15 investors backing Delaware startups in 2026

Delaware raised $890M across 78 deals in 2025. Most capital went to fintech, life sciences, and enterprise software. The ecosystem centers on Wilmington's financial services heritage and university spinouts from UD. You won't find the density of Boston or Philly but the state punches above its weight for its size.

Quick list

Why Delaware works for fintech and life sciences founders

Delaware closed 78 venture deals in 2025 totaling $890M. That's up from $720M in 2024. Most checks are $500K-$3M at seed stage. Series A runs $3M-$10M but often requires Philadelphia or New York co-investors.

The state's strength is financial services expertise from Wilmington's banking history and life sciences research from University of Delaware and Christiana Care. If you're building fintech, payment tech, compliance software, or agricultural biotech, you'll find domain experts and potential customers. Chase, Bank of America, and Capital One all have major Wilmington operations.

The downside is limited late-stage capital. Most Delaware funds can't lead Series B rounds over $15M. You'll raise seed locally, Series A with Delaware or Philly investors, then need NYC or Boston funds for later rounds. The state also sits awkwardly between Philadelphia and Baltimore - many founders just relocate to one of those cities instead of building in Delaware.

Picking the right Delaware investor for your startup

Local presence: Physical presence in Delaware matters less than Mid-Atlantic presence. Most Delaware deals involve Philadelphia or Baltimore investors alongside local angels. Wilmington-based investors prefer local companies but won't reject Newark or Dover startups. Many "Delaware investors" are actually Philly funds that occasionally invest across the border. If you're in Sussex County, you're essentially pitching Maryland or Philly investors.

Portfolio companies: Check their Delaware portfolio specifically. Many Mid-Atlantic funds list one Delaware company from five years ago. Look for 3+ Delaware investments in the past three years. Blue Water Angels and Delaware Crossing Investor Group consistently back local companies. Ben Franklin Technology Partners has the most active Delaware presence among regional funds.

Check sizes: Seed rounds in Delaware average $1M-$2.5M. That's comparable to Philly but smaller than NYC or Boston. Series A runs $3M-$10M and usually requires an out-of-state co-investor. If you need more than $10M, you're raising from NYC, Boston, or SF investors. Delaware funds will co-invest but rarely lead large rounds.

Local network: Delaware investors connect you to banking executives, pharmaceutical companies, and agricultural businesses. Blue Water Angels has strong connections to DuPont and ag-bio customers. First State Innovation knows payment processors and banking tech buyers. Horn Entrepreneurship connects UD student founders to alumni. Less valuable if you're building consumer apps or general software.

Communication: Share your deck with Ellty trackable links before meetings. Delaware investors move faster than typical East Coast pace but slower than SF. You'll see which sections they actually read. Most local investors spend extra time on team slides and financials, less time on market size since they know local markets well.

Follow-on capacity: Most Delaware-only funds have $1M-$3M total per company across all rounds. Plan on bringing in Philadelphia, Baltimore, or NYC investors for Series B. Ask explicitly about follow-on capacity and which regional funds they typically co-invest with. Ben Franklin Technology Partners has the deepest pockets for follow-on rounds.

How to find and approach Delaware investors

Research local deals: Check Delaware Prosperity Partnership's quarterly reports and Delaware Business Times deal coverage. TechForumDE lists some investments. Ben Franklin Technology Partners publishes their Delaware portfolio. Most active investors appear in these sources repeatedly. Pitchbook misses smaller Delaware deals but captures the larger rounds.

Leverage local ecosystem: Join Delaware Innovation Space in Wilmington and attend their monthly events. Horn Entrepreneurship at UD runs startup competitions and networking events. TechForumDE hosts quarterly gatherings. 1313 Innovation in Wilmington connects startups with corporates. Delaware SBDC can intro you to local investors. These connections matter more than cold LinkedIn messages.

