25 VCs funding enterprise software in 2025

Most enterprise software investors claim they fund "early-stage B2B," but half won't touch you until you hit $2M ARR. Here are 25 funds that closed deals in 2024-2025.

Quick list

Finding investors who understand B2B sales cycles

Stage alignment matters more than brand names. Seed funds won't write $15M checks no matter how impressive your deck looks. Series A funds expect $1-2M ARR minimum. Series B funds want proven GTM motion with $10M+ ARR.

Network depth beats network breadth. You need investors who can intro you to CIOs at Fortune 500 companies, not just other VCs. Ask their portfolio CEOs which customer intros actually closed deals. Most "strategic value" is just LinkedIn introductions that go nowhere.

Check their portfolio failure rate. If 80% of their enterprise bets from 2019-2021 are dead, they don't understand multi-year sales cycles. B2B companies take longer to show results than consumer apps.

Sales cycle experience separates good from bad. Consumer investors don't get that enterprise deals take 6-18 months. They'll panic when your MRR growth slows during a long implementation cycle. Find investors who've backed companies through enterprise pilots that converted to seven-figure contracts.

Use Ellty to share your deck with trackable links. You'll see who actually opens your financial projections versus just skimming the problem slide. If they spend 30 seconds on your entire deck, they're not serious.

Operational support claims need verification. Every fund says they help with recruiting and fundraising. Ask their portfolio companies which intros led to actual hires or follow-on investors. Generic answers about "our network" mean nothing specific.

Getting enterprise investors to respond

Research recent deals on Crunchbase and Pitchbook. Seed funds won't lead your Series B. Growth equity won't touch pre-revenue startups. Save everyone's time by targeting the right stage.

Show revenue metrics immediately. Enterprise investors care about ARR, net retention, and CAC payback period. Don't bury these in slide 15. If you're pre-revenue, lead with LOIs or pilot customers from recognizable brands.

Upload to Ellty and send trackable links. Monitor which pages investors spend time on. If they skip your go-to-market slides but read your team bios, they're probably not interested in leading. If they re-open your deck three times, they're sharing it internally.

Message portfolio founders on LinkedIn before reaching out. Ask about actual response times and whether the partner helps with customer intros. Most founders will be honest about how hands-on their investors really are.

Target conferences where deals actually happen. SaaStr Annual and B2B SaaS conferences are where enterprise VCs spend time. Skip generic startup events. Partners remember founders who ask good questions during panel discussions.

Connect with partners on LinkedIn after getting introduced. Cold DMs work maybe 5% of the time in enterprise. You need warm intros from other founders, angels who invested, or their portfolio companies. Reference the mutual connection in your first message.

Set up an Ellty data room with your financial model and cap table before they ask. Enterprise investors will request detailed unit economics and customer cohort analysis. Having everything organized speeds up diligence by weeks.

Lead with your customer pipeline or existing contracts. Enterprise investors have seen 1,000 TAM slides. Start with which Fortune 500 companies are piloting your product or which mid-market customers already pay you. That's what they'll ask about anyway.

Why enterprise software matters in 2025

Enterprise software proved more resilient than consumer tech during the 2022-2024 correction. B2B SaaS companies with strong unit economics raised money while consumer startups struggled.

AI infrastructure and developer tools are seeing the most activity right now. Funds that backed observability and security platforms in 2020-2021 made strong returns. New enterprise deals are focusing on workflow automation and AI-native tools that replace legacy software categories.

25 top enterprise software investors

1. Bessemer Venture Partners

Led cloud investing for decades and backed Shopify, Twilio, and LinkedIn early. Their cloud index tracks over 100 public B2B companies.

• Recent Deals: Fivetran Series D $565M (2024), Intercom Series D $125M (2023), Personio Series E $200M (2022)
• LinkedIn: Byron Deeter LinkedIn
• Sector Focus: Cloud infrastructure, vertical SaaS, dev tools, cybersecurity
• Stage Focus: Seed, Series A, Series B, Series C, Growth
• Location: San Francisco, California
• Website: bvp.com

2. Accel

Backed Facebook, Slack, Atlassian, and UiPath before their massive exits. Strong track record in bottoms-up enterprise adoption.

• Recent Deals: UiPath Series F $750M (2021), Notion Series C $275M (2023), Superhuman Series C $75M (2024)
• LinkedIn: Ping Li LinkedIn
• Sector Focus: Developer tools, collaboration software, automation, infrastructure
• Stage Focus: Series A, Series B, Series C
• Location: Palo Alto, California
• Website: accel.com

3. Index Ventures

Early investors in Datadog, Confluent, and Figma. They understand product-led growth in enterprise.

