# First-time funds (2026 list) > 86 first-time funds, 81% active in the last 12 months. Led by Y Combinator, Plug and Play, Peak XV. Ranked by what they funded. Source: https://millionrounds.com/lists/first-time-funds (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # First-time funds Updated 7 November 2026 Firms we can see only one registered fund vehicle for. A first fund is a different proposition from a tenth: smaller, hungrier, and usually quicker to decide. [See all 86 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Ffirst-time-funds)The top 25 **86** investors on the list No change this week **1,669** cheques in 12 months *-16%* against the market **$14M** median round they joined *+75%* against the market median **81%** wrote a cheque in 12 months **52%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (24) - 1 [Y Combinator](https://millionrounds.com/fund/y-combinator) *Deploying now* Accelerator · United States **6,412** **$3M** median round **Oct 2026** last seen - 2 [Plug and Play](https://millionrounds.com/fund/plug-and-play) *Deploying now* Accelerator · United States **1,561** **$5M** median round **Nov 2026** last seen - 3 [Peak XV](https://millionrounds.com/fund/peak-xv) *Deploying now* VC firm · United States **317** **$15M** median round **Nov 2026** last seen - 4 [Abstract Ventures](https://millionrounds.com/fund/abstract) *Deploying now* VC firm · United States **295** **$13M** median round **Nov 2026** last seen - 5 [Matrix Partners China](https://millionrounds.com/fund/matrix-partners-china-2) *Deploying now* VC firm · United States **295** **$16M** median round **Nov 2026** last seen - 6 [Alchemist Accelerator](https://millionrounds.com/fund/alchemist-accelerator) *Deploying now* Accelerator · United States **284** **$2.3M** median round **Sept 2026** last seen - 7 [Anthemis](https://millionrounds.com/fund/anthemis-group) *Deploying now* VC firm · United Kingdom **197** **$7.3M** median round **Oct 2026** last seen - 8 [CICC](https://millionrounds.com/fund/cicc) *Deploying now* Investment bank · China **190** **$30M** median round **Oct 2026** last seen - 9 [ANRI](https://millionrounds.com/fund/anri) *Deploying now* VC firm · Japan **189** **$4.2M** median round **Nov 2026** last seen - 10 [Gener8tor](https://millionrounds.com/fund/gener8tor) *Deploying now* VC firm · United States **184** **$792K** median round **Aug 2026** last seen - 11 [Titan Capital](https://millionrounds.com/fund/titan-capital-2) *Deploying now* VC firm · Singapore **173** **$3.6M** median round **Oct 2026** last seen - 12 [Tenity](https://millionrounds.com/fund/tenity) *Deploying now* Accelerator · Switzerland **139** **$1.3M** median round **Sept 2026** last seen - 13 [Rockstart](https://millionrounds.com/fund/rockstart) *Deploying now* Accelerator · Netherlands **131** **$1.2M** median round **Sept 2026** last seen - 14 [Leo Capital](https://millionrounds.com/fund/leo-capital) *Deploying now* VC firm · United States **130** **$4.7M** median round **Oct 2026** last seen - 15 [Delphi Ventures](https://millionrounds.com/fund/delphi-ventures) quiet VC firm · United States **125** **$5M** median round **Oct 2025** last seen - 16 [EIT InnoEnergy](https://millionrounds.com/fund/innoenergy) *Deploying now* VC firm · Netherlands **115** **$3.8M** median round **Jul 2026** last seen - 17 [StartEngine](https://millionrounds.com/fund/startengine) *Deploying now* Angel network · United States **97** **$448K** median round **Sept 2026** last seen - 18 [Hercules Capital](https://millionrounds.com/fund/hercules-capital) *Deploying now* Venture debt · United States **92** **$91M** median round **Oct 2026** last seen - 19 [9Unicorns](https://millionrounds.com/fund/9unicorns) *Deploying now* VC firm · India **91** **$4.4M** median round **Oct 2026** last seen - 20 [Fika Ventures](https://millionrounds.com/fund/fika-ventures) *Deploying now* VC firm · United States **80** **$9.5M** median round **Oct 2026** last seen - 21 [DeVC](https://millionrounds.com/fund/devc) *Deploying now* VC firm · India **70** **$2M** median round **Nov 2026** last seen - 22 [Hoxton Ventures](https://millionrounds.com/fund/hoxton-ventures) *Deploying now* Angel network · India **70** **$10M** median round **Oct 