# Growth equity firms at Series B (2026 list)

> 514 growth equity firms at Series B, 77% 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-series-b (Millionrounds; every figure on the page links to its filing or article)

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

# Growth equity firms at Series B

Updated 7 November 2026

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

[See all 514 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fgrowth-equity-firms-at-series-b)The top 25

**514** investors on the list *+26* this week

**944** cheques in 12 months *+49%* against the market

**$56M** median round they joined *+598%* against the market median

**77%** wrote a cheque in 12 months

**28%** 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 [RTW Investments LLC](https://millionrounds.com/fund/rtw-investments-lp) *Deploying now* Growth equity · United States **88** **$123M** median round **Nov 2026** last seen
- 8 [Iconiq Capital](https://millionrounds.com/fund/iconiq-capital-3) *Deploying now* Growth equity · Sri Lanka **87** **$75M** median round **Sept 2026** last seen
- 9 [Human Capital](https://millionrounds.com/fund/human-capital-2) *Deploying now* Growth equity · New Zealand **81** **$24M** median round **Oct 2026** last seen
- 10 [Taiwania Capital](https://millionrounds.com/fund/taiwania-capital) *Deploying now* Growth equity · Taiwan **60** **$14M** median round **Jul 2026** last seen
- 11 [CPP Investments](https://millionrounds.com/fund/cpp-investments) *Deploying now* Growth equity **59** **$200M** median round **Oct 2026** last seen
- 12 [SBI Group](https://millionrounds.com/fund/sbi-group) *Deploying now* Growth equity **57** **$14M** median round **Nov 2026** last seen
- 13 [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
- 14 [ING Group](https://millionrounds.com/fund/ing-group) *Deploying now* Growth equity · Indonesia **45** **$37M** median round **Oct 2026** last seen
- 15 [Medtronic](https://millionrounds.com/fund/medtronic) *Deploying now* Growth equity · United States **45** **$49M** median round **Sept 2026** last seen
- 16 [Dell](https://millionrounds.com/fund/dell) *Deploying now* Growth equity · United States **43** **$33M** median round **Mar 2026** last seen
- 17 [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
- 18 [VentureTech Alliance](https://millionrounds.com/fund/venturetech-alliance) *Deploying now* Growth equity · United States **40** **$155M** median round **Jun 2026** last seen
- 19 [Riverside Acceleration Capital](https://millionrounds.com/fund/riverside-acceleration-capital) *Deploying now* Growth equity · United States **34** **$14M** median round **Sept 2026** last seen
- 20 [Qatar Ban](https://millionrounds.com/fund/qatar-ban) *Deploying now* Growth equity · Qatar **33** **$548M** median round **Sept 2026** last seen
- 21 [jd.com](https://millionrounds.com/fund/jd-com) *Deploying now* Growth equity · China **28** **$200M** median round **May 2026** last seen
- 22 [AstraZeneca](https://millionrounds.com/fund/astrazeneca) *Deploying now* Growth equity · United States **25** **$57M** median round **Apr 2026** last seen
- 23 [Goldman Sachs Alternatives](https://millionrounds.com/fund/goldman-sachs-alternatives) *Deploying now* Growth equity **24** **$110M** median round **Oct 2026** last seen
- 24 [Johnson & Johnson Innovation](https://millionrounds.com/fund/johnson-and-johnson-innovation) *Deploying now* Growth equity **24** **$43M** median round **Jun 2026** last seen
- 25 [Sageview Capital](https://millionrounds.com/fund/sageview-capital) quiet Growth equity · United States **19** **$30M** median round **Apr 2025** last seen

**489 more on this list**

All 514 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-series-b)

## The Newest Cheques

Rounds this list's investors joined most recently

- **6** Nov **[Harbinger](https://millionrounds.com/company/harbinger)** Series D+ · $240M *With* [THOR Industries](https://millionrounds.com/fund/thor-industries)
- **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 **[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)
- **5** Nov **[Zipline](https://millionrounds.com/company/zipline)** Growth · $1.5B *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest)

## Stages This Year

702 rounds

- Series B **31%**
- Debt **13%**
- Other **10%**
- Series A **9%**
- Growth **8%**
- Other **29%**

## What They Backed

Sectors, last 12 months

- AI **283**
- Fintech **93**
- Biotech **60**
- Energy **55**
- Healthcare **42**
- Cloud **41**

## Cheques by Quarter

Led Joined

141 Q1 25

150 Q2 25

178 Q3 25

225 Q4 25

252 Q1 26

214 Q2 26

201 Q3 26

184 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 Series B

### Who are the most active growth equity firms at Series B?

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

### How many growth equity firms at Series B are there?

514 are on record. 77% made an investment in the last 12 months and 28% have led a round.

### Which stages do growth equity firms at Series B back?

Of the rounds with a named stage in the last 12 months, mostly Series B (41%) and Debt (17%).

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

The typical (median) round among the leading investors here is $43M.

### Which sectors do growth equity firms at Series B back most?

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

### Which growth equity firms at Series B lead the most rounds?

Goldman Sachs Alternatives (13 led), Bond (11 led) and Iconiq Capital (7 led).

### Where are growth equity firms at Series B based?

Among the most active, most are based in the United States (11), the United Kingdom (2) and South Korea (1).

### What have growth equity firms at Series B invested in recently?

Recent rounds include Harbinger (Series D+, Nov 2026, with THOR Industries), 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)