# PE firms backing E-commerce (2026 list)

> 95 PE firms backing E-commerce, 83% active in the last 12 months. Led by Gaingels, Goldman Sachs, IDG Capital. Ranked by what they funded.

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

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

# PE firms backing E-commerce

Updated 7 November 2026

PE firms we have observed in an E-commerce round in the last two years.

[See all 95 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-ecommerce)The top 25

**95** investors on the list No change this week

**1,056** cheques in 12 months *+2%* against the market

**$25M** median round they joined *+206%* against the market median

**83%** wrote a cheque in 12 months

**64%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (25)

- 1 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen
- 2 [Goldman Sachs](https://millionrounds.com/fund/goldman-sachs) *Deploying now* Private equity · United States **758** **$73M** median round **Oct 2026** last seen
- 3 [IDG Capital](https://millionrounds.com/fund/idg-capital) *Deploying now* Private equity · China **504** **$25M** median round **Oct 2026** last seen
- 4 [Morgan Stanley Investment Management](https://millionrounds.com/fund/morgan-stanley-investment-management) *Deploying now* Private equity · United States **288** **$56M** median round **Oct 2026** last seen
- 5 [General Atlantic](https://millionrounds.com/fund/general-atlantic) *Deploying now* Private equity · United States **273** **$127M** median round **Oct 2026** last seen
- 6 [HSBC](https://millionrounds.com/fund/hsbc) *Deploying now* Growth equity · United Kingdom **234** **$45M** median round **Oct 2026** last seen
- 7 [K5 Global](https://millionrounds.com/fund/k5-global) *Deploying now* Private equity · United States **199** **$11M** median round **Oct 2026** last seen
- 8 [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton) *Deploying now* Private equity · United States **198** **$64M** median round **Nov 2026** last seen
- 9 [Altair Capital](https://millionrounds.com/fund/altair-capital-2) *Deploying now* Private equity · Singapore **196** **$2.9M** median round **Oct 2026** last seen
- 10 [DST Global](https://millionrounds.com/fund/dst-global) *Deploying now* Private equity · United Kingdom **158** **$81M** median round **Oct 2026** last seen
- 11 [Bond](https://millionrounds.com/fund/bond) *Deploying now* Growth equity · United States **154** **$47M** median round **Sept 2026** last seen
- 12 [Foresight Group](https://millionrounds.com/fund/foresight-group) *Deploying now* Private equity · United Kingdom **132** **$4M** median round **Oct 2026** last seen
- 13 [Maven Capital Partners](https://millionrounds.com/fund/maven-capital-partners) *Deploying now* Private equity · United Kingdom **129** **$3.5M** median round **Oct 2026** last seen
- 14 [Smilegate Investment](https://millionrounds.com/fund/smilegate-investment) *Deploying now* Growth equity · South Korea **122** **$5.4M** median round **May 2026** last seen
- 15 [Fin Capital](https://millionrounds.com/fund/fin-capital) *Deploying now* Private equity · United States **120** **$15M** median round **Sept 2026** last seen
- 16 [Beringea](https://millionrounds.com/fund/beringea) *Deploying now* Private equity · United States **116** **$8.8M** median round **Sept 2026** last seen
- 17 [WndrCo](https://millionrounds.com/fund/wndrco) *Deploying now* Private equity · United States **114** **$15M** median round **Sept 2026** last seen
- 18 [L Catterton](https://millionrounds.com/fund/l-catterton) *Deploying now* Private equity · United States **110** **$34M** median round **Oct 2026** last seen
- 19 [TCG](https://millionrounds.com/fund/tcg) *Deploying now* Private equity · United States **109** **$75M** median round **Sept 2026** last seen
- 20 [S2G Investments](https://millionrounds.com/fund/s2g-investments) *Deploying now* Growth equity · United States **102** **$16M** median round **Oct 2026** last seen
- 21 [Better Capital](https://millionrounds.com/fund/better-capital) *Deploying now* Private equity · United Kingdom **97** **$2.5M** median round **Oct 2026** last seen
- 22 [European Bank for Reconstruction and Development](https://millionrounds.com/fund/ebrd) *Deploying now* Private equity · United Kingdom **91** **$35M** median round **Nov 2026** last seen
- 23 [Mubadala](https://millionrounds.com/fund/mubadala) *Deploying now* Private equity · United Arab Emirates **91** **$80M** median round **Sept 2026** last seen
- 24 [Iconiq Capital](https://millionrounds.com/fund/iconiq-capital-3) *Deploying now* Growth equity · Sri Lanka **87** **$75M** median round **Sept 2026** last seen
- 25 [Demeter](https://millionrounds.com/fund/demeter) *Deploying now* Private equity · France **84** **$6.6M** median round **Sept 2026** last seen

