Francisco, Tel Aviv, Miami, and New York City
• Founded: 1991
• Notable Portfolio: Includes FundGuard, Lendio, and Angle Health
• Portfolio Size: Over 218 investments

You can refer to their website here.

8. Fulcrum Equity Partners

Fulcrum Equity Partners is a growth equity firm based in Atlanta, Georgia. They invest in high-growth software and healthcare companies that are ready to scale.

The firm has a clear focus on SaaS, tech-enabled services, and healthcare IT. Their portfolio, which includes companies like Stax and Kevel, shows a pattern of backing businesses with proven models in these specific markets.

This firm is a strong potential partner if you lead a SaaS or healthcare IT company with significant traction. Founders looking for an investor with deep sector knowledge, especially those based in the Southeast, will find their approach valuable.

• Investment Stage: Series D / Growth Equity
• Industries of Focus: SaaS, Tech-Enabled Services, Healthcare IT, FinTech
• Geographical Presence: Atlanta, Georgia
• Founded: 2006
• Notable Portfolio: Includes Stax and Kevel
• Portfolio Size: 64 investments

You can refer to their website here.

9. Jump Capital

Jump Capital is a Chicago-based venture firm that invests in technology and software companies. While they specialize in Series A and B rounds, the firm also provides capital for later growth stages.

The firm invests across a wide spectrum of technology, from FinTech and enterprise software to AI and crypto. Their portfolio includes well-known companies like M1, Doctor On Demand, and Personal Capital.

Jump Capital is a good fit if you are a founder in the FinTech, SaaS, or AI space looking for a partner with a broad thesis. Their Midwest presence makes them a key investor for companies outside the coastal tech hubs.

• Investment Stage: Series A through D
• Industries of Focus: A broad range including FinTech, SaaS, AI/ML, and Enterprise Software
• Geographical Presence: Chicago, Illinois
• Founded: 2012
• Notable Portfolio: Includes M1, Doctor On Demand, Personal Capital, and Phantom
• Portfolio Size: Over 190 investments

You can refer to their website here.

10. Kapor Capital

Kapor Capital is an Oakland-based investment firm that backs tech-enabled startups with a social impact mission. They are known for investing in companies that aim to close gaps in access and opportunity for underserved communities.

The firm’s investment thesis is centered on "gap-closing" ventures, supporting founders who build both commercially successful and socially beneficial businesses. Their portfolio, which includes companies like PadSplit and Jopwell, reflects a clear commitment to backing technology that creates a more equitable society.

This firm is an ideal partner if your company’s core mission is tied to positive social change. Founders who prioritize diversity and inclusion and are building solutions for underserved populations will find strong alignment with Kapor Capital's values.

• Investment Stage: Early-stage through growth rounds, including Series D
• Industries of Focus: EdTech, HealthTech, FinTech, and Future of Work
• Geographical Presence: Oakland, California
• Founded: 1999
• Notable Portfolio: Includes PadSplit, Jopwell, Bitwise Industries, and Planet FWD
• Portfolio Size: Over 240 investments

You can refer to their website here.

11. Longitude Capital

Longitude Capital is a venture firm based in Menlo Park that invests in biotechnology and medical technology companies. They provide growth capital to businesses developing new therapies, medical devices, and healthcare solutions.

The firm has a clear concentration on the life sciences, backing companies from clinical-stage drug development to commercial-stage medical device businesses. Their portfolio, which includes companies like IntelyCare and WelbeHealth, shows a commitment to businesses improving patient care and healthcare operations.

This firm is a strong choice if you are a founder in the biotech or medical technology sectors with a product that has demonstrated clinical or commercial progress. Founders who need a partner with deep domain expertise in healthcare will find them to be a good fit.

• Investment Stage: Series D
• Industries of Focus: Biotechnology, Medical Technology, and Healthcare
• Geographical Presence: Menlo Park, California
• Founded: 2006
• Notable Portfolio: Includes IntelyCare and WelbeHealth
• Portfolio Size: Over 100 investments

You can refer to their website here.

12. Sorenson Capital

Sorenson Capital is a growth equity firm based in Lehi, Utah, that provides capital for small- to middle-market companies. They participate in both private equity investments and buyouts.

The firm invests across several technology sectors, with a clear interest in B2B software, cybersecurity, FinTech, and AI. Their portfolio, which includes companies like Uniphore and Kenna Security, shows a focus on businesses with established products and market presence.

Sorenson Capital is a good potential partner if you lead a company with a proven business model and are ready for the next stage of growth. Founders located outside of major coastal tech hubs may find their Utah-based perspective particularly helpful.

• Investment Stage: Series D and growth equity
• Industries of Focus: Cybersecurity, SaaS, FinTech, AI/ML, and PropTech
• Geographical Presence: Lehi, Utah
• Founded: 2002
• Notable Portfolio: Includes Uniphore, Kenna Security, and RealtyMogul
• Portfolio Size: 73 investments

You can refer to their website here.

13. Vivo Capital

Vivo Capital is a global investment firm based in Palo Alto that concentrates on the healthcare sector. With a history dating back to 1996, they manage approximately $5.8 billion in assets under management.

