# Investors backing Underrepresented Founders (2026 list) > 1,217 investors backing Underrepresented Founders, 14% active in the last 12 months. Led by Founders Fund, Gaingels, BDC Capital. Ranked by what they funded. Source: https://millionrounds.com/lists/investors-backing-underrepresented-founders (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Investors backing Underrepresented Founders Updated 7 November 2026 Firms that say, in their own words, that they back underrepresented founders. What a firm says, not a count of what it funded. [See all 1,217 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Finvestors-backing-underrepresented-founders)The top 25 **1,217** investors on the list No change this week **1,292** cheques in 12 months *-9%* against the market **$6.6M** median round they joined *-18%* against the market median **14%** wrote a cheque in 12 months **11%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (23) - 1 [Founders Fund](https://millionrounds.com/fund/founders-fund) *Deploying now* VC firm · United States **1,122** **$15M** median round **Oct 2026** last seen - 2 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen - 3 [BDC Capital](https://millionrounds.com/fund/bdc-venture-capital) *Deploying now* VC firm · Canada **685** **$6M** median round **Sept 2026** last seen - 4 [Neo](https://millionrounds.com/fund/neo) *Deploying now* Accelerator · United States **364** **$5.5M** median round **Nov 2026** last seen - 5 [Collaborative Fund](https://millionrounds.com/fund/collaborative-fund) *Deploying now* VC firm · United States **305** **$7.5M** median round **Oct 2026** last seen - 6 [Abstract Ventures](https://millionrounds.com/fund/abstract) *Deploying now* VC firm · United States **295** **$13M** median round **Nov 2026** last seen - 7 [Precursor Ventures](https://millionrounds.com/fund/precursor-ventures) *Deploying now* VC firm · United States **261** **$4M** median round **Oct 2026** last seen - 8 [Startup Wise Guys](https://millionrounds.com/fund/startup-wise-guys) *Deploying now* Accelerator · Estonia **237** **$551K** median round **Sept 2026** last seen - 9 [Berkeley SkyDeck](https://millionrounds.com/fund/berkeley-skydeck) *Deploying now* Accelerator · United States **231** **$2M** median round **Oct 2026** last seen - 10 [Kapor Capital](https://millionrounds.com/fund/kapor-capital) *Deploying now* VC firm · United States **224** **$10M** median round **Jul 2026** last seen - 11 [Forum Ventures](https://millionrounds.com/fund/forum-ventures) *Deploying now* VC firm · United States **208** **$1.5M** median round **Oct 2026** last seen - 12 [Revolution](https://millionrounds.com/fund/revolution) *Deploying now* VC firm · United States **196** **$7M** median round **Aug 2026** last seen - 13 [Gener8tor](https://millionrounds.com/fund/gener8tor) *Deploying now* VC firm · United States **184** **$792K** median round **Aug 2026** last seen - 14 [Hearst Ventures](https://millionrounds.com/fund/hearst-ventures) *Deploying now* VC firm · United States **173** **$8M** median round **Oct 2026** last seen - 15 [Ulu Ventures](https://millionrounds.com/fund/ulu-ventures) *Deploying now* VC firm · United States **172** **$7M** median round **Oct 2026** last seen - 16 [Costanoa Ventures](https://millionrounds.com/fund/costanoa-ventures) *Deploying now* VC firm · United States **154** **$12M** median round **Sept 2026** last seen - 17 [EQT Ventures](https://millionrounds.com/fund/eqt-ventures) *Deploying now* VC firm · Sweden **152** **$20M** median round **Oct 2026** last seen - 18 [Base10 Partners](https://millionrounds.com/fund/base10-partners) *Deploying now* VC firm · United States **137** **$15M** median round **Oct 2026** last seen - 19 [Expert Dojo](https://millionrounds.com/fund/expert-dojo) *Deploying now* Accelerator · United States **136** **$600K** median round **Aug 2026** last seen - 20 [Village Capital](https://millionrounds.com/fund/village-capital) *Deploying now* Accelerator · United States **129** **$2.3M** median round **Jul 2026** last seen - 21 [5Y Capital](https://millionrounds.com/fund/5y-capital) *Deploying now* VC firm · China **126** **$28M** median round **Oct 2026** last seen - 22 [Beringea](https://millionrounds.com/fund/beringea) *Deploying now* Private equity · United States **116** **$8.8M** median round **Sept 2026** last seen - 23 [JumpStart](https://millionrounds.com/fund/jumpstart) quiet VC firm · United States **113** **$3M** median round **Sept 2019** last seen - 24 [Lowercase Capital](https://millionrounds.com/fund/lowercase-capital) quiet VC firm · United States **102** **$10M** median round **Aug 2019** last seen - 25 [Acrew Capital](https://millionrounds.com/fund/acrew-capital) *Deploying now* VC firm · United States **99** **$17M** median round **Nov 2026** last seen **1,192 more on this list** All 1,217 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%2Finvestors-backing-underrepresented-founders) ## The Newest Cheques Rounds this list's investors joined most recently - **6** Nov **[URobotics](https://millionrounds.com/company/urobotics)** Series A · $30M *With* [TS Investment](https://millionrounds.com/fund/ts-investment-2) - **5** Nov **[Saidot](https://millionrounds.com/company/saidot)** Round *Led by* [BackingMinds](https://millionrounds.com/fund/backingminds) - **5** Nov **[RadianX](https://millionrounds.com/company/radianx)** Seed · $9M *With* [California Innovation Fund](https://millionrounds.com/fund/california-innovation-fund) - **4** Nov **[Shackleton AI](https://millionrounds.com/company/shackleton-ai)** Seed · $5M *With* [Trust Ventures](https://millionrounds.com/fund/trust-ventures) - **4** Nov **[Juritas](https://millionrounds.com/company/juritas)** Pre-seed · $1.6M *With* [Araya Ventures](https://millionrounds.com/fund/araya-ventures) - **4** Nov **[bit.bio](https://millionrounds.com/company/bit-bio)** Series D+ · $25M *With* [M&G Investments](https://millionrounds.com/fund/m-and-g-investments) ## Stages This Year 1,180 rounds - Seed **23%** - Venture **18%** - Series A **18%** - Series B **9%** - Other **7%** - Other **25%** ## What They Backed Sectors, last 12 months - AI **468** - Fintech **101** - Healthcare **84** - Biotech **71** - Aerospace & Space **66** - Big Data & Analytics **62** ## Cheques by Quarter Led Joined 379 Q1 25 363 Q2 25 382 Q3 25 405 Q4 25 383 Q1 26 346 Q2 26 287 Q3 26 112 Q4 26 The last bar is the quarter still running. ## Lists Like This - [Generalist Investors 2,290](https://millionrounds.com/lists/generalist-investors) - [Investors backing Women Founders 1,264](https://millionrounds.com/lists/investors-backing-women-founders) - [Investors backing Immigrant Founders 500](https://millionrounds.com/lists/investors-backing-immigrant-founders) - [Investors backing Latinx Founders 453](https://millionrounds.com/lists/investors-backing-latinx-founders) - [Investors backing Black Founders 304](https://millionrounds.com/lists/investors-backing-black-founders) - [Investors backing Disabled Founders 217](https://millionrounds.com/lists/investors-backing-disabled-founders) - [Investors backing Veteran Founders 71](https://millionrounds.com/lists/investors-backing-veterans-founders) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about investors backing Underrepresented Founders ### Who are the most active investors backing Underrepresented Founders? By cheques observed, the most active are Founders Fund, Gaingels, BDC Capital, Neo and Collaborative Fund. ### How many investors backing Underrepresented Founders are there? 1,217 are on record. 14% made an investment in the last 12 months and 11% have led a round. ### Which stages do investors backing Underrepresented Founders back? Of the rounds with a named stage in the last 12 months, mostly Seed (31%) and Series A (25%). ### How big are the rounds investors backing Underrepresented Founders join? The typical (median) round among the leading investors here is $7.5M. ### Which sectors do investors backing Underrepresented Founders back most? In the last 12 months, mostly AI, Fintech and Healthcare. ### Which investors backing Underrepresented Founders lead the most rounds? Founders Fund (42 led), EQT Ventures (20 led) and Base10 Partners (17 led). ### Where are investors backing Underrepresented Founders based? Most of the leading investors here are based in the United States (21 of the top 25); the rest in Canada and Estonia. ### What have investors backing Underrepresented Founders invested in recently? Recent rounds include URobotics (Series A, Nov 2026, with TS Investment), Saidot (Nov 2026, with BackingMinds) and RadianX (Seed, Nov 2026, with California Innovation Fund). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)