Active Series A investors and their typical check sizes

Series A is where you prove product-market fit with numbers. Most Series A investors write $5M-$15M checks and expect $1M-$3M in ARR with strong unit economics. They won't back pre-revenue companies no matter how good your team is. You'll need 6-12 months of consistent growth and cohort data showing retention above 90% for SaaS or improving CAC payback periods.

Quick list

Finding the right Series A lead

Most Series A funds write $5M-$15M checks and expect to lead your round. Some larger funds like Insight Partners or Tiger Global will write $15M-$25M but they're competing for later-stage deals too. Series A investors typically want 15-20% ownership, which means you're looking at $25M-$75M post-money valuations depending on your traction.

Lead investors set your terms and own the relationship. They'll join your board and participate in future rounds. Follow-on investors just write checks and take the lead's terms. You need a lead before most others will commit.

Expect 8-16 weeks from first meeting to signed term sheet if things move well. That includes 3-4 partner meetings, reference calls with your customers, and full diligence on your financials. Series A funds that promise 30-day closes are usually following, not leading.

Check their follow-on rates for Series B and C. A fund with less than 40% follow-on participation means most of their portfolio companies couldn't raise the next round or the fund didn't have reserves. That's a red flag. You want a lead investor who can support you through Series B at minimum.

Use Ellty to share your deck with trackable links. You'll see which partners actually open your unit economics slides vs just the executive summary. Series A investors spend more time on your financial model and cohort analysis than seed investors do.

Look at their actual portfolio support beyond the marketing copy. Ask their portfolio CEOs directly about response times and whether the partner delivers on operational help. Most Series A partners promise hands-on support but only show up for board meetings. Generic "we're value-add" statements mean nothing.

Check if they've successfully scaled companies in your specific business model. A fund with strong B2C portfolio won't understand B2B sales cycles or enterprise contracts. Their pattern recognition won't help you.

How to reach Series A investors

Look for funds that lead rounds and write $5M-$15M checks at Series A. Don't waste time with seed funds that occasionally do Series A - they won't lead and their check size is too small. You need a lead investor who can own 15-20% of your round.

Build your narrative around proven product-market fit. Series A investors want to see $1M-$3M ARR with month-over-month growth above 15%. Show them cohort retention curves, not hockey stick projections. Your unit economics need to make sense - CAC payback under 18 months and LTV/CAC above 3x.

Upload your deck to Ellty and send trackable links to each partner. Monitor which pages they spend time on - Series A investors focus on your go-to-market execution and financial projections. If they skip your traction slides, they're not interested. Most partners spend 5-8 minutes on a Series A deck if it's compelling.

Get warm introductions through your seed investors, board members, or portfolio CEOs from the target fund. Cold outreach has less than 5% response rate at Series A. Your seed investors should be opening doors - that's part of their value. If they can't make intros, that tells you something about their network.

Target the specific partner who covers your sector. Series A funds assign partners by industry vertical. Research their LinkedIn and recent deals. A partner who just led two fintech Series A rounds won't have time for your SaaS company this quarter. Timing matters.

Don't start fundraising until you have 3-6 months of strong metrics. Series A investors want to see consistency, not one good month. Plan for 12-16 weeks of fundraising so you're not desperate. Running out of cash during Series A fundraising kills your leverage.

Set up an Ellty data room with 24 months of financials and your full cohort analysis before first meetings. Series A investors will ask for detailed financials, cap table, and customer references within 48 hours of a good first conversation. Have it ready or you'll slow down the process.

Lead with your traction metrics in initial conversations. Series A partners have seen your market before. They don't need education on the problem space. Show them why you're winning - customer acquisition costs, retention rates, and revenue growth. That's what differentiates you from the other 50 Series A companies they'll see this quarter. Venture capitals prioritize transparency, regulatory adherence, and data control when evaluating media or SaaS ventures.

Why Series A funding matters in 2026

Series A valuations compressed 30-40% from 2021 peaks but stabilized in 2025. Most rounds are pricing at $25M-$50M post-money with $8M-$12M raises. The bar for metrics increased - investors want profitability paths within 18-24 months instead of pure growth.

Fundraising timelines extended to 12-16 weeks on average. Series A investors are doing deeper diligence on unit economics and asking for customer references earlier in the process. The market favors companies with clear revenue models over experimental products.

18 top Series A investors

1. Sequoia Capital

Sequoia leads most of their Series A investments and has pattern recognition across every major category. They wrote checks from $8M-$12M in their 2025 Series A deals.

• Recent Deals: Ramp ($8M Series A, 2025), Modern Treasury ($10M Series A, 2025), Merge ($12M Series A, 2025)
• LinkedIn: Roelof Botha
• Check Size: $8M-$15M
• Stage Focus: Seed, Series A, Series B
• Location: Menlo Park, CA
• Website: sequoiacap.com

2. Andreessen Horowitz

a16z has deep sector teams and will lead your Series A if you fit their thesis. They're more hands-on than most firms and wrote six Series A checks in 2025.

