# QED Investors: portfolio, investments and team

> QED Investors is a vc firm based in United States. 314 investments on record, 47 in the last 12 months, latest Oct 2026.

Source: https://millionrounds.com/fund/qed-investors (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# QED Investors

Last cheque observed Oct 2026; 314 cheques on record.

Email

Deploying now New fund $1.1M, Aug 2025 VC firm

Pre-seed Seed Series A Paytech Payment Fin-tech

Follow QED Investors and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fqed-investors)

Deploying now

**82%** of best year **47** **cheques in 12 months**, 314 on record

Since the last cheque **2** days **00** hrs **00** min **00** sec

Median round **$29M** Cheque size, as they say **$30K – $25M** Rounds led **31 of 314** Sole investor **29 rounds** Exits **5 from the portfolio** Mostly in **United States, 56%**

Pitch QED Investors

## QED Investors highlights

- 01 47 cheques in the last 12 months
- 02 Mostly Series A and Series B: 51% of its rounds
- 03 Sole investor in 29 rounds, median $3.6M
- 04 5 exits from the portfolio

## What they do

> QED is the premier VC in the fintech space. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $30K – $25M as they say
- **Stages:** Pre-seed Seed Series A Series B Growth Pre-IPO
- **Sectors:** Paytech Payment Fin-tech
- **Based in:** Alexandria, United States
- **Cold pitches:** Accepted