2026** last seen - 23 [Kinnevik](https://millionrounds.com/fund/kinnevik) *Deploying now* VC firm · Sweden **54** **$99M** median round **Sept 2026** last seen - 24 [PeakSpan Capital](https://millionrounds.com/fund/peakspan-capital) *Deploying now* VC firm · United States **52** **$25M** median round **Oct 2026** last seen - 25 [Stripes](https://millionrounds.com/fund/stripes) *Deploying now* Private equity · United States **51** **$92M** median round **Oct 2026** last seen **61 more on this list** All 86 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%2Ffirst-time-funds) ## The Newest Cheques Rounds this list's investors joined most recently - **6** Nov **[Harbinger](https://millionrounds.com/company/harbinger)** Series D+ · $240M *Led by* [Ridgeline](https://millionrounds.com/fund/ridgeline-2) - **5** Nov **[firmly](https://millionrounds.com/company/firmly)** Series A · $15M *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest) - **5** Nov **[Sand.ai](https://millionrounds.com/company/sand-ai)** Series A · $200M *With* [Matrix Partners China](https://millionrounds.com/fund/matrix-partners-china-2) - **5** Nov **[Zipline](https://millionrounds.com/company/zipline)** Growth · $1.5B *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest) - **5** Nov **[Simulacra](https://millionrounds.com/company/simulacra)** Pre-seed *Led by* [ANRI](https://millionrounds.com/fund/anri) - **4** Nov **[Lazarus AI](https://millionrounds.com/company/lazarus-ai)** $43M *With* [Plug and Play](https://millionrounds.com/fund/plug-and-play) ## Stages This Year 1,609 rounds - Venture **25%** - Seed **19%** - Pre-seed **18%** - Series A **15%** - Series B **7%** - Other **17%** ## What They Backed Sectors, last 12 months - AI **809** - Fintech **112** - Big Data & Analytics **87** - Healthcare **71** - Financial Services **64** - Biotech **62** ## Cheques by Quarter Led Joined 496 Q1 25 497 Q2 25 598 Q3 25 554 Q4 25 521 Q1 26 488 Q2 26 324 Q3 26 90 Q4 26 The last bar is the quarter still running. ## Lists Like This - [Investors whose partners we can name 32,772](https://millionrounds.com/lists/partners-we-can-name) - [Investors who publish their portfolio 17,295](https://millionrounds.com/lists/publish-their-portfolio) - [Investment firms of ten people or fewer 9,452](https://millionrounds.com/lists/small-teams) - [Emerging managers with a new fund under $50M 6,078](https://millionrounds.com/lists/emerging-managers) - [SEC-registered venture advisers 4,344](https://millionrounds.com/lists/sec-registered-venture-advisers) - [Registered investment advisers 4,214](https://millionrounds.com/lists/registered-investment-advisers) - [Investors managing over $1 billion 2,691](https://millionrounds.com/lists/managing-over-a-billion) - [Investors claiming thirty or more companies 2,226](https://millionrounds.com/lists/large-portfolios) - [Investment firms founded since 2022 2,201](https://millionrounds.com/lists/new-investment-firms) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about first-time funds ### Who are the most active first-time funds? By cheques observed, the most active are Y Combinator, Plug and Play, Peak XV, Abstract Ventures and Matrix Partners China. ### How many first-time funds are there? 86 are on record. 81% made an investment in the last 12 months and 52% have led a round. ### Which stages do first-time funds back? Of the rounds with a named stage in the last 12 months, mostly Seed (27%) and Pre-seed (26%). ### How big are the rounds first-time funds join? The typical (median) round among the leading investors here is $5M. ### Which sectors do first-time funds back most? In the last 12 months, mostly AI, Fintech and Big Data & Analytics. ### Which first-time funds lead the most rounds? Y Combinator (11 led), PeakSpan Capital (11 led) and Peak XV (9 led). ### Where are first-time funds based? Among the most active, most are based in the United States (14), India (3) and the Netherlands (2). ### What have first-time funds invested in recently? Recent rounds include Harbinger (Series D+, Nov 2026, with Ridgeline), firmly (Series A, Nov 2026, with • Ark Invest) and Sand.ai (Series A, Nov 2026, with Matrix Partners China). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)