The micro-VC landscape: how small venture funds invest

• 310 US venture firms on record run funds under $100M; 92 are under $25M.
• 37% of investors at sub-$100M funds list pre-seed, vs 24% at larger funds.
• Median opening check: $100K at small funds, $500K at larger ones.
• 71 sub-$100M firms are outside CA, NY and MA.
• Ask every micro-VC whether they lead.

Key findings

• 310 of the 514 US venture firms in our database with a recorded latest fund size (60%) manage a fund under $100M, the range most people mean by micro-VC.
• Investors at those smaller funds lean earlier: 37% of their 997 investor records list pre-seed, against 24% at funds of $100M or more.
• They also write smaller opening checks: a median minimum of $100K versus $500K at larger funds.
• Separately, 195 US records describe themselves as micro-VCs. Their median listed check is $500K, and 177 of them list seed.
• Small funds are concentrated: 107 of the sub-$100M firms are in California and 69 in New York, but 71 are based outside California, New York and Massachusetts.

What counts as a micro-VC

A micro-VC is a venture firm with a small fund that invests early, usually at pre-seed and seed. There is no official cutoff; see our micro-VC glossary entry. This report uses two lenses from the Zalarma investor database, as of 2026-11-01:

1. Fund size. Venture firms whose most recent fund on record is under $100M. This captures small funds whether or not they call themselves micro-VCs.
2. Self-description. Records whose investor type is listed as micro-VC.

Neither lens is complete. Many small funds do not publish a fund size, and only a minority of records carry the micro-VC label. Together they give a useful picture of how small funds behave.

Venture fund sizes on record

Firms are counted once, using the largest latest-fund figure among each firm's records.

The fund-size field in our data is mostly filled for early-stage funds, so treat this as a picture of the early-stage market, not of every venture firm. Within it, 310 firms (60%) are under $100M and 92 are under $25M.

Small funds versus larger funds

The pattern matches how small funds work. With less capital, a sub-$100M fund writes smaller opening checks and goes in earlier, where those checks buy meaningful ownership. That makes them natural leads for pre-seed and seed rounds that are too small for larger funds.

Where small funds are

Investor records at funds under $100M, by state:

235 of the 920 records with a known state (26%) are outside California, New York and Massachusetts. Small funds outside the big three in our data include Arthur Ventures, Dorm Room Fund, Origin Ventures, Hustle Fund, NextGen Venture Partners, Bull City Venture Partners, Everywhere Ventures (The Fund), Bluestein Ventures, Comeback Capital, Ocean Azul Partners. Several are regional or sector-focused, which is often what makes a small fund a good fit for a founder outside the hubs.

What small funds back

Software and consumer lead both lists. Healthcare stands out among self-described micro-VCs: 44% of them list it, against 31% of records at sub-$100M funds.

The self-described micro-VCs

• 195 US records; 79 outside CA, NY and MA.
• Stages listed: pre-seed 64, seed 177, Series A 87, Series B and later 73.
• Check bands by minimum: $50K–$250K 24; $250K–$1M 97; $1M+ 74; under $50K has fewer than 10.
• States with 10 or more: California (74), New York (35) and Ohio (10).

How to pitch a micro-VC

1. Ask if they lead. Many small funds lead pre-seed rounds; others only follow. It is the most useful question on an intro call.
2. Do the ownership math for them. A small fund needs meaningful ownership. Show how their check fits your round and what stake it buys.
3. Look for thesis fit. Small funds are often specialists. A regional fund in your state or a sector fund in your market is worth more than a famous generalist.
4. Expect fast decisions. Small teams often decide in a few meetings. Have your data room ready (see our data room checklist).

Browse micro-VCs in our database or all pre-seed investors.

Methods note

Data: Zalarma investor database, as of 2026-11-01. Fund-size figures are the latest fund size recorded for venture-firm records; firms are counted once using the largest figure among their records, and investor-record comparisons use each record's own figure. The field is filled mostly for early-stage funds, so the distribution under-represents large funds. "Self-described micro-VC" means the record's investor type includes micro-VC. Stages, sectors and check sizes are what each record lists; one record can list several. Records without a state are left out of state tables. Counts under 10 are suppressed. These are records in our database, not a census of every micro-VC.