15 Top Venture Capital Firms Investing in Business Development

For founders building business development or sales technology startups, knowing which investors truly understand your space is critical when preparing to raise capital. Finding a partner who gets the nuances of go-to-market strategy can make all the difference in your fundraising process.

To help you connect with the right people, our team put together this overview of the top VC firms investing in business development technology. We've curated this list to help you quickly identify relevant investors, whether you're looking for early-stage or late-stage venture capital firms.

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

• For a startup focused on business development technology, securing venture funding means gaining the resources to accelerate product growth, build out your sales team, and scale your own go-to-market efforts.
• Venture firms like Craft Ventures, Wing Venture Capital, QED Investors, and Shield Capital are notable backers of startups in the business development space.
• Whether you're actively raising or have just closed a round, Rho helps you manage your capital with an integrated platform for business banking, corporate cards, and bill pay.

Which VC Firms in Business Development 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 the VC firms that invest in business development startups, broken down by stage.

Pre-seed and Seed VC Firms in Business Development

Pre-seed and seed funding is the earliest capital you'll raise, typically used to validate your idea and find initial product-market fit. For founders in the business development space, seed stage VC firms like Defy, Shield Capital, and The General Partnership focus on providing this foundational support.

Early Stage VC Firms in Business Development

Early-stage funding, which includes Series A and B rounds, is for startups with proven traction that need capital to scale their team and accelerate go-to-market efforts. Some early-stage venture capital firms with experience in business development technology include Craft Ventures, Wing Venture Capital, and the Austin-based Silverton Partners.

Late Stage VC Firms in Business Development

Late-stage venture capital is designed for established companies looking for growth equity to expand into new markets, make acquisitions, or prepare for an IPO. Prominent late-stage venture capital firms that invest in high-growth companies include IVP, G Squared, and QED Investors.

While you pursue equity partners, Rho Capital can also connect you to non-dilutive funding options like venture debt, helping you access financing tailored to your stage. After your fundraise, our integrated financial tools help you manage and deploy capital efficiently.

It's also worth noting that many VC firms invest across multiple stages, from seed to exit.

To help you find the right partner, here is a detailed overview of top VC firms that invest in business development technology. We've included key information on their investment stages, geographic focus, and what makes each firm a compelling choice for founders.

1. Craft Ventures

Based in San Francisco, Craft Ventures is a venture capital firm that specializes in backing B2B software and SaaS companies. Founded in 2017, the firm invests from seed to late-stage, supporting founders throughout their growth journey.

The firm is known for its sharp focus on SaaS and has built a portfolio with major successes like Affirm, ClickUp, and Anduril. This track record suggests a preference for product-led companies with the potential to define or dominate their categories.

Craft Ventures is an excellent match if you're a founder building a B2B SaaS company with high-growth ambitions. Once you secure funding from a partner like Craft, our integrated platform at Rho helps you manage and deploy that capital with tools for banking, corporate cards, and bill pay.

• Investment stages: Seed to late-stage venture
• Industries of focus: B2B software and SaaS
• Geographical presence: San Francisco
• Founded: 2017
• Notable investments: Affirm, Airbnb, Anduril, ClickUp
• 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 invests in early-stage, technology-focused businesses. They partner with founders to build companies with lasting market presence, particularly those applying AI to business problems.

The firm has a clear focus on business-centric technology, with a portfolio that includes the blockchain company Algorand and the video-calling startup Around, which was acquired by Miro. Their track record demonstrates a knack for guiding companies toward successful exits, including IPOs and strategic acquisitions by major players like Oracle and Confluent.

Wing Venture Capital is a strong match for founders building B2B technology companies, especially in sectors like machine learning and financial services. Once you secure funding from a partner like Wing, our platform at Rho can help you manage that capital with integrated banking, cards, and payments.

• Investment stages: Seed to late-stage venture
• Industries of focus: Business Development, Financial Services, Machine Learning, Impact Investing
• Geographical presence: Palo Alto, California
• Founded: 2013
• Notable investments: Algorand, Around, Palerra, Opower, Noteable
• Number of investments: Over 195

You can refer to their website here.

3. QED Investors

Based in Alexandria, Virginia, QED Investors is a venture capital firm that backs high-growth companies, particularly in the financial technology sector. Since its founding in 2007, the firm has built a strong reputation for supporting businesses from their earliest stages through to maturity.

