# VC firms backing D2C (2026 list) > 54 VC firms backing D2C, 96% active in the last 12 months. Led by Accel, Kima Ventures, Blume Ventures. Ranked by what they funded. Source: https://millionrounds.com/lists/vc-firms-d2c (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # VC firms backing D2C Updated 7 November 2026 VC firms we have observed in a D2C round in the last two years. [See all 54 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-d2c)The top 25 **54** investors on the list *+13* this week **395** cheques in 12 months *-3%* against the market **$6.1M** median round they joined *-24%* against the market median **96%** wrote a cheque in 12 months **46%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (24) - 1 [Accel](https://millionrounds.com/fund/accel) *Deploying now* VC firm · United States **1,341** **$32M** median round **Nov 2026** last seen - 2 [Kima Ventures](https://millionrounds.com/fund/kima-ventures) *Deploying now* VC firm · France **859** **$4.2M** median round **Nov 2026** last seen - 3 [Blume Ventures](https://millionrounds.com/fund/blume-ventures) *Deploying now* VC firm · India **225** **$5M** median round **Nov 2026** last seen - 4 [Notion Capital](https://millionrounds.com/fund/notion-capital) *Deploying now* VC firm · United Kingdom **202** **$9.2M** median round **Oct 2026** last seen - 5 [iSeed](https://millionrounds.com/fund/iseed) *Deploying now* VC firm · India **118** **$2.6M** median round **Sept 2026** last seen - 6 [Purple](https://millionrounds.com/fund/purple-laurent-ritter-s-fund) *Deploying now* VC firm · France **110** **$3M** median round **Sept 2026** last seen - 7 [Launch Africa](https://millionrounds.com/fund/launch-africa-ventures) *Deploying now* VC firm · Mauritius **96** **$1.1M** median round **Nov 2026** last seen - 8 [3one4 Capital](https://millionrounds.com/fund/3one4-capital) *Deploying now* VC firm · India **92** **$6.2M** median round **Oct 2026** last seen - 9 [9Unicorns](https://millionrounds.com/fund/9unicorns) *Deploying now* VC firm · India **91** **$4.4M** median round **Oct 2026** last seen - 10 [India Quotient](https://millionrounds.com/fund/indiaquotient) *Deploying now* VC firm · India **79** **$4M** median round **Nov 2026** last seen - 11 [Fireside Ventures](https://millionrounds.com/fund/fireside-ventures) *Deploying now* VC firm · India **33** **$6M** median round **Oct 2026** last seen - 12 [Saama Capital](https://millionrounds.com/fund/saama-capital) *Deploying now* VC firm · India **28** **$2.5M** median round **Nov 2026** last seen - 13 [DSG Consumer Partners](https://millionrounds.com/fund/dsg-consumer-partners) *Deploying now* VC firm · Singapore **26** **$3.4M** median round **Nov 2026** last seen - 14 [Anicut Capital](https://millionrounds.com/fund/anicut-capital) *Deploying now* VC firm · India **8** **$13M** median round **Oct 2026** last seen - 15 [Vertex Growth Fund](https://millionrounds.com/fund/vertex-growth-fund) *Deploying now* VC firm · Singapore **7** **$49M** median round **Oct 2026** last seen - 16 [Beltone Venture Capital](https://millionrounds.com/fund/beltone-venture-capital) *Deploying now* VC firm **7** **$9M** median round **Jul 2026** last seen - 17 [Shearwater Capital](https://millionrounds.com/fund/shearwater-capital) *Deploying now* VC firm · Australia **5** **$23M** median round **Apr 2026** last seen - 18 [Sixth Sense Ventures](https://millionrounds.com/fund/sixth-sense-ventures) *Deploying now* VC firm · India **5** **$8.3M** median round **Nov 2026** last seen - 19 [sauce.vc](https://millionrounds.com/fund/sauce) *Deploying now* VC firm · India **5** **$1.7M** median round **Nov 2026** last seen - 20 [IAN Angel