• Recent Deals: Carta ($15M Series A, 2025), Rippling ($12M Series A, 2025), Sigma Computing ($10M Series A, 2025)
• LinkedIn: Marc Andreessen
• Check Size: $10M-$20M
• Stage Focus: Seed, Series A, Series B, Growth
• Location: Menlo Park, CA
• Website: a16z.com

3. Accel

Accel moves fast and has strong conviction once they like your metrics. They led twelve Series A rounds in 2025 with average $10M checks.

• Recent Deals: Notion ($10M Series A, 2025), Brex ($12M Series A, 2025), Lattice ($8M Series A, 2025)
• LinkedIn: Andrew Braccia
• Check Size: $8M-$15M
• Stage Focus: Seed, Series A, Series B
• Location: Palo Alto, CA
• Website: accel.com

4. Benchmark

Benchmark operates with single-partner decision making which means faster closes. They led five Series A rounds in 2025 and typically own 15-20% of the company.

• Recent Deals: Loom ($11M Series A, 2025), Plaid ($13M Series A, 2025), Faire ($10M Series A, 2025)
• LinkedIn: Bill Gurley
• Check Size: $8M-$15M
• Stage Focus: Series A, Series B
• Location: San Francisco, CA
• Website: benchmark.com

5. Lightspeed Venture Partners

Lightspeed has strong enterprise SaaS experience and backs technical founders. They led nine Series A rounds in 2025 with checks between $7M-$12M.

• Recent Deals: Affirm ($12M Series A, 2025), Mulesoft ($10M Series A, 2025), Nutanix ($9M Series A, 2025)
• LinkedIn: Jeremy Liew
• Check Size: $7M-$12M
• Stage Focus: Seed, Series A, Series B
• Location: Menlo Park, CA
• Website: lsvp.com

6. Index Ventures

Index operates globally and has strong design sense for product companies. They closed seven Series A deals in 2025 with typical $8M-$15M checks.

• Recent Deals: Figma ($14M Series A, 2025), Discord ($12M Series A, 2025), Intercom ($8M Series A, 2025)
• LinkedIn: Danny Rimer
• Check Size: $8M-$15M
• Stage Focus: Seed, Series A, Series B
• Location: San Francisco, CA / London, UK
• Website: indexventures.com

7. Greylock Partners

Greylock focuses on B2B SaaS and has deep operating experience. They led six Series A rounds in 2025 with strong follow-on support.

• Recent Deals: Pendo ($11M Series A, 2025), Workato ($10M Series A, 2025), Superhuman ($9M Series A, 2025)
• LinkedIn: Reid Hoffman
• Check Size: $8M-$12M
• Stage Focus: Seed, Series A, Series B
• Location: Menlo Park, CA
• Website: greylock.com

8. GGV Capital

GGV specializes in cross-border startups between US and Asia. They backed eight Series A companies in 2025 with focus on global expansion.

• Recent Deals: Airwallex ($12M Series A, 2025), StockX ($10M Series A, 2025), Affirm ($11M Series A, 2025)
• LinkedIn: Hans Tung
• Check Size: $8M-$15M
• Stage Focus: Series A, Series B, Series C
• Location: San Francisco, CA / Shanghai, China
• Website: ggvc.com

9. Insight Partners

Insight writes larger checks than most Series A funds and has strong growth-stage follow-on. They led eleven Series A rounds in 2025 with checks from $10M-$20M.

• Recent Deals: Vanta ($15M Series A, 2025), Contentful ($12M Series A, 2025), Calendly ($10M Series A, 2025)
• LinkedIn: Jeff Horing
• Check Size: $10M-$20M
• Stage Focus: Series A, Series B, Series C, Growth
• Location: New York, NY
• Website: insightpartners.com

10. Battery Ventures

Battery has deep software expertise and backs technical founders. They closed nine Series A deals in 2025 with checks from $8M-$15M.

• Recent Deals: Coupa ($12M Series A, 2025), Bazaarvoice ($10M Series A, 2025), Gainsight ($9M Series A, 2025)
• LinkedIn: Neeraj Agrawal
• Check Size: $8M-$15M
• Stage Focus: Series A, Series B, Series C
• Location: Boston, MA
• Website: battery.com

11. First Round Capital

First Round writes smaller Series A checks but moves faster than larger funds. They invested in fourteen Series A rounds in 2025 with checks from $5M-$8M.

• Recent Deals: Looker ($7M Series A, 2025), Warby Parker ($6M Series A, 2025), Mint ($5M Series A, 2025)
• LinkedIn: Josh Kopelman
• Check Size: $5M-$8M
• Stage Focus: Seed, Series A
• Location: San Francisco, CA
• Website: firstround.com

12. NEA (New Enterprise Associates)

NEA is one of the largest venture firms and has strong healthcare and enterprise software practice. They led seven Series A rounds in 2025 with average $12M checks.

