# Investors that almost always lead (2026 list) > 298 investors that almost always lead, 77% active in the last 12 months. Led by Expedition Growth Capital, EBRD VC, NATO Innovation Fund (NIF). Source: https://millionrounds.com/lists/always-leading (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Investors that almost always lead Updated 7 November 2026 Firms that led most of the rounds we have seen them in. A fund that leads by habit is a different conversation from one that only ever follows. [See all 298 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Falways-leading)The top 25 **298** investors on the list *+4* this week **629** cheques in 12 months *+84%* against the market **$12M** median round they joined *+50%* against the market median **77%** wrote a cheque in 12 months **100%** have led a round ## The Top 25 Ordered by rounds led, never by anything anyone paid for Deploying now (22) - 1 [Expedition Growth Capital](https://millionrounds.com/fund/expedition-growth-capital) *Deploying now* Growth equity · United Kingdom **13 of 14** **$22M** median round **Oct 2026** last seen - 2 [EBRD VC](https://millionrounds.com/fund/ebrd-vc) *Deploying now* Growth equity · United Kingdom **13** **$17M** median round **Jul 2026** last seen - 3 [NATO Innovation Fund (NIF)](https://millionrounds.com/fund/nato-innovation-fund) *Deploying now* VC firm · Netherlands **10 of 16** **$17M** median round **Sept 2026** last seen - 4 [Elbow Beach](https://millionrounds.com/fund/elbow-beach) *Deploying now* VC firm · United Kingdom **10 of 11** **$2.7M** median round **Oct 2026** last seen - 5 [RIVE Private Investment](https://millionrounds.com/fund/rive-private-investment) *Deploying now* Private equity · France **9 of 12** **$46M** median round **Jun 2026** last seen - 6 [Centana Growth Partners](https://millionrounds.com/fund/centana-growth-partners) *Deploying now* Private equity · United States **8 of 12** **$33M** median round **Apr 2026** last seen - 7 [Hadean Ventures](https://millionrounds.com/fund/hadean-ventures) *Deploying now* Private equity · Norway **8 of 11** **$26M** median round **Sept 2026** last seen - 8 [Foundry Venture Capital 2016, L.P](https://millionrounds.com/fund/foundry-venture-capital-2016-l-p) quiet VC firm **8 of 11** **$9M** median round **Dec 2017** last seen - 9 [IAN Alpha Fund](https://millionrounds.com/fund/ian-alpha-fund) *Deploying now* VC firm **8 of 10** **$3.9M** median round **Oct 2026** last seen - 10 [Vensana Capital](https://millionrounds.com/fund/vensana-capital) *Deploying now* VC firm · United States **8 of 10** **$28M** median round **Jul 2026** last seen - 11 [Empirical Ventures](https://millionrounds.com/fund/empirical-ventures) *Deploying now* VC firm · United States **8 of 9** **$4M** median round **Oct 2026** last seen - 12 [Point72 Private Investments](https://millionrounds.com/fund/point72-private-investments) *Deploying now* Growth equity **8** **$73M** median round **Aug 2026** last seen - 13 [National Reconstruction Fund](https://millionrounds.com/fund/national-reconstruction-fund) *Deploying now* Growth equity · Australia **7 of 11** **$40M** median round **Jun 2026** last seen - 14 [4BIO Capital](https://millionrounds.com/fund/4bio-capital) *Deploying now* VC firm · United Kingdom **7 of 10** **$61M** median round **Oct 2026** last seen - 15 [Marlin Equity Partners](https://millionrounds.com/fund/marlin-equity-partners) *Deploying now* Private equity · United States **7 of 10** **$1.3B** median round **Oct 2026** last seen - 16 [Seligman Ventures](https://millionrounds.com/fund/seligman-ventures) *Deploying now* VC firm **7 of 10** **$118M** median round **Oct 2026** last seen - 17 [TX Ventures](https://millionrounds.com/fund/tx-ventures-2) *Deploying now* VC firm · Switzerland **7 of 9** **$6.6M** median round **Jun 2026** last seen - 18 [13books Capital](https://millionrounds.com/fund/13books-capital) *Deploying now* VC firm · United Kingdom **7 of 8** **$12M** median round **Nov 2026** last seen - 19 [Scaleup Europe Fund](https://millionrounds.com/fund/scaleup-europe-fund) *Deploying now* Growth equity · United States **7 of 8** **$425M** median round **Oct 2026** last seen - 20 [Gorilla Capital Fund III](https://millionrounds.com/fund/gorilla-capital-fund-iii) *Deploying now* Investment firm **7 of 8** **-** median round **Oct 2026** last seen - 21 [GEF Capital Partners](https://millionrounds.com/fund/gef-capital-partners) *Deploying now* Private equity · United States **7** **$66M** median round **Aug 2026** last seen - 22 [Cento Ventures](https://millionrounds.com/fund/cento-ventures) *Deploying