**70 more on this list**

All 95 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%2Fpe-firms-ecommerce)

## The Newest Cheques

Rounds this list's investors joined most recently

- **5** Nov **[Soter Insure](https://millionrounds.com/company/soter-insure)** Series B *With* [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton)
- **5** Nov **[firmly](https://millionrounds.com/company/firmly)** Series A · $15M *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest)
- **5** Nov **[Zipline](https://millionrounds.com/company/zipline)** Growth · $1.5B *Led by* [WCM Investment Management](https://millionrounds.com/fund/wcm-investment-management)
- **3** Nov **[Scatec](https://millionrounds.com/company/scatec)** Debt · $217M *With* [European Bank for Reconstruction and Development](https://millionrounds.com/fund/ebrd)
- **3** Nov **[GIVA](https://millionrounds.com/company/giva)** Other · $100M *Led by* [Multiples](https://millionrounds.com/fund/multiples-alternate-asset-management)
- **3** Nov **[TDS Innovation](https://millionrounds.com/company/tds-innovation)** Pre-seed · $4.8M *Led by* [LB Investment](https://millionrounds.com/fund/lb-investment)

## Stages This Year

952 rounds

- Venture **21%**
- Debt **14%**
- Series A **12%**
- Seed **10%**
- Other **8%**
- Other **34%**

## What They Backed

Sectors, last 12 months

- AI **270**
- Fintech **80**
- Biotech **73**
- Financial Services **63**
- Healthcare **49**
- Aerospace & Space **47**

## Cheques by Quarter

Led Joined

263 Q1 25

256 Q2 25

258 Q3 25

372 Q4 25

360 Q1 26

283 Q2 26

208 Q3 26

69 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)

## Reading for founders in e-commerce and consumer brands

- Product Research 101: Find Winning Products to Sell on Amazon and Beyond Renae Clark · 2015 4.20 from 304 ratings on Goodreads E-commerce and consumer brands About the book Just getting started with product research and sourcing? Stuck trying to find ideas or find that “perfect” winning product? Want to find good selling products that others are ignoring? Interested in wholesale or private label products? If you answered yes, then this book is for… On AmazonListen on Audible
- You Must Write a Book: Boost Your Brand, Get More Business, and Become the Go-To Expert Honoree Corder · 2016 4.21 from 280 ratings on Goodreads E-commerce and consumer brands About the book Honorée Corder is the author of dozens of books, she does all sorts of other magical things, and her badassery is legendary. She is Hal Elrod's business partner and co-creator of The Miracle Morning book series, and she coaches high profile professionals, guiding them into some… On AmazonListen on Audible
- The Everything Store: Jeff Bezos and the Age of Amazon Brad Stone · 2013 4.13 from 78,706 ratings on Goodreads E-commerce and consumer brands About the book The definitive story of Amazon.com, one of the most successful companies in the world, and of its driven, brilliant founder, Jeff Bezos. Amazon.com started off delivering books through the mail. But its visionary founder, Jeff Bezos, wasn't content with being a bookseller. He… On AmazonListen on Audible
- The Everything War: Amazon’s Ruthless Quest to Own the World and Remake Corporate Power Dana Mattioli · 2024 4.12 from 1,461 ratings on Goodreads E-commerce and consumer brands About the book From veteran Amazon reporter for The Wall Street Journal, and finalist for the Pulitzer Prize in investigative reporting, Dana Mattioli's The Everything War is the shocking, explosive, and untold exposé of Amazon's endless strategic greed, from destroying Main Street to remaking… On AmazonListen on Audible

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

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about PE firms backing E-commerce

### Who are the most active PE firms backing E-commerce?

By cheques observed, the most active are Gaingels, Goldman Sachs, IDG Capital, Morgan Stanley Investment Management and General Atlantic.

### How many PE firms backing E-commerce are there?

95 are on record. 83% made an investment in the last 12 months and 64% have led a round.

### Which stages do PE firms backing E-commerce back?

Of the rounds with a named stage in the last 12 months, mostly Debt (22%) and Series A (18%).

### How big are the rounds PE firms backing E-commerce join?

The typical (median) round among the leading investors here is $25M.

### Which sectors do PE firms backing E-commerce back most?

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

### Which PE firms backing E-commerce lead the most rounds?

General Atlantic (32 led), Goldman Sachs (22 led) and DST Global (12 led).

### Where are PE firms backing E-commerce based?

Among the most active, most are based in the United States (13), the United Kingdom (6) and China (1).

### What have PE firms backing E-commerce invested in recently?

Recent rounds include Soter Insure (Series B, Nov 2026, with Franklin Templeton), firmly (Series A, Nov 2026, with • Ark Invest) and Zipline (Growth, Nov 2026, with WCM Investment Management).

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