Build relationships first: Delaware investors prefer warm intros but move faster than typical East Coast pace. Expect 3-6 months from first meeting to term sheet. That's faster than Boston but slower than Philly. Attend events, get intros from other founders, demonstrate you understand Delaware's business environment.

Share your pitch deck: Upload to Ellty and create unique links for each Delaware investor. You'll see who actually opens your deck and which slides they review. Delaware investors typically take 3-7 days to review materials. Faster than NYC but not SF-fast.

Attend local events: TechForumDE quarterly events in Wilmington. Horn Entrepreneurship Hen Hatch competition at UD each spring. Delaware Innovation Week in Newark. 1313 Innovation's corporate connection events. Ben Franklin Technology Partners hosts occasional pitch events in Wilmington. These aren't huge conferences but deal flow happens here. Prevent PDF forwarding while still making your pitch accessible.

Connect with portfolio founders: Ask Blue Water Angels or Delaware Crossing Investor Group to intro you to founders who raised in the past 18 months. They'll tell you actual timelines, what terms are standard locally, and which investors move quickly vs. drag out diligence. The Delaware founder community is small and helpful.

Organize due diligence: Set up an Ellty data room before first serious conversations. Delaware investors expect organized materials and move through diligence in 4-8 weeks once committed. Include your Delaware incorporation docs and any Delaware-specific partnerships or customers.

Understand local pace: Deals in Delaware close in 3-7 months from first meeting to wire transfer. That's middle-of-the-road for East Coast markets. Investors here aren't evaluating hundreds of deals quarterly but they move faster than Boston's academic pace. Expect 2-4 partner meetings before term sheets. Keep sensitive materials under wraps with simple but effective password protection.

Delaware-specific considerations you should know

Delaware investors prefer B2B companies over consumer, and revenue-generating businesses over pure growth plays. If you're pre-revenue consumer social app, skip Delaware entirely and pitch NYC or SF investors. Fintech, enterprise software, and life sciences get the most attention locally.

Delaware incorporation is standard for all US startups but being incorporated in Delaware doesn't mean Delaware investors care about you. They want companies with Delaware operations, Delaware customers, or University of Delaware connections. Don't pitch Delaware investors just because your C corp is registered there.

The state offers some R&D tax credits and small grants through Delaware Strategic Fund, but incentives are limited compared to Maryland or Pennsylvania. The advantage is proximity to Philadelphia funding without Philly's higher burn rates. Many Delaware founders keep operations in Wilmington while pitching Philly and NYC investors.

Competition is moderate - you're competing with Philly suburbs and Baltimore for regional investor attention. Most Delaware companies get 2-4 term sheets for seed rounds if they're decent, fewer than Philly but more than smaller Mid-Atlantic markets.

15 top investors in Delaware

1. Blue Water Angels

Delaware's most active angel network with 40+ members across Wilmington and Newark, backed 25+ Delaware companies since 2012.

• Recent Deals: AgroSpheres agricultural biotech ($3.2M Series A, 2025), Newark SaaS startup ($1.5M seed, 2025), Wilmington fintech ($900K seed, 2024)
• LinkedIn: Tom Draper
• Sector Focus: Life sciences, fintech, B2B SaaS, agricultural biotech
• Stage Focus: Seed, Series A
• Office Location: Wilmington, Delaware
• Website: bluewaterangels.com

2. Ben Franklin Technology Partners

Regional fund serving Pennsylvania and Delaware, one of the most active investors in Delaware startups.

• Recent Deals: Five Delaware companies totaling $3.5M (2025), including Newark life sciences ($1.2M) and Wilmington software ($800K)
• LinkedIn: RoseAnn Rosenthal
• Sector Focus: Life sciences, software, manufacturing technology, cleantech
• Stage Focus: Seed, Series A, Series B
• Office Location: Philadelphia, PA (serves Delaware)
• Website: benfranklin.org

3. Delaware Crossing Investor Group

Wilmington-based angel group focused on Delaware and Mid-Atlantic fintech and enterprise software investments.

