# Series C D2C investors (2026 list)

> 22 series C D2C investors, 95% active in the last 12 months. Led by StepStone Group, Bertelsmann India Investments, Anicut Capital. Ranked by what they funded.

Source: https://millionrounds.com/lists/series-c-d2c-investors (Millionrounds; every figure on the page links to its filing or article)

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

# Series C D2C investors

Updated 7 November 2026

Firms we have watched take part in a Series C round raised by a D2C company in the last two years. Both the stage and the sector are what they did, not what their website says.

[See all 22 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fseries-c-d2c-investors)The top 22

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

**69** cheques in 12 months *+42%* against the market

**$25M** median round they joined *+209%* against the market median

**95%** wrote a cheque in 12 months

**59%** have led a round

## The Top 22

Ordered by cheques observed, never by anything anyone paid for

Deploying now (21)

- 1 [StepStone Group](https://millionrounds.com/fund/stepstone-group) *Deploying now* Fund of funds · United States **111** **$60M** median round **Sept 2026** last seen
- 2 [Bertelsmann India Investments](https://millionrounds.com/fund/bertelsmann-india-investments) *Deploying now* Corporate VC · India **17** **$27M** median round **Oct 2026** last seen
- 3 [Anicut Capital](https://millionrounds.com/fund/anicut-capital) *Deploying now* VC firm · India **8** **$13M** median round **Oct 2026** last seen
- 4 [Cool Japan Fund](https://millionrounds.com/fund/cool-japan-fund) *Deploying now* Government · Japan **8** **$17M** median round **Apr 2026** last seen
- 5 [Vertex Growth Fund](https://millionrounds.com/fund/vertex-growth-fund) *Deploying now* VC firm · Singapore **7** **$49M** median round **Oct 2026** last seen
- 6 [Shearwater Capital](https://millionrounds.com/fund/shearwater-capital) *Deploying now* VC firm · Australia **5** **$23M** median round **Apr 2026** last seen
- 7 [Kairous Capital](https://millionrounds.com/fund/kairous-capital) *Deploying now* VC firm · Malaysia **3** **$8.8M** median round **Oct 2026** last seen
- 8 [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
- 9 [Afterwork](https://millionrounds.com/fund/afterwork) *Deploying now* VC firm **3** **$25M** median round **Mar 2026** last seen
- 10 [LGVP](https://millionrounds.com/fund/lgvp) *Deploying now* Growth equity **3** **$35M** median round **Oct 2026** last seen
- 11 [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
- 12 [Physis Capital](https://millionrounds.com/fund/physis-capital) *Deploying now* VC firm · India **2** **$11M** median round **Oct 2026** last seen
- 13 [Point King Capital](https://millionrounds.com/fund/point-king-capital) *Deploying now* VC firm · Australia **2** **$30M** median round **Mar 2026** last seen
- 14 [Wattle Hill Capital](https://millionrounds.com/fund/wattle-hill-capital) *Deploying now* VC firm **2** **$25M** median round **Mar 2026** last seen
- 15 [Trident Growth Partners](https://millionrounds.com/fund/trident-growth-partners) *Deploying now* VC firm · United States **2** **$19M** median round **Oct 2026** last seen
- 16 [Axiom Asia Private Capital](https://millionrounds.com/fund/axiom-asia-private-capital) *Deploying now* Fund of funds · Singapore **1** **$35M** median round **Oct 2026** last seen
- 17 [Mirabilis Investment Trust](https://millionrounds.com/fund/mirabilis-investment-trust) *Deploying now* Family office **1** **$15M** median round **Oct 2026** last seen
- 18 [Xponentia Capital](https://millionrounds.com/fund/xponentia-capital) *Deploying now* Private equity · India **1** **$35M** median round **Oct 2026** last seen
- 19 [Craig Blair](https://millionrounds.com/fund/craig-blair) *Deploying now* Angel **1** **$47M** median round **Mar 2026** last seen
- 20 [Hero Family Office](https://millionrounds.com/fund/hero-family-office) *Deploying now* Growth equity **1** **$15M** median round **Oct 2026** last seen
- 21 [Paul Wilson](https://millionrounds.com/fund/paul-wilson) *Deploying now* Angel **1** **$47M** median round **Mar 2026** last seen
- 22 [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

- **31** Oct **[CapGrid](https://millionrounds.com/company/capgrid)** Series B · $5.3M *With* [Anicut Capital](https://millionrounds.com/fund/anicut-capital)
- **31** Oct **[Numour](https://millionrounds.com/company/numour)** $3.1M *Led by* [Sharrp Ventures](https://millionrounds.com/fund/sharrp-ventures-harsh-mariwala-investment-office)
- **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)
- **21** Oct **[CapitalOS](https://millionrounds.com/company/capitalos)** Series A · $22M *Led by* [LGVP](https://millionrounds.com/fund/lgvp)
- **21** Oct **[CureBay](https://millionrounds.com/company/curebay)** Series C · $11M *With* [Bertelsmann India Investments](https://millionrounds.com/fund/bertelsmann-india-investments)
- **20** Oct **[Neolix](https://millionrounds.com/company/neolix)** $400M *With* [Vertex Growth Fund](https://millionrounds.com/fund/vertex-growth-fund)

## Stages This Year

55 rounds

- Series A **27%**
- Series C **25%**
- Series B **13%**
- Other **11%**
- Growth **7%**
- Other **16%**

## What They Backed

Sectors, last 12 months

- AI **20**
- Manufacturing **8**
- Big Data & Analytics **5**
- Fintech **5**
- Healthcare **5**
- Construction **4**

## Cheques by Quarter

Led Joined

10 Q1 25

13 Q2 25

7 Q3 25

20 Q4 25

24 Q1 26

13 Q2 26

9 Q3 26

19 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 C D2C investors

### Who are the most active series C D2C investors?

By cheques observed, the most active are StepStone Group, Bertelsmann India Investments, Anicut Capital, Cool Japan Fund and Vertex Growth Fund.

### How many series C D2C investors are there?

22 are on record. 95% made an investment in the last 12 months and 59% have led a round.

### Which stages do series C D2C investors back?

Of the rounds with a named stage in the last 12 months, mostly Series A (33%) and Series C (31%).

### How big are the rounds series C D2C investors join?

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

### Which sectors do series C D2C investors back most?

In the last 12 months, mostly AI, Manufacturing and Big Data & Analytics.

### Which series C D2C investors lead the most rounds?

Bertelsmann India Investments (7 led), StepStone Group (5 led) and Cool Japan Fund (2 led).

### Where are series C D2C investors based?

Among the most active, most are based in India (5), the United States (2) and Singapore (2).

### What have series C D2C investors invested in recently?

Recent rounds include CapGrid (Series B, Oct 2026, with Anicut Capital), Numour (Oct 2026, with Sharrp Ventures) and Troovy (Series B, Oct 2026, with Sharrp Ventures).

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