The firm has a clear focus on fintech, with a portfolio that includes major successes like Nubank, SoFi, and Credit Karma, all of which achieved major exits. QED invests across all stages, from seed to late-stage venture, showing a commitment to supporting founders throughout their entire growth cycle.

QED is an excellent partner for founders building ambitious fintech or B2B software companies, especially those with a clear path to market leadership. Once you secure funding from a partner like QED, our integrated platform at Rho helps you manage and deploy that capital with tools for banking, corporate cards, and bill pay.

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

You can refer to their website here.

4. Shield Capital

Based in San Francisco, Shield Capital is a venture capital firm that invests in founders building frontier technologies. Since its founding in 2021, the firm has focused on backing companies at the seed and early stages of development.

The firm shows a clear preference for deep-tech and dual-use companies, with portfolio highlights like AI platform Snorkel AI and defense software company Rebellion Defense. This focus suggests they value technical depth and support founders tackling complex, high-impact problems.

Shield Capital is a strong match for founders developing ambitious technologies with applications in areas like AI, national security, and aerospace. Once you secure funding from a partner like Shield, our integrated platform at Rho helps you manage that capital with tools for banking, corporate cards, and bill pay.

• Investment stages: Seed and early-stage venture
• Industries of focus: Frontier technology, including AI, defense, and financial services
• Geographical presence: San Francisco
• Founded: 2021
• Notable investments: Snorkel AI, Rebellion Defense, Hawkeye 360, Elroy Air, Albedo
• 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 backing founders since 2006. The firm invests across a range of sectors, including software, tech-enabled services, and consumer packaged goods brands.

Silverton has a strong history of guiding companies to major exits, including successful IPOs like Ping Identity and SailPoint. This track record highlights their ability to support founders from the initial investment all the way to the public markets.

The firm is a great choice for early-stage founders building software or tech-enabled service companies, particularly those with ambitions for a large-scale exit. Once you secure funding, our integrated platform at Rho helps you manage that capital with tools for banking, corporate cards, and bill pay.

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

You can refer to their website here.

6. IVP

Based in Menlo Park, IVP is a long-standing venture capital firm that focuses on later-stage investments in fast-growing technology companies. Since its founding in 1980, the firm has established itself as a key partner for businesses on a high-growth trajectory, with a portfolio full of household names like Coinbase, Dropbox, and Snap.

The firm has a strong record of guiding companies to major public offerings and acquisitions, including several landmark IPOs, signaling their expertise in scaling companies for significant exits. This makes IVP an ideal partner for founders of established, high-growth technology companies seeking capital for expansion. After securing a significant round, our integrated platform at Rho helps you manage and deploy that capital with tools for banking, corporate cards, and bill pay.

• Investment stages: Early-stage to post-IPO
• Industries of focus: Business Development, Finance, Financial Services
• Geographical presence: Menlo Park, California
• Founded: 1980
• Notable investments: Coinbase, UiPath, Dropbox, Snap, Supercell
• Number of investments: Over 400

You can refer to their website here.

7. G Squared

Based in Chicago, G Squared is a growth-stage venture capital firm that has been backing dynamic companies since 2011. The firm invests across the entire company lifecycle, from seed rounds and convertible notes to post-IPO opportunities.

The firm is known for backing some of the most recognizable names in technology, including Airbnb, Spotify, and Instacart. Their portfolio shows a clear pattern of investing in companies that become market leaders and achieve significant public exits.

G Squared is a compelling partner for founders with high-growth companies that have the potential to become household names. After you secure a significant round from a partner like G Squared, our integrated platform at Rho helps you manage and deploy that capital with tools for banking, corporate cards, and bill pay.

• Investment stages: Seed to post-IPO, including secondary markets
• Industries of focus: Business Development, Finance, Financial Services
• Geographical presence: Chicago, Illinois
• Founded: 2011
• Notable investments: Airbnb, Coursera, Instacart, Lyft, Spotify
• Portfolio size: Over 100 investments

You can refer to their website here.

8. The General Partnership

Based in San Francisco, The General Partnership is a venture capital firm that supports startups from their earliest formation through their growth stages. Founded in 2018, the firm focuses on providing seed and early-stage capital to help founders build their companies from the ground up.

