# Startup studios at early stage (2026 list) > 36 startup studios at early stage, 72% active in the last 12 months. Led by AlleyCorp, The Spartan Group, PSV. Ranked by what they funded. Source: https://millionrounds.com/lists/startup-studios-at-early-stage (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Startup studios at early stage Updated 7 November 2026 Startup studios we have watched take part in an early stage round in the last two years. [See all 36 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fstartup-studios-at-early-stage)The top 25 **36** investors on the list No change this week **86** cheques in 12 months *+20%* against the market **$9.7M** median round they joined *+21%* against the market median **72%** wrote a cheque in 12 months **42%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (20) - 1 [AlleyCorp](https://millionrounds.com/fund/alleycorp) *Deploying now* Venture studio · United States **122** **$10M** median round **Sept 2026** last seen - 2 [The Spartan Group](https://millionrounds.com/fund/the-spartan-group) *Deploying now* Venture studio · Hong Kong SAR China **94** **$4.5M** median round **Jul 2026** last seen - 3 [PSV](https://millionrounds.com/fund/psv) *Deploying now* Venture studio · Denmark **84** **$2.5M** median round **Oct 2026** last seen - 4 [MV Global](https://millionrounds.com/fund/mv-global) quiet Venture studio · British Virgin Islands **50** **$2.5M** median round **Feb 2025** last seen - 5 [BioGenerator](https://millionrounds.com/fund/biogenerator) *Deploying now* Venture studio · United States **35** **$2.4M** median round **Sept 2026** last seen - 6 [Hexa](https://millionrounds.com/fund/hexa) *Deploying now* Venture studio · France **12** **$7.4M** median round **Oct 2026** last seen - 7 [Ace Ventures](https://millionrounds.com/fund/ace-ventures-2) *Deploying now* Venture studio · United Kingdom **10** **$12M** median round **Jul 2026** last seen - 8 [VARIV](https://millionrounds.com/fund/variv-capital) *Deploying now* Venture studio · Mexico **9** **$25M** median round **Jun 2026** last seen - 9 [CIV](https://millionrounds.com/fund/civ) *Deploying now* Venture studio · United States **5** **$50M** median round **Jul 2026** last seen - 10 [Diagram](https://millionrounds.com/fund/diagram) *Deploying now* Venture studio · Canada **5** **$15M** median round **Sept 2026** last seen - 11 [Next Wave Partners](https://millionrounds.com/fund/next-wave-partners-2) *Deploying now* Venture studio · United States **5** **$13M** median round **Aug 2026** last seen - 12 [Emerge Ventures](https://millionrounds.com/fund/emerge-ventures) *Deploying now* Venture studio · Brazil **3** **$28M** median round **Oct 2026** last seen - 13 [Entourage](https://millionrounds.com/fund/entourage) *Deploying now* Venture studio · Belgium **3** **$5M** median round **May 2026** last seen - 14 [Argobio Studio](https://millionrounds.com/fund/argobio-studio) *Deploying now* Venture studio · France **2** **$9.9M** median round **Apr 2026** last seen - 15 [EBLA Ventures](https://millionrounds.com/fund/ebla-ventures) *Deploying now* Venture studio **2** **$133K** median round **Oct 2026** last seen - 16 [Lightshift](https://millionrounds.com/fund/lightshift) *Deploying now* Venture studio · Portugal **2** **$4.8M** median round **Mar 2026** last seen - 17 [Liminal](https://millionrounds.com/fund/liminal) *Deploying now* Venture studio · Singapore **2** **$6M** median round **Oct 2026** last seen - 18 [Pharsalus Capital](https://millionrounds.com/fund/pharsalus-capital) *Deploying now* Venture studio · United States **2** **$45M** median round **Sept 2026** last seen - 19 [PostScriptum](https://millionrounds.com/fund/postscriptum) *Deploying now* Venture studio · Finland **2** **$85M** median round **Sept 2026** last seen - 20 [Aoki Labs](https://millionrounds.com/fund/aoki-labs) quiet Venture studio **1** **$40M** median round **Jan 2025** last seen - 21 [BlockSpaceForce](https://millionrounds.com/fund/blockspace-force) quiet Venture studio · Iceland **1** **$8M** median round **Oct 2025** last seen - 22 [Conifer Infrastructure Partners](https://millionrounds.com/fund/conifer-infrastructure-partners) *Deploying now* Venture studio · United States **1** **$26M** median round **Apr 2026** last seen - 23 [Delta40 Venture Studio](https://millionrounds.com/fund/delta40-venture-studio) quiet Venture studio · Kenya **1** **$1.5M** median round **Nov 2025** last seen - 24 [Edge Ventures](https://millionrounds.com/fund/edge-ventures-3) *Deploying now* Venture studio · United States **1** **$27M** median round **Mar 2026** last seen - 25 [Endeavor Fwd Fund](https://millionrounds.com/fund/endeavor-fwd-fund) quiet Venture studio · United States **1** **$13M** median round **Nov 2024** last seen **11 more on this list** All 36 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%2Fstartup-studios-at-early-stage) ## The Newest Cheques Rounds this list's investors joined most recently - **27** Oct **[Cortas](https://millionrounds.com/company/cortas)** Pre-seed · $1.6M *Led by* [PSV](https://millionrounds.com/fund/psv) - **23** Oct **Mave** Series A · $28M *With* [Emerge Ventures](https://millionrounds.com/fund/emerge-ventures) - **22** Oct **[Genie Health](https://millionrounds.com/company/genie-health)** Seed · $3M *With* [Liminal](https://millionrounds.com/fund/liminal) - **22** Oct **Mave Security Ltd.