--- url: 'https://qubit.capital/blog/top-software-investors' title: Top Software Investors author: name: Sagar Agrawal url: 'https://qubit.capital/blog/author/sagar' date: '2026-09-11T13:08:46+05:30' modified: '2026-09-11T13:08:49+05:30' type: post categories: - Investor Mapping and Discovery image: 'https://qubit.capital/wp-content/uploads/2026/08/top-software-investors.webp' published: true --- # Top Software Investors Every founder can rattle off Insight Partners or a16z from a press mention. Naming a fund tells you nothing about whether it writes a $5M Series A check or a $50M growth round. If you have a working B2B SaaS product, some revenue traction. A prior institutional round closed, that gap is now your problem: you’re building the target list for the next raise. Limited runway means you can’t afford to pitch the wrong software investors first. This article maps eight active software investors to check size, stage, and sub-sector, then gives a recommended order to approach them in. Before the shortlist, here’s how it was built. How we built this list We selected firms on 2025-2026 deal pace and fit for [software fundraising](/blog/secure-funding-software-startups-guide), $2M-$50M, excluding late-stage funds, non-software investors, and any Qubit client. Accel’s active post-seed lead pace and General Catalyst’s tie for second-most-active US lead investor in Q2 2026 anchor that ranking. A check-size ranking is a start, not a fit guarantee; it misses board behavior, where our advisory work adds the layer. Entries with no published figure for this metric carry no badge and sit at the end of the list, in no particular order. | Tool | Typical check | Best for | Limitation | | --- | --- | --- | --- | | Insight Partners | $5M to $500M+ per company | Series A through growth-stage software | No disclosed entry route or application process | | ICONIQ Growth | Not disclosed | Series A to late-stage software companies | Eighth fund still raising, size undisclosed | | General Catalyst | $500K to $2M at seed; growth checks reach nine figures | Growth-stage software rounds needing a fast, high-conviction lead | Heavy 2025 AI weighting (47% of deals) alongside software | | Bessemer Venture Partners | ~$18.3M average Series A round | Software founders raising concept through Series A | Forge buyout deals need $10M-$50M revenue already booked | | Accel | $34M-$200M at Series A; ~$200M average at growth stage | Enterprise, cloud infrastructure, and security software founders, Series A to growth | No general application route; Accel Atoms is India-only pre-seed | | Andreessen Horowitz | No published range outside speedrun (up to $1M) | Growth-stage software and AI infrastructure founders | No open application or check-size range for the core venture and growth funds | | Thoma Bravo | Full buyout, $10M-$100M ARR (Discover Fund V) | Mid-market software firms nearing an acquisition exit | No minority checks, no founder inbound process | | Battery Ventures | Not disclosed; recent lead round was $50M (Series B) | Enterprise and infrastructure software, early through growth stage | Unclear if Battery leads or only participates in a given round | Table of Contents - [The 8 Top Software Investors](#the-8-top-software-investors) - [Why This Ranking Holds Up to Scrutiny](#why-this-ranking-holds-up-to-scrutiny) - [How to use this list](#how-to-use-this-list) [What a Check-Size Range Actually Tells You](#what-a-check-size-range-actually-tells-you) - [Why Board-Seat Terms Matter as Much as the Check](#why-board-seat-terms-matter-as-much-as-the-check) - [Conclusion](#conclusion) ## The 8 Top Software Investors ![Insight Partners logo](data:image/png;base64,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)1. Insight PartnersTypical check$5M to $500M+ per companyBest forSeries A through growth-stage softwareLimitationNo disclosed entry route or application process [Insight Partners](https://www.insightpartners.com/about-us/) backs software companies from Series A through IPO, fitting founders who