Back in March, I posted a raw list of global Micro-VC firms that I was aware of. It remains a work in progress as new firms continue to emerge, and I’m sure there are a couple of dozen I’m still unaware of.

Similar to the post from last year, I’ll be doing a full updated analysis of the Micro-VC landscape in the coming weeks, including some predictions, but in the interim, I wanted to share some of data that the CB Insights team pulled for me.

Quick sidebar: The list below only includes Micro-VC firms that are consistent with the definition I’ve used in the past;  Firms raising funds <$100MM with 80% of the initial investment being “seed” stage (seed being an evolving term these days).

There are exceptions such as Obvious Ventures and Felicis (which both recently raised $100MM+ funds) but keeping them in for now.

Below is the updated list of Micro-VC’s, along with the following fields:

Investments: The number of new investments the firm has made over the preceding 12 months.

Average Round Size: The average deal size (in $M) of rounds that each investor participated in within the same time frame listed above.

Median Round Size: The median deal size (in $M) of rounds that this investor participated in within the same time frame listed above.

Institutional Co-Investors per deal: This outlines the size of the institutional syndicate in a given round of capital.

Ok, now some general caveats about the data below:

1/  CB Insights did not have deal data for the entire universe of Micro-VC firms (either because the firm is new with little data, or the investments made were not reported or announced on any public source).

2/ Private data is inherently imperfect – Many deals that are done are stealth. Others that are announced do not disclose a full roster of investors.

CB Insights does a great job leveraging private/public data, but due to the aforementioned, the #’s below are likely understating investment activity to varying degrees depending on the investor.

If anyone is interested in providing more accurate info about their firm, please send me via LinkedIn.

3/ The data below includes initial investment only, not follow-on financings.

As mentioned above, I’ll do a full summary write-up later this month, but here are a few summary comments:

1/ Average of deals done over the previous 12 months by the data set is 6.87, with the median being 5.  Unsurprisingly, 500 Startups, SV Angel, and Lerer led the way with 78, 57, and 30 deals respectively.

2/ Looking at the average round size of each investor, the average round size of the data set is $5.6MM while the median of data set is $3.35MM.

3/ Looking at the median round size of each  investor listed, the average of the median round sizes is $4.28MM, while the median of the median round sizes is $2.44MM.

4/ The Median of the data set based on largest average round done was $6.5MM, with the median of the smallest average being $1MM

3/ The average number of co-investors per Micro-VC led round was 2.25.

 

