a16z, Accel, and Sequoia Remain at the Top: 2025's 'Most Active Investors' Are Full of Familiar Names

Looking at the 'Most Active VC Rankings' for 2025, it is clear that rather than the rise of new forces, it was a year where 'the regulars just got busier.' Crunchbase News begins with a slightly provocative statement: 'If you are looking for the next big thing, don't read this ranking.' In other words, it is a declaration that the ranking was dominated by 'familiar giants.'

1. The 2025 Conclusion: Post-Seed Sees 'Top 5 Firms Exceed 100 Deals'

First, what you need to grasp is the lineup that stood out in terms of 'deal count' for post-seed ($3M+) rounds.According to Crunchbase's tally, the most active post-seed investors in 2025 were Y Combinator, Andreessen Horowitz (a16z), Accel, General Catalyst, and Sequoia. All five of these firms participated in over 100 rounds annually, and are said to have increased their deal counts compared to 2024.

Furthermore, as an overall picture, at least 15 investors participated in 50 or more post-seed rounds over $3M, with several others in the high 40s—a figure that indicates the market was not 'frozen,' but rather that capital was moving where it needed to.

1-1. 'High Deal Count' Does Not Equal 'Strength'

A note of caution here: deal count is an indicator of 'activity level,' but it is distinct from lead status or round size. The next chapter is crucial.

2. Q4 Breakdown: Even Among the Same Regulars, 'Roles' Change

Crunchbase also analyzed Q4 (October–December 2025). The ranking for post-seed 'participation count' featured the same top five firms as the annual ranking.

On the other hand, when narrowed down to Lead / Co-lead, the order shifts and exceptions become prominent.Crunchbase explains that for Y Combinator, 'they typically do not take the lead in follow-ons for accelerator graduates.' In other words, it is easy to see YC's position as 'high participation, but different in terms of leading.'

2-1. Implications for Entrepreneurs: Who to Approach for 'Terms Negotiation'

Even among 'top investors,' the approach changes depending on the goal:

• Investors with high participation counts = effective for referrals, follow-ons, and signaling

• Investors with many Leads = effective for determining price (valuation) and terms
  

3. 'Those Who Moved the Money' Are Different: Focus on Q4's 'Mega-Round Leads'

When focusing on round size, the lineup changes even further. Crunchbase extracted investors who led/co-led rounds totaling over $1B in Q4, placing Fidelity, Insight Partners, and J.P. Morgan Asset Management at the top. The background for this is Databricks' $4B funding round in December, which was co-led by these three firms.

3-1. Concrete Example: What Databricks' '$4B' Signifies

According to Reuters, this Databricks round was reported to have pushed its valuation to approximately $134B. As rounds become massive, the structure shifts toward large institutional investors and asset managers taking the forefront, rather than just traditional VCs.

4. Seed Is a Different World: YC Is the 'King of Count,' While Others Are 'Fragmented'

In the seed (early) stage, Y Combinator maintained its 'usual first place' in Q4, followed by Antler and 500 Global. While this area is more prone to geographical diversity than post-seed, the summary also indicates that US-based investors dominate the ranking as a whole.

5. The Big Picture: 3 Ways to 'Read' the Market for 2026

Finally, here are three ways to read this ranking so it doesn't just end up as a simple 'directory'.

1. Look at it through the lens of: Number of deals × Role × Size 'Top by deal count,' 'Top by lead,' and 'Leading massive rounds' are not the same thing.
   

2. The U.S. has the advantage, but investment geography is not monolithic
   For example, the observation that a16z leans domestic while Accel is diversified across multiple continents is useful for entrepreneurs considering international expansion or hub strategies.

3. Far from 'fading away,' big names are expanding even further
   Crunchbase's conclusion is clear: The giants are not fading out. In fact, the most active investors are scaling their activities even more.

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