• Recent Deals: Wiz Series D $300M (2024), Notion Series C $275M (2023), Scale AI Series E $1B (2023)
• LinkedIn: Mike Volpi LinkedIn
• Sector Focus: Security, observability, data infrastructure, design tools
• Stage Focus: Series A, Series B, Series C, Growth
• Location: San Francisco, California
• Website: indexventures.com

4. Lightspeed Venture Partners

Backed Rubrik, Nutanix, and Gainsight through IPOs. They focus on infrastructure and enterprise applications.

• Recent Deals: Rubrik IPO (April 2024), Cato Networks Series F $238M (2023), Carta Series F $500M (2021)
• LinkedIn: Ravi Mhatre LinkedIn
• Sector Focus: Cloud infrastructure, networking, fintech infrastructure, enterprise SaaS
• Stage Focus: Series A, Series B, Series C, Growth
• Location: Menlo Park, California
• Website: lsvp.com

5. Greylock Partners

Backed Workday, Palo Alto Networks, and LinkedIn. They prefer founding partner relationships.

• Recent Deals: Abnormal Security Series D $250M (2024), Coda Series D $100M (2023), Snyk Series G $196M (2023)
• LinkedIn: Jerry Chen LinkedIn
• Sector Focus: Security, productivity software, data platforms, infrastructure
• Stage Focus: Seed, Series A, Series B, Series C
• Location: Menlo Park, California
• Website: greylock.com

6. Andreessen Horowitz

Led Databricks, Okta, and PagerDuty rounds. They write large checks and help with enterprise sales.

• Recent Deals: Databricks Series I $500M (2023), dbt Labs Series D $222M (2022), Sigma Computing Series C $200M (2023)
• LinkedIn: Martin Casado LinkedIn
• Sector Focus: Data infrastructure, security, dev tools, AI infrastructure
• Stage Focus: Series A, Series B, Series C, Growth
• Location: Menlo Park, California
• Website: a16z.com

7. Sequoia Capital

Backed Snowflake, ServiceNow, and Zoom. They expect fast revenue growth even in enterprise.

• Recent Deals: Navan Series G $304M (2024), Deel Series D $425M (2021), Vercel Series D $250M (2024)
• LinkedIn: Pat Grady LinkedIn
• Sector Focus: Infrastructure, collaboration, dev tools, fintech infrastructure
• Stage Focus: Series A, Series B, Series C, Growth
• Location: Menlo Park, California
• Website: sequoiacap.com

8. General Catalyst

Led Gusto, Keeper Security, and Liveblocks rounds. They focus on category-defining B2B companies.

• Recent Deals: Gusto Series E (2024) valuation $10B, Coda Series D $100M (2023), Demandbase Series D $76M (2023)
• LinkedIn: Niko Bonatsos LinkedIn
• Sector Focus: HR tech, security, collaboration, marketing tech
• Stage Focus: Series A, Series B, Series C, Growth
• Location: Cambridge, Massachusetts
• Website: generalcatalyst.com

9. Battery Ventures

Growth-stage investor in Yotpo, Expensify, and Bluecore. They prefer proven revenue models.

• Recent Deals: Cresta Series C $125M (2024), Hopin acquisition (2023), Couchbase IPO support (2021)
• LinkedIn: Neeraj Agrawal LinkedIn
• Sector Focus: Marketing tech, e-commerce infrastructure, databases, dev tools
• Stage Focus: Series B, Series C, Series D, Growth
• Location: Boston, Massachusetts
• Website: battery.com

10. Insight Partners

Growth equity specialist that backed Veeam, Shopify, and Twitter. They write $50M+ checks for scaling companies.

• Recent Deals: Veeam sale $5B (January 2024), Wiz Series D $300M (2024), Recorded Future Series F $250M (2021)
• LinkedIn: Jeff Horing LinkedIn
• Sector Focus: Security, infrastructure, vertical SaaS, dev tools
• Stage Focus: Series C, Series D, Growth, Late-stage
• Location: New York, New York
• Website: insightpartners.com

11. IVP

Late-stage specialist that backed GitHub, Slack, and Dropbox before exits. They lead large growth rounds.

