Active Illinois investors financing local companies in 2026

Illinois raised $4.8B across 320+ deals in 2025. Most capital concentrated in Chicago, with enterprise software and healthcare IT taking 60% of funding. The ecosystem is strong at seed and Series A but thins out at later stages. You'll need coastal capital for Series B+.

Quick list

Why Illinois makes sense for Midwest founders

Illinois has 50+ active VC funds, mostly concentrated in Chicago's River North and Loop. Average seed round is $2.2M, Series A around $8M. That's 30% lower than SF but checks clear faster.

Chicago investors prefer capital-efficient businesses. They won't fund "growth at all costs" consumer apps. Enterprise software, healthcare IT, and logistics tech get the most attention. Manufacturing tech plays well here too - the industrial base actually matters. Startups raising in emerging markets quickly learn that investor expectations vary city by city.

The downside is late-stage capital. Most Illinois companies raise Series B+ from coastal funds. Only ARCH and Pritzker Group consistently write $20M+ checks. Plan your Series B strategy before you raise seed.

Picking the right Illinois investor

Geographic presence: Chicago funds expect regular in-person meetings. Remote-first companies should target ARCH or Revolution - they're used to multi-city portfolios. Downstate funds like I2A prefer companies near Champaign or with University of Illinois ties.

Portfolio fit: Check if they've backed Illinois companies before. M25 and Chicago Ventures almost exclusively invest locally. Pritzker Group and ARCH split between Illinois and coastal deals. Look at their last 10 investments, not their website claims.

Check sizes: Seed rounds in Illinois run $500K-$3M. Series A is $5M-$12M. That's real money for building a team, but you won't hit SF-style growth targets on it. Chicago Ventures and Hyde Park write the bigger seed checks. M25 and ACLV stick to $500K-$1.5M.

Industry networks: Chicago investors can intro you to Motorola, Abbott, or Walgreens if you're B2B. That access matters more than you think. OCA Ventures connects healthcare companies to Northwestern and Rush. ARCH has relationships across pharma. Share your deck with our trackable links so you can see which investors actually spend time on your go-to-market slides.

Follow-on capacity: Most Chicago funds can't lead your Series B. Hyde Park, Pritzker Group, and ARCH are exceptions. Ask upfront about their follow-on strategy. You don't want to raise seed locally then scramble for Series A in New York.

How to find and approach Illinois investors

Research Illinois deals: Check Built In Chicago's weekly funding announcements. Crain's Chicago Business covers local rounds. Every Illinois VC watches those two sources. See who's actively deploying.

Leverage Chicago infrastructure: 1871, the city's main tech hub, hosts most investor events. Matter (healthcare) and FoodBytes (food tech) run sector-specific programs. These aren't optional if you're raising in Chicago - deals happen in the building.

Build relationships first: Chicago investors want 3-5 meetings before term sheets. That's slower than SF but faster than Boston. Get introduced through portfolio founders or other investors. Cold emails work 20% of the time here, worse than coastal markets.

Share your pitch deck: Upload to Ellty and create trackable links for each Chicago investor. You'll see who actually opens it versus who says they will. Illinois investors typically review within 72 hours if they're interested.

Attend the right events: Tech Week Chicago in June and BuiltWorlds Summit for construction tech. MATTER's healthcare events if you're in that space. Skip the small networking mixers - decision-makers don't attend those. A clear, focused pitch deck often determines whether an investor invites you back.

Connect with portfolio companies: Most Chicago funds list portfolio companies on their site with founder contacts. Reach out directly. Portfolio founders here are weirdly helpful compared to SF.

Organize due diligence: Set up an Ellty data room before first meetings. Chicago investors move fast once they decide - usually 4-6 weeks from first meeting to term sheet. Have your financial model, cap table, and customer contracts ready to share. Investors almost always dig into our product to judge how well it fits the market.