now* VC firm · Singapore **6 of 10** **$4.4M** median round **Oct 2026** last seen - 23 [Frazier Life Sciences](https://millionrounds.com/fund/frazier-life-sciences) *Deploying now* VC firm · United States **6 of 10** **$123M** median round **Nov 2026** last seen - 24 [aMoon](https://millionrounds.com/fund/amoon) quiet Growth equity **6 of 10** **$28M** median round **Jul 2025** last seen - 25 [Element Ventures](https://millionrounds.com/fund/element-ventures) quiet VC firm · United Kingdom **6 of 9** **$13M** median round **Mar 2023** last seen **273 more on this list** All 298 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000. [See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Falways-leading) ## The Newest Cheques Rounds this list's investors joined most recently - **6** Nov **[aSand.ai](https://millionrounds.com/company/asand-ai)** Series A · $200M *Led by* [Wangsu Science & Technology](https://millionrounds.com/fund/wangsu-science-and-technology) - **6** Nov **[Foozi](https://millionrounds.com/company/foozi)** Pre-seed · $1M *Led by* [Quartzo Capital](https://millionrounds.com/fund/quartzo-capital) - **6** Nov **[Harbinger](https://millionrounds.com/company/harbinger)** Series D+ · $240M *Led by* [Capricorn's Technology Impact Fund](https://millionrounds.com/fund/capricorn-s-technology-impact-fund) - **5** Nov **[Saidot](https://millionrounds.com/company/saidot)** Round *Led by* [BackingMinds](https://millionrounds.com/fund/backingminds) - **5** Nov **[Soter Insure](https://millionrounds.com/company/soter-insure)** Series B *Led by* [Galaxy](https://millionrounds.com/fund/galaxy) - **5** Nov **[Venomics AI](https://millionrounds.com/company/venomics-ai)** Pre-seed · $2.7M *Led by* [Speciale Invest](https://millionrounds.com/fund/speciale-invest) ## Stages This Year 592 rounds - Series A **24%** - Seed **23%** - Other **13%** - Series B **13%** - Growth **8%** - Other **19%** ## What They Backed Sectors, last 12 months - AI **253** - Fintech **74** - Healthcare **68** - Energy **50** - Biotech **49** - Manufacturing **43** ## Cheques by Quarter Led Joined 75 Q1 25 79 Q2 25 117 Q3 25 109 Q4 25 128 Q1 26 158 Q2 26 171 Q3 26 115 Q4 26 The last bar is the quarter still running. ## Lists Like This - [Investors that just raised a fund 10,562](https://millionrounds.com/lists/raised-recently) - [Investors deploying right now 9,425](https://millionrounds.com/lists/deploying-now) - [Investors that accept cold approaches 8,040](https://millionrounds.com/lists/accepts-cold-approaches) - [Investors active in the last 90 days 5,485](https://millionrounds.com/lists/active-last-90-days) - [Investors new to the market 4,994](https://millionrounds.com/lists/new-to-the-market) - [Investors that lead rounds 4,805](https://millionrounds.com/lists/lead-investors) - [Investors that often back a round alone 3,454](https://millionrounds.com/lists/invest-alone) - [Investors that back companies abroad 1,450](https://millionrounds.com/lists/cross-border-investors) - [Investors that follow on 727](https://millionrounds.com/lists/follow-on-investors) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about investors that almost always lead ### Who are the most active investors that almost always lead? By rounds led, the most active are Expedition Growth Capital, EBRD VC, NATO Innovation Fund (NIF), Elbow Beach and RIVE Private Investment. ### How many investors that almost always lead are there? 298 are on record. 77% made an investment in the last 12 months and 100% have led a round. ### Which stages do investors that almost always lead back? Of the rounds with a named stage in the last 12 months, mostly Series A (28%) and Seed (28%). ### How big are the rounds investors that almost always lead join? The typical (median) round among the leading investors here is $28M. ### Which sectors do investors that almost always lead back most? In the last 12 months, mostly AI, Fintech and Healthcare. ### Which investors that almost always lead lead the most rounds? Expedition Growth Capital (13 led), EBRD VC (13 led) and NATO Innovation Fund (NIF) (10 led). ### Where are investors that almost always lead based? Among the most active, most are based in the United States (7), the United Kingdom (6) and the Netherlands (1). ### What have investors that almost always lead invested in recently? Recent rounds include aSand.ai (Series A, Nov 2026, with Wangsu Science & Technology), Foozi (Pre-seed, Nov 2026, with Quartzo Capital) and Harbinger (Series D+, Nov 2026, with Capricorn's Technology Impact Fund). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)