The firm's portfolio features several high-profile unicorns like Coda, Nuro, and Grafana Labs, indicating a focus on backing ambitious, category-defining companies. Their investments in foundational technologies suggest a preference for businesses with deep technical expertise and large market potential.

The General Partnership is a great fit for founders at the seed or early stages who are building technically complex products in areas like collaborative software or AI. Once you secure funding from a partner like The General Partnership, our integrated platform at Rho helps you manage and deploy that capital with tools for banking, corporate cards, and bill pay.

• Investment stages: Seed and early-stage venture
• Industries of focus: Business Development, Finance, Financial Services
• Geographical presence: San Francisco, California
• Founded: 2018
• Notable investments: 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. The firm specializes in helping entrepreneurs build customer connections and strategic partnerships in Asia.

The firm's key differentiator is its focus on bridging US startups with major Asian markets, offering a valuable network for global expansion. Their portfolio shows a history of successful exits through both IPOs and strategic acquisitions by companies like Cisco and Uber.

Translink Capital is a great match for founders whose growth strategy includes expansion into Asian markets. Once you secure funding, our platform at Rho can help you manage that capital with integrated banking, cards, and payments.

• Investment stages: Seed to late-stage venture, ICOs
• Industries of focus: Business Development, Financial Services, Venture Capital
• Geographical presence: Palo Alto, California
• Founded: 2007
• Notable investments: Carbonite, CliQr, deCarta, 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 primarily backs companies at the seed stage. They focus on identifying and supporting high-potential opportunities from their earliest days.

The firm has a strong record of guiding companies to significant outcomes, including the IPO of The Honest Company and the acquisition of eero by Amazon. Their portfolio shows a focus on businesses with the potential to become market leaders across consumer and enterprise technology.

Defy is a great partner for founders at the seed stage who are building ambitious companies with clear paths to large-scale exits. Once you secure that initial funding, our platform at Rho can help you manage your capital with integrated banking, cards, and payments.

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

You can refer to their website here.

11. Acrew Capital

Based in San Francisco, Acrew Capital is a venture firm that invests in companies with the potential for significant market impact. The firm also has a stated goal of helping to diversify the cap tables of leading growth companies.

Acrew has a track record of backing major players in fintech and enterprise software, with portfolio highlights including Slack and Coinbase, both of which had major public exits. Their focus on high-growth companies is also evident in their support for fintechs like Chime and the payments platform Marqeta.

Acrew is a strong partner for founders building in fintech or enterprise software with a clear path to becoming a category leader. After securing a significant round from a partner like Acrew, our integrated platform at Rho helps you manage and deploy that capital with tools for banking, corporate cards, and bill pay.

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

You can refer to their website here.

12. Day One Ventures

Based in San Francisco, Day One Ventures is a venture capital firm that backs customer-obsessed companies from their earliest stages. Founded in 2018, the firm combines capital with hands-on communications support to help founders build their brand.

The firm’s defining feature is its in-house public relations expertise, which it uses to spearhead communications for its portfolio companies. This approach, combined with a portfolio of unicorns like Remote and Worldcoin, signals a focus on building brand-name companies.

Day One Ventures is an excellent partner for founders who value strategic communications and want a hands-on partner to help shape their public narrative. Once you secure funding, our platform at Rho can help you manage your new capital with integrated banking, cards, and payments.

• Investment stages: Seed and early-stage venture
• Industries of focus: Business Development, Financial Services, Information Technology
• Geographical presence: San Francisco
• Founded: 2018
• Notable investments: Remote, Worldcoin, BitFury, Root, Lithic
• Portfolio size: Over 110 investments

You can refer to their website here.

13. Dragonfly

Based in San Francisco, Dragonfly is a venture capital firm that invests globally in the crypto and web3 space. Since its founding in 2018, the firm has focused on backing companies and protocols building foundational technologies.

Dragonfly has a clear focus on crypto infrastructure, with a portfolio that includes major blockchains like Polygon, Avalanche, and Aptos. Their investments in core protocols like MakerDAO show a commitment to backing the fundamental layers of the decentralized web.

The firm is an ideal partner for founders building technically ambitious crypto projects, from new Layer-1 blockchains to DeFi applications. After securing funding, our platform at Rho can help you manage your treasury with integrated banking, cards, and payments.