Fund](https://millionrounds.com/fund/ian-angel-fund) *Deploying now* VC firm **5** **$421K** median round **Aug 2026** last seen - 21 [Udaan Angel Partners](https://millionrounds.com/fund/udaan-angel-partners) *Deploying now* VC firm **5** **$73K** median round **May 2026** last seen - 22 [Epiq Capital](https://millionrounds.com/fund/epiq-capital) *Deploying now* VC firm · India **4** **$53M** median round **Nov 2026** last seen - 23 [Expon Capital](https://millionrounds.com/fund/expon-capital) quiet VC firm · Luxembourg **4** **$16M** median round **Apr 2025** last seen - 24 [Smedvig Ventures](https://millionrounds.com/fund/smedvig-ventures) *Deploying now* VC firm · United Kingdom **4** **$9.8M** median round **Sept 2026** last seen - 25 [Kairous Capital](https://millionrounds.com/fund/kairous-capital) *Deploying now* VC firm · Malaysia **3** **$8.8M** median round **Oct 2026** last seen **29 more on this list** All 54 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%2Fvc-firms-d2c) ## The Newest Cheques Rounds this list's investors joined most recently - **6** Nov **[Water Ledger Global](https://millionrounds.com/company/water-ledger-global)** Other *With* [Launch Africa](https://millionrounds.com/fund/launch-africa-ventures) - **6** Nov **[Thinking Machines Lab](https://millionrounds.com/company/thinking-machines-lab)** Other · $5B *Led by* [Accel](https://millionrounds.com/fund/accel) - **3** Nov **[Nuuk](https://millionrounds.com/company/nuuk)** $10M *Led by* [RPSG Capital Ventures](https://millionrounds.com/fund/rpsg-capital-ventures) - **3** Nov **[AQQI](https://millionrounds.com/company/aqqi)** Seed · $4.5M *With* [Kima Ventures](https://millionrounds.com/fund/kima-ventures) - **3** Nov **[Solgram](https://millionrounds.com/company/solgram)** Pre-seed · $1M *Led by* [Saama Capital](https://millionrounds.com/fund/saama-capital) - **3** Nov **[GIVA](https://millionrounds.com/company/giva)** Other · $100M *With* [India Quotient](https://millionrounds.com/fund/indiaquotient) ## Stages This Year 345 rounds - Seed **28%** - Series A **19%** - Series B **13%** - Pre-seed **8%** - Other **7%** - Other **23%** ## What They Backed Sectors, last 12 months - AI **165** - Healthcare **30** - Cybersecurity **24** - Fintech **22** - E-commerce **19** - Robotics **19** ## Cheques by Quarter Led Joined 87 Q1 25 106 Q2 25 127 Q3 25 107 Q4 25 123 Q1 26 69 Q2 26 79 Q3 26 88 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 VC firms backing D2C ### Who are the most active VC firms backing D2C? By cheques observed, the most active are Accel, Kima Ventures, Blume Ventures, Notion Capital and iSeed. ### How many VC firms backing D2C are there? 54 are on record. 96% made an investment in the last 12 months and 46% have led a round. ### Which stages do VC firms backing D2C back? Of the rounds with a named stage in the last 12 months, mostly Seed (34%) and Series A (23%). ### How big are the rounds VC firms backing D2C join? The typical (median) round among the leading investors here is $6M. ### Which sectors do VC firms backing D2C back most? In the last 12 months, mostly AI, Healthcare and Cybersecurity. ### Which VC firms backing D2C lead the most rounds? Accel (103 led), Blume Ventures (10 led) and Notion Capital (10 led). ### Where are VC firms backing D2C based? Among the most active, most are based in India (11), France (2) and the United Kingdom (2). ### What have VC firms backing D2C invested in recently? Recent rounds include Water Ledger Global (Other, Nov 2026, with Launch Africa), Thinking Machines Lab (Other, Nov 2026, with Accel) and Nuuk (Nov 2026, with RPSG Capital Ventures). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)