Investor Investments Q1’15 – Q2’14 Average Round Size Median Round Size Smallest Round Largest Round
212 Capital Partners 1 1.4 1.4 1.4 1.4
500 Startups 78 1.93 1.2 0.1 9.5
645 Ventures 4 1.39 1.1 0.35 3
A Capital 3 7.64 6.81 5 11.1
Accelerator Ventures 1 3.5 3.5 3.5 3.5
Advancit Capital 10 4.7 3.15 0.93 18
AF Square 1 1.7 1.7 1.7 1.7
AIB Seed Capital Fund 4 0.88 1 0.53 1.12
Aligned Partners 2 4.9 4.9 3.8 6
Allegro Ventures 3 2.6 2.9 1.9 3
Amplify Partners 6 8.32 10 2 14
Aperture Ventures 4 31.4 30.2 15.2 50
Arcus Ventures 2 17 17 4 30
Arena Ventures 1 3.5 3.5 3.5 3.5
Arnold Capital 3 2 2 2 2
Base Ventures 3 2.5 2 2 3.5
Baseline Ventures 7 2.98 2.5 1.6 5
Bee Partners 1 4.6 4.6 4.6 4.6
Belle Capital 1 1.52 1.52 1.52 1.52
Birchmere Ventures 4 3.06 2.78 1.7 5
Blackbird Ventures 5 6.95 6.3 0.45 12
Bloomberg Beta 18 3.62 2.25 0.25 13
Blueberry Ventures
Blume Ventures 6 0 0 0 0
BOLDstart Ventures 14 3.55 2.6 1 12.5
BoostVC 7 1.88 2 0.01 3.1
Bootstrap Labs 4 5
Bowery Capital 4 4.37 4.37 2 6.74
BrandProject 2 0 0 0 0
Brooklyn Bridge Ventures 4 1.63 1.63 0.47 2.8
Bullpen Capital 7 5.36 4.5 3 11
Caffeineited Capital 6 4.43 3.05 1.5 9.95
Caixa Capital Risc 12 1.67 1.08 0.3 4.87
Canyon Creek 2 2.1 2.1 1.2 3
Cervin Ventures 4 2.74 1.98 1 6
Chicago Ventures 13 3.65 2.4 1.3 13
CincyTech 6 0.93 1.04 0.1 1.5
Cloud Apps Capital Partners 1 3.05 3.05 3.05 3.05
Coent Venture Partners 4 1.43 1.2 0.45 2.65
Collaborative Fund 26 16.18 3.5 0.03 220
Commerce VC 5 9.88 8.75 2 20
Connect Ventures 4 3.5 1.59 0.82 10
Contour Venture Partners 4 2.38 1.22 0.59 6.5
Core Innnovation Capital 3 6.67 3 3 14
Core Ventures 4 5.69 5.87 3 8
Cowboy Ventures 14 6.86 2.5 0.08 22
Cross Culture Ventures
CrossCut Ventures 6 2.72 2.12 1.5 6.5
CrunchFund 25 4.53 3 1 15
Crystal Tech Fund 6 1.71 2 0.53 2.6
Cue Ball Capital 4 1.42 1.85 0.22 2.2
Cultivation Capital 11 1.36 1.2 0.5 3
DAN fund 1 0.05 0.05 0.05 0.05
Data Point Capital 1 4.25 4.25 4.25 4.25
Deep Fork Capital 10 2.24 2 0.55 4.5
Designer Fund 4 3.53 2.1 1.5 7
Detroit Venture Partners 1 5 5 5 5
Divergent Ventures 2 3.5 3.5 2 5
Dorm Room Fund 7 0.96 0.99 0.02 2
Double M Partners 5 3.4 2.75 1.8 6.35
Draper Associates 14 2.33 1.53 0.5 8
Drummond Road Capital 24 2.42 2.2 0.2 7
Ecosystem Integrity 3 4.07 5 1.2 6
ENIAC Ventures 15 3.21 2 0.1 8
Expansive Ventures 1 3 3 3 3
Felicis Ventures 21 5.81 3.8 0.8 30
Female Founders Fund 4 2.68 1.88 0.96 6
Fenox Venture Capital 9 4.32 1.6 0.56 13
ff Venture Capital 10 3.44 2.18 0.61 13.23
Firebolt Ventures 2 9.25 9.25 7.7 10.8
FireStarter Fund 1 0.73 0.73 0.73 0.73
First Step Fund 2 0.69 0.69 0.66 0.72
Floodgate Capital 10 3.82 3.88 1.5 7