have already closed a seed round. What we seeInsight’s sector pages suggest diligence routes through a specialist team, not a single generalist partner. At roughly 64 new leads a year, the process is built for volume. Founders should confirm early which sector partner actually owns the deal. ![ICONIQ Growth logo](data:image/png;base64,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)2. ICONIQ GrowthBest forSeries A to late-stage software companiesLimitationEighth fund still raising, size undisclosed ICONIQ Growth backs [product-centric software and tech-enabled businesses](https://www.iconiq.com/growth/insights/global-expansion-for-iconiq-growth-meet-our-european-leadership) at inflection points, investing anywhere from Series A through late-stage growth rounds. The firm deployed $4.8B across 48 companies in 2025, a pace it laid out in its own [year in review](https://www.iconiq.com/growth/2025-year-in-review). Its latest flagship vehicle, [ICONIQ Strategic Partners VII](https://www.businesswire.com/news/home/20240715471754/en/ICONIQ-Growth-Closes-$5.75-Billion-to-Support-the-Next-Generation-of-Exceptional-Founders), closed at $5.75B in July 2024, and total commitments now stand near $21B. The firm’s own [benchmarking report](https://www.iconiq.com/growth/reports/state-of-go-to-market-2025) sets net retention above 120% and gross retention above 92% as the bar for top-quartile SaaS. ICONIQ went back to market in 2025 for [an eighth flagship fund](https://www.venturecapitaljournal.com/iconiq-is-raising-its-eighth-tech-growth-fund/), with no target size disclosed publicly. Enterprise software deals typically run through [Matt Jacobson](https://www.crunchbase.com/person/matthew-jacobson-3), a general partner who has led the sector since 2013. What we seeFounders sometimes underestimate how firmly ICONIQ anchors diligence to its own retention benchmarks. A net retention pitch under 120% tends to trigger deeper questioning before terms move forward. ![General Catalyst logo](data:image/png;base64,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)3. General CatalystTypical check$500K to $2M at seed; growth checks reach nine figuresBest forGrowth-stage software rounds needing a fast, high-conviction leadLimitationHeavy 2025 AI weighting (47% of deals) alongside software General Catalyst fits growth-stage software founders who want a fast, well-capitalized lead investor rather than a passive check-writer. The firm is on pace for more than 180 deals in 2025, per [General Catalyst Raises New Capital](https://news.crunchbase.com/venture/general-catalyst-raises-new-capital). Nearly half of those 2025 deals, 47%, went to AI companies. That scale rests on an $8 billion raise across its funds, per [General Catalyst’s $8B haul cements return of mega-funds](https://pitchbook.com/news/articles/general-catalysts-8-billion-vc-mega-funds). In May 2025 it gave Grammarly $1 billion in non-dilutive growth financing, per [Grammarly Announces $1 Billion Growth Financing With General Catalyst](https://www.businesswire.com/news/home/20250529436291/en/Grammarly-Announces-%241-Billion-Growth-Financing-With-General-Catalyst). The capital is repaid from future revenue, not equity, which appeals to dilution-wary, later-stage teams. What we seeGeneral Catalyst moves at a pace few software investors can match, which cuts both ways for founders. A fast yes can also mean a fast pass if the round doesn’t fit the current thesis. Ask early whether the check comes from the core fund or a structured vehicle like the Customer Value Fund. ![Bessemer Venture Partners logo](data:image/png;base64,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)4. Bessemer Venture PartnersTypical check~$18.3M average Series A roundBest forSoftware founders raising concept through Series ALimitationForge buyout deals need $10M-$50M revenue already booked Bessemer Venture Partners partners with software founders from the concept stage through late-stage growth rounds. In 2025 the firm added [Sameer