# PE firms backing D2C (2026 list) > 11 PE firms backing D2C, 91% active in the last 12 months. Led by OrbiMed, Iconiq Capital, Multiples. Ranked by what they funded. Source: https://millionrounds.com/lists/pe-firms-d2c (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms backing D2C Updated 7 November 2026 PE firms we have observed in a D2C round in the last two years. [See all 11 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-d2c)The top 11 **11** investors on the list *+1* this week **78** cheques in 12 months *+44%* against the market **$38M** median round they joined *+380%* against the market median **91%** wrote a cheque in 12 months **82%** have led a round ## The Top 11 Ordered by cheques observed, never by anything anyone paid for Deploying now (10) - 1 [OrbiMed](https://millionrounds.com/fund/orbimed) *Deploying now* Private equity · United States **447** **$71M** median round **Oct 2026** last seen - 2 [Iconiq Capital](https://millionrounds.com/fund/iconiq-capital-3) *Deploying now* Growth equity · Sri Lanka **87** **$75M** median round **Sept 2026** last seen - 3 [Multiples](https://millionrounds.com/fund/multiples-alternate-asset-management) *Deploying now* Private equity · India **4** **$125M** median round **Nov 2026** last seen - 4 [Sharrp Ventures](https://millionrounds.com/fund/sharrp-ventures-harsh-mariwala-investment-office) *Deploying now* Private equity · India **3** **$12M** median round **Oct 2026** last seen - 5 [Bharat Value Fund](https://millionrounds.com/fund/bharat-value-fund) *Deploying now* Growth equity **3** **$42M** median round **Oct 2026** last seen - 6 [LGVP](https://millionrounds.com/fund/lgvp) *Deploying now* Growth equity **3** **$35M** median round **Oct 2026** last seen - 7 [Vertex Ventures SEA & India](https://millionrounds.com/fund/vertex-ventures-sea-and-india) *Deploying now* Growth equity **3** **$20M** median round **Oct 2026** last seen - 8 [Xponentia Capital](https://millionrounds.com/fund/xponentia-capital) *Deploying now* Private equity · India **1** **$35M** median round **Oct 2026** last seen - 9 [Hero Family Office](https://millionrounds.com/fund/hero-family-office) *Deploying now* Growth equity **1** **$15M** median round **Oct 2026** last seen - 10 [The Wealth Company Alternates](https://millionrounds.com/fund/the-wealth-company-alternates) *Deploying now* Growth equity **1** **$42M** median round **Oct 2026** last seen - 11 [YoungOne CVC](https://millionrounds.com/fund/youngone-cvc) quiet Growth equity **1** **-** median round **Nov 2025** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **3** Nov **[GIVA](https://millionrounds.com/company/giva)** Other · $100M *Led by* [Multiples](https://millionrounds.com/fund/multiples-alternate-asset-management) - **31** Oct **[Numour](https://millionrounds.com/company/numour)** $3.1M *Led by* [Sharrp Ventures](https://millionrounds.com/fund/sharrp-ventures-harsh-mariwala-investment-office) - **29** Oct **[Dren Bio](https://millionrounds.com/company/dren-bio)** Other · $350M *With* [OrbiMed](https://millionrounds.com/fund/orbimed) - **27** Oct **[Troovy](https://millionrounds.com/company/troovy)** Series B · $12M *Led by* [Sharrp Ventures](https://millionrounds.com/fund/sharrp-ventures-harsh-mariwala-investment-office) - **23** Oct **[Star Therapeutics](https://millionrounds.com/company/star-therapeutics)** Other · $200M *Led by* [OrbiMed](https://millionrounds.com/fund/orbimed) - **21** Oct **[CapitalOS](https://millionrounds.com/company/capitalos)** Series A · $22M *Led by* [LGVP](https://millionrounds.com/fund/lgvp) ## Stages This Year 76 rounds - Other **34%** - Series C **14%** - Series A **13%** - Series B **12%** - Growth **8%** - Other **18%** ## What They Backed Sectors, last 12 months - Biotech **30** - Healthcare **15** - Pharma **13** - AI **10** - D2C **6** - E-commerce **4** ## Cheques by Quarter Led Joined 12 Q1 25 8 Q2 25 23 Q3 25 21 Q4 25 19 Q1 26 24 Q2 26 13 Q3 26 12 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai) - [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech) - [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data) - [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech) - [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics) - [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction) - [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy) - [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai) - [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about PE firms backing D2C ### Who are the most active PE firms backing D2C? By cheques observed, the most active are OrbiMed, Iconiq Capital, Multiples, Sharrp Ventures and Bharat Value Fund. ### How many PE firms backing D2C are there? 11 are on record. 91% made an investment in the last 12 months and 82% have led a round. ### Which stages do PE firms backing D2C back? Of the rounds with a named stage in the last 12 months, mostly Series C (24%) and Series A (22%). ### How big are the rounds PE firms backing D2C join? The typical (median) round among the leading investors here is $42M. ### Which sectors do PE firms backing D2C back most? In the last 12 months, mostly Biotech, Healthcare and Pharma. ### Which PE firms backing D2C lead the most rounds? OrbiMed (9 led), Iconiq Capital (7 led) and Bharat Value Fund (3 led). ### Where are PE firms backing D2C based? Among the most active, most are based in India (3), the United States (1) and Sri Lanka (1). ### What have PE firms backing D2C invested in recently? Recent rounds include GIVA (Other, Nov 2026, with Multiples), Numour (Oct 2026, with Sharrp Ventures) and Dren Bio (Other, Oct 2026, with OrbiMed). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)