Forerunner 11 18.42 3.5 2.15 140
Fortify.vc 1 4.5 4.5 4.5 4.5
Founders Co-op 6 3.1 1.56 1.1 7
Freestyle Capital 10 2.55 2.52 1.6 3.77
Frost Data Capital 2 3.82 3.82 3.82 3.82
Fuel Capital 15 5.12 3.3 2 14.5
Funders Guild
Future\\Perfect Ventures 5 8.47 5.95 0.98 21
Galvanize Ventures 11 1.27 1 0.46 2
Golden Gate Ventures 3 1.03 1.03 0.56 1.5
GovTech Fund 1 17 17 17 17
Great Oaks Venture Capital 33 4.73 3 0.5 20
Harrison Metal 6 2.68 2.05 1.5 5
High Line Venture Partners 5 4.96 4.55 2 8.75
Homebrew 14 5.19 5 1.5 14.5
Hoxton Ventures 4 7.72 4.68 0.48 18
Hyde Park Venture Partners 9 2.16 1.7 0.65 5.8
IA Ventures 2 3.68 3.68 2.1 5.25
Illuminate Ventures 5 5.67 5.52 1.1 10.54
Indicator Ventures 1 1 1 1 1
Initialized Capital 9 4.22 3.5 0.75 9.95
Inversur 1 2 2 2 2
K Cube Ventures 3 0.79 0.68 0.2 1.5
K9 Ventures 7 5.43 2.4 1.9 12
Kae Capital 5 2.02 1 0.5 5.6
Kapor Capital 24 3.62 2.2 0.53 14.5
Karlani Capital 3 72 72 1 143
Kaszek Ventures 1 13 13 13 13
Kepha Partners 1 3.4 3.4 3.4 3.4
Kibo Ventures 6 3.77 2.21 1.35 8
Kickstart 4 4.63 0.85 0.35 12.7
Krillion Ventures 5 3.13 2 0.8 9
LaunchCapital 12 2.17 1.9 0.48 5.92
Learn Capital 5 2.44 0.66 0.31 9
Lemnos Labs 3 2.63 2.6 1.3 4
Lerer Ventures 30 2.93 2.1 0.96 8
Lifeline Ventures 5 4.5 2.5 1 10
Lionbird 4 7.33 3.55 1.24 21
Lions Well 2 4.75 4.75 4.6 4.9
Lowercase Capital 16 14.37 2.15 1 160
Ludlow Ventures 7 3.14 2.3 1 7
Lumia Capital 3 33.33 35 15 50
Luminari Capital 2 19 19 13 25
LVenture 8 0.51 0.43 0.11 1.25
Maven Ventures 3 2.85 2.85 0.5 5.2
mbloom 1 0.35 0.35 0.35 0.35
MentorTech Ventures 2 32.5 32.5 10 55
Merus Capital 4 1.69 1.59 1.2 2.39
Mesa Ventures 9 2.51 2.05 1 6.5
Metamorphic Ventures 19 3.57 2 0.83 20
MHS Capital 4 3.93 2.6 1.5 9
Midven 4 0.41 0.42 0.4 0.42
Moment Ventures 1 9.5 9.5 9.5 9.5
Moneta Ventures 5 2 2.1 1 3
Montage Ventures 6 3.32 3.25 1 7
Morado Venture Partners 10 4.66 3.2 1.6 14.5
Moscow Seed Fund 8 0.2 0.18 0.08 0.35
Mucker Capital 3 1.62 1.57 1.3 2
Naya Ventures 2 6.51 6.51 1.01 12
Neu Venture Capital 2 2.2 2.2 2.2 2.2
NewSchools Venture Fund 10 2.3 1.75 0.43 6
NextView Ventures 7 4.37 2.65 1.3 15
Novastar Ventures 1 2.5 2.5 2.5 2.5
O’Reilly AlphaTech Ventures 6 3.59 2.5 1.8 8
Obvious Ventures 7 83.01 5 0.9 542
OCA Ventures 3 3.38 3.5 2.4 4.25
Okapi Venture Capital 1 7.82 7.82 7.82 7.82
Operative Capital 4 4.18 2.5 1.25 8.8
Passion Capital 4 5.87 8 1.6 8
Pejman Mar Ventures 5 10.7 3 1 30
PivotNorth Capital 3 4.07 2.2 2 8
Plug and Play Ventures 7 1.33 0.15 0.03 5.01
Point Nine Capital 8 4.72 2.45 0.26 17
Practica Capital 1 0 0 0 0
Primary Ventures 4 15.36 2.75 0.94 55
Profounders 4 2.25 2.5 0.9 3.1
