# Growth equity firms at early stage (2026 list)

> 116 growth equity firms at early stage, 88% active in the last 12 months. Led by Citibank, HSBC, Bond. Ranked by what they funded.

Source: https://millionrounds.com/lists/growth-equity-firms-at-early-stage (Millionrounds; every figure on the page links to its filing or article)

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

# Growth equity firms at early stage

Updated 7 November 2026

Growth equity firms we have watched take part in an early stage round in the last two years.

[See all 116 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fgrowth-equity-firms-at-early-stage)The top 25

**116** investors on the list *+2* this week

**607** cheques in 12 months *+17%* against the market

**$45M** median round they joined *+463%* against the market median

**88%** wrote a cheque in 12 months

**60%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (24)

- 1 [Citibank](https://millionrounds.com/fund/citi) *Deploying now* Growth equity · United States **566** **$20M** median round **Oct 2026** last seen
- 2 [HSBC](https://millionrounds.com/fund/hsbc) *Deploying now* Growth equity · United Kingdom **234** **$45M** median round **Oct 2026** last seen
- 3 [Bond](https://millionrounds.com/fund/bond) *Deploying now* Growth equity · United States **154** **$47M** median round **Sept 2026** last seen
- 4 [Smilegate Investment](https://millionrounds.com/fund/smilegate-investment) *Deploying now* Growth equity · South Korea **122** **$5.4M** median round **May 2026** last seen
- 5 [S2G Investments](https://millionrounds.com/fund/s2g-investments) *Deploying now* Growth equity · United States **102** **$16M** median round **Oct 2026** last seen
- 6 [Catalyst Fund](https://millionrounds.com/fund/catalyst-fund-2) *Deploying now* Growth equity · United States **96** **$3M** median round **Oct 2026** last seen
- 7 [Novo Holdings A/S](https://millionrounds.com/fund/novo-holdings-a-s) quiet Growth equity **93** **$40M** median round **Mar 2025** last seen
- 8 [RTW Investments LLC](https://millionrounds.com/fund/rtw-investments-lp) *Deploying now* Growth equity · United States **88** **$123M** median round **Nov 2026** last seen
- 9 [Iconiq Capital](https://millionrounds.com/fund/iconiq-capital-3) *Deploying now* Growth equity · Sri Lanka **87** **$75M** median round **Sept 2026** last seen
- 10 [Noro-Moseley Partners](https://millionrounds.com/fund/noro-moseley-partners) *Deploying now* Growth equity · United States **85** **$11M** median round **Apr 2026** last seen
- 11 [Alibaba](https://millionrounds.com/fund/alibaba) *Deploying now* Growth equity · United States **83** **$150M** median round **Oct 2026** last seen
- 12 [Human Capital](https://millionrounds.com/fund/human-capital-2) *Deploying now* Growth equity · New Zealand **81** **$24M** median round **Oct 2026** last seen
- 13 [Ares Management](https://millionrounds.com/fund/ares-management) *Deploying now* Growth equity · United States **68** **$162M** median round **Sept 2026** last seen
- 14 [Taiwania Capital](https://millionrounds.com/fund/taiwania-capital) *Deploying now* Growth equity · Taiwan **60** **$14M** median round **Jul 2026** last seen
- 15 [SBI Group](https://millionrounds.com/fund/sbi-group) *Deploying now* Growth equity **57** **$14M** median round **Nov 2026** last seen
- 16 [Flashpoint](https://millionrounds.com/fund/flashpoint-2) *Deploying now* Growth equity · United Kingdom **50** **$7M** median round **May 2026** last seen
- 17 [UTokyo Innovation Platform](https://millionrounds.com/fund/utokyo-innovation-platform) *Deploying now* Growth equity · Japan **50** **$4.1M** median round **Jul 2026** last seen
- 18 [Royal Bank of Canada](https://millionrounds.com/fund/royal-bank-of-canada) *Deploying now* Growth equity · Canada **46** **$100M** median round **Oct 2026** last seen
- 19 [ING Group](https://millionrounds.com/fund/ing-group) *Deploying now* Growth equity · Indonesia **45** **$37M** median round **Oct 2026** last seen
- 20 [Gresham House Ventures](https://millionrounds.com/fund/gresham-house-ventures) *Deploying now* Growth equity · United Kingdom **40** **$6.6M** median round **Sept 2026** last seen
- 21 [VentureTech Alliance](https://millionrounds.com/fund/venturetech-alliance) *Deploying now* Growth equity · United States **40** **$155M** median round **Jun 2026** last seen
- 22 [Riverside Acceleration Capital](https://millionrounds.com/fund/riverside-acceleration-capital) *Deploying now* Growth equity · United States **34** **$14M** median round **Sept 2026** last seen
- 23 [Nano Dimension](https://millionrounds.com/fund/nanodimension) *Deploying now* Growth equity · United States **33** **$58M** median round **Sept 2026** last seen
- 24 [Qatar Ban](https://millionrounds.com/fund/qatar-ban) *Deploying now* Growth equity · Qatar **33** **$548M** median round **Sept 2026** last seen
- 25 [jd.com](https://millionrounds.com/fund/jd-com) *Deploying now* Growth equity · China **28** **$200M** median round **May 2026** last seen

**91 more on this list**

All 116 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%2Fgrowth-equity-firms-at-early-stage)

