SaaS remains the most heavily funded category in venture capital, and that depth cuts both ways for founders.
Capital is abundant, but so is competition for the attention of the investors who actually understand recurring revenue businesses.
The firms below have built their entire strategies around software, many of the partners scaled SaaS companies themselves before writing checks.
This guide covers 25 of the best venture capital firms for SaaS startups, organized by stage, with data from the Everything Startups VC Funds database. All of these firms have closed new funds recently, which means active capital to deploy.
What SaaS Investors Look For
Before the list, it helps to know the metrics SaaS venture capital firms evaluate at each stage, because the bar shifts as you move up.
At seed, investors weight team and market insight over numbers, but early signal matters: design partners, pilot conversions, or the first $10K–$50K in MRR. At Series A, the benchmarks harden, most SaaS investors want $1M+ ARR growing 2–3x year over year, net revenue retention above 100–110%, and a burn multiple under 2x.
By growth stage, efficiency dominates: the Rule of 40 (growth rate plus profit margin above 40%), gross margins above 70%, and a repeatable, quantified go-to-market motion.
Knowing where you sit against these benchmarks tells you which firms on this list to approach, and when.
Best Seed-Stage VC Firms for SaaS
1. Boldstart Ventures
Fund Size: $250M
HQ: United States
Check Size: $500K – $15M
Stage Focus: Pre-Seed, Seed, Series A
Sector Focus: AI, Cybersecurity, Enterprise Infrastructure
Boldstart Ventures, founded by Ed Sim in 2010, pioneered "inception investing", partnering with technical founders before the company exists, before the first line of code. The firm wrote first checks into Snyk, Kustomer, BigID, and Superhuman, and its latest $250M fund continues backing enterprise software founders from day zero.
2. Category Ventures
Fund Size: $160M
HQ: United States
Check Size: $1.5M – $5M
Stage Focus: Pre-Seed, Seed
Sector Focus: Enterprise Software, AI, Developer Tools
Category Ventures is the solo GP firm of Villi Iltchev, who built Salesforce's venture arm and invested early in GitLab, Zapier, and Gusto across stints at Salesforce Ventures, August Capital, and Two Sigma. His $160M debut fund leads pre-seed and seed rounds exclusively in enterprise software — infrastructure, developer tools, applications, and AI.
3. Character Capital
Fund Size: $52M
HQ: United States
Check Size: $500K – $10M
Stage Focus: Seed, Series A
Sector Focus: AI, Enterprise Software, Climate Tech
Character Capital was founded by Jake Knapp and John Zeratsky — the creators of the Design Sprint and authors of the bestselling book Sprint — alongside Eli Blee-Goldman. The firm runs its sprint methodology with every portfolio company, giving SaaS founders structured product validation alongside capital from its $52M second fund.
4. Work-Bench
Fund Size: $160M
HQ: United States
Check Size: $3M – $7M
Stage Focus: Seed, Series A
Sector Focus: AI, Cybersecurity, Enterprise Software
Work-Bench is a New York enterprise-only firm that leads seed rounds and connects founders directly with Fortune 500 buyers through its corporate network. For SaaS companies selling into large enterprises, that customer access is the core of the pitch.
5. Sunflower Capital
Fund Size: $150M
HQ: United States
Check Size: $1M – $5M
Stage Focus: Seed
Sector Focus: B2B SaaS, Enterprise Infrastructure, Software
Sunflower Capital is a seed-only fund concentrated on B2B SaaS and enterprise infrastructure. Its $150M vehicle and $1M–$5M check range position it to lead or anchor seed rounds for technical founders.
6. Susa Ventures
Fund Size: $175M
HQ: United States
Check Size: $500K – $2M
Stage Focus: Pre-Seed, Seed
Sector Focus: Fintech, Supply Chain, Software
Susa Ventures backs software companies building data moats and network effects at pre-seed and seed. Its $175M fund writes $500K–$2M checks, making it a fit both as a lead for lean rounds and a co-investor in larger ones.
7. GTMfund
Fund Size: $54M
HQ: United States
Check Size: $250K – $1M
Stage Focus: Seed, Series A
Sector Focus: B2B SaaS, Software, Enterprise Software
GTMfund, founded by Sales Hacker founder Max Altschuler, is built on an unusual LP base: 350+ go-to-market executives from companies like Salesforce, Snowflake, and Rippling who actively help portfolio companies with sales strategy, hiring, and pipeline. For SaaS founders whose bottleneck is distribution rather than product, that network is the product.
8. Cherry Ventures
Fund Size: $500M
HQ: GermanyC
heck Size: $500K – $10M
Stage Focus: Seed, Series A
Sector Focus: SaaS, Fintech, Healthtech
Cherry Ventures is one of Europe's largest seed firms, with a $500M fund and a partner bench of former founders and operators. Berlin-based but pan-European, it leads seed rounds across SaaS, fintech, and healthtech.