** Series A · $34M *Led by* [Emerge Ventures](https://millionrounds.com/fund/emerge-ventures) - **22** Oct **[Cuttable](https://millionrounds.com/company/cuttable)** Series A · $20M *With* [Previously Unavailable](https://millionrounds.com/fund/previously-unavailable) - **20** Oct **[HydRegen](https://millionrounds.com/company/hydregen)** Series A · $8M *With* [Foxglove Capital](https://millionrounds.com/fund/foxglove-capital) ## Stages This Year 85 rounds - Seed **33%** - Series A **28%** - Pre-seed **9%** - Other **7%** - Series B **6%** - Other **16%** ## What They Backed Sectors, last 12 months - AI **32** - Healthcare **12** - Fintech **10** - Biotech **7** - Big Data & Analytics **5** - Healthtech **5** ## Cheques by Quarter Led Joined 19 Q1 25 19 Q2 25 16 Q3 25 26 Q4 25 20 Q1 26 20 Q2 26 23 Q3 26 11 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms at early stage 6,133](https://millionrounds.com/lists/vc-firms-at-early-stage) - [VC firms at seed 3,708](https://millionrounds.com/lists/vc-firms-at-seed) - [VC firms at Series A 3,249](https://millionrounds.com/lists/vc-firms-at-series-a) - [VC firms at pre-seed 1,689](https://millionrounds.com/lists/vc-firms-at-pre-seed) - [VC firms at Series B 1,595](https://millionrounds.com/lists/vc-firms-at-series-b) - [VC firms at growth 1,005](https://millionrounds.com/lists/vc-firms-at-growth) - [VC firms at Series C 958](https://millionrounds.com/lists/vc-firms-at-series-c) - [PE firms at growth 772](https://millionrounds.com/lists/pe-firms-at-growth) - [PE firms at Series B 700](https://millionrounds.com/lists/pe-firms-at-series-b) [All investor lists *→*](https://millionrounds.com/lists) ## Reading for founders at seed - The Elements of User Experience: User-Centered Design for the Web Jesse James Garrett · 2002 4.01 from 4,134 ratings on Goodreads Finding product-market fit Company building About the book Smart organizations recognize that Web design is more than just creating clean code and sharp graphics. A site that really works fulfills your strategic objectives while meeting the needs of your users. Even the best content and the most sophisticated technology won't help you… On AmazonListen on Audible - Get Backed: Craft Your Story, Build the Perfect Pitch Deck, and Launch the Venture of Your Dreams Evan Baehr · 2015 4.36 from 356 ratings on Goodreads Raising money Company building About the book HOW DO YOU LAUNCH THE VENTURE OF YOUR DREAMS? Get Backed isn’t just about startup fundraising. It’s a handbook for anyone who has an idea and needs to build relationships to get it off the ground. Over the last 3 years, entrepreneurs Evan Loomis and Evan Baehr have… On AmazonListen on Audible - Selling the Invisible: A Field Guide to Modern Marketing Harry Beckwith · 1997 3.94 from 10,059 ratings on Goodreads Marketing and growth First sales Company building About the book You can't touch, hear, or see your company's most important products... So how do you sell, develop, make them grow? That's the problem with services. This "phenomenal" book, as one reviewer called it, answers that question with insights on how markets work and how prospects… On AmazonListen on Audible - 80/20 Sales and Marketing: The Definitive Guide to Working Less and Making More Perry Marshall · 2013 4.19 from 1,904 ratings on Goodreads First sales Marketing and growth Company building About the book Stop "Just Getting By"... Master The 80/20 Principle And Make More Money Without More Work. When you know how to walk into any situation and see the 80/20's, you can solve almost ANY marketing problem. 80/20 can demolish any sales and advertising problem. "If you don't know… On AmazonListen on Audible More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&stage=seed). As an Amazon Associate we earn from qualifying purchases. ## Quick answers about startup studios at early stage ### Who are the most active startup studios at early stage? By cheques observed, the most active are AlleyCorp, The Spartan Group, PSV, MV Global and BioGenerator. ### How many startup studios at early stage are there? 36 are on record. 72% made an investment in the last 12 months and 42% have led a round. ### Which stages do startup studios at early stage back? Of the rounds with a named stage in the last 12 months, mostly Seed (38%) and Series A (33%). ### How big are the rounds startup studios at early stage join? The typical (median) round among the leading investors here is $10M. ### Which sectors do startup studios at early stage back most? In the last 12 months, mostly AI, Healthcare and Fintech. ### Which startup studios at early stage lead the most rounds? AlleyCorp (6 led), Diagram (5 led) and Entourage (2 led). ### Where are startup studios at early stage based? Among the most active, most are based in the United States (8), France (2) and Hong Kong SAR China (1). ### What have startup studios at early stage invested in recently? Recent rounds include Cortas (Pre-seed, Oct 2026, with PSV), Mave (Series A, Oct 2026, with Emerge Ventures) and Genie Health (Seed, Oct 2026, with Liminal). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)