# Series B ioT investors (2026 list)

> 48 series B ioT investors, 98% active in the last 12 months. Led by Founders Fund, First Round Capital, BoxGroup. Ranked by what they funded.

Source: https://millionrounds.com/lists/series-b-iot-investors (Millionrounds; every figure on the page links to its filing or article)

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

# Series B ioT investors

Updated 7 November 2026

Firms we have watched take part in a Series B round raised by an ioT company in the last two years. Both the stage and the sector are what they did, not what their website says.

[See all 48 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fseries-b-iot-investors)The top 25

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

**1,092** cheques in 12 months *+8%* against the market

**$19M** median round they joined *+138%* against the market median

**98%** wrote a cheque in 12 months

**60%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (25)

- 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 [First Round Capital](https://millionrounds.com/fund/first-round-capital) *Deploying now* VC firm · United States **807** **$18M** median round **Oct 2026** last seen
- 3 [BoxGroup](https://millionrounds.com/fund/boxgroup) *Deploying now* VC firm · United States **773** **$18M** median round **Nov 2026** last seen
- 4 [Mitsubishi UFJ Capital](https://millionrounds.com/fund/mitsubishi-ufj-capital-co-ltd) *Deploying now* VC firm · Japan **493** **$4.7M** median round **Nov 2026** last seen
- 5 [SMBC Venture Capital](https://millionrounds.com/fund/smbc-venture-capital-2) *Deploying now* Investment bank · Japan **443** **$5.1M** median round **Oct 2026** last seen
- 6 [Mizuho Capital](https://millionrounds.com/fund/mizuho-capital) *Deploying now* VC firm · Japan **397** **$6.5M** median round **Nov 2026** last seen
- 7 [Quiet Capital](https://millionrounds.com/fund/quiet-capital) *Deploying now* VC firm · United States **283** **$17M** median round **Oct 2026** last seen
- 8 [European Investment Bank](https://millionrounds.com/fund/european-investment-bank) *Deploying now* Government · Luxembourg **246** **$37M** median round **Nov 2026** last seen
- 9 [CDP Venture Capital](https://millionrounds.com/fund/cdp-venture-capital) *Deploying now* VC firm · Italy **227** **$3.9M** median round **Oct 2026** last seen
- 10 [Cherry Ventures](https://millionrounds.com/fund/cherry-ventures) *Deploying now* VC firm · Germany **179** **$13M** median round **Oct 2026** last seen
- 11 [Santander](https://millionrounds.com/fund/santander) *Deploying now* VC firm · United Kingdom **125** **$66M** median round **Oct 2026** last seen
- 12 [Seraphim Space](https://millionrounds.com/fund/seraphim-space) *Deploying now* VC firm · United Kingdom **125** **$6.4M** median round **Oct 2026** last seen
- 13 [Operator Partners](https://millionrounds.com/fund/operator-partners) *Deploying now* VC firm · United States **124** **$18M** median round **Oct 2026** last seen
- 14 [Lockheed Martin](https://millionrounds.com/fund/lockheed-martin-ventures) *Deploying now* Corporate VC · United States **80** **$27M** median round **Oct 2026** last seen
- 15 [Builders VC](https://millionrounds.com/fund/builders-vc) *Deploying now* VC firm · United States **79** **$11M** median round **Oct 2026** last seen
- 16 [LoftyInc Capital](https://millionrounds.com/fund/loftyinc-capital) *Deploying now* VC firm · Nigeria **73** **$2.3M** median round **May 2026** last seen
- 17 [Axon Partners Group](https://millionrounds.com/fund/axon-partners-group) *Deploying now* Corporate VC · Spain **72** **$5M** median round **Jul 2026** last seen
- 18 [Backed VC](https://millionrounds.com/fund/backed-vc) *Deploying now* VC firm · United Kingdom **70** **$8.2M** median round **Oct 2026** last seen
- 19 [Swen Capital Partners](https://millionrounds.com/fund/swen-capital-partners) *Deploying now* Asset manager · France **62** **$12M** median round **Jul 2026** last seen
- 20 [Aramco Ventures](https://millionrounds.com/fund/aramco-ventures) *Deploying now* Corporate VC · Saudi Arabia **60** **$27M** median round **Sept 2026** last seen
- 21 [Atlantic](https://millionrounds.com/fund/atlantic) *Deploying now* Private equity · Germany **53** **$35M** median round **Oct 2026** last seen
- 22 [Indico Capital Partners](https://millionrounds.com/fund/indico-capital-partners) *Deploying now* Accelerator · Portugal **51** **$5.1M** median round **Nov 2026** last seen
- 23 [Capricorn Investment](https://millionrounds.com/fund/capricorn-investment-group) *Deploying now* Family office · United States **48** **$110M** median round **Nov 2026** last seen
- 24 [Asymmetric Capital Partners](https://millionrounds.com/fund/asymmetric) *Deploying now* VC firm · United States **44** **$8.3M** median round **Sept 2026** last seen
- 25 [Engine Ventures](https://millionrounds.com/fund/engine-ventures) *Deploying now* VC firm · United States **37** **$21M** median round **Oct 2026** last seen

**23 more on this list**

All 48 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%2Fseries-b-iot-investors)

