Andreessen Horowitz has emerged as the most prolific unicorn investor in the United States since 2020, backing 32 companies that have reached the coveted billion-dollar valuation, according to data from the Venture Capital Initiative at Stanford Graduate School of Business. Sequoia Capital follows in second place with 27 unicorn investments, while angel investment group Gaingels rounds out the top three with 23 unicorn-backed companies.
The ranking highlights the dominance of traditional Silicon Valley venture capital firms in identifying and nurturing high-growth startups, though the list also includes corporate venture arms, private equity firms, and angel groups that have successfully bet on breakout companies.
Top 15 Unicorn Investors Since 2020
1. Andreessen Horowitz (32 unicorns) Founded by Marc Andreessen and Ben Horowitz, a16z has become one of Silicon Valley’s most influential venture capital firms with a reputation for making bold bets on transformative technologies. The firm has invested across crypto, fintech, consumer tech, and enterprise software, with notable unicorn investments including companies in artificial intelligence, blockchain infrastructure, and next-generation software platforms.
2. Sequoia Capital (27 unicorns) Sequoia Capital has been a cornerstone of Silicon Valley venture capital for over five decades, known for its early investments in Apple, Google, and countless other tech giants. The firm continues its winning streak with recent unicorn investments spanning enterprise software, fintech, and healthcare technology, maintaining its position as one of the most consistently successful venture investors in the industry.
3. Gaingels (23 unicorns) Gaingels operates as an angel investment syndicate that focuses on backing LGBTQ+ founders and allies, bringing a unique diversity-focused approach to venture investing. Despite its angel group structure, Gaingels has punched above its weight in unicorn creation, demonstrating that inclusive investment strategies can generate exceptional returns while supporting underrepresented entrepreneurs.
4. Tiger Global (20 unicorns) Tiger Global Management has been one of the most aggressive growth-stage investors in recent years, known for its fast-moving investment decisions and willingness to lead large funding rounds. The firm has backed unicorns across e-commerce, fintech, and software sectors, often moving at speeds that traditional venture firms cannot match.
5. General Catalyst (19 unicorns) General Catalyst takes a long-term partnership approach to venture investing, supporting companies from seed stage through growth and beyond. The firm has built a diverse portfolio of unicorns spanning healthcare, fintech, enterprise software, and consumer technology, with a particular strength in backing technical founders building transformative platforms.
6. Coatue (19 unicorns) Coatue Management bridges public and private market investing, bringing a crossover fund approach that has proven highly successful in the unicorn creation business. As a PE/buyout firm that also invests in growth-stage technology companies, Coatue has backed major winners in consumer tech, fintech, and software infrastructure.
7. Insight Partners (18 unicorns) Insight Partners is a global software investor that focuses on scaling businesses, providing both capital and operational expertise to help companies grow. The firm has built an impressive track record of unicorn investments across enterprise software, SaaS, and technology-enabled services, often backing companies at the growth stage.
8. Bessemer Venture Partners (17 unicorns) One of the oldest venture capital firms in the United States, Bessemer Venture Partners has been investing in transformative companies for over a century. The firm’s recent unicorn successes span cloud computing, developer tools, healthcare IT, and fintech, building on a legacy that includes early investments in companies like LinkedIn and Shopify.
9. Lightspeed Venture Partners (17 unicorns) Lightspeed Venture Partners has built a reputation for backing bold entrepreneurs across consumer, enterprise, and health sectors. The firm’s hands-on approach and global platform have helped create multiple unicorns in areas including direct-to-consumer brands, enterprise software, and fintech.
10. SoftBank Vision Fund (16 unicorns) SoftBank’s Vision Fund represents one of the largest pools of venture capital ever assembled, known for writing massive checks into high-growth companies. Classified as a growth/expansion investor, SoftBank has backed unicorns across artificial intelligence, robotics, e-commerce, and transportation technology, though its aggressive investment style has also led to notable controversies.
11. T. Rowe Price (14 unicorns) T. Rowe Price, traditionally known as an asset management firm, has become an increasingly active investor in late-stage private technology companies. The firm brings public market discipline to private investing, often participating in unicorn rounds as companies prepare for eventual public offerings.
12. SVA (13 unicorns) SVA has quietly built a strong track record of unicorn investments, focusing on high-growth technology companies across multiple sectors. The venture capital firm has demonstrated consistent ability to identify and back companies that achieve billion-dollar valuations.
13. TriplePoint Capital (13 unicorns) TriplePoint Capital provides venture debt and lending solutions to high-growth technology companies, often working alongside equity investors. The firm’s unique position as a venture capital provider gives it access to many of the fastest-growing companies in technology, and its 13 unicorn investments demonstrate its ability to identify winners.
14. Coinbase Ventures (13 unicorns) Coinbase Ventures, the investment arm of the cryptocurrency exchange, has strategically invested in companies building the future of crypto and blockchain technology. As a corporate venture capital arm, it has backed numerous unicorns in the Web3, DeFi, and crypto infrastructure spaces.
15. Bain Capital Ventures (12 unicorns) Bain Capital Ventures, the venture arm of private equity giant Bain Capital, combines the resources of a large firm with the agility of a dedicated venture practice. Operating as a PE/buyout investor in the growth stage, the firm has backed unicorns across enterprise software, fintech, healthcare, and consumer technology.
The data underscores how the venture capital landscape has evolved, with traditional VC firms competing alongside corporate venture arms, crossover funds, and even angel groups in the race to back the next generation of billion-dollar companies.