Top 12 Venture Capital Firms in Chicago

For founders preparing to raise capital, understanding the local investor community is a critical first step. In Chicago, knowing which firms align with your company's stage and sector can make a significant difference in your fundraising process.

To help you get started, our team at Rho curated this overview of the top venture capital firms operating in the Windy City. This guide is designed to give you a quick summary of relevant investors so you can focus your efforts.

Actively raising? You can now access non-dilutive funding options like venture debt and credit lines through Rho Capital. Rho also provides access to business banking, corporate cards, and bill pay — built for startup teams moving fast.

Key Takeaways

• Seeking venture capital funding is about more than just money; it’s about finding a partner who understands your industry and supports your growth.
• Chicago’s investor community includes prominent firms like S2G Investments, ARCH Venture Partners, G Squared, and CMT Digital, each with different areas of focus.
• Whether you're actively fundraising or have just closed a round, Rho helps you manage your capital with alternative funding options, fast business banking, and corporate cards.

Which Chicago VC Firms Are Right for Your Stage?

Whether you're an early-stage company or preparing for an exit, it helps to know which investors to approach. Here is a quick overview of Chicago VC firms, organized by the stage at which they typically invest.

Pre-seed and Seed VC Firms in Chicago

Pre-seed and seed funding is the earliest capital you'll raise, often used to validate an idea and build a minimum viable product. For founders seeking pre-seed venture capital, Chicago has firms like Chingona Ventures, which focuses on the earliest stages, and M25, one of the most active seed investors in the Midwest.

Early Stage VC Firms in Chicago

Early-stage funding, typically covering Series A and B, helps companies with a proven product and initial traction scale their operations. If you're looking for early-stage VC firms, you might approach investors like Origin Ventures, which backs software businesses, or Lightbank, which invests across sectors including SaaS and fintech.

Late Stage VC Firms in Chicago

Late-stage venture capital is for established companies seeking significant funding to expand, enter new markets, or prepare for an exit. Investors like G Squared, a growth-stage firm, and ARCH Venture Partners, a key player for life sciences companies, are two examples of firms that provide this type of financing.

It's also worth noting that many firms are multi-stage investors that provide capital across a company's entire lifecycle.

Here is our summary of the top VC firms in Chicago, including details on their investment stages, sector focus, key portfolio companies, and what makes each firm a strong potential partner for founders.

1. S2G Investments

S2G Investments is a multi-stage investment firm focused on companies building healthier and more sustainable systems. They primarily invest in the food, agriculture, oceans, and energy industries.

The firm’s strategy is centered on specific themes within its target sectors, supporting businesses that aim to create positive environmental or social change. They provide capital across a company's entire lifecycle, from seed rounds to post-IPO financing.

S2G is a good fit if you are a founder in the food, agriculture, energy, or oceans space. Their multi-stage approach means they can be a long-term partner as your company scales.

• Investment Stages: Seed, Early Stage Venture, Late Stage Venture, Post-IPO, Convertible Note, Debt
• Industries of Focus: Food & Agriculture, Oceans, Energy
• Founded: 2014
• Number of Investments: 175

You can refer to their website here.

2. ARCH Venture Partners

ARCH Venture Partners is a firm that invests in companies built on life science discoveries. Their goal is to back businesses that can prevent, detect, and cure diseases.

The firm is known for co-founding and building companies from the ground up, often based on early scientific breakthroughs. They support companies across their entire lifecycle, from seed funding through to post-IPO stages.

ARCH is a strong partner for founders in the life sciences and biotechnology sectors. They are particularly well-suited for those seeking a long-term investor with deep scientific and operational expertise.

• Investment Stages: Seed, Early Stage Venture, Late Stage Venture, Post-IPO, Convertible Note, Debt
• Industries of Focus: Life Sciences
• Founded: 1986
• Number of Investments: 505

You can refer to their website here.

3. G Squared

G Squared is a growth-stage venture capital firm that provides private funding to dynamic companies. They focus on supporting businesses that are already demonstrating significant traction and are ready to scale.

The firm invests across a company's lifecycle, from early rounds to post-IPO, and also participates in the secondary market. This flexibility indicates they can provide liquidity for existing shareholders in addition to primary growth capital.

G Squared is a good match if you are leading a growth-stage company and need a partner that can invest across different financing structures. Their broad focus on finance and business development suggests they value strong business fundamentals and growth metrics.

• Investment Stages: Seed, Early Stage Venture, Late Stage Venture, Post-IPO, Secondary Market, Convertible Note
• Industries of Focus: Business Development, Finance, Financial Services
• Founded: 2011
• Number of Investments: 108

You can refer to their website here.