Dholakia](https://www.bvp.com/news/bessemer-venture-partners-welcomes-sameer-dholakia-as-partner-and-co-lead-of-the-growth-investment-practice) as partner and co-lead of its growth investment practice. Its growth buyout arm, BVP Forge, [closed a $1 billion second fund in November 2025](https://www.businesswire.com/news/home/20251119347532/en/BVP-Forge-Closes-Second-Fund-at-$1-Billion), atop a $19 billion platform. That arm only backs growth buyouts and minority stakes in companies with [$10 million to $50 million in revenue](https://www.bvp.com/forge). In early 2026 it led back-to-back $25 million Series A rounds for [Converge Bio](https://techcrunch.com/2026/01/13/ai-drug-discovery-startup-converge-bio-pulls-in-25m-from-bessemer-and-execs-from-meta-openai-and-wiz/) and [NODA AI](https://www.prnewswire.com/news-releases/noda-ai-raises-25-million-in-series-a-led-by-bessemer-venture-partners-to-accelerate-development-of-ai-powered-orchestration-platform-and-autonomous-plays-for-department-of-war-dow-and-intelligence-community-302698392.html). Partner [Byron Deeter](https://www.crunchbase.com/person/byron-deeter) leads its cloud and AI-native software investing, with 26 unicorns and 13 IPOs in his portfolio. What we seeFounders often assume Bessemer’s early-stage checks and its Forge buyout checks follow the same process. They do not: revenue and cash-flow diligence for a Forge deal reads more like a private-equity underwrite than a venture check. Founders who do not know which practice they are talking to get surprised by data-room requests late in the process. ![Accel logo](data:image/png;base64,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)5. AccelTypical check$34M-$200M at Series A; ~$200M average at growth stageBest forEnterprise, cloud infrastructure, and security software founders, Series A to growthLimitationNo general application route; Accel Atoms is India-only pre-seed Accel is a multi-stage firm with dedicated software partners, useful for SaaS founders raising from Series A through growth. Its software work runs through [partner Ping Li](https://www.accel.com/team/ping-li), who has covered business applications, cloud infrastructure, and cybersecurity since 2004. Growth partner Arun Mathew handles the same three sectors at later stages: enterprise, security, and infrastructure. Check sizes swing wide. It co-led [design-software company Paper’s $34M Series A](https://www.axios.com/pro/enterprise-software-deals/2026/07/23/paper-software-design-accel-iconiq) in July 2026, syndicated with ICONIQ rather than led alone. The same year, it put $200M into [AI app-builder Lovable’s Series A](https://www.accel.com/news/accels-200m-series-a-in-lovable---enabling-the-last-99). Both sit inside a firm that closed [a $5B raise in April 2026](https://techcrunch.com/2026/04/15/accel-raises-5b-to-back-late-stage-bets/). Of that, $4B is earmarked for Leaders Fund V, its fifth late-stage vehicle. That fund alone plans 20 to 25 checks averaging $200M each, well above what most seed-through-growth founders will ask for. Crunchbase ranked it [among the three most active lead investors in post-seed rounds](https://news.crunchbase.com/venture/data-most-active-highest-spending-startup-investors-q1-2026/) in Q1 2026, alongside a16z and Lightspeed. Accel publishes one open-application intake, [Accel Atoms](https://atoms.accel.com/faqs), a pre-seed program restricted to Indian and Indian-origin founders. Everyone else needs a warm introduction into the main funds, since no general application exists there. What we seeAccel’s growth fund is built for founders who are already scaling fast, not for a first institutional check. Founders outside India should expect the warm-intro path to dominate. The firm has not published an application route for its core funds. ![Andreessen Horowitz