# Hedge funds at early stage (2026 list)

> 39 hedge funds at early stage, 77% active in the last 12 months. Led by Polygon, Matrix, Fasanara Capital. Ranked by what they funded.

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

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

# Hedge funds at early stage

Updated 7 November 2026

Hedge funds we have watched take part in an early stage round in the last two years.

[See all 39 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fhedge-funds-at-early-stage)The top 25

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

**86** cheques in 12 months *-1%* against the market

**$21M** median round they joined *+167%* against the market median

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

**26%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (23)

- 1 [Polygon](https://millionrounds.com/fund/polygon) *Deploying now* Hedge fund · Cayman Islands **149** **$5M** median round **Oct 2026** last seen
- 2 [Matrix](https://millionrounds.com/fund/matrix) *Deploying now* Hedge fund · United Arab Emirates **104** **$31M** median round **Nov 2026** last seen
- 3 [Fasanara Capital](https://millionrounds.com/fund/fasanara-capital) *Deploying now* Hedge fund · United Kingdom **50** **$30M** median round **Sept 2026** last seen
- 4 [UNITED, Inc.](https://millionrounds.com/fund/united) *Deploying now* Hedge fund · Japan **50** **$10M** median round **Sept 2026** last seen
- 5 [Arch](https://millionrounds.com/fund/arch) *Deploying now* Hedge fund **26** **$44M** median round **May 2026** last seen
- 6 [Altair](https://millionrounds.com/fund/altair) *Deploying now* Hedge fund · United States **17** **$6M** median round **Jun 2026** last seen
- 7 [Schroders Capital](https://millionrounds.com/fund/schroders-capital) *Deploying now* Hedge fund · United States **15** **$150M** median round **Jun 2026** last seen
- 8 [Maverick Silicon](https://millionrounds.com/fund/maverick-silicon) *Deploying now* Hedge fund · United States **14** **$109M** median round **Oct 2026** last seen
- 9 [Genesis](https://millionrounds.com/fund/genesis-3) *Deploying now* Hedge fund · United States **13** **$24M** median round **Oct 2026** last seen
- 10 [Circle](https://millionrounds.com/fund/circle) *Deploying now* Hedge fund · United States **13** **$14M** median round **Feb 2026** last seen
- 11 [Momentum](https://millionrounds.com/fund/momentum-2) *Deploying now* Hedge fund · India **11** **$17M** median round **Oct 2026** last seen
- 12 [Aperture](https://millionrounds.com/fund/aperture) *Deploying now* Hedge fund · United States **7** **$36M** median round **May 2026** last seen
- 13 [Bradesco](https://millionrounds.com/fund/bradesco) *Deploying now* Hedge fund · Brazil **4** **$56M** median round **Oct 2026** last seen
- 14 [Bond Capital](https://millionrounds.com/fund/bond-capital) *Deploying now* Hedge fund · Canada **3** **$1.1B** median round **Sept 2026** last seen
- 15 [Cornerstone Capital](https://millionrounds.com/fund/cornerstone-capital) *Deploying now* Hedge fund **3** **$200M** median round **Nov 2026** last seen
- 16 [Hypersphere Capital](https://millionrounds.com/fund/hypersphere) *Deploying now* Hedge fund · United States **3** **$17M** median round **Apr 2026** last seen
- 17 [Insiders](https://millionrounds.com/fund/insiders) *Deploying now* Hedge fund · United Kingdom **3** **$12M** median round **Oct 2026** last seen
- 18 [Magnetar](https://millionrounds.com/fund/magnetar) *Deploying now* Hedge fund · United States **3** **$100M** median round **Nov 2026** last seen
- 19 [Odyssey](https://millionrounds.com/fund/odyssey) *Deploying now* Hedge fund · United States **3** **$50M** median round **Nov 2026** last seen
- 20 [Mindset](https://millionrounds.com/fund/mindset) *Deploying now* Hedge fund · United States **2** **$21M** median round **Sept 2026** last seen
- 21 [Mission](https://millionrounds.com/fund/mission) *Deploying now* Hedge fund · United States **2** **$51M** median round **Jun 2026** last seen
- 22 [Modern Capital](https://millionrounds.com/fund/modern-capital) *Deploying now* Hedge fund · United States **2** **$302M** median round **Sept 2026** last seen
- 23 [Rsquared](https://millionrounds.com/fund/rsquared) *Deploying now* Hedge fund · United States **2** **$21M** median round **Oct 2026** last seen
- 24 [Sats Ventures](https://millionrounds.com/fund/sats-ventures) quiet Hedge fund **2** **$3M** median round **May 2025** last seen
- 25 [Gemini](https://millionrounds.com/fund/gemini) quiet Hedge fund · United States **2** **$26M** median round **Jun 2025** last seen