4. CMT Digital

CMT Digital is a venture capital firm that also operates as a proprietary trading group. They concentrate on early-stage companies in the blockchain and web3 sectors.

The firm's background in proprietary trading gives them a distinct perspective on market dynamics. As a division of the CMT Group, they bring experience from traditional financial markets to their crypto investments.

CMT Digital is a good fit if you are an early-stage founder building infrastructure for the crypto or decentralized finance space. Their trading expertise could be particularly valuable for projects where market structure is a key component.

• Investment Stages: Seed, Early Stage Venture, Convertible Note
• Industries of Focus: Blockchain, Cryptocurrency, Financial Services, FinTech
• Founded: 2017
• Number of Investments: 157

You can refer to their website here.

5. M25

M25 is one of the most active venture capital firms focused on early-stage companies in the Midwest. They invest across a wide range of industries, backing startups headquartered throughout the region.

The firm’s defining characteristic is its strong geographical focus, combined with a broad, industry-agnostic approach. This signals they prioritize regional growth and are open to diverse business models rather than concentrating on a few specific sectors.

M25 is a great potential partner if you are an early-stage founder based in the Midwest. Their high investment activity and broad industry focus make them an accessible first point of contact for many startups in the region.

• Investment Stages: Seed, Early Stage Venture
• Industries of Focus: Consumer, Enterprise, Enterprise Software, Finance, FinTech
• Geographical Focus: Midwest (14 states)
• Founded: 2015
• Number of Investments: 176

You can refer to their website here.

6. Moderne Ventures

Moderne Ventures is a strategic venture capital and growth equity firm that invests in companies at multiple stages. They provide capital to businesses from early venture rounds through to private equity.

A key feature is their focus on technology for large industries like real estate, finance, and insurance. Their accelerator program also indicates a commitment to providing hands-on support and deep industry access.

Moderne Ventures is a good match if you are a founder in their target industries seeking more than just capital. Their model is well-suited for teams that can benefit from strategic guidance and a strong network.

• Investment Stages: Early Stage Venture, Late Stage Venture, Private Equity
• Industries of Focus: Real Estate, Insurance, FinTech, Sustainability, Finance
• Founded: 2015
• Number of Investments: 105

You can refer to their website here.

7. Lightbank

Lightbank is a Chicago-based venture capital firm founded by Eric Lefkofsky. The firm invests across a wide range of technology sectors, including AI, SaaS, marketplaces, and fintech.

The firm’s approach is notable for its flexibility, providing capital from seed rounds through to later stages. They maintain a broad industry focus, suggesting they prioritize strong business fundamentals over a narrow investment thesis.

Lightbank is a good partner if you are a technology founder looking for an investor that can support your company across multiple growth phases. Their wide-ranging interests make them a potential fit for many different business models.

• Investment Stages: Seed, Early Stage Venture, Late Stage Venture
• Industries of Focus: AI, SaaS, Marketplaces, Healthcare, FinTech, Consumer
• Founded: 2010
• Number of Investments: 206

You can refer to their website here.

8. Origin Ventures

Origin Ventures is an early-stage venture capital firm that invests in software and marketing businesses. Their focus is on companies building for what they call the "Digital Native economy."

A defining feature of the firm is its clear thesis around businesses that serve digitally native consumers and workforces. They also invest across multiple stages, signaling they can be a financial partner from seed funding through later rounds.

Origin is a strong potential partner if you are a founder of a software or marketing tech company with a clear growth plan. They are a good fit for teams that build products for modern digital behaviors.

• Investment Stages: Seed, Early Stage Venture, Late Stage Venture
• Industries of Focus: Software, Marketing, FinTech
• Founded: 1999
• Number of Investments: 121

You can refer to their website here.

9. CIVC Partners

CIVC Partners is a Chicago-based private equity and venture capital firm with a long history in the market. With over 50 years of experience, they invest in both early-stage companies and more established businesses.

The firm’s deep roots in private equity suggest a focus on companies with strong business fundamentals and a clear path to growth. Their strategy spans from early-stage venture to private equity, indicating they can support a company through multiple phases of development.

CIVC Partners is a good match for founders in the business or financial services sectors. They are particularly well-suited for teams seeking a partner with deep financial expertise and a long-term perspective on building value.

• Investment Stages: Early Stage Venture, Private Equity
• Industries of Focus: Finance, Financial Services, Venture Capital
• Founded: 1970
• Number of Investments: 35

You can refer to their website here.

10. Chingona Ventures

Chingona Ventures is a venture capital firm that concentrates on investing in companies at their earliest stages. They provide capital to founders who are often pre-product and pre-revenue, focusing on businesses that are frequently overlooked.

