32 SaaS investors in Illinois, including 28 in Chicago

Top 5 SaaS investors in Illinois, ranked by recent fund activity

Among firms with a published profile and a dated fund or deal in the last 24 months. The rule: Activity score out of 100: recency of the latest fund filing or dated deal (35: full marks within 3 months, then stepping down at 6, 12 and 24 months), share of the observed portfolio in this sector (25; half of that when the sector is stated only), stated focus on the US (15: full marks when the firm names the US as where it invests, half when it says global), size of the fund on file on a log scale (15) and completeness of the public record (10). Regional focus is our research, not an SEC figure. It is a measure of activity and fit, not of quality or returns. The same rule orders the whole list; it is repeated in the method box.

1. M25

   Type: VC firm · HQ: Chicago, IL · Stages: Pre-seed, Seed · Focus: SaaS, AI, Healthtech, Generalist · Latest activity: New deal, Sep 2026 · Fund size on file: $50M (SEC Form D, 2022)

   Dated new deal in Sep 2026; $50M fund on file (SEC Form D, 2022); 61% of its observed portfolio is SaaS and B2B software; names the US as where it invests; 8 named decision-makers on file.

2. Alliance Venture Capital

   Type: VC firm · HQ: Morton Grove, IL · Stages: Pre-seed, Seed · Focus: SaaS, AI, Healthtech · Latest activity: New deal, Oct 2026 · Fund size on file: $40M (SEC Form D, 2024)

   Dated new deal in Oct 2026; $40M fund on file (SEC Form D, 2024); 59% of its observed portfolio is SaaS and B2B software; names the US as where it invests; 8 named decision-makers on file.

3. Nine Four Ventures

   Type: VC firm · HQ: Chicago, IL · Stages: Pre-seed, Seed, Series A · Focus: SaaS, Proptech, AI, Fintech · Latest activity: Portfolio news, Oct 2026 · Fund size on file: $100M (SEC Form D, 2022)

   Portfolio news dated Oct 2026; $100M fund on file (SEC Form D, 2022); 50% of its observed portfolio is SaaS and B2B software; names the US as where it invests; 8 named decision-makers on file.

4. New Stack

   Type: VC firm · HQ: Chicago, IL · Stages: Pre-seed, Seed · Focus: SaaS, AI, Fintech, Healthtech · Latest activity: New fund, Sep 2026 · Fund size on file: $125M (SEC Form D, 2024)

   Latest fund filing dated Sep 2026; $125M fund on file (SEC Form D, 2024); 33% of its observed portfolio is SaaS and B2B software; names the US as where it invests; 3 named decision-makers on file.

5. Jump Capital

   Type: VC firm · HQ: Chicago, IL · Stages: Seed, Series A · Focus: SaaS, AI, Cybersecurity, Fintech · Latest activity: New deal, Oct 2026 · Private fund assets: $456M (SEC Form ADV)

   Dated new deal in Oct 2026; $456M on file (SEC Form ADV); states SaaS and B2B software as a focus; names the US as where it invests; 8 named decision-makers on file.

First 16 of 32 SaaS investors in Illinois

You are seeing 16 of 32. The full list adds 16 more investors and 175 named decision-makers.

28 SaaS investors in Chicago

24 of the 28 have a fund filing or a dated deal in the last 12 months; the median fund size on file is $100M (SEC Form D, 24 firms); the most recent fund filings are from LightX Capital (Nov 2026), Multimodal Ventures (Oct 2026) and 7wire Ventures (Oct 2026); of the 26 with a stage on file, seed (19), pre-seed (11) and Series A (10); the count covers the metro area, by city: Chicago (23), Winnetka (2) and Naperville (1); the paid file holds 151 named decision-makers for them.

The first 5 in list order: M25, Nine Four Ventures, New Stack, Jump Capital and Origin Ventures. They are ranked with the rest of the list, by the same rule.

How these 32 break down

Questions

Not sure this is the right list? Describe your raise in the investor matching tool and get a shortlist. The link opens it set to SaaS and B2B software and Illinois. Guide: how to find investors for a SaaS and B2B software startup. The first rows here repeat our larger list of AI investors in Illinois (35). Markdown version of this page.