## The record

Every round we can evidence, newest first **314 appearances**

- **2026** 42 rounds
- **Oct** **[Collective](https://millionrounds.com/company/collective)** Series B · US · AI Insider **$40M** With 5 others
- **Oct** **[Collective](https://millionrounds.com/company/collective)** Series B · US · Fintech Global **$100M** *Led*
- **Oct** **[Causa Prima](https://millionrounds.com/company/causa-prima)** Seed · Fintech Global **$20M** With 5 others
- **Oct** **[IPID](https://millionrounds.com/company/ipid)** Series A · SG · Firms' own news pages **$16M** With 5 others
- **Oct** **[Charter Space](https://millionrounds.com/company/charter-space)** Seed · US · Firms' own news pages **$5.0M** With 4 others
- **Sept** **[Flam](https://millionrounds.com/company/flam)** Series B · IN · Inc42 **$40M** *Led*
- **Sept** **[Felix Pago](https://millionrounds.com/company/felix-pago)** Series B · US · Ventureburn **$200M** With 5 others
- **Sept** **[Cloover](https://millionrounds.com/company/cloover)** Debt · SE **$100M** With 4 others
- **Sept** **[Félix](https://millionrounds.com/company/felix)** Series C · US · LatamList **$200M** With 6 others
- **Sept** **[Velocity](https://millionrounds.com/company/velocity)** Series A · US **$10M** With 5 others
- **Sept** **[Wayflyer](https://millionrounds.com/company/wayflyer)** Debt · IE **$50M** With 4 others
- **Sept** **[International Payments Identity](https://millionrounds.com/company/international-payments-identity)** Series A · SG **$16M** With 4 others
- **Sept** **[Quantinuum](https://millionrounds.com/company/quantinuum)** Grant · US **$100M** With 2 others
- **Sept** **[Flix](https://millionrounds.com/company/felix)** Debt · BR **$113M** With 4 others
- **Aug** **[Velocity](https://millionrounds.com/company/velocity)** Series A · GB · Ventureburn **$38M** With 8 others
- **Aug** **[Model ML](https://millionrounds.com/company/model-ml)** Venture · US **$75M** With 4 others
- **Jul** **[Avant](https://millionrounds.com/company/avant)** Debt · US **$300M** With 2 others
- **Jul** **[Skalar](https://millionrounds.com/company/skalar)** Seed · DE **$14M** With 1 other
- **Jul** **[Capim](https://millionrounds.com/company/capim)** Venture · BR **$6.5M** With 4 others
- **Jul** **[Creditas](https://millionrounds.com/company/creditas)** Debt · BR **$28M** With 3 others
- **Jul** **[Augustus](https://millionrounds.com/company/augustus)** Series B · US **$180M** With 4 others
- **Jun** **[Airwallex](https://millionrounds.com/company/airwallex)** Series H · SG · Startup Daily **$460M** With 8 others
- **Jun** **[Vixtra](https://millionrounds.com/company/vixtra)** Series A · BR · LatamList **$9.6M** With 7 others
- **May** **[Capchase](https://millionrounds.com/company/capchase)** US · Crunchbase News **$200M** With 6 others
- **May** **[Kin Insurance](https://millionrounds.com/company/kin-insurance)** Debt · US **$335M** With 4 others
- **May** **[Catena Labs](https://millionrounds.com/company/catena-labs)** Series A · US **$30M** With 3 others
- **May** **[Astrada](https://millionrounds.com/company/astrada)** Seed · US **$3.8M** With 5 others
- **May** **[Crux](https://millionrounds.com/company/crux)** Debt · US **$500M** With 3 others
- **May** **[Capchase](https://millionrounds.com/company/capchase)** Debt · US **$174M** With 4 others
- **Mar** **[KAST](https://millionrounds.com/company/kast)** Series C · KY · QED Investors **$80M** *Led*
- **Mar** **[Aplazo](https://millionrounds.com/company/aplazo)** Venture · MX **Undisclosed** With 3 others
- **Feb** **[Badge](https://millionrounds.com/company/badge)** Series A · US · Ventureburn **$17M** With 7 others
- **Feb** **[Meridian](https://millionrounds.com/company/meridian)** Seed · US · TechCrunch **$17M** With 4 others
- **Feb** **[Payabli](https://millionrounds.com/company/payabli)** Venture · US **Undisclosed** With 3 others
- **Feb** **[Freemodel](https://millionrounds.com/company/freemodel)** Venture · US **Undisclosed** With 4 others
- **Feb** **[Simplified Financial Solutions Company](https://millionrounds.com/company/simplified-financial-solutions-company)** Series A · SA **$20M** With 2 others
- **Jan** **[Zocks](https://millionrounds.com/company/zocks)** Series B · US · Entrée Capital **$45M** *Led*
- **Jan** **[Pomelo](https://millionrounds.com/company/pomelo)** Series C · AR · Contxto **$55M** With 11 others
- **Jan** **[Cloover](https://millionrounds.com/company/cloover)** Debt · SE **$1.2B** With 3 others
- **Jan** **[Stream](https://millionrounds.com/company/stream)** Series D · US **$90M** With 4 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **10 named**

BC **Bill Cilluffo** Principal i Filing they signed

CB **Ciara Burnham** PRINCIPAL i Filing they signed

FL **Frank L Rotman** PRINCIPAL OF THE GENERAL PARTNER i Filing they signed

JM **J. Miles Reidy** Principal i Filing they signed

JW **James Wayne Loving** Chief Financial Officer i Form ADV

MM **Matt Miles Risley** Principal i Filing they signed

NW **Nigel William Morris** MANAGING PARTNER OF THE GENERAL PARTNER i Filing they signed

SC **S. Caribou Honig** Member i Filing they signed

WC **William Cilluffo** PRINCIPAL OF THE GENERAL PARTNER i Filing they signed

WC **Williams Cilluffo** Principal of the General Partner i Filing they signed

We also hold **44** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$3.3B** gross assets of its funds Oct 2026

**Exempt** reporting adviser venture or small private funds

- **Legal name:** QED Investors, LLC
- **SEC number:** CRD 284908

## Exits from the portfolio

Companies it backed that were later bought or listed **5 in all**

**[DriveFactor](https://millionrounds.com/company/drivefactor)** Bought by CCC Information Services **$22M** May 2015

**[OnSwipe](https://millionrounds.com/company/onswipe)** Bought by Beanstock Media **Undisclosed** Aug 2014

**[TDX](https://millionrounds.com/company/tdx)** Bought by [Equifax](https://millionrounds.com/fund/equifax) **Undisclosed** Jan 2014