Progress Ventures 2 3.5 3.5 3.5 3.5
Project 11 3 0.37 0.4 0.3 0.42
Promus Ventures 9 7.9 5.2 2 25
Quest Venture Partners 4 1.65 1.64 0.85 2.5
Raine Ventures 6 17.22 12.8 5.2 46
Raptor Ventures 1 2.24 2.24 2.24 2.24
Real Ventures 18 3.3 2.1 0.16 21
Red Sea Ventures 8 1.64 1.3 0.96 3
Red Swan Ventures 5 2.4 1.98 1 4.5
Resolute VC 7 2.99 1.5 1.2 9.95
Ribbit Capital 6 26.52 21.5 4.1 64
Rincon Venture Partners 6 3.16 3.2 0.22 6.35
Riverfront Ventures 1 15 15 15 15
Romulus Capital 3 1.43 1.1 1 2.2
Rothenberg Ventures 11 4.8 5 0.31 10.33
Rubicon VC 2 1.35 1.35 1 1.7
S3 Ventures 6 7 5.6 0.8 13
Sawari Ventures 1 0.5 0.5 0.5 0.5
Scout Ventures 6 1.83 2 0.25 3
Scrum Ventures 11 2.25 2.25 1.3 3.2
SeedCamp 26 0.31 0.05 0.05 2.5
Signia Venture Partners 6 5.1 5 3.77 6.5
Silverton Partners 6 2.37 2.42 1 4
Social Leverage 12 1.94 2 0.32 3.77
SoftTech VC 16 2.7 2.5 0.69 4.4
Spark Global 24 1.98 0.91 0.1 12
Starta Capital 3 0.97 0.2 0.1 2.6
Streamlined Ventures 10 4.66 4.85 0.8 8.88
Structure Capital 20 2.61 2 0.65 12
Subtraction Capital 3 26.72 38 3.15 39
Susa 12 4.23 2.7 0.31 13
SV Angel 57 7.34 2.9 0.6 66.5
SXE Ventures 3 1.53 1.2 0.75 2.65
Tandem Capital 1 0 0 0 0
TEEC Angel Fund 4 9.16 3.01 0.63 30
TenOneTen 4 2.96 2.25 1 6.35
The Launch Fund 6 3.73 2.6 0.57 10.33
The Valley Fund 1 1.3 1.3 1.3 1.3
Thesis Ventures 1 0.5 0.5 0.5 0.5
Three Bridges 1 6.5 6.5 6.5 6.5
Tomorrow Ventures 3 10 10 10 10
Tugboat Ventures 2 9.5 9.5 5 14
Unicorn Venture Capital 1 1.23 1.23 1.23 1.23
Unitus Seed Fund 6 0 0 0 0
Upside Partnership 5 2.3 2.5 1.1 3.1
Utthishta Management Advisors 1 0 0 0 0
Vast Ventures 5 3.96 3.2 1.1 9
Vayner/RSE 17 3.82 2.13 1 14
VegasTech Fund 20 4.05 2.8 0.35 23.06
Velos Capital 2 12.5 12.5 11 14
Venture51 8 5.55 4.63 1.34 15
Version One Ventures 7 2.68 2 0.5 10
Vertex Ventures 2 4.1 4.1 4 4.2
Walden VC 3 2.89 2.89 2.5 3.28
Wavemaker Partners 12 1.41 1.1 0.2 5
Wing Ventures 3 17.43 15 11.3 26
Winklevoss Ventures (Capital) 11 3.51 1.54 0.77 17.5
WISC Partners 1 0.68 0.68 0.68 0.68
Work-Bench Ventures 1 21 21 21 21
XG Ventures 8 3.5 2.15 1.3 7
Xseed Capital 4 2.56 2.1 0.08 5.5
YL Ventures 1 2.5 2.5 2.5 2.5
ZenShin Capital 2 1.6 1.6 1 2.2
Zetta Venture Partners 4 27.93 5.12 1.5 100

4 Responses to “Micro-VC, by the #’s”

  1. Don’t forgot the 3 deals Aristos Ventures did in the past 12 months.

  2. Any sense of what the average or median valuations are for seed stage investments?

  3. Samir,

    Great comprehensive overview, thank you.
    Please feel free to add ACE & Company to your next update / review as we are an active global micro-vc.

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