# Understory funding: rounds and investors > Understory has raised $40M across 7 rounds since 2012. Investors include RRE Ventures, True Ventures and Gener8tor. Every round with its source. Source: https://millionrounds.com/company/understory (Millionrounds; every figure on the page links to its filing or article) United States · [Series A startup](https://millionrounds.com/companies) # Who invested in *Understory* 7 rounds we have observed, with the 12 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it. AI Big Data & Analytics Fintech Martech Follow Understory and see its new rounds in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Fcompany%2Funderstory) Funding summary Updated 5 Nov 2026 **$40M** raised across 7 rounds since 2012, from 7 sources **$7.5M** Round **$15M** Series A **$14M** Series A - **Latest round:** Series A, $14M Sept 2025 - **Led by:** Smedvig Ventures - **Biggest round:** $15M Series A · Jun 2024 - **Investors:** 12 (1 led) See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2012 2014 2016 2018 2020 2022 2024 **$18K** Seed **$50K** Seed **$1.9M** Seed **$7.5M** Round **$1.0M** Grant **$15M** Series A **$14M** Series A - **First round:** Seed, $18K - **Biggest round:** $15M - **Usual gap between rounds:** 15 months ## The rounds - **Sept 2025** Series A **$14M** *5 new* [Smedvig Ventures](https://millionrounds.com/fund/smedvig-ventures) Lead [Seed Capital](https://millionrounds.com/fund/seed-capital) [Firstminute Capital](https://millionrounds.com/fund/firstminute-capital) [Compound](https://millionrounds.com/fund/compound-5) [People Ventures](https://millionrounds.com/fund/people-ventures-3) Reported by Silicon Canals - **Jun 2024** Series A **$15M** *3 returning* [RRE Ventures](https://millionrounds.com/fund/rre-ventures) [True Ventures](https://millionrounds.com/fund/true-ventures-2) [Gener8tor](https://millionrounds.com/fund/gener8tor) Source recorded SEC filing: $15M sold, first sale Nov 2023 - **Apr 2023** Grant **$1.0M** *1 new* [National Science Foundation](https://millionrounds.com/fund/nsf-small-business-innovation-research-small-business-techno) Source recorded SEC filing: $13M sold, first sale May 2023 - **Nov 2018** Round **$7.5M** No investor was named in the report. Reported by FinSMEs SEC filing: $7.5M sold, first sale Sept 2018 - **Apr 2014** Seed **$1.9M** *4 new* [RRE Ventures](https://millionrounds.com/fund/rre-ventures) [True Ventures](https://millionrounds.com/fund/true-ventures-2) [VegasTechFund](https://millionrounds.com/fund/vegastechfund) [SK Ventures](https://millionrounds.com/fund/sk-ventures) From a historical funding record - **Jul 2013** Seed **$50K** *1 new* [Bolt](https://millionrounds.com/fund/bolt-3) From a historical funding record - **Jun 2012** Seed **$18K** *1 new* [Gener8tor](https://millionrounds.com/fund/gener8tor) From a historical funding record ## Who was in which round The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led. **Seed** 2012 **Seed** 2013 **Seed** 2014 **Round** 2018 **Grant** 2023 **Series A** 2024 **Series A** 2025 [RRE Ventures](https://millionrounds.com/fund/rre-ventures) [True Ventures](https://millionrounds.com/fund/true-ventures-2) [Gener8tor](https://millionrounds.com/fund/gener8tor) [Smedvig Ventures](https://millionrounds.com/fund/smedvig-ventures) L [National Science Foundation](https://millionrounds.com/fund/nsf-small-business-innovation-research-small-business-techno) [Seed Capital](https://millionrounds.com/fund/seed-capital) [Firstminute Capital](https://millionrounds.com/fund/firstminute-capital) [VegasTechFund](https://millionrounds.com/fund/vegastechfund) [SK Ventures](https://millionrounds.com/fund/sk-ventures) [Bolt](https://millionrounds.com/fund/bolt-3) ## Everyone who backed them [RRE Ventures](https://millionrounds.com/fund/rre-ventures) VC firm **2** rounds [True Ventures](https://millionrounds.com/fund/true-ventures-2) VC firm **2** rounds [Gener8tor](https://millionrounds.com/fund/gener8tor) VC firm **2** rounds [Smedvig Ventures](https://millionrounds.com/fund/smedvig-ventures) VC firm **1** round, led 1 [National Science Foundation](https://millionrounds.com/fund/nsf-small-business-innovation-research-small-business-techno) Government **1** round [Seed Capital](https://millionrounds.com/fund/seed-capital) VC firm **1** round [Firstminute Capital](https://millionrounds.com/fund/firstminute-capital) VC firm **1** round [VegasTechFund](https://millionrounds.com/fund/vegastechfund) Private equity **1** round [SK Ventures](https://millionrounds.com/fund/sk-ventures) VC firm **1** round [Bolt](https://millionrounds.com/fund/bolt-3) VC firm **1** round [Compound](https://millionrounds.com/fund/compound-5) VC firm **1** round [People Ventures](https://millionrounds.com/fund/people-ventures-3) VC firm **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=understory). ## Also claim to have backed them These 4 firms list Understory as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above. [True Ventures](https://millionrounds.com/fund/true-ventures) VC firm Per its own site [CSA Partners LLC](https://millionrounds.com/fund/csa-partners-llc) VC firm Per its own site [VTF Capital](https://millionrounds.com/fund/vtf-capital) VC firm Per its own site [4490 Ventures](https://millionrounds.com/fund/4490-ventures) VC firm Per its own site ## Quick answers about Understory ### Who invested in Understory? Understory's investors include RRE Ventures, True Ventures, Gener8tor, Smedvig Ventures and National Science Foundation, and 7 more on record. Smedvig Ventures led its latest round. ### How much has Understory raised? Understory has raised $40M across 7 rounds since 2012. ### When did Understory last raise? Understory's most recent round was a Series A of $14M in Sept 2025, led by Smedvig Ventures. ### What was Understory's biggest round? Understory's largest round on record is $15M (Series A), in Jun 2024. ### Who backed Understory first? Understory's first round on record, in Jun 2012, was backed by Gener8tor. ### What stage is Understory at? Understory's latest named round is a Series A, in Sept 2025. ### Where is Understory based? Understory is based in the United States. ### Who led Understory's rounds? Smedvig Ventures led the Series A in 2025. ## Companies like Understory In the same sector, and raised in the last eighteen months. 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