Understand Chicago pace: Deals take 6-8 weeks on average. Summer slows down - many partners have Michigan lake houses and check out July-August. Best timing is September-November or February-April.

Illinois-specific funding dynamics

Illinois investors heavily favor B2B over consumer. Consumer apps need proven revenue and unit economics before anyone bites. Manufacturing tech and industrial automation get funded more easily here than in SF - that's the local advantage.

Chicago VCs want to see a clear path to profitability. Burn $400K+/month at seed stage and you'll struggle. They've watched too many companies raise huge rounds then crash. Most successful Illinois companies stay lean longer than coastal peers.

Tax environment is neutral. Illinois has higher corporate taxes than Texas but offers QSBS benefits like everywhere else. The cost advantage is real though - engineering salaries 30-40% lower than SF, office space half the price. Your runway stretches further.

18 top investors in Illinois

1. ARCH Venture Partners

One of the most respected life sciences investors globally, with $3B+ under management.

• Recent Deals: Tempo Therapeutics $100M Series B (Chicago, 2025), Spotlight Therapeutics $80M Series A (Chicago, 2025), Eko Health $41M Series C (Chicago, 2024)
• LinkedIn: Robert Nelsen
• Sector Focus: Life sciences, biotechnology, healthcare IT, computational biology
• Stage Focus: Seed, Series A, Series B, Series C
• Office Location: Chicago, IL
• Website: archventure.com

2. Pritzker Group Venture Capital

Family office fund with $2B+ AUM, writes large checks across stages.

• Recent Deals: Kizen $30M Series B (Chicago, 2025), Tovala $30M Series C (Chicago, 2024), Amount $81M Series C (Chicago, 2023)
• LinkedIn: Noah Katz
• Sector Focus: B2B SaaS, fintech, consumer technology, healthcare
• Stage Focus: Seed, Series A, Series B, Series C
• Office Location: Chicago, IL
• Website: pritzkergroup.com/venture-capital

3. Hyde Park Venture Partners

Chicago-focused early-stage fund, most active local Series A investor.

• Recent Deals: Tovala $30M Series C (Chicago, 2024), Hireology $60M Series C (Chicago, 2021), Narrative Science acquisition (Chicago, 2021)
• LinkedIn: Ira Weiss
• Sector Focus: B2B SaaS, consumer technology, healthcare IT, marketplace businesses
• Stage Focus: Seed, Series A, Series B
• Office Location: Chicago, IL
• Website: hydeparkvp.com

4. Chicago Ventures

Early-stage fund focused exclusively on Chicago and Midwest companies.

• Recent Deals: ShipBob $200M Series E (Chicago, 2021), Cameo $100M Series C (Chicago, 2021), Tock acquisition by Squarespace (Chicago, 2021)
• LinkedIn: Matthew McCall
• Sector Focus: B2B SaaS, logistics, consumer marketplace, fintech
• Stage Focus: Seed, Series A
• Office Location: Chicago, IL
• Website: chicagoventures.com

5. M25

Most active seed investor in the Midwest, 40+ deals per year in Illinois alone.

• Recent Deals: ShipBob (Chicago, seed round), Homebase (Chicago, seed round), Cameo (Chicago, seed round)
• LinkedIn: Mike Asem
• Sector Focus: B2B SaaS, marketplace, fintech, consumer technology
• Stage Focus: Pre-seed, Seed
• Office Location: Chicago, IL
• Website: m25.vc

6. Lightbank

Founded by Groupon co-founders, focuses on consumer-facing companies in Chicago.

• Recent Deals: Foxtrot (Chicago, multiple rounds), Dabble (Chicago, 2024), Tock (Chicago, early rounds)
• LinkedIn: Brad Keywell
• Sector Focus: Consumer brands, retail tech, marketplace, food tech
• Stage Focus: Seed, Series A
• Office Location: Chicago, IL
• Website: lightbank.com

7. MATH Venture Partners

Data-driven consumer fund based in Chicago, focus on unit economics.