• Investment stages: Seed, early-stage venture, private equity, and ICOs
• Industries of focus: Crypto, Web3, Financial Services
• Geographical presence: San Francisco, California
• Founded: 2018
• Notable investments: Polygon, Avalanche, NEAR Protocol, Aptos, MakerDAO
• Portfolio size: Over 165 investments

You can refer to their website here.

14. Flare Capital Partners

Based in Boston, Flare Capital Partners is a venture firm that provides capital to early-stage and emerging healthcare technology companies. Since its founding in 2015, the firm has focused on backing businesses at the intersection of health and technology.

The firm has a clear focus on healthcare technology, with a portfolio full of companies that have achieved major exits. Success stories include Bright Health's IPO and Iora Health's acquisition by One Medical, showing their ability to support companies to significant scale.

Flare Capital is an excellent partner for founders building ambitious healthcare technology companies with a clear path to market leadership. Once you secure funding, our integrated platform at Rho helps you manage and deploy that capital with tools for banking, corporate cards, and bill pay.

• Investment stages: Seed, early-stage, late-stage venture, and private equity
• Industries of focus: Healthcare technology, Financial Services
• Geographical presence: Boston, Massachusetts
• Founded: 2015
• Notable investments: 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 is a venture capital firm that backs seed-stage startups. The firm concentrates on companies building software to help decarbonize global energy and mobility systems.

The firm's clear commitment is to software-driven climate solutions, with a portfolio that includes solar asset platform Raptor Maps. Their track record also includes several successful exits, such as the acquisition of Zenduty by Freshworks, showing their ability to support companies toward valuable outcomes.

Powerhouse Ventures is a strong fit for seed-stage founders building software in the cleantech, energy, or mobility sectors. Once you secure funding from a partner like Powerhouse, our integrated platform at Rho helps you manage and deploy that capital with tools for banking, corporate cards, and bill pay.

• Investment stages: Seed and early-stage venture, including convertible notes
• Industries of focus: Software for energy, mobility, and cleantech
• Geographical presence: Oakland, California
• Founded: 2018
• Notable investments: 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 the funding environment for companies in the business development space is healthy and well-rounded. You'll find strong investor representation across all funding stages, from seed and early-stage specialists to prominent late-stage growth funds. This balance suggests a mature market where capital is available for companies at every point in their lifecycle, whether you're just starting out or preparing to scale aggressively.

While many firms are concentrated in the San Francisco Bay Area, there are excellent partners in other major tech hubs like Austin, Chicago, and Boston. The variety of investor focus—from pure B2B SaaS to deep tech and fintech—means you can find a firm with specific expertise in your area. As you consider your options, Rho Capital can also connect you to non-dilutive funding to complement your equity strategy, giving you more control over your financing.

Raise Confidently with Rho

Knowing which investors to approach saves you critical time and energy during a fundraise. We hope this list gives you a strong starting point for building the right relationships.

While you pursue equity partners, our team can also help you secure non-dilutive financing. If you’re seeking funding, Rho Capital connects you to venture debt and credit lines through a fast, guided process.

Once your funding is in place, our integrated platform helps you put it to work efficiently. We provide the business banking, corporate cards, and automated bill pay that growing companies need to manage their capital well.

FAQs about Venture Capital Firms Focused on Business Development

What should I know about approaching Bay Area VC firms?

Bay Area investors often expect a warm introduction and a polished pitch deck. They value founders who understand the competitive environment and can show early signs of traction. Be prepared to move quickly, as the pace is typically fast.

Are there many business development VC firms outside of Silicon Valley?

Yes, many excellent firms are based in other hubs like New York, Boston, and Austin, as well as internationally. These investors often have deep regional networks and specific industry knowledge that can be very valuable for your company's growth.

How do I choose the right early-stage VC for my business development startup?

Look for a partner with direct experience in your specific market. Consider their track record, the hands-on support they offer, and whether their network aligns with your customer base. Finding the right fit is more important than just securing capital.

What do Series A venture capital firms look for in a business development company?

At Series A, investors want to see a proven product with clear market fit, a repeatable sales process, and strong initial revenue. You should have a solid plan for how you will use the capital to scale your go-to-market team.

How can Rho help while I am fundraising?

Our team at Rho can connect you with non-dilutive funding options like venture debt to complement your equity raise. Once funded, our platform helps you manage your capital with integrated banking, cards, and automated payments.