## The Newest Cheques

Rounds this list's investors joined most recently

- **6** Nov **[Harbinger](https://millionrounds.com/company/harbinger)** Series D+ · $240M *Led by* [Capricorn Investment](https://millionrounds.com/fund/capricorn-investment-group)
- **5** Nov **[Bizay](https://millionrounds.com/company/bizay)** Series D+ *Led by* [Indico Capital Partners](https://millionrounds.com/fund/indico-capital-partners)
- **5** Nov **[Pay2o](https://millionrounds.com/company/pay2o)** Seed *With* [Mizuho Capital](https://millionrounds.com/fund/mizuho-capital)
- **3** Nov **[Scatec](https://millionrounds.com/company/scatec)** Debt · $217M *With* [European Investment Bank](https://millionrounds.com/fund/european-investment-bank)
- **3** Nov **[T45 Labs](https://millionrounds.com/company/t45-labs)** Other *With* [The O.H.I.O. Fund](https://millionrounds.com/fund/the-o-h-i-o-fund)
- **2** Nov **[General Medicine](https://millionrounds.com/company/general-medicine)** Series B · $120M *With* [BoxGroup](https://millionrounds.com/fund/boxgroup)

## Stages This Year

908 rounds

- Venture **20%**
- Series A **18%**
- Seed **17%**
- Series B **11%**
- Debt **10%**
- Other **26%**

## What They Backed

Sectors, last 12 months

- AI **312**
- Aerospace & Space **63**
- Energy **63**
- Healthcare **58**
- Fintech **54**
- Biotech **53**

## Cheques by Quarter

Led Joined

259 Q1 25

270 Q2 25

263 Q3 25

317 Q4 25

322 Q1 26

329 Q2 26

264 Q3 26

56 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [Seed AI investors 2,922](https://millionrounds.com/lists/seed-ai-investors)
- [Series A AI investors 2,490](https://millionrounds.com/lists/series-a-ai-investors)
- [Series B AI investors 1,557](https://millionrounds.com/lists/series-b-ai-investors)
- [Pre-seed AI investors 1,286](https://millionrounds.com/lists/pre-seed-ai-investors)
- [Growth AI investors 1,186](https://millionrounds.com/lists/growth-ai-investors)
- [Series A fintech investors 950](https://millionrounds.com/lists/series-a-fintech-investors)
- [Series C AI investors 930](https://millionrounds.com/lists/series-c-ai-investors)
- [Seed fintech investors 925](https://millionrounds.com/lists/seed-fintech-investors)
- [Series A biotech investors 650](https://millionrounds.com/lists/series-a-biotech-investors)

[All investor lists *→*](https://millionrounds.com/lists)

## Reading for founders at Series B and scaling

- Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies Reid Hoffman · 2018 3.95 from 7,118 ratings on Goodreads Scaling and operations Leading and managing Moats and competition About the book Foreword by Bill Gates LinkedIn cofounder, legendary investor, and host of the award-winning Masters of Scale podcast reveals the secret to starting and scaling massively valuable companies. What entrepreneur or founder doesn’t aspire to build the next Amazon, Facebook, or… On AmazonListen on Audible
- One Page Talent Management: Eliminating Complexity, Adding Value Marc Effron · 2010 4.00 from 311 ratings on Goodreads Leading and managing Hiring and culture Scaling and operations About the book A Revolutionary Approach to Talent Management You know that winning in today’s marketplace requires top quality talent. You also know what it takes to build that talent, and you spend significant financial and human resources to make it happen. Yet somehow, your company’s… On AmazonListen on Audible
- The Culture Code: The Secrets of Highly Successful Groups Daniel Coyle · 2017 4.24 from 37,412 ratings on Goodreads Hiring and culture Leading and managing About the book What do Pixar, Google and the San Antonio Spurs basketball team have in common?The answer is that they all owe their extraordinary success to their team-building skills. In The Culture Code, Daniel Coyle goes inside some of the most effective organisations in the world and… On AmazonListen on Audible
- Scaling Up: How a Few Companies Make It...and Why the Rest Don't Verne Harnish · 2014 4.16 from 6,229 ratings on Goodreads Scaling and operations Leading and managing About the book Winner of the 2015 International Book Awards for General Business Winner of the 2015 National Indie Excellence Award for General Business Winner of the 2015 Readers' Favorite International Book Award Gold Medal for Non-Fiction Business Winner of the 2015 Paris Book… On AmazonListen on Audible

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

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about series B ioT investors

### Who are the most active series B ioT investors?

By cheques observed, the most active are Founders Fund, First Round Capital, BoxGroup, Mitsubishi UFJ Capital and SMBC Venture Capital.

### How many series B ioT investors are there?

48 are on record. 98% made an investment in the last 12 months and 60% have led a round.

### Which stages do series B ioT investors back?

Of the rounds with a named stage in the last 12 months, mostly Series A (24%) and Seed (23%).

### How big are the rounds series B ioT investors join?

The typical (median) round among the leading investors here is $13M.

### Which sectors do series B ioT investors back most?

In the last 12 months, mostly AI, Aerospace & Space and Energy.

### Which series B ioT investors lead the most rounds?

Founders Fund (42 led), First Round Capital (15 led) and Cherry Ventures (6 led).

### Where are series B ioT investors based?

Among the most active, most are based in the United States (10), Japan (3) and the United Kingdom (3).

### What have series B ioT investors invested in recently?

Recent rounds include Harbinger (Series D+, Nov 2026, with Capricorn Investment), Bizay (Series D+, Nov 2026, with Indico Capital Partners) and Pay2o (Seed, Nov 2026, with Mizuho Capital).

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