The firm's investment thesis is tightly focused on healthcare, including life sciences, FemTech, and medical manufacturing. Their portfolio, with companies like PatientPop and INBRACE, shows a commitment to businesses across the healthcare spectrum.

This firm is a great potential partner if you are a founder in the healthcare or life sciences space with a company ready for growth-stage funding. Their specific industry knowledge makes them a valuable ally for founders needing a specialized investor.

• Investment Stage: Series D
• Industries of Focus: FemTech, Life Science, Manufacturing, and Healthcare
• Geographical Presence: Palo Alto
• Founded: 1996
• Notable Portfolio: Includes PatientPop, Provivi, and INBRACE
• Portfolio Size: Over 170 investments

You can refer to their website here.

14. Canaan Partners

Canaan is a venture capital firm with a long history of backing early-stage companies since 1987. Based in Menlo Park, they invest in what they call "visionaries with transformative ideas," often participating from the early stages through later growth rounds.

The firm invests across an unusually wide range of industries, including FinTech, healthcare, consumer, and deep tech. Their large portfolio, featuring companies like Cuyana and Dusty Robotics, demonstrates a generalist approach rather than a narrow thematic focus.

Canaan is a strong potential partner for founders seeking an experienced investor with a broad network and a history of backing ambitious ideas. Their multi-sector strategy makes them a good fit if your company operates across different industries or doesn't fit a niche category.

• Investment Stage: Early-stage through growth rounds, including Series D
• Industries of Focus: A wide range including FinTech, Healthcare, Consumer, and DeepTech
• Geographical Presence: Menlo Park, California
• Founded: 1987
• Notable Portfolio: Includes Cuyana, Apex.AI, and RealtyMogul
• Portfolio Size: Over 730 investments

You can refer to their website here.

15. Citi Ventures

Citi Ventures is the corporate venture capital arm of global financial services company Citi. Based in San Francisco, they invest in technology companies that are driving change for businesses and communities.

The firm's most distinct feature is its connection to Citi, offering portfolio companies access to a massive global network and deep industry expertise. Their investments span a wide array of sectors, from FinTech and enterprise software to cybersecurity and AI, with portfolio companies like Anaconda and Kenna Security.

Citi Ventures is a great fit if your company could gain a significant advantage from a strategic relationship with a major financial institution. Businesses in sectors that align with Citi's core operations may find their support especially valuable for scaling.

• Investment Stage: Series D
• Industries of Focus: A broad range including FinTech, Enterprise Software, AI/ML, and Cybersecurity
• Geographical Presence: San Francisco, California
• Founded: 2008
• Notable Portfolio: Includes Anaconda, Kenna Security, and The Mom Project
• Portfolio Size: Over 170 investments

You can refer to their website here.

What Startup Founders Should Look for in a Series D VC Firm

When evaluating Series D VC firms, it's crucial to look beyond the capital. The right partner for this growth stage offers strategic alignment and operational expertise. Consider whether you need a hands-on firm that provides deep operational support or one that offers more flexible, patient capital, allowing you to maintain control over your strategy.

Assess whether a specialist or generalist investor is a better fit. A specialized late-stage venture capital firm brings deep domain knowledge for sectors like AI or biotech, while a generalist offers a broader network. Your choice should reflect your company’s specific needs for scaling.

Finally, don't limit your search geographically. While many late stage venture capital firms are in California and New York, strong partners exist across the USA in cities like Boston and Atlanta. The best fit is a firm whose track record, network, and vision will truly help your company reach its next milestone.

Raise Confidently with Rho

Fundraising requires significant time and energy, so a focused list of relevant investors is essential for an efficient process. We hope this guide helps you target the right firms for your Series D round.

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

Our platform is built to help you manage your new capital with integrated business banking and corporate cards. We also provide automated bill pay to help your startup operate efficiently as you scale.

FAQs about Series D Venture Capital

How does Series D differ from Series C venture capital?

Series D is a later stage venture capital round focused on scaling before an IPO or acquisition. While Series C venture capital also fuels growth, Series D often involves larger sums and is for more mature, established companies.

What are typical venture capital returns by stage?

Venture capital returns by stage generally decrease as risk lowers. Early stages offer higher potential returns, while late-stage venture capital funds expect more stable, predictable growth from a late stage venture capital portfolio company.

Are most late-stage VC firms in California?

While many late stage venture capital firms are in California, major hubs exist across the USA. You can find growth stage venture capital in cities like Austin, Miami, and throughout the country.

What do multistage growth venture capital firms look for?

Multistage growth venture capital firms invest from early to late stages. They seek strong founding teams and large market opportunities, backing companies in sectors from EdTech to sustainability with a consistent, long-term vision.

What about late-stage biotech VC firms?

Late-stage biotech VC firms provide significant funding for clinical trials and commercialization. These investors, found in hubs like Los Angeles, have deep scientific expertise and look for proven data before committing capital.

How can Rho help after my venture capital series funding?

Once your venture capital series is complete, our platform helps you manage your new funds. Rho offers integrated banking, corporate cards, and automated bill pay to help you scale your business efficiently.