9. Emblem
Fund Size: $85M
HQ: France
Check Size: $500K – $3M
Stage Focus: Pre-Seed, Seed
Sector Focus: AI, SaaS, Enterprise Software
Emblem writes $500K–$3M first checks into French and European SaaS and AI companies. Its $85M fund keeps it focused on pre-seed and seed, where European SaaS founders have historically been underserved relative to their US peers.
10. Credo Ventures
Fund Size: $88M
HQ: Czech Republic
Check Size: $1M – $5M
Stage Focus: Pre-Seed
Sector Focus: B2B SaaS, Vertical SaaS, Enterprise Software
Credo Ventures is the leading early-stage firm in Central and Eastern Europe, a region that consistently produces capital-efficient B2B software companies. Its $88M fund backs CEE founders at pre-seed with $1M–$5M checks and helps them expand into US markets.
11. Staircase Ventures
Fund Size: $50M
HQ: Canada
Check Size: $1M – $2.5M
Stage Focus: Pre-Seed, Seed
Sector Focus: B2B SaaS, Vertical SaaS, Enterprise Software
Staircase Ventures concentrates on Canadian B2B SaaS founders at pre-seed and seed, writing $1M–$2.5M checks from its $50M fund. Canada's SaaS ecosystem produces strong technical teams at lower burn, and Staircase is one of the few dedicated funds serving it at this stage.
12. Emergence Capital
Fund Size: $1B
HQ: United States
Check Size: $5M – $30M
Stage Focus: Seed, Series A, Series B, Growth
Sector Focus: Cloud Infrastructure, AI, Enterprise Software
Emergence Capital is the definitive enterprise cloud specialist, with early investments in Salesforce, Zoom, and Veeva. The firm makes only a handful of investments per year, concentrating deeply in each — a model that suits SaaS founders looking for a lead who will do real work on the board.
13. Conviction Partners
Fund Size: $230M
HQ: United States
Check Size: $1M – $10M
Stage Focus: Seed, Series A
Sector Focus: AI, Software, Generative AI
Conviction Partners was founded by Sarah Guo, formerly Greylock's youngest general partner, and now includes ex-Sequoia partner Mike Vernal. The firm invests exclusively in AI-native "Software 3.0" companies, with a portfolio that includes Cognition, Harvey, Mistral, and Sierra, the reference fund for founders building SaaS where the model is the product.
14. Alt Capital
Fund Size: $275M
HQ: United States
Check Size: $1M – $25M
Stage Focus: Series A
Sector Focus: AI, SaaS, Software
Alt Capital is the solo firm of Jack Altman, co-founder of HR software unicorn Lattice, whose $275M second fund reportedly closed in a single week. Altman leads seed and Series A rounds in SaaS and AI, bringing direct experience scaling a B2B software company from zero to a $3B valuation.
15. Arthur Ventures
Fund Size: $395M
HQ: United States
Check Size: $500K – $3M
Stage Focus: Seed, Series A
Sector Focus: Software, Fintech, Cybersecurity
Arthur Ventures invests in B2B software companies headquartered outside Silicon Valley, where capital efficiency tends to be structural rather than aspirational. Its $395M fund backs founders across seed and Series A in overlooked US markets.
16. Madrona
Fund Size: $770M
HQ: United States
Check Size: $500K – $10M
Stage Focus: Seed, Series A
Sector Focus: Enterprise Software, B2B SaaS, Technology
Madrona has anchored Seattle's software ecosystem for three decades, with deep ties into the Amazon and Microsoft talent networks. Its $770M fund backs enterprise software and B2B SaaS from seed through Series A.
17. Pelion Venture Partners
Fund Size: $500M
HQ: United States
Check Size: $1M – $10M
Stage Focus: Seed, Series A
Sector Focus: SaaS, Enterprise Software, Fintech
Pelion Venture Partners invests in SaaS and enterprise software from its base in Utah, one of the most productive B2B software regions in the US on a per-capita basis. The firm's $500M fund covers seed and Series A with $1M–$10M checks.
18. Venture Guides
Fund Size: $262.5M
HQ: United States
Check Size: $2M – $5M
Stage Focus: Seed, Series A, Series B
Sector Focus: Enterprise Software, Cybersecurity, Data & Cloud Infrastructure
Venture Guides is run by operators who built and scaled infrastructure software companies, and invests exclusively in enterprise software, cybersecurity, and data infrastructure. Its $262.5M fund writes concentrated $2M–$5M checks from seed through Series B.
19. S3 Ventures
Fund Size: $250M
HQ: United States
Check Size: $500K – $15M
Stage Focus: Seed, Series A, Series B
Sector Focus: AI, B2B SaaS, Enterprise Software
S3 Ventures is the largest venture firm focused on Texas, backing B2B SaaS and enterprise software companies across the state's fast-growing tech hubs. Its $250M fund supports founders from seed through Series B, reducing the need to fly to Sand Hill Road for every round.