• Recent Deals: Multiple fintech investments totaling $4M (2025), payment processing startup ($1.6M seed, 2024)
• LinkedIn: Michael Bowman
• Sector Focus: Fintech, payment tech, enterprise software, financial services
• Stage Focus: Seed, Series A
• Office Location: Wilmington, Delaware
• Website: delawarecrossing.com

4. First State Innovation

Wilmington fund investing in Delaware fintech and financial services startups, leverages local banking expertise.

• Recent Deals: Payment processing startup ($1.8M seed, 2025), banking compliance software ($1.1M seed, 2024)
• LinkedIn: Jennifer Cohan
• Sector Focus: Fintech, payment processing, banking tech, compliance software
• Stage Focus: Seed, Series A
• Office Location: Wilmington, Delaware
• Website: firststateinnovation.com

5. New Venture Fund

Newark-based fund supporting University of Delaware spinouts and Delaware life sciences companies.

• Recent Deals: UD life sciences spinout ($2.5M seed, 2025), agricultural tech ($1.4M seed, 2024)
• LinkedIn: Gregory Bauer
• Sector Focus: Life sciences, agricultural biotech, university spinouts, cleantech
• Stage Focus: Pre-seed, seed, Series A
• Office Location: Newark, Delaware
• Website: newventurefund.org

6. Hallett & Company

Wilmington investment firm occasionally making growth-stage venture investments in Delaware tech companies.

• Recent Deals: Delaware cybersecurity company ($5M Series B, 2025), enterprise software ($3.2M Series A, 2024)
• LinkedIn: William Hallett
• Sector Focus: Cybersecurity, enterprise software, fintech
• Stage Focus: Series A, Series B, growth
• Office Location: Wilmington, Delaware
• Website: hallettandco.com

7. Horn Entrepreneurship Fund

University of Delaware-affiliated fund making small investments in student and alumni startups.

• Recent Deals: Four UD student startups totaling $800K (2025), ranging from $150K-$300K each
• LinkedIn: Dan Freeman
• Sector Focus: Various (student-led), software, life sciences, consumer products
• Stage Focus: Pre-seed, seed
• Office Location: Newark, Delaware
• Website: horn.udel.edu

8. Mid-Atlantic Angel Group

Regional angel network active in Delaware, Maryland, and Pennsylvania deals.

• Recent Deals: Delaware SaaS startup ($1.2M seed, 2025), Wilmington healthcare IT ($900K seed, 2024)
• LinkedIn: Robert Chiste
• Sector Focus: B2B SaaS, healthcare IT, enterprise software
• Stage Focus: Seed, Series A
• Office Location: Wilmington, Delaware / Baltimore, MD
• Website: midatlanticangels.com

9. New Castle County Venture Fund

County-supported fund investing in New Castle County (Wilmington area) technology companies.

• Recent Deals: Three local software companies totaling $2.1M (2025), including $900K and $700K seed rounds
• LinkedIn: Matthew Meyer
• Sector Focus: Software, manufacturing tech, local job creation
• Stage Focus: Seed, Series A
• Office Location: Wilmington, Delaware
• Website: nccde.org/ventures

10. Wilmington Investor Network

Wilmington angel group making early-stage investments in Delaware and regional startups.

• Recent Deals: $1.5M deployed across Delaware startups (2025), multiple $200K-$500K checks
• LinkedIn: Susan Coulby
• Sector Focus: B2B software, fintech, healthcare IT
• Stage Focus: Pre-seed, seed
• Office Location: Wilmington, Delaware
• Website: wilmingtoninvestors.com

11. Longwood Fund

Boston-based life sciences investor with Delaware portfolio companies and Wilmington connections.

• Recent Deals: Delaware biotech company (Series A, 2025), UD spinout (seed, 2024)
• LinkedIn: Christiana Bardon
• Sector Focus: Life sciences, biotech, medical devices, therapeutics
• Stage Focus: Seed, Series A, Series B
• Office Location: Boston, MA (invests in Delaware)
• Website: longwoodfund.com

12. Delaware Innovation Space Fund

Investment arm of Wilmington co-working space, backs early-stage companies in their facility.