**[Braintree](https://millionrounds.com/company/braintree)** Bought by PayPal **$800M** Sept 2013

**[Bloomspot](https://millionrounds.com/company/bloomspot)** Bought by Chase Banking Corporation **Undisclosed** Dec 2012

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$1.1M**

raised in Aug 2025

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Pre-seed Seed Series A

Median round joined **$29M** the round, not its cheque Alone, median **$3.6M**

Led 31 of 314 rounds **10%**

- **Said size:** $30K – $25M
- **Sole investor:** 29 rounds
- **Last cheque:** Oct 2026
- **Exits:** 5 from the portfolio

Rounds by stage said on their site

- Series A said *82*
- Series B said *57*
- Venture *39*
- Seed said *36*
- Debt *32*
- Series C *29*
- Pre-seed said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Gaingels](https://millionrounds.com/fund/gaingels) 25
- [Y Combinator](https://millionrounds.com/fund/y-combinator) 24
- [Endeavor Catalyst](https://millionrounds.com/fund/endeavor-catalyst) 18
- [Kaszek Ventures](https://millionrounds.com/fund/kaszek) 17
- [International Finance Corporation](https://millionrounds.com/fund/international-finance-corporation-ifc) 13
- [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) 12

**Pitching QED Investors?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

Add to your CRM *→*

## Who they invest alongside

The investors most often in the same rounds as QED Investors. A count of rooms they were both in, not a relationship either has claimed.

[**Gaingels** Private equity **25** rounds together](https://millionrounds.com/fund/gaingels)[**Y Combinator** Accelerator **24** rounds together](https://millionrounds.com/fund/y-combinator)[**Endeavor Catalyst** Corporate VC **18** rounds together](https://millionrounds.com/fund/endeavor-catalyst)[**Kaszek Ventures** VC firm **17** rounds together](https://millionrounds.com/fund/kaszek)[**International Finance Corporation** Government **13** rounds together](https://millionrounds.com/fund/international-finance-corporation-ifc)[**Andreessen Horowitz** VC firm **12** rounds together](https://millionrounds.com/fund/andreessen-horowitz)[**FJ Labs** VC firm **12** rounds together](https://millionrounds.com/fund/fj-labs)[**500 Global** Angel **11** rounds together](https://millionrounds.com/fund/500-startups)[**General Catalyst** VC firm **11** rounds together](https://millionrounds.com/fund/general-catalyst)[**Quona Capital** VC firm **11** rounds together](https://millionrounds.com/fund/quona-capital)[**Alumni Ventures** VC firm **10** rounds together](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund)[**Tiger Global Management** VC firm **10** rounds together](https://millionrounds.com/fund/tiger-global-management)

## Recently backed

The latest companies QED Investors put money into.

[**Collective** $40M · Oct 2026](https://millionrounds.com/company/collective)[**Causa Prima** $20M · Oct 2026](https://millionrounds.com/company/causa-prima)[**IPID** $16M · Oct 2026](https://millionrounds.com/company/ipid)[**Charter Space** $5.0M · Oct 2026](https://millionrounds.com/company/charter-space)[**Cloover** $100M · Sept 2026](https://millionrounds.com/company/cloover)[**Velocity** $10M · Sept 2026](https://millionrounds.com/company/velocity)

## On podcasts

5 episodes naming QED Investors in the title, and 4 more that mention it.

