San Francisco seed VCs with recent deal activity in 2026

San Francisco closed $28.4B across 1,200+ seed deals in 2025. That's down from 2021 but still 3x more seed capital than any other US city. Competition is brutal. You're pitching against founders with Stanford credentials and second-time exits. The bar for seed rounds is now $1M ARR or 30% month-over-month growth. If you don't have either, you'll struggle here.

Quick list

Why San Francisco remains the seed capital center

San Francisco has 200+ active seed funds. Average seed round is $3.2M, up from $2.4M in 2023. You'll find more capital here than anywhere else, but you'll also find more competition. Every sector is crowded. AI companies raised $8.7B in seed rounds last year in SF alone. That's more than the entire seed market in Texas.

The advantage is speed. You can meet 15 investors in a week without leaving SOMA. The disadvantage is valuation compression. Everyone knows everyone, and if one fund passes, others hear about it. Terms are getting tougher too. Most SF seed deals now include pro-rata rights and liquidation preferences that weren't standard three years ago.

Don't raise here unless you're ready to move fast and handle rejection. You'll get 50 nos before one yes. That's normal. Out-of-state founders often underestimate how competitive this market is.

Picking the right San Francisco seed investor

Local presence doesn't matter much in SF because every major fund has an office here. What matters is partner availability. Some funds have 15 partners who each see 20 deals a week. You'll get 30 minutes and never hear back. Others have 3 partners who actually respond to emails.

Portfolio companies are the real signal. Check if they've backed companies in your exact category. If you're building dev tools, look for funds that seeded Vercel, Retool, or Airplane. They'll understand your metrics and won't waste time on basic questions. Most SF seed investors specialize more than they admit.

Check sizes in SF range from $500K (pre-seed) to $5M (seed). Anything above $5M is Series A territory now. The average is $3.2M but that's skewed by large rounds. Most first checks are $1-2M. Some funds lead, others follow. Make sure you know which one you're talking to before you waste a month.

Network effects matter more in SF than anywhere else. A partner at Kleiner can intro you to every major tech CEO. A partner at a newer fund might have great ideas but limited connections. Both can be valuable, but know what you're getting. Use Ellty to track which investors actually spend time on your deck versus which ones open it once and forget about it.

Follow-on capacity is critical. Half of SF seed funds can't write a $10M Series A check. If you pick one of those, you'll need to find new investors in 18 months. That's fine if you know it upfront, but it kills momentum if you find out later.

How to approach San Francisco seed investors

Research recent deals by checking Crunchbase and The Information's deal database. Don't waste time on funds that haven't invested in six months. They're either out of capital or not actively deploying. SF moves too fast to pitch inactive funds.

Leverage the ecosystem through Y Combinator, TechStars SF, or On Deck. About 40% of SF seed deals have an accelerator connection. If you're not in one, get intros from founders who are.

Build relationships first doesn't work in SF like it does in other cities. Investors here see 500 decks a month. They don't have time for coffee chats. Get a warm intro, send your deck, and ask for a meeting. Skip the relationship-building phase. Some teams look for more flexible ways to share and monitor documents.

Share your pitch deck through Ellty with a unique tracking link for each investor. You'll see exactly who opened it and which slides they reviewed. SF investors typically respond within 48-72 hours if they're interested. If you don't hear back in a week, move on.

Attend local events like SaaStr Annual and TechCrunch Disrupt. Those are where actual deals happen. Skip the small meetups. Every SF founder attends them and they're mostly networking theater.

Connect with portfolio founders by finding them on LinkedIn and asking for 15-minute calls. They'll tell you which partners actually help post-investment and which ones disappear. SF portfolio founders are surprisingly willing to share honest feedback.

Organize due diligence materials in an Ellty data room before you start taking meetings. SF investors expect instant access to your financial model, cap table, and customer contracts. If you're scrambling to pull documents together, you'll lose deals. Clear pricing avoids friction when teams evaluate long-term usage.

