Top 10 B2B SaaS Investors in 2025

B2B SaaS raised $80B+ in 2025 across 2,500+ deals according to PitchBook's 2025 SaaS Report, with 2025 projections exceeding this as enterprises accelerate digital transformation. Unlike consumer sectors experiencing funding contraction, B2B SaaS remains hot: predictable recurring revenue, high gross margins (70-85%), rapid scaling potential, and massive TAMs make it VCs' favorite category.

The best B2B SaaS investors bring more than capital—they provide go-to-market playbooks, sales hiring networks, customer introductions, and operational expertise from scaling dozens of portfolio companies. Sequoia, Insight Partners, and Scale Venture Partners have collectively backed $500B+ in enterprise software value creation.

For SaaS founders raising capital, use Peony to create data rooms these investors expect: AI organization presents metrics professionally, engagement analytics show which VCs are genuinely interested, branded presentation demonstrates operational excellence. Purpose-built for B2B SaaS fundraising.

Here are the top 10 B2B SaaS investors actively backing enterprise software companies in 2025.

1. Sequoia Capital - Best Overall B2B SaaS Investor

Stage: Seed through Growth (Series A-E)
Check size: $1M-100M depending on stage
AUM: $85B+ across global funds

Notable B2B SaaS portfolio: Zoom, ServiceNow, MongoDB, Snowflake, UiPath, Okta, HubSpot, Notion, Segment (Sequoia portfolio)

Why they're #1:

• Unparalleled brand name (Sequoia backing = instant credibility)
• Global presence (US, China, India, Southeast Asia, Europe)
• Operator network for customer intros and executive hiring
• Multi-stage support (seed through IPO)
• Platform services (recruiting, BD, PR)

What they look for in SaaS:

• $1M+ ARR for Series A consideration
• Net dollar retention >120%
• Clear path to $100M+ ARR
• Strong founder-market fit
• Unique technical or GTM advantage

Investment thesis per Sequoia blog: Category-defining companies with 10x better product solving mission-critical enterprise problems.

2. Tiger Global Management - Best for Aggressive Growth Capital

Stage: Series B+ (growth-stage focus)
Check size: $20M-200M for rapid scaling
AUM: $95B+ (TechCrunch Tiger Global profile)

Notable SaaS portfolio: UiPath, Cloudflare, Databricks, Chime, Checkout.com

Why SaaS founders love them:

• Fast decision-making (2-4 weeks vs 2-3 months typical)
• Large checks enable aggressive market capture
• Minimal board involvement (vs hands-on investors)
• Strong follow-on support for later rounds
• Global distribution network

What they look for:

• $10M+ ARR minimum
• 3x+ YoY growth
• Clear market leadership trajectory
• Scalable sales model proven
• International expansion potential

Known for: Speed and scale—Tiger moves fast with large checks for companies ready to dominate markets.

3. Insight Partners - Best for ScaleUp Operational Support

Stage: Series B+ growth and buyout
Check size: $20M-500M
AUM: $90B+ (Insight Partners)

Notable SaaS exits: DocuSign (IPO $6B+), Shopify (public $200B peak), Twitter, Tumblr

Operational value-add:

• ScaleUp: Proprietary platform with 50+ operating partners
• Sales acceleration: Hiring network, playbooks, customer intros
• Product excellence: Engineering talent and best practices
• Marketing: Demand gen, brand building, category creation
• International: Global expansion playbooks and networks

What they look for:

• $15M+ ARR
• Product-market fit proven
• Ready for operational scale-up (not early validation stage)
• 100%+ net retention indicating product strength
• Addressable market $5B+

Differentiator: Not just capital—comprehensive ScaleUp platform with proven methodologies from 600+ software investments.

4. Scale Venture Partners - Best Seed-to-Series A SaaS Specialist

Stage: Seed through Series B (sweet spot: Series A)
Check size: $3M-30M
Notable portfolio: Box, DocuSign, HubSpot, Zoom Phone, Kraken

Why founders choose Scale:

• 30+ years pure SaaS focus (not generalist)
• Scale Studio: Proprietary programs for sales, marketing, recruiting
• Bi-weekly office hours with operating partners
• Customer intro network across F500
• Detailed SaaS metrics benchmarking vs portfolio
• Very hands-on, founder-supportive culture

What they look for:

• $500K-3M ARR for Series A
• Clear ICP (ideal customer profile) identified
• Early repeatable GTM motion
• 10+ enterprise design partners or pilot customers
• Technical founders with domain expertise

Methodology per Scale blog: Data-driven approach using proprietary SaaS metrics framework to identify category leaders early.