20. Bessemer Venture Partners
Fund Size: $350M (latest fund)
HQ: United States
Check Size: $1M – $50M+
Stage Focus: Seed, Series A, Series B, Growth
Sector Focus: Software, Fintech, AI
Bessemer Venture Partners has shaped how the entire industry evaluates SaaS, its annual State of the Cloud report and the Cloud 100 list are standard reading for founders and investors alike. The firm invests from seed through growth across cloud software, fintech, and AI.
21. Accel
Fund Size: $5B
HQ: United States
Check Size: $10M – $500M
Stage Focus: Series B, Growth
Sector Focus: AI, Applied AI, Enterprise Software
Accel backed Atlassian, Slack, and UiPath on their way to defining their categories, and its latest $5B in capital targets Series B through growth. For SaaS companies past product-market fit and scaling internationally, Accel's global platform spans North America, Europe, and Asia.
22. Insight Partners
Fund Size: $12.5B
HQ: United States
Check Size: $5M – $100M
Stage Focus: Multi-Stage
Sector Focus: Software, SaaS, Technology
Insight Partners is the largest software-dedicated investor in the world, with $12.5B in its latest fundraise and a portfolio that includes Wiz and monday.com. Its in-house Onsite team provides operational support in sales, marketing, and talent, effectively a scaling department for portfolio companies.
23. Menlo Ventures
Fund Size: $3B
HQ: United States
Check Size: $5M – $25M
Stage Focus: Seed, Series A, Series B, Growth
Sector Focus: Generalist, AI
Menlo Ventures closed $3B in mid-2026 to invest across stages, with AI-native software at the center of the thesis. Its multi-stage structure means it can enter at seed and keep writing checks through growth.
24. Monterro
Fund Size: $2B
HQ: Sweden
Check Size: $23M – $230M
Stage Focus: Growth
Sector Focus: B2B Software, Enterprise Software, AI
Monterro is Northern Europe's B2B software specialist, run by operators who built Nordic software companies before becoming investors. Its $2B vehicle targets growth-stage B2B software companies across Europe with checks from $23M to $230M.
25. Smith Point Capital
Fund Size: $360M
HQ: United States
Check Size: $10M – $40M
Stage Focus: Series B, Growth
Sector Focus: Enterprise Software, B2B SaaS, Applied AI
Smith Point Capital was founded by Keith Block, the former co-CEO of Salesforce, with ServiceNow as a strategic partner and anchor investor in its $360M Fund I. The firm's operator-led model targets growth-stage enterprise software companies that need go-to-market expertise as much as capital.
How to Choose the Right SaaS VC
Stage fit comes first, a growth firm won't lead your seed, and a seed fund can't write your $30M Series C. Once you've filtered by stage and check size, three factors separate a good investor from the right one.
1. Portfolio adjacency.
A firm that has backed companies selling to your buyer, the same CISO, the same VP of Sales, the same clinic administrator, brings pattern recognition and customer introductions that generalists can't. Work-Bench's enterprise buyer network, GTMfund's revenue-leader LPs, and Emergence's enterprise cloud depth all follow this logic.
2. Operator DNA.
Firms run by former SaaS operators, Alt Capital, Category Ventures, Venture Guides, Smith Point, Monterro, tend to give more useful advice on pricing, sales hiring, and expansion because they've made the mistakes already.
3. Follow-on behavior.
Ask founders in the portfolio whether the firm supported them in the hard rounds, not just the easy ones. A lead investor's behavior when growth slows matters more than their behavior at the celebratory close.
To build your target list, filter recently closed funds by sector, stage, and check size in the Everything Startups New VC Funds directory, or get the full database with investor contact details here.
FAQ: SaaS Venture Capital
How much ARR do I need to raise a Series A for my SaaS startup?
Most SaaS-focused Series A investors look for $1M–$2M ARR growing 2–3x year over year, though AI-native companies with exceptional growth have raised on less. Strong net revenue retention can compensate for a smaller base.
Do SaaS VCs invest pre-revenue?
Yes, the seed firms on this list regularly back pre-revenue SaaS companies, and inception investors like Boldstart invest before the product exists. What replaces revenue is evidence: design partners, pilots, waitlists, and a founding team with clear insight into the buyer.
What's the difference between a SaaS-focused VC and a generalist?
Specialists like Emergence, Category Ventures, or Monterro evaluate faster and help more precisely because SaaS metrics, pricing models, and go-to-market motions are their entire world. Generalists offer broader networks and flexibility if your company might expand beyond software.
Should SaaS founders raise from US or European VCs?
Raise where your customers are. European firms like Cherry Ventures, Emblem, and Credo Ventures understand EU-first go-to-market and pricing, while US firms bring larger follow-on capacity and access to the biggest software market. Many European SaaS companies do both, European lead at seed, US lead at Series A.
Data sourced from the Everything Startups VC Funds database, tracking newly announced venture funds weekly across the US, Europe, and Israel.
