Top Venture Capital Firms in London by Fund Size

Among nine leading venture capital firms in London ranked by their latest fundraise, Index Ventures comes first ($2bn of new capital in August 2026), ahead of Balderton ($1.3bn in August 2024) and Atomico ($1.24bn in September 2024). Accel, Dawn Capital, Plural, Seedcamp, Notion Capital and Backed follow.

Fund size tells you how big a cheque a firm can write and how many companies it can back. If you are raising, recruiting or allocating as an LP (limited partner, the investor in the fund), the latest fund is the best guide to what a firm will do next.

This list covers the ranking, a comparison table, a short profile of each firm and how to use the list.

How we ranked London venture capital firms

Each firm is ranked by the total new capital in its most recent announced fundraise, as of November 2026. Where a firm raised several funds at once (for example an early-stage fund and a growth fund), we count the whole fund family.

Figures keep the currency the firm or publisher reported. Plural’s €400m equals about $432m, as TechCrunch reported, which places it above Seedcamp.

The ranking uses three rules:

• London base: the firm is headquartered in London or runs its European investing from a London team.
• Venture only: buyout firms are left out. They sit in our ranking of the top private equity firms in London by fund size.
• Dated close: every fund size has a public, dated announcement.

Top venture capital firms in London at a glance

The table below ranks nine leading London venture capital firms by the size of their latest fundraise.

Multi-stage platforms

These three firms invest from seed or Series A through to late-stage rounds. Each raised over $1bn in its latest fund family.

1. Index Ventures

Index Ventures raised $2bn in new funds, UKTN reported on 3 August 2026. The raise split into a $400m seed fund, a $900m venture fund and a $700m top-up that took its growth vehicle to $2.2bn.

UKTN describes Index as a London and San Francisco-based firm with $3.5bn of total investing capacity. Its website lists offices in San Francisco, New York and London and shows Revolut, Wiz, Anthropic and Mistral among its portfolio companies.

2. Balderton

Balderton announced $1.3bn in new funds from London on 8 August 2024, according to its Business Wire release. That comprised the $615m Early Stage Fund IX and the $685m Growth Fund II.

Balderton called them the largest combined early and growth funds focused on Europe. The two vehicles let it back companies from seed stage through to IPO.

3. Atomico

London-based Atomico closed $1.24bn across two funds, TechCrunch reported on 8 September 2024. Atomico Venture VI ($485m) targets mainly Series A, and Atomico Growth VI ($754m) covers Series B to pre-IPO.

TechCrunch noted that SEC filings showed targets of $600m for the venture fund and $750m for the growth fund. Atomico’s website names Klarna, Lilium, Hinge Health and MessageBird among its investments.

Early-stage and B2B specialists

This group writes first institutional cheques at Series A or earlier, or concentrates on B2B (business-to-business) software.

4. Accel

Accel raised an $800m fund for European and Israeli start-ups, Tech.eu reported on 12 August 2026. It is Accel’s ninth dedicated fund for the region, up from $650m last time, and part of $3.5bn raised across four funds.

Tech.eu notes that Accel set up its London team more than 25 years ago. Its European portfolio includes Monzo, Trade Republic, Vinted, Lovable, Legora, n8n and Synthesia.

5. Dawn Capital

Dawn Capital announced $700m for B2B software on 25 September 2023, PYMNTS reported. Dawn V ($620m) backs Series A and B companies with initial cheques of $10m to $40m. Dawn Opportunities III ($80m) invests from Series C onwards.

Dawn called Dawn V Europe’s largest-ever dedicated early-stage B2B software fund. Its website gives a central London address, describes two decades focused on B2B and lists Dataiku, Mimecast and Flatpay in its portfolio.

6. Plural

Plural raised a €400m fund in January 2024, TechCrunch reported, beating its original target. Its first fund was €250m. The founders include Taavet Hinrikus, co-founder of Wise, and Ian Hogarth, founder of Songkick.

Tech Funding News reported in January 2026 that the London-based firm was planning a third fund that could reach €1bn, with the final size not yet confirmed. Plural focuses on leading early-stage rounds and typically invests €1m to €10m.

Seed, first-cheque and follow-on funds

Seedcamp and Backed are usually the first institutional investor in a company. Notion’s latest vehicle follows on in its existing portfolio at the growth stage.

7. Seedcamp

Seedcamp raised $320m, according to a London and New York release on Business Wire dated 22 June 2026. The total splits into the $220m Seedcamp VII first-cheque fund and a $100m Select fund for portfolio winners scaling towards Series B.

Seedcamp says it was the earliest backer of Revolut, Wise, UiPath, Synthesia and Fluidstack. It typically invests as the first institutional investor and leads most of its initial cheques.