• Recent Deals: Lacework Series D $1.3B (2021), Tanium Series H $150M (2022), HashiCorp growth rounds pre-IPO
• LinkedIn: Jules Maltz LinkedIn
• Sector Focus: Security, collaboration, infrastructure, dev tools
• Stage Focus: Series C, Series D, Growth, Late-stage
• Location: Menlo Park, California
• Website: ivp.com

12. Tiger Global

Aggressive growth investor that backed UiPath, Databricks, and Snyk. They move fast but demand high growth rates.

• Recent Deals: UiPath pre-IPO $35B valuation (2021), Stripe Series I (2023), Canva Series D (2021)
• LinkedIn: Scott Shleifer LinkedIn
• Sector Focus: Infrastructure, fintech, automation, data platforms
• Stage Focus: Series C, Series D, Growth, Late-stage
• Location: New York, New York
• Website: tigerglobal.com

13. Coatue

Growth-stage investor in Dataiku, Anaplan, and C3.ai. They blend public and private market expertise.

• Recent Deals: Dataiku Series F $400M (August 2023), Hightouch Series B $40M (2023), Observe Series B $115M (2023)
• LinkedIn: Thomas Laffont LinkedIn
• Sector Focus: AI infrastructure, data platforms, observability, analytics
• Stage Focus: Series B, Series C, Series D, Growth
• Location: New York, New York
• Website: coatue.com

14. Iconiq Capital

Late-stage investor in Snowflake, Datadog, and ServiceNow. They have strong Fortune 500 customer connections.

• Recent Deals: Snowflake growth rounds pre-IPO, Databricks Series H (2021), UiPath growth rounds
• LinkedIn: Will Griffith LinkedIn
• Sector Focus: Infrastructure, data platforms, enterprise applications, security
• Stage Focus: Series C, Series D, Growth, Late-stage
• Location: San Francisco, California
• Website: iconiqcapital.com

15. Sapphire Ventures

Growth-stage specialist that led Auvik, MuleSoft, and Sumo Logic rounds. They focus on proven business models.

• Recent Deals: Auvik Series A $140M (December 2023), JumpCloud Series F $159M (2023), Lacework Series D participation
• LinkedIn: Jai Das LinkedIn
• Sector Focus: IT management, security, infrastructure, dev tools
• Stage Focus: Series B, Series C, Series D, Growth
• Location: Palo Alto, California
• Website: sapphireventures.com

16. Redpoint Ventures

Early investor in Stripe, Twilio, and Looker. They back technical founders building infrastructure.

• Recent Deals: Stripe Series A (2012) through growth rounds, Temporal Series B $103M (2022), Kustomer acquisition by Meta
• LinkedIn: Tomasz Tunguz LinkedIn
• Sector Focus: Payments infrastructure, data tools, dev tools, workflow automation
• Stage Focus: Seed, Series A, Series B, Series C
• Location: Menlo Park, California
• Website: redpoint.com

17. Matrix Partners

Backed GitLab from Series B through IPO with 50x+ returns. They focus on open-source and dev tools.

• Recent Deals: GitLab IPO (2021), Snyk Series G $196M (2023), Nubank IPO (2021)
• LinkedIn: Stan Reiss LinkedIn
• Sector Focus: Dev tools, open-source, fintech infrastructure, security
• Stage Focus: Series A, Series B, Series C
• Location: San Francisco, California
• Website: matrixpartners.com

18. Emergence Capital

Pioneered SaaS investing with Salesforce and Zoom. They wrote the playbook on cloud business models.

• Recent Deals: Zoom Series A through IPO, Veeva Series A through IPO, Gainsight multiple rounds
• LinkedIn: Jason Green LinkedIn
• Sector Focus: Vertical SaaS, collaboration, customer success platforms, HR tech
• Stage Focus: Series A, Series B, Series C
• Location: San Francisco, California
• Website: emcap.com

19. Point72 Ventures

Growth investor that led Monte Carlo's $135M Series D in 2024. They move decisively on data infrastructure.

• Recent Deals: Monte Carlo Series D $135M (May 2024), Hex Series B $52M (2022), Sifflet Series A $20M (2023)
• LinkedIn: Matthew Granade LinkedIn
• Sector Focus: Data observability, analytics, infrastructure, fintech
• Stage Focus: Series B, Series C, Series D
• Location: Stamford, Connecticut
• Website: point72ventures.com

20. Scale Venture Partners

Led Box, DocuSign, and HubSpot through growth stages. They specialize in scaling go-to-market.