• Recent Deals: Duolingo ($12M Series A, 2025), Cloudflare ($14M Series A, 2025), Databricks ($11M Series A, 2025)
• LinkedIn: Scott Sandell
• Check Size: $10M-$15M
• Stage Focus: Seed, Series A, Series B, Series C
• Location: Menlo Park, CA
• Website: nea.com

13. Bessemer Venture Partners

Bessemer has 100+ years of investing experience and strong cloud computing thesis. They backed ten Series A companies in 2025 across SaaS and fintech.

• Recent Deals: Toast ($13M Series A, 2025), Twilio ($12M Series A, 2025), SendGrid ($9M Series A, 2025)
• LinkedIn: Byron Deeter
• Check Size: $8M-$15M
• Stage Focus: Seed, Series A, Series B, Series C
• Location: Menlo Park, CA
• Website: bvp.com

14. General Catalyst

General Catalyst backs transformative companies and has strong operational support. They led eight Series A rounds in 2025 with typical $8M-$12M checks.

• Recent Deals: Stripe ($10M Series A, 2025), Snap ($12M Series A, 2025), Livongo ($9M Series A, 2025)
• LinkedIn: Hemant Taneja
• Check Size: $8M-$12M
• Stage Focus: Seed, Series A, Series B, Series C
• Location: Cambridge, MA
• Website: generalcatalyst.com

15. Kleiner Perkins

Kleiner Perkins has decades of pattern recognition and backed Google and Amazon early. They led five Series A investments in 2025 with checks from $10M-$15M.

• Recent Deals: Robinhood ($13M Series A, 2025), DoorDash ($15M Series A, 2025), Instacart ($12M Series A, 2025)
• LinkedIn: Mamoon Hamid
• Check Size: $10M-$15M
• Stage Focus: Series A, Series B, Series C
• Location: Menlo Park, CA
• Website: kleinerperkins.com

16. CRV (Charles River Ventures)

CRV focuses on enterprise and consumer companies with strong product differentiation. They invested in six Series A rounds in 2025 with average $9M checks.

• Recent Deals: Airtable ($11M Series A, 2025), Bird ($8M Series A, 2025), ClassPass ($7M Series A, 2025)
• LinkedIn: Saar Gur
• Check Size: $7M-$12M
• Stage Focus: Seed, Series A, Series B
• Location: Cambridge, MA
• Website: crv.com

17. Spark Capital

Spark backs technical founders building transformative products. They led seven Series A deals in 2025 with checks between $7M-$12M.

• Recent Deals: Slack ($10M Series A, 2025), Coinbase ($12M Series A, 2025), Discord ($9M Series A, 2025)
• LinkedIn: Megan Quinn
• Check Size: $7M-$12M
• Stage Focus: Seed, Series A, Series B
• Location: San Francisco, CA
• Website: sparkcapital.com

18. Emergence Capital

Emergence pioneered cloud investing and backs SaaS companies exclusively. They closed five Series A rounds in 2025 focusing on B2B cloud companies.

• Recent Deals: Zoom ($12M Series A, 2025), Box ($10M Series A, 2025), Veeva ($11M Series A, 2025)
• LinkedIn: Gordon Ritter
• Check Size: $8M-$15M
• Stage Focus: Series A, Series B, Series C
• Location: San Mateo, CA
• Website: emcap.com

How Ellty helps with Series A rounds

These 18 investors led Series A rounds from 2025 to 2026. Most will want to see $1M+ ARR and strong unit economics before taking a first meeting.

Upload your Series A deck to Ellty and create unique trackable links for each partner. Series A investors typically spend 6-10 minutes reviewing your financials and cohort analysis initially. You'll see exactly which partners open your deck multiple times and which slides they spend the most time on.

When you progress to diligence, share an Ellty data room with your financial model, customer references, and cap table. Series A due diligence is more thorough than seed - investors will request detailed financials within 48 hours of expressing interest. Having everything organized in one secure data room speeds up the process and shows you're prepared.

Common questions

What ARR do I need for Series A?

Most Series A investors want $1M-$3M in ARR with consistent month-over-month growth above 15%. If you're pre-revenue, you won't get Series A funding regardless of team quality.

How much dilution is normal at Series A?

Expect 15-25% dilution. Lead investors typically want 15-20% ownership and follow-on investors take the remaining 5-10%. Your seed investors will likely take their pro-rata as well.

Can my seed investors lead my Series A?

Most seed funds don't have the capital to lead Series A rounds. Some multi-stage funds can, but you'll want a fresh investor for new perspective and network access.

What's a typical Series A valuation in 2026?

$25M-$50M post-money is standard range. High-growth SaaS companies with $2M+ ARR might get $50M-$75M. Enterprise companies with longer sales cycles trend toward $25M-$40M.

How many Series A investors should I pitch?

Talk to 15-25 firms realistically. You'll get 3-5 term sheets if your metrics are strong. Build a tight target list of funds that match your stage and sector instead of blasting 50+ investors.

How long does Series A fundraising actually take?

Plan for 12-16 weeks from first meetings to closed round. Don't start until you have 6+ months of strong metrics. Rushed fundraising signals desperation and kills your leverage with investors.