# Growth equity firms at seed (2026 list)

> 48 growth equity firms at seed, 90% active in the last 12 months. Led by Citibank, Bond, Smilegate Investment. Ranked by what they funded.

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

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

# Growth equity firms at seed

Updated 7 November 2026

Growth equity firms we have watched take part in a seed round in the last two years.

[See all 48 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fgrowth-equity-firms-at-seed)The top 25

**48** investors on the list *+1* this week

**295** cheques in 12 months *-8%* against the market

**$39M** median round they joined *+384%* against the market median

**90%** wrote a cheque in 12 months

**56%** 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 [Bond](https://millionrounds.com/fund/bond) *Deploying now* Growth equity · United States **154** **$47M** median round **Sept 2026** last seen
- 3 [Smilegate Investment](https://millionrounds.com/fund/smilegate-investment) *Deploying now* Growth equity · South Korea **122** **$5.4M** median round **May 2026** last seen
- 4 [S2G Investments](https://millionrounds.com/fund/s2g-investments) *Deploying now* Growth equity · United States **102** **$16M** median round **Oct 2026** last seen
- 5 [Catalyst Fund](https://millionrounds.com/fund/catalyst-fund-2) *Deploying now* Growth equity · United States **96** **$3M** median round **Oct 2026** last seen
- 6 [Iconiq Capital](https://millionrounds.com/fund/iconiq-capital-3) *Deploying now* Growth equity · Sri Lanka **87** **$75M** median round **Sept 2026** last seen
- 7 [Alibaba](https://millionrounds.com/fund/alibaba) *Deploying now* Growth equity · United States **83** **$150M** median round **Oct 2026** last seen
- 8 [Human Capital](https://millionrounds.com/fund/human-capital-2) *Deploying now* Growth equity · New Zealand **81** **$24M** median round **Oct 2026** last seen
- 9 [SBI Group](https://millionrounds.com/fund/sbi-group) *Deploying now* Growth equity **57** **$14M** median round **Nov 2026** last seen
- 10 [Flashpoint](https://millionrounds.com/fund/flashpoint-2) *Deploying now* Growth equity · United Kingdom **50** **$7M** median round **May 2026** last seen
- 11 [UTokyo Innovation Platform](https://millionrounds.com/fund/utokyo-innovation-platform) *Deploying now* Growth equity · Japan **50** **$4.1M** median round **Jul 2026** last seen
- 12 [ING Group](https://millionrounds.com/fund/ing-group) *Deploying now* Growth equity · Indonesia **45** **$37M** median round **Oct 2026** last seen
- 13 [Steadview Capital](https://millionrounds.com/fund/steadview-capital) *Deploying now* Growth equity · United Kingdom **25** **$30M** median round **Feb 2026** last seen
- 14 [Goldbell Group](https://millionrounds.com/fund/polaris) quiet Growth equity · Singapore **24** **$38M** median round **Oct 2025** last seen
- 15 [• Ark Invest](https://millionrounds.com/fund/ark-invest) *Deploying now* Growth equity · Georgia **17** **$540M** median round **Nov 2026** last seen
- 16 [DST](https://millionrounds.com/fund/dst) *Deploying now* Growth equity **16** **$215M** median round **Sept 2026** last seen
- 17 [EBRD VC](https://millionrounds.com/fund/ebrd-vc) *Deploying now* Growth equity · United Kingdom **13** **$17M** median round **Jul 2026** last seen
- 18 [NFDG](https://millionrounds.com/fund/nfdg) *Deploying now* Growth equity · United States **12** **$113M** median round **Jun 2026** last seen
- 19 [Mirae Asset Capital](https://millionrounds.com/fund/mirae-asset-capital) *Deploying now* Growth equity · South Korea **9** **$105M** median round **Oct 2026** last seen
- 20 [Didi Chuxing](https://millionrounds.com/fund/didi-chuxing) *Deploying now* Growth equity · China **7** **$281M** median round **Sept 2026** last seen
- 21 [Nico Rosberg](https://millionrounds.com/fund/nico-rosberg) *Deploying now* Growth equity · Monaco **7** **$50M** median round **Sept 2026** last seen
- 22 [Figma](https://millionrounds.com/fund/figma) *Deploying now* Growth equity · United States **6** **$41M** median round **Feb 2026** last seen
- 23 [British Columbia Investment Management Corporation (BCI)](https://millionrounds.com/fund/british-columbia-investment-management-corporation-bci) *Deploying now* Growth equity **6** **$149M** median round **Sept 2026** last seen
- 24 [ICON](https://millionrounds.com/fund/icon) *Deploying now* Growth equity · Ireland **6** **$40M** median round **Apr 2026** last seen
- 25 [Innovation Victoria](https://millionrounds.com/fund/innovation-victoria) *Deploying now* Growth equity **5** **$31M** median round **Sept 2026** last seen

**23 more on this list**

All 48 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-seed)

## The Newest Cheques

Rounds this list's investors joined most recently

- **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 **[Sand.ai](https://millionrounds.com/company/sand-ai)** Series A · $200M *With* [Pudong Venture Capital](https://millionrounds.com/fund/pudong-venture-capital)
- **5** Nov **[Zipline](https://millionrounds.com/company/zipline)** Growth · $1.5B *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest)
- **30** Oct **[Neoen](https://millionrounds.com/company/neoen)** Debt · $1.3B *With* [ING Group](https://millionrounds.com/fund/ing-group)

## Stages This Year

286 rounds

- Debt **17%**
- Venture **16%**
- Seed **14%**
- Series B **13%**
- Series A **10%**
- Other **30%**

## What They Backed

Sectors, last 12 months

- AI **106**
- Fintech **29**
- Financial Services **21**
- Energy **21**
- Robotics **20**
- Big Data & Analytics **14**

## Cheques by Quarter

Led Joined

60 Q1 25

80 Q2 25

94 Q3 25

117 Q4 25

78 Q1 26

78 Q2 26

63 Q3 26

36 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 seed

### Who are the most active growth equity firms at seed?

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

### How many growth equity firms at seed are there?

48 are on record. 90% made an investment in the last 12 months and 56% have led a round.

### Which stages do growth equity firms at seed back?

Of the rounds with a named stage in the last 12 months, mostly Debt (24%) and Seed (19%).

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

The typical (median) round among the leading investors here is $38M.

### Which sectors do growth equity firms at seed back most?

In the last 12 months, mostly AI, Fintech and Financial Services.

### Which growth equity firms at seed lead the most rounds?

EBRD VC (13 led), Bond (11 led) and Iconiq Capital (7 led).

### Where are growth equity firms at seed based?

Among the most active, most are based in the United States (7), the United Kingdom (3) and South Korea (2).

### What have growth equity firms at seed invested in recently?

Recent rounds include Soter Insure (Series B, Nov 2026, with SBI Group), firmly (Series A, Nov 2026, with • Ark Invest) and Potential Sciences (Seed, Nov 2026, with Sovereign AI Fund).

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