Understand local pace means moving fast. SF seed deals close in 3-4 weeks on average. If an investor says they need two months, they're not interested. Don't wait around. The fastest way to kill an SF raise is to move at East Coast speed. Compliance becomes more complex when documents cross organizational boundaries.

San Francisco seed market dynamics

SF seed investors expect $50K+ MRR for SaaS and 10K+ WAU for consumer. Those are minimum bars. If you're pre-revenue, you need a technical founding team with experience at FAANG companies or previous exits. Nobody funds first-time consumer founders with just an idea anymore.

Profitability path doesn't matter at seed stage here. SF investors care about growth rate and market size. Burn $300K/month and it's fine if you're growing 20% month-over-month. That's different from every other city in the US. Competition for hot deals is intense. If you're raising at $15M+ post-money for a seed round, expect term sheets within days. Anything below $10M post-money takes longer because investors assume there's less urgency.

18 top seed investors in San Francisco

1. Y Combinator

The most active seed investor in the world. Twice-yearly batches fund 300-400 companies at a time.

• Recent Deals: Retell AI ($1.2M, 2025), Rollstack ($2.1M, 2025), Matik ($3M, 2024)
• LinkedIn: Dalton Caldwell
• Sector Focus: B2B SaaS, developer tools, fintech, AI infrastructure
• Stage Focus: Pre-seed, seed
• Office Location: 335 Pioneer Way, Mountain View, CA
• Website: ycombinator.com

2. 500 Global

High-volume seed investor backing 150+ companies per year. Moved upmarket recently but still leads seed rounds.

• Recent Deals: Staircase AI ($4M, 2025), Rebank ($2.8M, 2025), Forage ($3.2M, 2024)
• LinkedIn: Christine Tsai
• Sector Focus: Fintech, vertical SaaS, marketplaces, climate tech
• Stage Focus: Pre-seed, seed
• Office Location: 814 Mission St, San Francisco, CA
• Website: 500.co

3. Initialized Capital

Early-stage firm focused on technical founders. Led Coinbase, Instacart, and Flexport seed rounds.

• Recent Deals: Vanta (follow-on in 2025), Sema4 AI ($4M, 2025), Sourcegraph (follow-on in 2024)
• LinkedIn: Garry Tan
• Sector Focus: Developer tools, infrastructure, AI/ML, crypto
• Stage Focus: Seed, Series A
• Office Location: 150 Post St, San Francisco, CA
• Website: initialized.com

4. Kleiner Perkins

Historic Sand Hill Road firm. Still active at seed stage despite reputation as growth investor.

• Recent Deals: Merge API ($5M seed, 2025), Clay ($4.6M seed, 2024), Ramp (follow-on in 2025)
• LinkedIn: Mamoon Hamid
• Sector Focus: Enterprise software, fintech, dev tools, climate tech
• Stage Focus: Seed, Series A, growth
• Office Location: 2750 Sand Hill Rd, Menlo Park, CA
• Website: kleinerperkins.com

5. Slow Ventures

LA-based but very active in SF. Known for backing Solana, Airtable, and Nextdoor at seed stage.

• Recent Deals: Worldcoin ($3.5M seed, 2025), Ramp (follow-on in 2024), Citizen ($2.8M seed, 2024)
• LinkedIn: Sam Lessin
• Sector Focus: Crypto, consumer, fintech, AI infrastructure
• Stage Focus: Seed, Series A
• Office Location: 500 1st St, San Francisco, CA
• Website: slow.co

6. Homebrew

Seed-stage firm founded by ex-YouTube and Google execs. Only invests at seed stage, never Series A.

• Recent Deals: Plaid (follow-on in 2025), Substack ($2.1M seed, 2024), Finch ($3.5M seed, 2025)
• LinkedIn: Hunter Walk
• Sector Focus: Future of work, fintech, creator economy, dev tools
• Stage Focus: Seed only
• Office Location: 575 Market St, San Francisco, CA
• Website: homebrew.co

7. Founder Collective

NYC and SF presence. Early investor in Uber, Coupang, and PillPack at seed stage.