logo](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAEAAAABACAMAAACdt4HsAAAAhFBMVEVJAxT///87AABDAABIABNBAAA9AAA4AAA2AAAyAABHABA/AABGAAxFAAg0AAD8+vt2Ulivmp7m3uDd1Nbr5ebIvL7Qx8jEtrhhLTf38/SVeX6mj5S5qKt/XWNsQkqhiY1SFSKRfH5XHilnO0JwSU9iMzyIaW4kAAAcAABZJS5RDB0oAAB3avIYAAADRElEQVRYhe1W2ZaiMBCVrEAIyiIYELVtpEfn//9vUmERNLj0OfNmvUFSN7e2mywWH/vY/zUiKUMcIUGDX3j7lPPVfrvOsjwqNh7C5D13JovEuZrKK5e+DkHYJVo6N5YWCL/oH6B9775U2vqPeIVeIkGPHfms2BEehuJcRXH7Z8v85/6sNieq0ilD6esjiY+F950bhEQ+LQirzM4yDFM1Yiz5ITOZeIZAa7PthAjbOgUdrQRuYZbowyiCI/BPsM43rpyYjZNG0AoWM/4gk4RB/jIGNH3sOA2dLIsdcNizeQC2B5I4aA+MNd/paawBhPNsGoIDcDx1/YJ04ks03cEjE8QcANrq5aj3oUBnI6cxolT/rOW9L5iPNYGl27PGwDe+aR0KP9czFCjUqRT9pzQVTfg4YiJ/oCkv9lJyaJVgWJO7tvkuqIUgWCBRR0r/K6jNn3DY7g7fuOqGaLvxXO6GeFVmOkZgkCEbgFxBCocI2iR2QxknsWoH7PuPRlCeNQXgUF1n3kQ0tfzMJYOxwrYk6OZ3lodhJTjcuiffkFBzzs5WSLTW3IbWI+566r4sXONlqtvYxAkoXyc43E/91Vm0Swbgy1YGNALwvXLqn8r+zBbAxgB6X5nsEIpv+DubwcO0W2UDEDAop0A3DC/Ujf/22ryQa9h2bx005VXi3Nrl6mCqy2yiEmygkX6ae3cnDoddBOluTF2L/2LhaeJKj6vKyubIPQ+vtt2VMGpd0+C5XZQgi04a1QwJbPQco6BN5siBr+dyqMFhGNZ/5Si+wI2mAL4PPWFNAYwjyM1Ug4iXT0JoRWtOVk0dkqlsG9SkryIGjVge5lS1VbxyKljgs+zG1xewIbKqQbvZqFg1Zch1EEczpMSFHnh4N5kQnWpyBIi90TDfNTds/eiZ0F5NTuOOD9GouYbEwijMo4sJjsOp6X0xupO0tCjko1O7Ym/CEYI0+1TjiYGFlpqj2LZTZVXDKQJrtVCVx1C3JMZUuBene6Lsn50P5vNejNK8bJqmiLJuJNJ6voBjI+x8L8hQf/zqM02PQH0LoaIzeuGFNZjklyIbdCnNK8Tefe/6FHmybr6+mpNw2Zsv3QFEYkpx8Dvnj33sHfsH4xYsJiAa6s0AAAAASUVORK5CYII=)6. Andreessen HorowitzTypical checkNo published range outside speedrun (up to $1M)Best forGrowth-stage software and AI infrastructure foundersLimitationNo open application or check-size range for the core venture and growth funds Andreessen Horowitz ranked among the most active lead investors in US venture in [Crunchbase’s Q2 2026 investor data](https://news.crunchbase.com/venture/data-top-active-us-investors-general-catalyst-a16z-q2-2026/), alongside General Catalyst. The firm closed [$15B across six new funds in January 2026](https://www.alternativeswatch.com/2026/01/09/andreessen-horowitz-closes-15-billion-new-funds-ai/), pushing total assets under management past $90B. That raise split into a $6.75B growth fund and two $1.7B funds for apps and infrastructure, per [Newcomer’s breakdown](https://www.newcomer.co/p/andreessen-horowitzs-fresh-15-billion). General partner [Martin Casado](https://a16z.com/martin-casado/) leads the firm’s infrastructure practice, capitalized at $1.25B, with board seats at Cursor and Convex. Outside its [speedrun accelerator](https://www.techcrunch.com/2026/02/15/how-to-get-into-a16zs-super-competitive-speedrun-startup-accelerator-program/), which caps checks at $1M, a16z publishes no check-size range for its core venture or growth funds. In August 2026 the firm backed [Convex’s $57M Series B](https://techstartups.com/2026/08/04/venture-capital-startup-funding-roundup-august-4-2026-a16z-base10-dream-ventures-jpmorgan-sequoia-capital-valor-equity-partners-yc-more/), a developer-tools and AI infrastructure company adding EU hosting. What we seeFounders often assume the speedrun door leads into the core funds. It doesn’t. The venture and growth funds still run on a warm introduction, not an open form. ![Thoma Bravo logo](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAIAAAACACAMAAAD04JH5AAAAElBMVEVHcEwAAAAAAAAAAAAAAAAAAABWYIjnAAAABXRSTlMArZbVRucE1tQAAADoSURBVHic7dvBCsMgEIThqNv3f+WGljbVk7sMDKT/3Ee/RDCX7HEQQqZE9M3EUtztrZkWGY/9tBnQEtUp1xI9V1QDIlsUA5KPLwfk99cCCvtLAenzVwNKRSGg1tUBSgegBBSrOkCxKAMUT0AHqNwBUkDmC3hPQLUIAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA4C6A4QZ0NyDcgPKv5SLAcAPCDDhfgBcQZsBr0MwIGIcX8N7fB/gs4AJ8Bw09gHE1HYD2O645iukzoG/31mFRQv4+T75f+fY3Q7D1AAAAAElFTkSuQmCC)7. Thoma BravoTypical checkFull buyout, $10M-$100M ARR (Discover Fund V)Best forMid-market software firms nearing an acquisition exitLimitationNo minority checks, no founder inbound process Thoma Bravo buys full control of software companies rather than writing minority growth checks. Founders raising $2M to $50M won’t take a check from this fund directly. The firm closed [$34.4B across three funds](https://www.thomabravo.com/press-releases/thoma-bravo-completes-34.4-billion-fundraise) in 2025. That included Fund XVI at $24.3B, Discover Fund V at $8.1B, and a first Europe fund near EUR 1.8B. By September 