How to Find Investors for a SaaS Startup: Stage Mix, States and Fund Sizes

By Muhammad Tayyab Shabbir. Last updated 10 Nov 2026. Data as of November 2026. Markdown version

To find investors for a SaaS and B2B software startup, start from our list of 1,529 SaaS and B2B software investors and narrow it by stage, place and fund size. Seed is the stage they name most (1,010 of the 1,332 with a stage on file), ahead of pre-seed. 69% are in the US, where California leads with 433. The median fund on file from SEC Form D is $65M, above the $50M for every investor we hold with such a figure.

By type, the 1,529 are 1,324 VC firms, 56 fund managers, 42 angel networks, 30 corporate venture arms and 25 SEIS or EIS funds, with 52 of other types. The tags these investors most often carry beside SaaS and B2B software are AI (1,189), healthtech and digital health (640) and fintech (639).

What do SaaS and B2B software investors look for?

A software pitch is read through recurring revenue. An investor looks at how much of it there is, how fast it is growing, how much of it stays each year and what it costs to add more, and those four figures say a lot about the stage the company is at.

• How much of last year's revenue is still here? Net revenue retention shows whether customers stay and buy more.
• How long does a new customer take to pay back? The payback period ties growth to the cash this round will provide.
• Who is the buyer, and how do they find you? A sales-led motion and a self-serve one need different teams and different amounts of money.

Which stage do SaaS and B2B software investors back?

Among the 1,332 of the 1,529 with a stage on file (a firm can state several), seed comes first with 1,010 (76%), then pre-seed (562), Series A (475), growth (344) and Series B (196). Set against every investor we hold, the group leans toward pre-seed: 42% name it here and 39% overall. With about three quarters naming seed, a seed round has the widest field on this list.

Where are SaaS and B2B software investors based?

69% of the list is American: 1,062 of the 1,529 are in the US, 223 in the UK and 239 in the rest of Europe. Among the 1,044 US investors with a state on file, California holds about two fifths (433), more than its 36% share of all US investors we hold. New York is a distant second with 138, then Florida (56) and Massachusetts (55).

By city, counting the head offices of every type of investor, the largest groups are San Francisco (138), New York (118), Palo Alto (63) and Menlo Park (44).

Metro area lists for this sector, each with its own row count: SaaS investors in the San Francisco Bay Area (347), SaaS investors in Silicon Valley (169), SaaS investors in Los Angeles (59), SaaS investors in Miami and South Florida (37), SaaS investors in Austin (27), SaaS investors in the Washington DC area (26).

The same investors as lists by region: SaaS venture capital firms in the US (1,049), SaaS investors in the UK (223), SaaS investors in Europe (239).

How big are SaaS and B2B software funds?

Across the 818 of the 1,529 SaaS and B2B software investors with a fund size from SEC Form D on file, the median is $65M, above the $50M for every investor we hold with such a figure. About a quarter of these funds are under $25M and about two fifths are $100M or more. The figure is the fund as filed, not a check size, and a firm's main fund on our record, which is not always its newest; for 155 of the 818 the offering amount is indefinite, so it is the amount sold so far.

Which SaaS and B2B software investors can you look at first?

Generalist funds look at software as a matter of course, so the label alone tells you little. Narrow by the customer you sell to, such as small businesses, mid-sized companies or large enterprises, and by the buyer inside it. An investor with several companies selling to that same buyer will understand your sales cycle without a long explanation.

The 4 firms below are among the free rows of our list of SaaS venture capital firms in the US (1,049): each names the sector in its own description, and they stand in that list's order, by our activity score, which is no measure of quality.

• Craft Ventures

  HQ: San Francisco, California · Type: VC firm · Stages (our research): Seed, Series A, Growth · Latest activity: Form D filing, Sep 2026 · Fund size on file: $712M (SEC Form D, 2022)

  San Francisco venture firm run by senior operators, backing B2B software, AI and other technology companies at several stages.

• Grand Ventures

  HQ: Grand Rapids, Michigan · Type: VC firm · Stages (our research): Seed · Latest activity: New deal, Sep 2026 (our research) · Fund size on file: $100M (SEC Form D, 2022)

  Grand Rapids, MI seed-stage venture firm investing in early-stage B2B software companies in North America, focused on devops and developer tools, digital health and fintech.

• Mindset Consulting (US)

  HQ: San Francisco, California · Type: VC firm · Stages (our research): Seed, Series A · Latest activity: Portfolio news, Sep 2026 (our research) · Private fund assets: $129M (SEC Form ADV)

  Global early-stage venture firm, operating as Mindset Ventures, investing in AI-native B2B startups across financial services, healthcare, cybersecurity and enterprise software. Based in San Francisco, CA.

• Forgepoint Capital

  HQ: San Mateo, California · Type: VC firm · Stages (our research): Seed, Series A · Latest activity: Portfolio news, Oct 2026 (our research) · Private fund assets: $1.2B (SEC Form ADV)

  San Mateo early stage venture firm investing in cybersecurity, AI and infrastructure software companies from first round to exit.

Which US SaaS and B2B software investors filed with the SEC most recently?

440 of the 1,062 US SaaS and B2B software investors (41%) have a Form D filing dated in the 12 months to 6 Nov 2026, a first notice or the yearly amendment of an older fund, above the 38% for all US investors we hold. Our file of new fund notices for the 8 weeks to 6 Nov 2026 holds 97 from 66 of these investors, among them Quiet Capital, LightX Capital and Steel Atlas.

What should a SaaS and B2B software founder have ready before the first email?

A software round is usually discussed in terms of recurring revenue, so put the figures that describe it on one page.

• Annual recurring revenue today and twelve months ago.
• Net revenue retention and the number of customers lost over the last year.
• The months it takes a new customer to pay back, and the length of a sale from first call to signature.

Words SaaS and B2B software investors use

ARR

Annual recurring revenue: the yearly value of the subscriptions in force today.

Net revenue retention

What last year's customers pay this year, upgrades included, downgrades and cancellations taken off, as a share of what they paid then.

Churn

Customers or revenue lost in a period.

CAC payback

The months of gross margin it takes to recover the cost of winning a customer.

A common slip. Mixing one-time fees and pilots into recurring revenue. State the recurring figure on its own, because the reader will separate them anyway.

How do you reach SaaS and B2B software investors?

94% of the list has a named decision-maker on file (1,437 of 1,529, 7,294 names in all), above the 84% across the whole database. About two fifths have a firm email address (592), and 431 publish how they want to be pitched, such as a form or an application page.

Use a pitch route where a firm publishes one, and otherwise write to one named person at a time, starting from the free outreach email templates; the full list is SaaS investors, all 1,529 investors, one per row, the first 25 free to read, and the matching tool opens with SaaS and B2B software already picked.

This list has 1,529 rows and a single-list file covers up to 300, so its rows are sold inside the Global Bundle file.

Questions