5. Accel - Best Seed-to-Scale Global SaaS Fund

Stage: Seed through Growth
Check size: $500K-75M across stages
AUM: $650M dedicated early-stage SaaS fund (2025 vintage) + multi-billion total (Accel announces fund)

Notable SaaS portfolio: Atlassian (public $40B+), Dropbox, Slack (acquired $27B), Qualtrics, UiPath, Spotify

Global footprint:

• Palo Alto (US headquarters)
• London (European hub)
• Bangalore (India presence)
• Early-stage $650M fund (2025)

What they look for:

• Technical founders solving hard problems
• Product-led growth potential
• Large TAMs ($5B+)
• Capital-efficient scaling demonstrated
• Global market applicability

Investment approach: Stage-agnostic within SaaS—will lead seed and later rounds for category-defining companies.

6. Bonfire Ventures - Best LA-Based Seed SaaS Investor

Stage: Seed (occasionally pre-seed)
Check size: $1M-5M
Geographic: Los Angeles-based

Notable portfolio: Boulevard (acq by Rockefeller), MNTN, Clari, Tanium

Why LA SaaS founders love them:

• Hyper-local (LA presence rare among tier-1 SaaS investors)
• Seed-stage specialists (not spreading across stages)
• Strong operator network for hiring
• Impressive exit track record for seed fund
• Responsive, founder-friendly culture

What they look for:

• $200K-1M ARR (earlier than many seed investors)
• LA-based strongly preferred (though not required)
• Technical founding teams
• Enterprise or prosumer SaaS focus
• Clear early GTM traction

Fund performance: Top quartile returns per PitchBook fund rankings, impressive for seed-stage investor.

7. Founder Collective - Best Founder-Friendly Pre-Seed/Seed

Stage: Pre-seed and Seed
Check size: $500K-3M
Philosophy: Investors who are former founders themselves

Notable SaaS portfolio: Airtable, PillPack (acq $1B by Amazon), Coder, Cruise Automation (acq $1B+), Uber (early)

Founder alignment:

• Partners are all former founders (understand founder journey)
• Flexible, non-standard terms when warranted
• Accessible, responsive communication
• 100+ portfolio companies creating strong peer network
• Industry connections for customer development

What they look for:

• Exceptional founders (team > market > product)
• Pre-revenue to $1M ARR sweet spot
• Solving problems from personal experience
• Technical depth or unique insights
• Boston/NYC/SF proximity preferred but not required

Culture: Known as one of most founder-friendly seed investors per First Round Capital surveys.

8. FirstMark Capital - Best NYC-Based SaaS Investor

Stage: Seed through Series B
Check size: $1M-25M
Geographic: New York City headquarters

Notable SaaS portfolio: Shopify (early investor, now $100B+ public company), Pinterest, Airbnb, Discord, Riot Games

NYC advantage:

• Strong NYC tech ecosystem connections
• East Coast enterprise customer network
• Media and content industry relationships unique to NYC
• Later timezone helps West Coast founders (extended working hours)

What they look for:

• Category-creating companies (not fast-followers)
• Technical founders or unusually strong product vision
• Willingness to build category (not just company)
• $500K+ ARR for Series A
• NYC presence helpful but not required

Platform services: Marketing, recruiting, customer development through NYC network.

9. Uncork Capital - Best West Coast Seed SaaS Specialist

Stage: Pre-seed and Seed
Check size: $500K-2.5M
Notable portfolio: LaunchDarkly (unicorn), ClassDojo, Postmates (acq $2.65B), Eventbrite (IPO)

Seed-stage expertise:

• One of first institutional checks for many unicorns
• Patient capital (comfortable with 7-10 year horizons)
• Small fund size = concentrated support per company
• Strong technical founder community
• Product-first investment philosophy

What they look for:

• Pre-revenue to $500K ARR (truly early)
• Product exists and shows early traction
• Technical founding teams (developers, engineers)
• Developer tools, infrastructure, and horizontal SaaS focus
• SF Bay Area proximity preferred

Returns: Consistently top-quartile seed fund performance per industry rankings.