2025 it reported more than $181B in total assets under management. Discover Fund V is the piece that matters for growth-stage software founders. It targets companies with $10M to $100M in ARR, per [SaaStr’s read on the raise](https://www.saastr.com/thoma-bravos-record-34-4b-fundraise-great-news-for-b2b-and-saas-founders). That fund grew from $6.2B in 2022 to $8.1B this cycle. Thoma Bravo just completed its [roughly $12.3B acquisition of Dayforce](https://www.barchart.com/story/news/20407/thoma-bravo-completes-acquisition-of-dayforce), a human capital management platform. It also acquired [WWEX Group in March 2026](https://www.thomabravo.com/press-releases/thoma-bravo-to-acquire-wwex-group-and-combine-with-auctane-to-form-global-logistics-leader), combining it with portfolio company Auctane into a logistics-software platform. Founder Orlando Bravo is blunt about the AI froth showing up in software valuations right now. Speaking to [Semafor](https://www.semafor.com/article/01/27/2026/wait-for-it-to-pop-orlando-bravo-on-the-ai-bubble-and-vibe-coding-revolution) about the AI bubble and vibe-coding revolution, Bravo said: “Wait for it to pop.” [Holden Spaht](https://www.thomabravo.com/team/holden-spaht) leads the firm’s application-software strategy, covering fintech, e-commerce, education, and office-of-the-CFO software. Thoma Bravo has no open application form. As a buyout firm, it sources deals through bankers and direct outreach, not founder inbound. What we seeThoma Bravo deals move on the firm’s timeline, not the founder’s. Sourcing runs through bankers and management teams, so a cold outreach from a founder rarely gets traction. Expect diligence that treats the company as an operating asset already, not a growth story still being pitched. ![Battery Ventures logo](data:image/png;base64,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)8. Battery VenturesTypical checkNot disclosed; recent lead round was $50M (Series B)Best forEnterprise and infrastructure software, early through growth stageLimitationUnclear if Battery leads or only participates in a given round Battery Ventures closed a $3.25 billion fund in February 2026, finished in a single, oversubscribed close, per [Battery Ventures raises](https://www.businesswire.com/news/home/20260218854989/en/Battery-Ventures-Raises-$3.25-Billion-to-Back-Innovative-Tech-Companies-Worldwide). The firm says it deploys that capital across early-stage, growth-stage, and buyout deals. Its sector focus spans application software and infrastructure software, including data, AI, developer tools, and cybersecurity, per [Attacking the AI Opportunity, Our Way: Battery Ventures XV](https://www.battery.com/blog/attacking-the-ai-opportunity-our-way-battery-ventures-xv/). Per [Battery Ventures profile](https://tracxn.com/d/private-equity/batteryventures/__fSN0q7nOOxztRyBsPPZeWrNjNuqJCowm6fa4wk6MBw8), Battery made 25 new portfolio investments in 2025, plus three acquisitions, and logged 15 exit events that year. The firm’s own fund-close release does not say whether it leads these rounds or only participates. General partner [Dharmesh Thakker – Battery Ventures](https://www.battery.com/people/dharmesh-thakker/) leads early and growth-stage software investing for the firm, covering cloud infrastructure, security, and enterprise applications. What we seeA fund that spans early, growth, and buyout stages under one vehicle can mean different partners own different stages. Founders should ask early which partner is actually sourcing the deal and whether Battery intends to lead. The firm’s own materials leave that open. Sub-sector fit matters as much as stage here, because several of these funds have shifted a large share of new checks toward applied AI products rather than general purpose SaaS. The [funding momentum behind AI-driven SaaS platforms](https://qubit.capital/blog/software-ai-startup-funding) explains where that money went in 2026 and which round sizes it clustered around. Developer tooling is a separate line of interest for the