8. Notion Capital

Notion Capital closed Notion Capital Opportunities III at $130m (€114m) on 30 September 2025, the firm reported. It is a growth follow-on fund that backs Notion’s strongest venture companies for longer, plus selected external growth-stage companies.

Notion’s rank is based on this growth follow-on fund alone. Notion’s website gives a registered address on Wimpole Street, London, says it leads at an early stage and lists GoCardless, Paddle and Mews among more than 200 investments.

9. Backed

Backed closed its third fund, Backed 3, at a £73m hard cap, Startup Magazine reported on 13 November 2025. The London seed fund backs frontier technology with cheques of about £340,000 to £3.4m.

Backed made its 100th portfolio investment alongside the close. Its website gives the current fund as $100m and names Thought Machine among six unicorns (start-ups valued at $1bn or more).

What does fund size tell you about a VC firm?

Fund size sets cheque size. A large fund cannot write many small cheques, because each investment must be big enough to move the fund’s returns.

Here is an illustrative example of how a firm sizes its first cheques:

• Fund size: $300m (example).
• Reserved for follow-on rounds: 50%, so $150m is left for first cheques.
• Number of new companies: 25.
• Average first cheque: $150m divided by 25 equals $6m.

The same logic shows in the real figures. Dawn’s $620m fund writes initial cheques of $10m to $40m, while Backed’s £73m fund writes cheques of £340,000 to £3.4m. Valuation also follows fund strategy, which our guide to the venture capital valuation method explains step by step.

Dealroom reported on 4 November 2026 that Sequoia is closing its London office six years after opening it, saying it did not see the need for a local presence.

How to use this list

Founders, candidates and LPs should each read the ranking for a different signal.

• Founders raising: match your round to the fund. A seed company should start with Seedcamp, Backed or Index’s seed fund. A Series A B2B software company fits Dawn or Notion. Read the term sheet closely, especially the liquidity preference stack.
• Candidates recruiting: firms that closed a fund in the last two years are in their investment period and are building teams to deploy it. Index, Accel and Seedcamp all raised in 2026. Our comparison of private equity vs venture capital careers and compensation covers pay and progression.
• LPs allocating: check the fund vintage, the target against the final close and the stage mix. Atomico’s venture fund closed below its filed target while its growth fund beat it, according to TechCrunch. Plan for how the GP will draw your commitment, as set out in our guide to capital calls.

FAQ

What is the largest venture capital firm in London?

Index Ventures has the largest latest fundraise among London venture firms, with $2bn of new capital reported by UKTN in August 2026. That included a $400m seed fund, a $900m venture fund and a $700m growth top-up. Balderton ($1.3bn) and Atomico ($1.24bn) follow on the same measure.

How are VC firms ranked by fund size?

This list ranks each firm by the total new capital in its most recent announced fundraise, including every fund raised at the same time. Ranking by latest fund shows the capital a firm is deploying now. Ranking by total assets under management would favour older firms with many past funds still invested.

Which London VC firms invest at seed stage?

Seedcamp and Backed focus on seed and are often the first institutional investor. Seedcamp’s $220m Seedcamp VII fund writes first cheques, and Backed writes seed cheques of about £340,000 to £3.4m. Index Ventures also runs a dedicated $400m seed fund, and Balderton invests from seed stage.

Does Sequoia still have a London office?

Sequoia is closing its London office, Dealroom reported on 4 November 2026, six years after opening it in 2020. The firm said it would support European founders from its Bay Area base. Partner Luciana Lixandru chose to stay in Europe rather than move to San Francisco.

Is a bigger VC fund better for founders?

A bigger fund is better only if your round matches its cheque size. Large funds need large investments to move their returns, so they often skip small rounds. A seed company usually gets more attention from a seed fund, and a later-stage company benefits from a growth fund’s ability to lead big rounds.

Conclusion

Index Ventures, Balderton and Atomico lead London’s venture capital firms by latest fund size, each with over $1bn raised. Use the fund, its stage and its vintage to decide which firms to approach.

P.S. To build your own target list of London and European venture funds, the Private Equity and Venture Capital Fund Database (EMEA) gives you fund-level data in one place. Our Premium Resources include additional tools you might be interested in. For weekly finance updates and the latest financial reports, sign up to the Private Equity Bros newsletter.

Sources

• Index Ventures raises £1.5bn in fresh capital as it doubles down on AI
• Balderton Announces $1.3B in New Funds to Back Europe’s Top Entrepreneurs as They Build World-Changing Businesses
• European VC Atomico closes $1.24B across two funds for early and growth stage startups
• Monzo and Lovable backer Accel raises enlarged $800M early-stage fund
• Plural, the VC led by founders, pulls together a new $432M fund to back European startups
• Notion Capital Closes Third Growth Fund
• Europe’s Original First Check Investor Seedcamp Raises $320 Million