# PE firms backing Open Source (2026 list) > 24 PE firms backing Open Source, 88% active in the last 12 months. Led by Gaingels, Citibank, Pioneer Fund. Ranked by what they funded. Source: https://millionrounds.com/lists/pe-firms-open-source (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms backing Open Source Updated 7 November 2026 PE firms we have observed in an open Source round in the last two years. [See all 24 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-open-source)The top 24 **24** investors on the list No change this week **557** cheques in 12 months *-8%* against the market **$41M** median round they joined *+406%* against the market median **88%** wrote a cheque in 12 months **67%** have led a round ## The Top 24 Ordered by cheques observed, never by anything anyone paid for Deploying now (21) - 1 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen - 2 [Citibank](https://millionrounds.com/fund/citi) *Deploying now* Growth equity · United States **566** **$20M** median round **Oct 2026** last seen - 3 [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) *Deploying now* Private equity · United States **551** **$2.9M** median round **Nov 2026** last seen - 4 [DST Global](https://millionrounds.com/fund/dst-global) *Deploying now* Private equity · United Kingdom **158** **$81M** median round **Oct 2026** last seen - 5 [T. Rowe Price](https://millionrounds.com/fund/t-rowe-price) *Deploying now* Private equity · United States **136** **$400M** median round **Nov 2026** last seen - 6 [GIC](https://millionrounds.com/fund/gic) *Deploying now* Private equity · Singapore **92** **$200M** median round **Oct 2026** last seen - 7 [Mubadala](https://millionrounds.com/fund/mubadala) *Deploying now* Private equity · United Arab Emirates **91** **$80M** median round **Sept 2026** last seen - 8 [Sorenson Capital](https://millionrounds.com/fund/sorenson-capital) *Deploying now* Private equity · United States **74** **$25M** median round **Oct 2026** last seen - 9 [Vista Equity Partners](https://millionrounds.com/fund/vista-equity-partners) *Deploying now* Private equity · United States **64** **$40M** median round **Oct 2026** last seen - 10 [Addition](https://millionrounds.com/fund/addition) *Deploying now* Private equity · United States **58** **$38M** median round **Sept 2026** last seen - 11 [Dragoneer Investment](https://millionrounds.com/fund/dragoneer-investment-group) *Deploying now* Private equity · United States **39** **$500M** median round **Oct 2026** last seen - 12 [DST](https://millionrounds.com/fund/dst) *Deploying now* Growth equity **16** **$215M** median round **Sept 2026** last seen - 13 [1789 Capital](https://millionrounds.com/fund/1789-capital) *Deploying now* Private equity · United States **15** **$425M** median round **Oct 2026** last seen - 14 [One Peak](https://millionrounds.com/fund/one-peak) *Deploying now* Growth equity · United Kingdom **14** **$34M** median round **Jul 2026** last seen - 15 [WCM Investment Management](https://millionrounds.com/fund/wcm-investment-management) *Deploying now* Growth equity · United States **10** **$1.2B** median round **Nov 2026** last seen - 16 [P1 Ventures](https://millionrounds.com/fund/p1-ventures) quiet Private equity · United States **7** **$8M** median round **Oct 2025** last seen - 17 [Figma](https://millionrounds.com/fund/figma) *Deploying now* Growth equity · United States **6** **$41M** median round **Feb 2026** last seen - 18 [Lytical Ventures](https://millionrounds.com/fund/lytical-ventures) *Deploying now* Private equity · United States **6** **$9.6M** median round **Oct 2026** last seen - 19 [Wipro](https://millionrounds.com/fund/wipro) *Deploying now* Growth equity **6** **$14M** median round **Sept 2026** last seen - 20 [Alkeon](https://millionrounds.com/fund/alkeon) *Deploying now* Private equity · United States **5** **$130M** median round **Jun 2026** last seen - 21 [Microsoft's M12](https://millionrounds.com/fund/microsoft-s-m12) *Deploying now* Growth equity **4** **$54M** median round **May 2026** last seen - 22 [Red Cell Partners](https://millionrounds.com/fund/red-cell-partners) quiet Private equity · United States **1** **$3M** median round **Mar 2025** last seen - 23 [Emilio Escobar](https://millionrounds.com/fund/emilio-escobar) quiet Growth equity **1** **$25M** median round **Nov 2025** last seen - 24 [P7](https://millionrounds.com/fund/p7) *Deploying now* Growth equity **1** **$150M** median round **Sept 2026** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **5** Nov **[Nyquis](https://millionrounds.com/company/nyquis)** Seed · $6.3M *With* [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) - **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 **[fal](https://millionrounds.com/company/fal)** $1.3B *With* [T. Rowe Price](https://millionrounds.com/fund/t-rowe-price) - **31** Oct **[OpenAI](https://millionrounds.com/company/openai)** Other · $11B *Led by* [T. Rowe Price](https://millionrounds.com/fund/t-rowe-price) - **28** Oct **[Wealthsimple](https://millionrounds.com/company/wealthsimple)** Growth · $425M *Led by* [GIC](https://millionrounds.com/fund/gic) - **28** Oct **[Wealthsimple](https://millionrounds.com/company/wealthsimple)** $302M *Led by* [GIC](https://millionrounds.com/fund/gic) ## Stages This Year 517 rounds - Venture **22%** - Seed **12%** - Series A **12%** - Debt **11%** - Series B **9%** - Other **33%** ## What They Backed Sectors, last 12 months - AI **217** - Fintech **54** - Aerospace & Space **39** - Financial Services **30** - Biotech **23** - Big Data & Analytics **21** ## Cheques by Quarter Led Joined 150 Q1 25 139 Q2 25 190 Q3 25 197 Q4 25 192 Q1 26 140 Q2 26 107 Q3 26 32 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 Open Source ### Who are the most active PE firms backing Open Source? By cheques observed, the most active are Gaingels, Citibank, Pioneer Fund, DST Global and T. Rowe Price. ### How many PE firms backing Open Source are there? 24 are on record. 88% made an investment in the last 12 months and 67% have led a round. ### Which stages do PE firms backing Open Source back? Of the rounds with a named stage in the last 12 months, mostly Seed (18%) and Series A (18%). ### How big are the rounds PE firms backing Open Source join? The typical (median) round among the leading investors here is $41M. ### Which sectors do PE firms backing Open Source back most? In the last 12 months, mostly AI, Fintech and Aerospace & Space. ### Which PE firms backing Open Source lead the most rounds? GIC (17 led), DST Global (12 led) and T. Rowe Price (11 led). ### Where are PE firms backing Open Source based? Among the most active, most are based in the United States (15), the United Kingdom (2) and Singapore (1). ### What have PE firms backing Open Source invested in recently? Recent rounds include Nyquis (Seed, Nov 2026, with Pioneer Fund), Zipline (Growth, Nov 2026, with WCM Investment Management) and fal (Nov 2026, with T. Rowe Price). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)