• Recent Deals: Faire ($3.8M seed, 2025), Lattice (follow-on in 2024), Superhuman ($3.3M seed, 2024)
• LinkedIn: Eric Paley
• Sector Focus: B2B SaaS, marketplaces, fintech, logistics
• Stage Focus: Pre-seed, seed
• Office Location: 125 Cambridge Park Dr, Cambridge, MA (SF office at 185 Berry St)
• Website: foundercollective.com

8. First Round Capital

Seed-stage firm that led Uber, Square, and Warby Parker first rounds. Slower to deploy than they used to be.

• Recent Deals: Ramp ($3.5M seed, 2024), Modern Treasury ($5M seed, 2024), Gorgias ($2.8M seed, 2025)
• LinkedIn: Josh Kopelman
• Sector Focus: SaaS, fintech, marketplaces, infrastructure
• Stage Focus: Seed, some Series A
• Office Location: 1 Letterman Dr, San Francisco, CA
• Website: firstround.com

9. General Catalyst

Growth-stage firm that still writes seed checks. Led Gusto, Snap, and Lemonade early rounds.

• Recent Deals: Stripe (follow-on in 2025), Descript ($4.2M seed, 2024), Samsara (follow-on in 2025)
• LinkedIn: Hemant Taneja
• Sector Focus: Healthcare, fintech, infrastructure, climate
• Stage Focus: Seed through growth
• Office Location: 20 University Rd, Cambridge, MA (SF office at 555 Mission St)
• Website: generalcatalyst.com

10. Craft Ventures

Founded by David Sacks. Focused on enterprise B2B. Backed Vanta, Pipe, and Faire at seed.

• Recent Deals: Vanta ($4.1M seed, 2024), Pipe (follow-on in 2025), Sourcery ($2.5M seed, 2025)
• LinkedIn: David Sacks
• Sector Focus: Enterprise SaaS, fintech, security, dev tools
• Stage Focus: Seed, Series A, growth
• Office Location: 580 Howard St, San Francisco, CA
• Website: craftventures.com

11. NFX

Seed-stage firm focused on network effects businesses. Early in Lyft, Doordash, and Trulia.

• Recent Deals: Lyft (follow-on in 2024), Doordash (follow-on in 2025), Thumbtack ($3.4M seed, 2024)
• LinkedIn: James Currier
• Sector Focus: Marketplaces, social, fintech, Web3
• Stage Focus: Pre-seed, seed
• Office Location: 100 Bush St, San Francisco, CA
• Website: nfx.com

12. Susa Ventures

Technical seed-stage fund backing deep tech and infrastructure. Early investor in Robinhood and Flexport.

• Recent Deals: Robinhood (follow-on in 2025), Flexport (follow-on in 2024), Atomic ($3.7M seed, 2025)
• LinkedIn: Leo Polovets
• Sector Focus: Infrastructure, fintech, data platforms, logistics
• Stage Focus: Seed, some Series A
• Office Location: 505 Montgomery St, San Francisco, CA
• Website: susaventures.com

13. Abstract Ventures

Newer fund focused on AI infrastructure and dev tools. Backed Scale AI and Weights & Biases early.

• Recent Deals: Scale AI (follow-on in 2025), Modal ($3.5M seed, 2024), Fireworks AI ($4M seed, 2025)
• LinkedIn: Om Malik
• Sector Focus: AI/ML infrastructure, developer tools, data platforms
• Stage Focus: Pre-seed, seed
• Office Location: 795 Folsom St, San Francisco, CA
• Website: abstractvc.com

14. Pear VC

Seed-stage firm founded by Pejman Nozad. Backed DoorDash, Guardant Health, and Affinity.

• Recent Deals: Branch ($4.5M seed, 2025), Affinity (follow-on in 2024), Gusto (follow-on in 2025)
• LinkedIn: Pejman Nozad
• Sector Focus: Enterprise SaaS, healthcare, fintech, infrastructure
• Stage Focus: Pre-seed, seed
• Office Location: 532 Emerson St, Palo Alto, CA
• Website: pear.vc

15. Array Ventures

Data-driven seed fund. Early investor in Chime, Opendoor, and Earnest.