10. Khosla Ventures - Best for AI-Powered Enterprise SaaS

Stage: Seed through Growth
Check size: $2M-100M
AUM: $15B+ across funds (Khosla 2025 fundraising)

Notable AI-SaaS portfolio: OpenAI (early investor), Affirm (public), Square, DoorDash, Impossible Foods

Unique positioning:

• Heavy AI/ML focus within SaaS
• Willing to back contrarian, technically ambitious ideas
• Deep-tech expertise (founder Vinod Khosla is legendary technologist)
• Patient capital for long-term category creation
• Strong robotics and automation within enterprise software

What they look for:

• Technically ambitious, often AI-powered solutions
• Large TAMs being transformed by technology
• Founder vision for 10+ year company building
• Proprietary technology or data advantages
• $1M+ ARR for Series A, but flexible for exceptional teams

Investment philosophy: Back technical founders solving hard problems with AI/ML, automation, or deep-tech approaches. Comfortable with longer timeframes and higher technical risk.

Detailed Comparison Matrix

What B2B SaaS Investors Look For (Common Criteria)

According to Bessemer Venture Partners' State of the Cloud report:

Product criteria:

• Solve mission-critical enterprise problem (nice-to-have doesn't scale)
• 10x better than incumbent solution or manual process
• Product-led growth motion emerging (bottom-up adoption)
• Net promoter score 50+ (product people love)

Business criteria:

• Recurring revenue model (SaaS, not services)
• Gross margins 70%+ (software economics, not consulting)
• Net dollar retention 110-130%+ (expansion revenue strong)
• CAC payback <12 months (efficient customer acquisition)
• Rule of 40 (growth rate % + profit margin % >= 40)

Team criteria:

• Technical founding team (engineers building for engineers ideal)
• Domain expertise (former enterprise buyers or sellers)
• Ability to recruit world-class talent
• Ambitious but realistic (build $1B+ company)

Market criteria:

• TAM $5B+ (large enough to matter)
• Tailwinds (cloud migration, digital transformation, AI adoption)
• Clear category positioning (own a niche vs compete everywhere)

How to Pitch B2B SaaS Investors

Must-haves in your pitch per NFX investor guidelines:

Slide 1-3: Problem (enterprise pain), Solution (your product), Why now (market timing)

Slide 4-6: Product demo (show don't tell), Traction (metrics), Business model (unit economics)

Slide 7-9: Market size (TAM/SAM/SOM), Competition (why 10x better), GTM strategy (how you win)

Slide 10-12: Team (why you), Metrics deep-dive (SaaS dashboard), Ask (amount, use of funds)

Critical SaaS metrics to highlight:

• MRR/ARR and growth rate
• Net dollar retention (best metric for product-market fit)
• CAC and LTV (unit economics)
• Gross margin (software vs services mix)
• Rule of 40 score (growth + profitability)
• Logo retention and expansion

Preparing Your Materials with Peony

After identifying target investors, create professional data room that impresses:

Peony helps B2B SaaS founders present metrics professionally:

Organization: AI structures your SaaS metrics dashboard, financial models, customer case studies automatically

Analytics: Track which investors spend time on your unit economics (good sign) vs who skip directly to team (red flag for business model concerns)

Professional: Branded data rooms demonstrate the operational maturity SaaS investors demand

Efficiency: Built-in eSignatures for NDAs, term sheets, side letters

B2B SaaS investors expect data-driven fundraising. Peony provides the analytics infrastructure they appreciate.

Conclusion

B2B SaaS remains the hottest venture category with specialized investors bringing deep expertise. Choose investors matching your stage (Bonfire/Uncork for seed, Scale for Series A, Insight/Tiger for growth), geography (FirstMark for NYC, Bonfire for LA), and technical ambition (Khosla for AI-powered enterprise).

Build professional materials these investors expect: Peony for data rooms.

Related Resources

• Top 10 Analytics Investors
• Why Startups Need Data Rooms for Fundraising
• Building Trust with Investors Through Better Data Rooms
• What Makes a Data Room Investor-Ready

Summary Table

From early-stage support to acceleration at scale, these investors are shaping the future of B2B SaaS. Their combined expertise, capital, and network access are key assets for founders navigating rapid growth.

When it's time to organize your fundraising, don’t forget to use Peony (https://peony.ink), your AI-powered ally for document management, branded data rooms, and investor engagement tracking—designed to make your pitch process smart and seamless.