• Recent Deals: Box IPO support (2015), Segment acquisition by Twilio (2020), Front Series D $65M (2023)
• LinkedIn: Rory O'Driscoll LinkedIn
• Sector Focus: Collaboration, customer data platforms, workflow software, vertical SaaS
• Stage Focus: Series B, Series C, Series D, Growth
• Location: San Francisco, California
• Website: scalevp.com

21. Ballistic Ventures

Cybersecurity specialist that led Wiz's $300M round in February 2024. They only fund security companies.

• Recent Deals: Wiz Series D $300M (February 2024), Island Series B $100M (2023), Apono Series A (2024)
• LinkedIn: Roger Thornton LinkedIn
• Sector Focus: Cloud security, identity, endpoint security, data security
• Stage Focus: Seed, Series A, Series B
• Location: San Francisco, California
• Website: ballisticventures.com

22. Bonfire Ventures

LA-based seed fund that backs technical founders before product-market fit. They invested in Port's $6M seed in March 2024.

• Recent Deals: Port Series Seed $6M (March 2024), Finch Series B $40M (2023), Clutch Series A $20M (2023)
• LinkedIn: Jim Andelman LinkedIn
• Sector Focus: Infrastructure, dev tools, fintech infrastructure, workflow automation
• Stage Focus: Pre-seed, Seed, Series A
• Location: Los Angeles, California
• Website: bonfirevc.com

23. Boldstart Ventures

Pre-seed specialist that backed SecurityScorecard, Snyk, and Kustomer from first check. They invest in technical founders.

• Recent Deals: SecurityScorecard Series A through E, BigID Series E $70M (2021), Kustomer acquisition by Meta
• LinkedIn: Ed Sim LinkedIn
• Sector Focus: Security, dev tools, infrastructure, data platforms
• Stage Focus: Pre-seed, Seed
• Location: New York, New York
• Website: boldstart.vc

24. Work-Bench

NYC enterprise seed fund that backed Electric.ai, Axonius, and Drata. They focus on IT and security tools.

• Recent Deals: Electric.ai Series B $40M (2023), Drata Series C $200M (2022), Axonius Series E $200M (2022)
• LinkedIn: Jonathan Lehr LinkedIn
• Sector Focus: IT management, security, compliance, infrastructure
• Stage Focus: Seed, Series A
• Location: New York, New York
• Website: work-bench.com

25. Eight Roads Ventures

Backed Freshworks from Series C through their 2021 IPO. They invest in global SaaS companies with Asia expansion potential.

• Recent Deals: Freshworks Series C through IPO (2021), Mindtickle Series E $100M (2021), Icertis Series G $150M (2021)
• LinkedIn: Bejul Somaia LinkedIn
• Sector Focus: Vertical SaaS, customer service software, sales enablement, contract management
• Stage Focus: Series B, Series C, Series D, Growth
• Location: London, United Kingdom
• Website: eightroads.com

Start tracking your investor outreach

These 25 investors closed enterprise software deals from 2023 to November 2025. Before you start reaching out, set up proper tracking.

Upload your deck to Ellty and create a unique link for each investor. You'll see exactly which slides they view and how long they spend on your financials. Most founders are surprised to learn investors skip their market size slides but spend 5+ minutes on unit economics.

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

Common questions

How do I know if an investor is still active?

Check their last deal date on Crunchbase or their portfolio page. If they haven't announced a deal in 18+ months, they're either not deploying or being very selective. Look for 2024-2025 deals.

Should I cold email investors or get introductions?

Warm intros close at 10x higher rates in enterprise. Message their portfolio founders on LinkedIn and ask for intros. If you must cold email, reference a specific portfolio company and explain why you're similar.

What's the difference between seed and Series A enterprise investors?

Seed funds will back pre-revenue with strong technical founders. Series A funds expect $1-2M ARR and proven sales motion. Don't waste time pitching Series A funds with just pilot customers.

How many investors should I reach out to?

Most founders talk to 50-100 investors to close a round. Enterprise deals take longer, so expect 20-30 serious conversations over 4-6 months. Track everything in Ellty so you know who's actually engaged.

When should I set up a data room?

Before your first investor meeting. Enterprise investors will ask for unit economics, customer cohort analysis, and competitive win rates. Having organized materials speeds up diligence by weeks.

Do investors actually look at pitch deck analytics?

No, but you should. If an investor spends 30 seconds on your deck, they're not interested. If they re-open it three times, they're sharing it with partners. Use that information to prioritize follow-ups.