Lead investors in large venture rounds are usually familiar names in the startup world. But lately, we’ve seen newcomers writing some big checks as well.
In sectors from spacetech to fusion to enterprise AI, several of the larger venture financings of the past few months have featured lead investors who only recently began investing in the space.
So who are the newcomers scaling up? Using Crunchbase data, we put together a sample list of 15 recently launched venture investors that are leading good-sized rounds, most of which have a unicorn or two in their portfolios. Some were founded this year, while others have been at it a couple of years.
Out of the sample, we picked out six that particularly warranted some closer inspection, based on factors like founding team, investment pace, round size, and willingness to lead deals. Unsurprisingly in the current funding environment, it’s an AI-centric list.
Below, in no particular order, are some of the firms that might warrant an especially close watch:
No. 1: Maverick Silicon, a prolific dealmaker
Founded in 2024, Maverick Silicon focuses on private semiconductor growth companies and related investments. It’s been an active investor in that short timespan, with 11 known investments, including four lead rounds.
Its largest co-lead round was also one of its most recent: a $100 million September seed financing for Palo Alto, California-based Upscale AI, a high‑performance AI networking company. In August, Maverick also financed a $20 million equity investment for Celera Semiconductor, a Silicon Valley startup working on analog design automation.
Maverick Silicon, with offices in Northern California and New York, is a division of Maverick Capital, a $10 billion asset manager It lists Andrew Homan, who led tech investment for Maverick Capital, as its founder and managing director, alongside nine other listed team members.
No. 2, Interlagos Capital: A SpaceX alums’ investment vehicle
Los Angeles-based Interlagos Capital, founded last year by SpaceX alums Achal Upadhyaya and Tom Ochinero, has also been scaling up.
The firm has at least five known investments to date, including a high-profile role last month as lead investor in space tech unicorn Apex’s $200 million Series D. Earlier this year, Interlagos also co-led Series A deals for two other startups: a $20 million round for seafood-focused robotics company Shinkei Systems and a $50 million financing for space solar startup Aetherflux.
Upadhyaya, former SpaceX engineer and investor at venture firm Cantos, is listed as CEO at Interlagos while Ochinero, formerly SpaceX’s senior vice president of commercial business, is chairman.
No. 3: Marathon Management Partners, a well-connected newcomer
Marathon Management Partners launched in 2025 under the leadership of co-founders Gokul Rajaram, a prolific angel investor with board seats at multiple prominent companies, and Michael Gilroy, a former general partner at Coatue.
So far this year, Marathon has led or co-led four financings, including a $31 million Series A this summer for AI payroll and benefits platform Niura and $15.5 million Series A for AI-enabled freight booking provider Boon. The firm also participated in a $300 million Series C for business banking provider Mercury.
Cupertino, California-based Marathon was targeting a $400 fundraise for its first fund, per an April securities filing.
No. 4 Leitmotif: Decarbonization with a side of hard tech
Leitmotif, a hard tech-focused venture firm reportedly backed by Volkswagen, is one of the busier newcomers on the startup funding scene.
Led by managing partners Matt Trevithick and Jens Wiese, Leitmotif says its first fund leans will focus on decarbonization and a “soft spot for hard tech.”
Its portfolio certainly reflects that mindset. The firm joined a long list of co-investors this summer in a Series A for Munich-based fusion startup Proxima Fusion. As for lead rounds, its most prominent deal was a $100 million January Series B for electric truck startup Harbinger.
No. 5 Intrepid Growth Partners: An emerging AI powerhouse in Toronto
Toronto-based Intrepid Growth Partners was launched by former Canada Pension Plan Investment Board chief Mark Machin and former head of OMERS Growth Equity 1
Mark Shulgan. The firm describes its model as “growth capital to support the AI revolution.”
Per Crunchbase data, Intrepid made its first investments this year, backing three companies. The largest round it backed was a $235 February financing for StackAdapt, an AI-enabled advertising platform, followed by a $122 million August round for AI tax research platform Blue J.
No. 6: Vanara Capital: Off to a bold start
San Francisco-based Vanara Capital just made its official launch in August, with private equity giant TPG’s TPG Next fund as an anchor investor.
Since then, the firm, which focuses on growth-stage technology businesses, is off to a brisk start. In September, it led its first round: a $100 million financing for Invisible Technologies, a provider of technology for improving enterprise AI efficacy.
Vanara’s founders, Neil Kamath and Hayden Lekacz, are both former technology investors at TPG.
Spicing up the funding scene
It remains to be seen, of course, to what extent these newcomers continue backing and leading high profile rounds. For now, however, it’s a welcome reminder that, even as well-known firms continue to dominate the most active investor rankings, there are some fresh investors in the mix.
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Illustration: Dom Guzman
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