## The Newest Cheques

Rounds this list's investors joined most recently

- **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 **[Soter Insure](https://millionrounds.com/company/soter-insure)** Series B *With* [SBI Group](https://millionrounds.com/fund/sbi-group)
- **5** Nov **[firmly](https://millionrounds.com/company/firmly)** Series A · $15M *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest)
- **5** Nov **[Potential Sciences](https://millionrounds.com/company/potential-sciences)** Seed *With* [Sovereign AI Fund](https://millionrounds.com/fund/sovereign-ai-fund)
- **5** Nov **[Anaheim Bio](https://millionrounds.com/company/anaheim-bio)** Series A · $45M *With* [RTW Investments LLC](https://millionrounds.com/fund/rtw-investments-lp)
- **5** Nov **[Sand.ai](https://millionrounds.com/company/sand-ai)** Series A · $200M *With* [Pudong Venture Capital](https://millionrounds.com/fund/pudong-venture-capital)

## Stages This Year

558 rounds

- Debt **17%**
- Series A **15%**
- Venture **11%**
- Series B **11%**
- Other **9%**
- Other **36%**

## What They Backed

Sectors, last 12 months

- AI **210**
- Fintech **63**
- Biotech **42**
- Energy **38**
- Robotics **37**
- Big Data & Analytics **35**

## Cheques by Quarter

Led Joined

108 Q1 25

131 Q2 25

137 Q3 25

195 Q4 25

179 Q1 26

155 Q2 26

134 Q3 26

68 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [VC firms at early stage 6,133](https://millionrounds.com/lists/vc-firms-at-early-stage)
- [VC firms at seed 3,708](https://millionrounds.com/lists/vc-firms-at-seed)
- [VC firms at Series A 3,249](https://millionrounds.com/lists/vc-firms-at-series-a)
- [VC firms at pre-seed 1,689](https://millionrounds.com/lists/vc-firms-at-pre-seed)
- [VC firms at Series B 1,595](https://millionrounds.com/lists/vc-firms-at-series-b)
- [VC firms at growth 1,005](https://millionrounds.com/lists/vc-firms-at-growth)
- [VC firms at Series C 958](https://millionrounds.com/lists/vc-firms-at-series-c)
- [PE firms at growth 772](https://millionrounds.com/lists/pe-firms-at-growth)
- [PE firms at Series B 700](https://millionrounds.com/lists/pe-firms-at-series-b)

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

## Reading for founders at Series B and scaling

- Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies Reid Hoffman · 2018 3.95 from 7,118 ratings on Goodreads Scaling and operations Leading and managing Moats and competition About the book Foreword by Bill Gates LinkedIn cofounder, legendary investor, and host of the award-winning Masters of Scale podcast reveals the secret to starting and scaling massively valuable companies. What entrepreneur or founder doesn’t aspire to build the next Amazon, Facebook, or… On AmazonListen on Audible
- One Page Talent Management: Eliminating Complexity, Adding Value Marc Effron · 2010 4.00 from 311 ratings on Goodreads Leading and managing Hiring and culture Scaling and operations About the book A Revolutionary Approach to Talent Management You know that winning in today’s marketplace requires top quality talent. You also know what it takes to build that talent, and you spend significant financial and human resources to make it happen. Yet somehow, your company’s… On AmazonListen on Audible
- The Culture Code: The Secrets of Highly Successful Groups Daniel Coyle · 2017 4.24 from 37,412 ratings on Goodreads Hiring and culture Leading and managing About the book What do Pixar, Google and the San Antonio Spurs basketball team have in common?The answer is that they all owe their extraordinary success to their team-building skills. In The Culture Code, Daniel Coyle goes inside some of the most effective organisations in the world and… On AmazonListen on Audible
- Scaling Up: How a Few Companies Make It...and Why the Rest Don't Verne Harnish · 2014 4.16 from 6,229 ratings on Goodreads Scaling and operations Leading and managing About the book Winner of the 2015 International Book Awards for General Business Winner of the 2015 National Indie Excellence Award for General Business Winner of the 2015 Readers' Favorite International Book Award Gold Medal for Non-Fiction Business Winner of the 2015 Paris Book… On AmazonListen on Audible

More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&stage=scaling).

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about growth equity firms at early stage

### Who are the most active growth equity firms at early stage?

By cheques observed, the most active are Citibank, HSBC, Bond, Smilegate Investment and S2G Investments.

### How many growth equity firms at early stage are there?

116 are on record. 88% made an investment in the last 12 months and 60% have led a round.

### Which stages do growth equity firms at early stage back?

Of the rounds with a named stage in the last 12 months, mostly Debt (22%) and Series A (21%).

### How big are the rounds growth equity firms at early stage join?

The typical (median) round among the leading investors here is $37M.

### Which sectors do growth equity firms at early stage back most?

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

### Which growth equity firms at early stage lead the most rounds?

Bond (11 led), Iconiq Capital (7 led) and Gresham House Ventures (7 led).

### Where are growth equity firms at early stage based?

Among the most active, most are based in the United States (11), the United Kingdom (3) and South Korea (1).

### What have growth equity firms at early stage invested in recently?

Recent rounds include Harbinger (Series D+, Nov 2026, with Capricorn's Technology Impact Fund), Soter Insure (Series B, Nov 2026, with SBI Group) and firmly (Series A, Nov 2026, with • Ark Invest).

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