**14 more on this list**

All 39 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%2Fhedge-funds-at-early-stage)

## The Newest Cheques

Rounds this list's investors joined most recently

- **5** Nov **[Potential Sciences](https://millionrounds.com/company/potential-sciences)** Seed *With* [Odyssey](https://millionrounds.com/fund/odyssey)
- **5** Nov **[Sand.ai](https://millionrounds.com/company/sand-ai)** Series A · $200M *Led by* [Cornerstone Capital](https://millionrounds.com/fund/cornerstone-capital)
- **5** Nov **[CesiumAstro](https://millionrounds.com/company/cesiumastro)** Series D+ · $730M *With* [Magnetar](https://millionrounds.com/fund/magnetar)
- **2** Nov **[General Medicine](https://millionrounds.com/company/general-medicine)** Series B · $120M *With* [Matrix](https://millionrounds.com/fund/matrix)
- **29** Oct **[i23](https://millionrounds.com/company/i23)** Seed · $6.5M *Led by* [Insiders](https://millionrounds.com/fund/insiders)
- **26** Oct **[Bucketlistt.com](https://millionrounds.com/company/bucketlistt-com)** Seed · $798K *Led by* [Kairon Capital](https://millionrounds.com/fund/kairon-capital)

## Stages This Year

86 rounds

- Series A **23%**
- Seed **22%**
- Debt **14%**
- Series B **13%**
- Venture **6%**
- Other **22%**

## What They Backed

Sectors, last 12 months

- AI **39**
- Fintech **9**
- Energy **9**
- Robotics **7**
- Manufacturing **6**
- Construction **6**

## Cheques by Quarter

Led Joined

23 Q1 25

25 Q2 25

24 Q3 25

26 Q4 25

18 Q1 26

19 Q2 26

20 Q3 26

14 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 seed

- The Elements of User Experience: User-Centered Design for the Web Jesse James Garrett · 2002 4.01 from 4,134 ratings on Goodreads Finding product-market fit Company building About the book Smart organizations recognize that Web design is more than just creating clean code and sharp graphics. A site that really works fulfills your strategic objectives while meeting the needs of your users. Even the best content and the most sophisticated technology won't help you… On AmazonListen on Audible
- Get Backed: Craft Your Story, Build the Perfect Pitch Deck, and Launch the Venture of Your Dreams Evan Baehr · 2015 4.36 from 356 ratings on Goodreads Raising money Company building About the book HOW DO YOU LAUNCH THE VENTURE OF YOUR DREAMS? Get Backed isn’t just about startup fundraising. It’s a handbook for anyone who has an idea and needs to build relationships to get it off the ground. Over the last 3 years, entrepreneurs Evan Loomis and Evan Baehr have… On AmazonListen on Audible
- Selling the Invisible: A Field Guide to Modern Marketing Harry Beckwith · 1997 3.94 from 10,059 ratings on Goodreads Marketing and growth First sales Company building About the book You can't touch, hear, or see your company's most important products... So how do you sell, develop, make them grow? That's the problem with services. This "phenomenal" book, as one reviewer called it, answers that question with insights on how markets work and how prospects… On AmazonListen on Audible
- 80/20 Sales and Marketing: The Definitive Guide to Working Less and Making More Perry Marshall · 2013 4.19 from 1,904 ratings on Goodreads First sales Marketing and growth Company building About the book Stop "Just Getting By"... Master The 80/20 Principle And Make More Money Without More Work. When you know how to walk into any situation and see the 80/20's, you can solve almost ANY marketing problem. 80/20 can demolish any sales and advertising problem. "If you don't know… On AmazonListen on Audible

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

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about hedge funds at early stage

### Who are the most active hedge funds at early stage?

By cheques observed, the most active are Polygon, Matrix, Fasanara Capital, UNITED, Inc. and Arch.

### How many hedge funds at early stage are there?

39 are on record. 77% made an investment in the last 12 months and 26% have led a round.

### Which stages do hedge funds at early stage back?

Of the rounds with a named stage in the last 12 months, mostly Series A (27%) and Seed (26%).

### How big are the rounds hedge funds at early stage join?

The typical (median) round among the leading investors here is $30M.

### Which sectors do hedge funds at early stage back most?

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

### Which hedge funds at early stage lead the most rounds?

Matrix (7 led), UNITED, Inc. (4 led) and Schroders Capital (4 led).

### Where are hedge funds at early stage based?

Among the most active, most are based in the United States (14), the United Kingdom (2) and Cayman Islands (1).

### What have hedge funds at early stage invested in recently?

Recent rounds include Potential Sciences (Seed, Nov 2026, with Odyssey), Sand.ai (Series A, Nov 2026, with Cornerstone Capital) and CesiumAstro (Series D+, Nov 2026, with Magnetar).

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