• Recent Deals: Three early-stage companies (2025), ranging from $100K-$300K each
• LinkedIn: Caitlin Schlauch
• Sector Focus: Software, consumer products, local startups
• Stage Focus: Pre-seed, seed
• Office Location: Wilmington, Delaware
• Website: delawareinnovationspace.com

13. University of Delaware Ventures

UD tech transfer office making equity investments in university spinout companies.

• Recent Deals: Multiple UD spinouts (2025), including agricultural tech and materials science startups
• LinkedIn: Cory Costanzo
• Sector Focus: University spinouts, life sciences, materials science, agricultural tech
• Stage Focus: Pre-seed, seed
• Office Location: Newark, Delaware
• Website: udel.edu/ventures

14. Delaware Prosperity Partnership Fund

Economic development organization making strategic investments in Delaware companies for job creation.

• Recent Deals: Manufacturing technology ($600K, 2025), food processing tech ($400K, 2024)
• LinkedIn: Kurt Foreman
• Sector Focus: Manufacturing, food tech, job creation, economic development
• Stage Focus: Seed, growth
• Office Location: Wilmington, Delaware
• Website: choosedelaware.com

15. Delaware Strategic Fund

State-backed fund supporting Delaware technology companies and innovation initiatives.

• Recent Deals: Multiple Delaware tech companies supported through grants and equity investments (2025)
• LinkedIn: Rick Geisenberger
• Sector Focus: Technology, innovation, job creation, strategic industries
• Stage Focus: Seed, growth
• Office Location: Dover, Delaware
• Website: delawarestrategicfund.com

Start tracking your Delaware investor outreach

These 15 investors closed deals in Delaware in 2025-2026. Before you start reaching out to Wilmington and Newark funds, set up proper tracking.

Upload your deck to Ellty and create a unique link for each Delaware investor. You'll see exactly which slides they view and how long they spend on your financials and team background. Delaware investors typically review entire decks but focus heavily on unit economics and customer acquisition strategy.

When Delaware investors ask for more materials during diligence, share an Ellty data room instead of messy email threads. Your financial model, customer contracts, and Delaware business registration in one secure place with view analytics.

Common questions

Do I need to be based in Delaware to raise from Delaware investors?

Most Delaware funds prefer companies with Delaware operations, not just Delaware incorporation. You can raise from regional investors if you're in nearby Pennsylvania or Maryland. Remote companies incorporated in Delaware but based elsewhere won't get local funding - pitch investors where you actually operate.

How does Delaware compare to Philadelphia or Baltimore for fundraising?

Delaware has about 20% of the capital available in Philadelphia and similar to Baltimore. Check sizes are comparable for seed but Philly has more Series A and B capital. The advantage is less competition and strong fintech expertise. Many Delaware founders pitch both Wilmington and Philly investors simultaneously.

What's the average seed round size in Delaware?

$1M-$2.5M for seed rounds. Pre-seed is typically $300K-$800K. Series A runs $3M-$10M but usually requires Philadelphia or NYC co-investors.

Should I raise locally or go straight to Philadelphia or New York?

Raise locally if you're building fintech, life sciences, or have University of Delaware connections. Delaware investors close faster than Philly and provide good domain expertise. For consumer products or general SaaS without Delaware advantages, pitch Philly or NYC directly.

Do Delaware investors expect in-person meetings?

Yes for early meetings, but they're flexible once relationships are established. Most Delaware investors want initial meetings in Wilmington or Newark. After that, many do video calls. Expect quarterly in-person board meetings.

What industries get funded most in Delaware?

Fintech, payment processing, life sciences, agricultural biotech, and enterprise software. Consumer apps rarely get funded unless you have strong Delaware connections. Banking technology and compliance software get extra attention given Wilmington's financial services heritage.