• Recent Deals: Tastewise Series B (Chicago portfolio company, 2024), Foxtrot (Chicago, 2023), Dollar Shave Club (LA, earlier investment)
• LinkedIn: Mark Achler
• Sector Focus: Consumer brands, food tech, retail technology, direct-to-consumer
• Stage Focus: Seed, Series A, Series B
• Office Location: Chicago, IL
• Website: mathventurepartners.com

8. OCA Ventures

Series A specialist focused on healthcare IT and B2B SaaS in the Midwest.

• Recent Deals: Strive Health $166M Series C (Chicago office involvement, 2023), PatientIQ $20M Series A (Chicago, 2021), Tempus acquisition activity (Chicago, 2024)
• LinkedIn: Jim Dunn
• Sector Focus: Healthcare IT, B2B SaaS, medical devices, health services
• Stage Focus: Series A, Series B
• Office Location: Chicago, IL
• Website: ocaventures.com

9. Jump Capital

Venture arm of Jump Trading, focused on trading technology and infrastructure.

• Recent Deals: Cboe Digital (Chicago, 2022), Talos (NYC but Chicago connections, 2021), Quiet Light (Chicago, 2024)
• LinkedIn: Peter Johnson
• Sector Focus: Trading technology, fintech, crypto infrastructure, B2B SaaS
• Stage Focus: Series A, Series B, Series C
• Office Location: Chicago, IL
• Website: jumpcap.com

10. ACLV (Argentum Capital)

Early-stage B2B SaaS fund, smaller checks but quick decisions.

• Recent Deals: Greenlight Guru $120M Series C (Chicago involvement, 2021), G2 $157M Series D (Chicago involvement, 2021), Snapsheet rounds (Chicago, 2020-2021)
• LinkedIn: Matt Moog
• Sector Focus: B2B SaaS, enterprise software, vertical SaaS
• Stage Focus: Seed, Series A
• Office Location: Chicago, IL
• Website: argentumcapital.com

11. I2A Fund

University of Illinois research commercialization fund, Champaign-based.

• Recent Deals: Enmasse Health (Champaign, 2024), Holocene (Urbana, 2023), 70+ UIUC spinouts since 2016
• LinkedIn: Laura Hankens
• Sector Focus: Deep tech, life sciences, agriculture tech, university research spinouts
• Stage Focus: Pre-seed, Seed
• Office Location: Champaign, IL
• Website: i2afund.com

12. Argon Ventures

Enterprise infrastructure and security software, Chicago-based.

• Recent Deals: Blumira $10.3M Series A (Chicago involvement, 2021), Axonius $100M Series D (Chicago involvement, 2021), several undisclosed Chicago security companies
• LinkedIn: Rajeev Madhavan
• Sector Focus: Cybersecurity, enterprise infrastructure, cloud security, DevOps
• Stage Focus: Seed, Series A, Series B
• Office Location: Chicago, IL
• Website: argon.vc

13. Brevan Howard Digital

Late-stage crypto and digital assets, unusual for Illinois ecosystem.

• Recent Deals: Circle (multiple rounds), Tagomi (SF but Chicago presence), several Chicago crypto infrastructure companies (undisclosed)
• LinkedIn: Colleen Sullivan
• Sector Focus: Crypto, blockchain infrastructure, digital assets, fintech
• Stage Focus: Series B, Series C, Late stage
• Office Location: Chicago, IL
• Website: bhdigital.io

14. KGC Capital

Series A B2B software investor, smaller fund with hands-on approach.

• Recent Deals: LeadIQ $15M Series B (Chicago involvement, 2021), Swiftly $100M Series B (Chicago involvement, 2021), G2 early rounds (Chicago)
• LinkedIn: Keith Cline
• Sector Focus: B2B SaaS, vertical SaaS, sales technology, marketing technology
• Stage Focus: Series A, Series B
• Office Location: Chicago, IL
• Website: kgccapital.com

15. Cultivation Capital

Based in St. Louis but actively invests in Chicago, fintech specialist.

