# Investors that follow on (2026 list)

> 727 investors that follow on, 100% active in the last 12 months. Led by Y Combinator, Andreessen Horowitz, Alumni Ventures. Ranked by what they funded.

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

[Investor Lists](https://millionrounds.com/lists)

# Investors that follow on

Updated 7 November 2026

Firms we have watched come back into a company's next round, for three or more companies in the last three years. A firm that follows on is one that keeps backing what it already owns.

[See all 727 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Ffollow-on-investors)The top 25

**727** investors on the list *-5* this week

**21,228** cheques in 12 months *-11%* against the market

**$9.5M** median round they joined *+19%* against the market median

**100%** wrote a cheque in 12 months

**70%** have led a round

## The Top 25

Ordered by companies backed again, never by anything anyone paid for

Deploying now (25)

- 1 [Y Combinator](https://millionrounds.com/fund/y-combinator) *Deploying now* Accelerator · United States **253** **$3M** median round **Oct 2026** last seen
- 2 [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) *Deploying now* VC firm · United States **103** **$27M** median round **Nov 2026** last seen
- 3 [Alumni Ventures](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund) *Deploying now* VC firm · United States **100** **$12M** median round **Nov 2026** last seen
- 4 [General Catalyst](https://millionrounds.com/fund/general-catalyst) *Deploying now* VC firm · United States **100** **$27M** median round **Nov 2026** last seen
- 5 [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) *Deploying now* VC firm · United States **74** **$35M** median round **Nov 2026** last seen
- 6 [National Science Foundation](https://millionrounds.com/fund/nsf-small-business-innovation-research-small-business-techno) *Deploying now* Government · United States **67** **$926K** median round **Sept 2026** last seen
- 7 [Lightspeed Venture Partners](https://millionrounds.com/fund/lightspeed-venture-partners) *Deploying now* VC firm · United States **67** **$35M** median round **Nov 2026** last seen
- 8 [Techstars](https://millionrounds.com/fund/techstars) *Deploying now* VC firm · United States **65** **$1.2M** median round **Nov 2026** last seen
- 9 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **58** **$8M** median round **Oct 2026** last seen
- 10 [Khosla Ventures](https://millionrounds.com/fund/khosla-ventures) *Deploying now* VC firm · United States **53** **$26M** median round **Nov 2026** last seen
- 11 [Founders Fund](https://millionrounds.com/fund/founders-fund) *Deploying now* VC firm · United States **52** **$15M** median round **Oct 2026** last seen
- 12 [Plug and Play](https://millionrounds.com/fund/plug-and-play) *Deploying now* Accelerator · United States **51** **$5M** median round **Nov 2026** last seen
- 13 [BoxGroup](https://millionrounds.com/fund/boxgroup) *Deploying now* VC firm · United States **47** **$18M** median round **Nov 2026** last seen
- 14 [Accel](https://millionrounds.com/fund/accel) *Deploying now* VC firm · United States **46** **$32M** median round **Nov 2026** last seen
- 15 [Bpifrance](https://millionrounds.com/fund/bpifrance) *Deploying now* Government · France **45** **$4.5M** median round **Oct 2026** last seen
- 16 [EIC Accelerator](https://millionrounds.com/fund/eic-accelerator) *Deploying now* Government · European Union **45** **$4.3M** median round **Oct 2026** last seen
- 17 [Bessemer Venture Partners](https://millionrounds.com/fund/bessemer-venture-partners) *Deploying now* VC firm · United States **44** **$30M** median round **Nov 2026** last seen
- 18 [8VC](https://millionrounds.com/fund/8vc) *Deploying now* VC firm · United States **43** **$23M** median round **Oct 2026** last seen
- 19 [Index Ventures](https://millionrounds.com/fund/index-ventures) *Deploying now* VC firm · United Kingdom **37** **$31M** median round **Nov 2026** last seen
- 20 [FJ Labs](https://millionrounds.com/fund/fj-labs) *Deploying now* VC firm · United States **36** **$11M** median round **Oct 2026** last seen
- 21 [Mizuho Capital](https://millionrounds.com/fund/mizuho-capital) *Deploying now* VC firm · Japan **35** **$6.5M** median round **Nov 2026** last seen
- 22 [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) *Deploying now* Private equity · United States **34** **$2.9M** median round **Nov 2026** last seen
- 23 [Mitsubishi UFJ Capital](https://millionrounds.com/fund/mitsubishi-ufj-capital-co-ltd) *Deploying now* VC firm · Japan **33** **$4.7M** median round **Nov 2026** last seen
- 24 [US Department of Energy](https://millionrounds.com/fund/u-s-department-of-energy) *Deploying now* Government · United States **33** **$2M** median round **Sept 2026** last seen
- 25 [Coatue](https://millionrounds.com/fund/coatue-management) *Deploying now* VC firm · United States **33** **$85M** median round **Oct 2026** last seen