• Recent Deals: Chime (follow-on in 2025), Ramp ($2.9M seed, 2024), Mercury ($3.1M seed, 2024)
• LinkedIn: Shruti Gandhi
• Sector Focus: Fintech, proptech, consumer, infrastructure
• Stage Focus: Pre-seed, seed
• Office Location: 156 2nd St, San Francisco, CA
• Website: array.vc

16. Village Global

Network-driven fund backed by Gates, Bezos, and Zuckerberg. Focuses on technical founders.

• Recent Deals: Applied Intuition ($4.5M seed, 2024), Cedar ($3.2M seed, 2025), Pilot ($2.7M seed, 2025)
• LinkedIn: Erik Torenberg
• Sector Focus: AI/ML, robotics, dev tools, infrastructure
• Stage Focus: Seed, Series A
• Office Location: 140 New Montgomery St, San Francisco, CA
• Website: villageglobal.vc

17. Floodgate

Micro-VC focused on pre-seed and seed. Backed Lyft, Twitch, and TaskRabbit before they were obvious.

• Recent Deals: Lyft (follow-on in 2024), Refinery89 ($2.5M seed, 2025), Doppler ($3M seed, 2025)
• LinkedIn: Mike Maples Jr
• Sector Focus: Consumer, dev tools, infrastructure, AI
• Stage Focus: Pre-seed, seed
• Office Location: 248 Utah St, San Francisco, CA
• Website: floodgate.com

18. Precursor Ventures

Pre-seed specialist writing first checks. Early in Ro, Patreon, and The Athletic.

• Recent Deals: Ro (follow-on in 2025), Patreon (follow-on in 2024), Milo ($2.1M pre-seed, 2025)
• LinkedIn: Charles Hudson
• Sector Focus: Consumer, fintech, healthcare, B2B SaaS
• Stage Focus: Pre-seed, seed
• Office Location: 71 Stevenson St, San Francisco, CA
• Website: precursorvc.com

Start tracking your San Francisco investor outreach

These 18 investors closed 200+ seed deals in SF during 2025-2026. Before you start reaching out to Bay Area funds, set up proper tracking.

Upload your deck to Ellty and create a unique link for each SF investor. You'll see exactly which slides they view and how long they spend on your financials. SF-based founders often find local investors skip the market overview but focus heavily on team credentials and early traction metrics.

When SF 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

Do I need to be based in San Francisco to raise from SF investors?

No, but it helps. About 70% of SF seed deals go to Bay Area companies. Remote raises are possible if you have strong traction or founder pedigree. Expect to fly out for in-person meetings.

How does SF compare to NYC for seed fundraising?

SF has 3x more seed capital and faster deal timelines. NYC investors care more about unit economics and profitability path. SF investors prioritize growth rate and market size over everything else.

What's the average seed round size in San Francisco?

$3.2M in 2025, up from $2.4M in 2023. Pre-seed rounds average $1.2M. Anything above $5M is considered Series A territory now.

Should I raise locally first or go straight to SF?

If you can get meetings in SF, go straight there. You'll waste 3-6 months raising a local round at lower valuations when SF investors would've written the check faster at better terms.

Do SF investors expect in-person meetings?

Yes for final rounds. Initial meetings can be Zoom, but expect to fly out for partner meetings and final discussions. Most SF seed deals close after 2-3 in-person meetings.

What industries get funded most in San Francisco?

AI infrastructure, developer tools, and fintech dominated 2025. Consumer is harder unless you have exceptional growth. Healthcare and climate tech are growing but still smaller than B2B software.

How long does it take to close a seed round in SF?

3-4 weeks on average from first meeting to signed term sheet. Hot deals close faster. If it's taking 8+ weeks, the investor probably isn't that interested.