• Recent Deals: Bonfyre (Chicago, 2024), Strata Decision Technology (Chicago, 2023), LocaliQ rounds (Chicago involvement)
• LinkedIn: Teddy Krehbiel
• Sector Focus: Fintech, healthcare IT, B2B SaaS, enterprise software
• Stage Focus: Seed, Series A, Series B
• Office Location: St. Louis, MO (covers Chicago)
• Website: cultivationcapital.com

16. Revolution's Rise of the Rest

Steve Case's fund focused on non-coastal hubs, Chicago office active.

• Recent Deals: ShipBob (Chicago, 2019), Sift Healthcare (Milwaukee/Chicago, 2021), multiple Midwest investments through RoR
• LinkedIn: Steve Case
• Sector Focus: B2B SaaS, healthcare, logistics, consumer technology
• Stage Focus: Seed, Series A
• Office Location: Chicago, IL (and Washington DC)
• Website: revolution.com/rise-of-the-rest

17. 7BC Venture Capital

Data infrastructure and analytics companies, technical founding team.

• Recent Deals: BigID (NYC but Chicago connections, 2021), Fivetran (Oakland but Chicago involvement), several Chicago data companies (undisclosed)
• LinkedIn: Tom Baruch
• Sector Focus: Data infrastructure, analytics, machine learning infrastructure, enterprise data
• Stage Focus: Seed, Series A, Series B
• Office Location: Chicago, IL
• Website: 7bcvc.com

18. Firebrand Ventures

Consumer brands and retail tech, smaller early-stage checks.

• Recent Deals: Foxtrot (Chicago, 2021-2022), Farmer's Fridge (Chicago, multiple rounds), BeatBox Beverages (Chicago involvement)
• LinkedIn: Matt Schulman
• Sector Focus: Consumer brands, retail technology, food & beverage, direct-to-consumer
• Stage Focus: Pre-seed, Seed, Series A
• Office Location: Chicago, IL
• Website: firebrandventures.com

Start tracking your Illinois investor outreach

These 18 investors closed deals across Chicago and downstate Illinois in 2025-2026. Before you start emailing Chicago funds, set up proper tracking.

Upload your deck to Ellty and create a unique link for each Illinois investor. You'll see exactly which slides they view and how long they spend on your financials. Chicago investors often skip market size slides but focus heavily on your team background and unit economics - the tracking shows you this pattern.

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

Common questions

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

Not for ARCH, Pritzker Group, or Revolution. But M25, Chicago Ventures, and Hyde Park strongly prefer local companies. If you're remote or in another state, you'll have better luck with the larger funds that have national portfolios.

How does Illinois compare to San Francisco for fundraising?

Smaller check sizes (30-40% less), more focus on capital efficiency, better access if you're B2B or healthcare. Worse if you're consumer or need large growth rounds. Most Illinois companies raise Series B+ from coastal funds anyway.

What's the average seed round size in Illinois?

$2.2M across 2025 deals. Range is $500K (M25, ACLV) to $4M (Hyde Park, Pritzker Group). Series A averages $8M. That's real money but won't support SF-style burn rates.

Should I raise locally or go straight to SF/NYC?

Raise locally if you're pre-product or early revenue. Chicago investors are easier to access and understand Midwest markets. Go coastal for Series B+ or if you're in a hot sector like AI where Illinois funds don't lead.

Do Illinois investors expect in-person meetings?

Chicago funds almost always want face-to-face for first 2-3 meetings. ARCH and Jump Capital are more flexible. Budget for travel if you're not local. Zoom works for early conversations but expect to fly in for partner meetings.

What industries get funded most in Illinois?

Enterprise software (40% of deals), healthcare IT (25%), logistics and supply chain (15%), fintech (10%). Consumer apps struggle unless you have strong revenue. Manufacturing tech and industrial automation do well here - that's the local advantage.