- [The Peel](https://millionrounds.com/podcasts/the-peel) 1 Aug 2024 · 1h 49m Frank Rotman | Building Capital One ($58B) and QED Investors ($4B AUM) With [Frank Rotman](https://millionrounds.com/person/frank-rotman-2) Mentions [Capital One](https://millionrounds.com/fund/capital-one)[QED Investors](https://millionrounds.com/fund/qed-investors) Apple PodcastsShow page
- [Origins: Inside Venture Capital](https://millionrounds.com/podcasts/origins-openlp) 30 May 2024 · 44 min The Three Body Problem of Venture Capital w/ Frank Rotman (CIO, QED Investors) With [Frank Rotman](https://millionrounds.com/person/frank-rotman-2) Mentions [QED Investors](https://millionrounds.com/fund/qed-investors)[Capital One](https://millionrounds.com/fund/capital-one)[Notation Capital](https://millionrounds.com/fund/notation-capital) Apple PodcastsShow page
- [Fintech Insider](https://millionrounds.com/podcasts/fintech-insider) 19 Jul 2023 · 31 min 761. Focus: How US market turmoil can build more resilient founders – with Adams Conrad, Principal at QED Investors With [Adams Conrad](https://millionrounds.com/person/adams-conrad) Mentions [QED Investors](https://millionrounds.com/fund/qed-investors) Apple PodcastsShow page
- [Latitud Podcast](https://millionrounds.com/podcasts/latitud) 5 Aug 2021 · 49 min #51 - The future of Fintech in LatAm: Ana Cristina Gadala-Maria, QED Investors With [Ana Cristina Gadala-Maria](https://millionrounds.com/person/ana-cristina-gadala-maria) Mentions [QED Investors](https://millionrounds.com/fund/qed-investors) Apple Podcasts
- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 24 May 2021 · 46 min 20VC: Why Bundling Does Not Work, How The Best Founders Analyse Unit Economics, Why The Way We Approach Mental Health in Venture and Startups is Wrong with Nigel Morris, Co-Founder & Managing Partner @ QED Investors Mentions [Nigel Morris](https://millionrounds.com/fund/nigel-morris)[QED Investors](https://millionrounds.com/fund/qed-investors)[Capital One](https://millionrounds.com/fund/capital-one) *+1* Apple PodcastsShow page

### Mentioned in

- [How I Invest](https://millionrounds.com/podcasts/how-i-invest) 6 May 2026 · 59 min E363: How Nigel Morris Built QED into a Fintech Powerhouse Apple PodcastsShow page
- [Sourcery](https://millionrounds.com/podcasts/sourcery) 28 May 2025 · 1h 8m How Wander Raised $50M to Reinvent Luxury Travel Apple PodcastsShow page
- [Growth Investor](https://millionrounds.com/podcasts/growth-investor) 9 Oct 2024 · 30 min Global FinTech Investor: QED’s Frank Rotman Apple PodcastsShow page
- [The Full Ratchet](https://millionrounds.com/podcasts/full-ratchet) 19 Aug 2024 · 46 min 447. From India to IPO: Cracking the Code of Cross-Border FinTech Investments, Regulation, and Market Dynamics (Sandeep Patil) Apple PodcastsShow page

## Quick answers about QED Investors

### What does QED Investors invest in?

QED Investors invests most often at Series A and Series B (51% of the rounds on record), in sectors such as Paytech, Payment and Fin-tech.

### How active is QED Investors?

314 investments on record, 47 of them in the last 12 months, and it led 31. The most recent was in Oct 2026.

### What has QED Investors invested in recently?

Its most recent investments on record: Collective (Series B, Oct 2026), Causa Prima (Seed, Oct 2026) and IPID (Series A, Oct 2026).

### How big are QED Investors's cheques?

The median round it joins is $29M. It says it writes cheques of $30K to $25M.

### Does QED Investors lead rounds?

Sometimes: it led 31 of its 314 investments on record (10%).

### Where does QED Investors invest?

Most of the companies it backs are in the United States (56%), Brazil (10%) and Singapore (8%).

### Is QED Investors investing now?

Yes: it is actively investing, with 47 investments in the last 12 months.

### Who does QED Investors invest alongside?

Most often Gaingels (25 rounds together), Y Combinator (24 rounds together) and Endeavor Catalyst (18 rounds together).

## Raising now?

Find the investors who back rounds like yours, and keep every conversation on one fundraising board.

Find similar investorsOpen your CRM

Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=qed-investors) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=qed-investors)