**702 more on this list**

All 727 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%2Ffollow-on-investors)

## The Newest Cheques

Rounds this list's investors joined most recently

- **7** Nov **[Arka Fincap](https://millionrounds.com/company/arka-fincap)** Other *Led by* [TPG](https://millionrounds.com/fund/tpg)
- **7** Nov **[LionBio Therapeutics](https://millionrounds.com/company/lionbio-therapeutics)** Pre-seed · $6M *With* [South Park Commons](https://millionrounds.com/fund/south-park-commons)
- **6** Nov **[Vensum Power](https://millionrounds.com/company/vensum-power)** Series A · $10M *Led by* [Lifeline Ventures](https://millionrounds.com/fund/lifeline-ventures)
- **6** Nov **[Physicl](https://millionrounds.com/company/physicl)** Seed · $10M *Led by* [Inovia Capital](https://millionrounds.com/fund/inovia-capital)
- **6** Nov **[Future Secure AI](https://millionrounds.com/company/future-secure-ai)** Other · $80M *Led by* [Square Peg](https://millionrounds.com/fund/square-peg-2)
- **6** Nov **[Humble Robotics](https://millionrounds.com/company/humble-robotics)** Series A · $51M *Led by* [Obvious Ventures](https://millionrounds.com/fund/obvious-ventures)

## Stages This Year

9,227 rounds

- Seed **21%**
- Venture **20%**
- Series A **15%**
- Pre-seed **9%**
- Series B **7%**
- Other **27%**

## What They Backed

Sectors, last 12 months

- AI **3,230**
- Biotech **761**
- Healthcare **613**
- Fintech **500**
- Big Data & Analytics **451**
- Energy **391**

## Cheques by Quarter

Led Joined

6,007 Q1 25

6,040 Q2 25

6,615 Q3 25

7,154 Q4 25

6,782 Q1 26

5,930 Q2 26

4,731 Q3 26

1,169 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 speeding up 599](https://millionrounds.com/lists/accelerating)

[All investor lists *→*](https://millionrounds.com/lists)

## Quick answers about investors that follow on

### Who are the most active investors that follow on?

By companies backed again, the most active are Y Combinator, Andreessen Horowitz, Alumni Ventures, General Catalyst and Sequoia Capital.

### How many investors that follow on are there?

727 are on record. 100% made an investment in the last 12 months and 70% have led a round.

### Which stages do investors that follow on back?

Of the rounds with a named stage in the last 12 months, mostly Seed (29%) and Series A (21%).

### How big are the rounds investors that follow on join?

The typical (median) round among the leading investors here is $12M.

### Which sectors do investors that follow on back most?

In the last 12 months, mostly AI, Biotech and Healthcare.

### Which investors that follow on lead the most rounds?

Andreessen Horowitz (114 led), Accel (103 led) and General Catalyst (97 led).

### Where are investors that follow on based?

Most of the leading investors here are based in the United States (20 of the top 25); the rest in Japan and France.

### What have investors that follow on invested in recently?

Recent rounds include Arka Fincap (Other, Nov 2026, with TPG), LionBio Therapeutics (Pre-seed, Nov 2026, with South Park Commons) and Vensum Power (Series A, Nov 2026, with Lifeline Ventures).

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)