Most-Active US Investors: General Catalyst Tops March’s List

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This is a monthly feature that runs down some of the most-active investors in U.S.-based companies, looks at some of their most interesting investments, and includes some odds and ends of who spent what. See February’s most-active startup investors here.

No one investor truly dominated the month of March, as not one firm could break double digits when it came to the number of investments in U.S.-based startups.

However, a dozen firms and accelerators made at least a half-dozen deals each, so checks were being written and U.S. startups were raising cash.

In the end, General Catalyst took the top spot with nine deals, as several big-name firms followed only one or two behind.

General Catalyst, 9 deals

General Catalyst has been somewhat quiet the past few months, only taking part in 13 deals involving U.S.-based startups from December through February. However, last month General Catalyst led the way, taking part in nine such deals — the Cambridge, Massachusetts-based firm’s most in one month since last November.

Those deals also included leading or co-leading some good-sized rounds.

The firm co-led a $78 million round for Woburn, Massachusetts-based Alsym Energy — a developer of nonflammable rechargeable batteries — and Palo Alto, California-based AI healthcare agent developer Hippocratic AI’s $53 million Series A.

The firm also led Boston-based anxiety treatment startup InStride Health’s $30 million Series B.

Alumni Ventures, 8 deals

Alumni Ventures makes it back on this list as one of two firms to complete eight deals involving U.S.-based startups last month.

That includes participating in a big $80 million Series A for Los Angeles-based CarbonCapture, a climate tech startup that develops direct air capture machines to remove CO₂.

Despite continuing to place bets on U.S.-based startups this year, Alumni has significantly cut its investment pace compared to last year. In the first three months of last year, the firm had taken part in 55 announced deals involving U.S. startups.

In the first three months of this year, that number has dropped to only 21.

Liquid 2 Ventures, 8 deals

Liquid 2 Ventures has never made this list, but is a nearly 10-year-old firm based in San Francisco. It also has star power — it was co-founded by San Francisco 49ers great and NFL Hall of Famer Joe Montana.

The firm’s eight deals in March involving U.S. startups is the most for the firm in one month since September 2022.

The early-stage investment firm mainly took part in seed rounds, but some were on the large side for seeds — including a $15.5 million round for San Francisco-based Interlune. The startup is looking to extract and transport Helium-3 from the moon to Earth for use in national security, quantum computing, medical imaging and fusion energy markets. The startup was founded by former leaders at Jeff Bezos’ space exploration startup Blue Origin.

That said, Liquid 2 Ventures also participated in a big $53.2 million Series C led by March Capital for Boston-based Overjet. The startup uses AI to help interpret X-rays and review dental insurance claims — huge issues that often cause friction between dentists, payers and patients, and can cut into the time allotted for care.

Also notable:

Andreessen Horowitz — which also topped this list the past couple months — FJ Labs, New Enterprise Associates and Reseda Group all came in next on the list with seven deals apiece.
Reseda Group, a wholly owned credit union service organization of MSU Federal Credit Union, topped all firms for the most led or co-led deals last month with six — all investments in fintech startups. Index Ventures followed with four deals led or co-led.
Arch Venture Partners led the list for rounds led or co-led with the highest dollar amounts, leading Mirador Therapeutics’ big $400 million Series A. Lightspeed Venture Partners came in next, with the three deals it led or co-led totaling $299 million.
Y Combinator was the top investing incubator and accelerator once again, investing in 47 startups after having its winter demo day event.

Methodology

This is a list of investors which took part in the most rounds involving U.S.-based startups. It does not include incubators or accelerators due to the fluctuations their investment numbers can have.