growth-stage names on this list, and it is worth checking a fund’s recent deals in that category before pitching. The rundown of [low-code and no-code platforms attracting capital](https://qubit.capital/blog/low-code-no-code-software-platforms-investment-opportunities) covers who has been writing those checks and at what stage. ## Why This Ranking Holds Up to Scrutiny Generic ‘top VC’ lists rank software investors by brand recognition, not check size or stage fit for a $2M-$50M raise. A list that fails to map check size, stage, and sub-sector to the raise is useless for a founder with limited runway. Check-size bands span from General Catalyst’s $500K-$2M checks to Insight Partners’ $5M-$500M+ range, so treating these funds as interchangeable misreads the market. Across Qubit’s fundraising-advisory engagements, software fundraising advisory engagements over the past 12 months, growth-stage software investors have pushed harder on NRR and CAC payback diligence than founders initially model for. Check-size flexibility plus board-seat expectations vary noticeably between similarly-staged funds. Founders should filter first on stage and check size, then use sub-sector fit and diligence focus to shortlist, not firm-name recognition. Check size and stage are only half the picture, since the same fund can pass on a strong team simply because the sub-sector sits outside its current thesis. Reading the [software startup trends investors are backing](https://qubit.capital/blog/top-software-startup-trends-investors) alongside this ranking shows which categories are drawing fresh capital, which is what tells a founder whether a fund’s stated focus is active or dormant. ## How to use this list ### What a Check-Size Range Actually Tells You A fund’s stated check-size range is a starting point, not a commitment. Most funds size checks to hit an ownership target, usually 15% to 25% at the round they lead. That means the same fund can write a $2M check into a $15M seed round. It can also write a $6M check into a $40M Series A. Both fit inside one published range. Ask what ownership target sits behind the number before you assume fit. A fund near the top of its range may want more of your company than you want to give up. ### Why Board-Seat Terms Matter as Much as the Check Two funds can offer the same check size and behave completely differently once they’re on your board. Some software investors take a board seat at every stage and stay active between meetings, reviewing metrics monthly. Others take observer rights only and step back until the next round. Qubit’s advisory work with software fundraisers shows founders rarely ask about this before signing a term sheet. By then, board cadence is set for years, not just the current round. Once the check-size band and stage line up, the last filter is whether the fund understands the industry a product sells into, since a healthcare billing tool and a logistics platform get judged on different numbers. A look at [how vertical SaaS is changing sector-specific opportunities](https://qubit.capital/blog/rise-vertical-saas-sector-specific-opportunities) helps frame that pitch in terms a sector-focused investor already tracks. ## Conclusion The right software investor depends on where a company sits today. Seed-focused funds like General Catalyst’s dedicated seed practice fit early rounds, while growth-stage investors like Thoma Bravo fit later checks. Matching stage, check size, and sub-sector to the right fund narrows the search fast. Approach funds whose stated check size matches the current raise first. Save funds where the fit is marginal for later, once the tightest matches have responded. Founder books time with Qubit’s fundraising advisory team to pressure-test their investor shortlist and approach order. Qubit Capital’s [fundraising advisory](https://qubit.capital/startup-services/fundraising-assistance) helps B2B SaaS and enterprise software founders build the right materials and connect with investors actively deploying capital in this space.