The firm’s investment thesis is built around backing founders and markets that are often underrepresented in the venture ecosystem. Their clear focus on the pre-seed stage signals a commitment to getting involved from day one with hands-on support.

Chingona Ventures is a strong potential partner if you are a founder from an underrepresented background building a business from the ground up. Their pre-seed focus makes them ideal for teams seeking their first institutional capital.

• Investment Stages: Seed, Early Stage Venture
• Industries of Focus: FinTech, Future of Work, Wellness
• Founder Focus: Backing founders and markets often overlooked by traditional VCs
• Founded: 2019
• Portfolio Size: 48 investments

You can refer to their website here.

11. Second Century Ventures

Second Century Ventures is a venture capital firm that invests in technology companies transforming the real estate sector. They support innovation across the property industry, from commercial real estate to smart homes.

The firm’s defining feature is its tight focus on real estate technology, also known as proptech. As a corporate venture capital fund, they likely offer strategic value beyond just capital, connecting portfolio companies to a larger industry network.

Second Century Ventures is a good match if you are a founder developing technology for the real estate or financial services markets. They are particularly well-suited for teams that can benefit from deep industry connections.

• Investment Stages: Early Stage Venture, Late Stage Venture, Convertible Note
• Industries of Focus: Commercial Real Estate, Financial Services, Smart Home
• Founded: 2009
• Portfolio Size: 213 investments

You can refer to their website here.

12. Impact Engine

Impact Engine is a venture capital and private equity firm that invests in early-stage companies with a focus on generating positive social and environmental outcomes. They provide both financial and human capital to help their portfolio companies grow.

The firm’s defining characteristic is its commitment to impact investing, seeking businesses that align financial returns with measurable social or environmental benefits. Their focus on early stages, including seed and convertible notes, shows they are prepared to support companies from their initial phases.

Impact Engine is a strong potential partner if you are a founder building a business with a clear mission at its core. They are well-suited for teams that want an investor who values both profit and purpose.

• Investment Stages: Seed, Early Stage Venture, Convertible Note
• Industries of Focus: Impact Investing, Finance, Financial Services
• Founded: 2012
• Portfolio Size: 87 investments

You can refer to their website here.

What This Tells Us About Chicago's VC Scene

This overview of Chicago's top VC firms shows a mature and well-rounded funding environment. Rather than being heavily weighted toward one stage, the city offers a healthy mix of investors for companies at different points in their growth. You'll find dedicated early-stage firms alongside multi-stage partners who can provide capital from seed to exit.

The sector focus is also quite diverse. While there are strong generalist tech investors, you can also find deep specialization in areas like life sciences, real estate technology, and financial services. This variety suggests that no matter your industry or stage, there is likely a relevant investor in Chicago for you to connect with as you plan your next steps.

Raise Confidently with Rho

Fundraising requires significant time and focus. Having a targeted list of investors helps you direct your energy where it matters most, making your outreach more effective.

If you’re seeking funding, Rho Capital connects you to non-dilutive funding options like venture debt and credit lines through a fast, guided process. We built our platform to give you more ways to finance your company's growth.

Once capital is secured, Rho provides integrated tools to help you manage and deploy funds efficiently. This includes business banking, corporate cards, and automated bill pay to support your operations.

FAQs about Venture Capital Firms in Chicago

What do Chicago VCs look for in a startup?

Chicago investors prioritize a strong founding team, a large market opportunity, and evidence of traction. For early-stage companies, a clear vision and a solid plan for growth are essential to making a compelling case for investment.

Which biotech venture capital firms are in Chicago?

Chicago is home to prominent life sciences investors. ARCH Venture Partners is a key player focused on scientific discoveries, while other multi-stage firms in the city also invest in health tech and medical device companies.

Are there fintech venture capital firms in Chicago?

Yes, Chicago has a strong fintech ecosystem. Firms like Lightbank, M25, and CMT Digital actively fund financial technology companies, covering everything from SaaS platforms to blockchain infrastructure and cryptocurrency.

How do I find early-stage VC firms in Chicago?

Focus on firms that specialize in pre-seed and seed rounds, such as M25 and Chingona Ventures. Attending local industry events and building relationships within the startup community can also lead to valuable investor introductions.

What are the top SaaS venture capital firms in Chicago?

Many Chicago firms invest in SaaS. Origin Ventures backs software companies serving the "Digital Native economy," while Lightbank has a broad technology focus that includes SaaS. Reviewing their portfolios will show their specific interests.

How can Rho help after my fundraise?

Once you secure capital, our platform helps you manage it effectively. We offer integrated business banking, corporate cards, and automated payments to support your operations. Get started with Rho to manage your growth.