SignalRank’s investment strategy is built on high diversification. SignalRank’s algorithms target the top 10% of Series Bs on its models (172 companies qualified in 2025). We take a statistical sampling approach, targeting 30 investments per year to capture the upside of this high quality segment.
SignalRank ramped up from 14 investments in 2024 to 22 investments in 2025. In 2026, we are aiming to hit our steady state target of 30 investments. We are on track with this level of deployment so far.
In aggregate, we have made almost 50 Series B investments since starting to invest in 2023. This makes SignalRank the #2 most active investor in qualifying Series Bs globally since May 2023, after Andreessen Horowitz who have made 58 investments.
However, if follow-on investments are stripped out, SignalRank is now the #1 investor globally for initial Series B investments.
By looking at the Crunchbase dataset (to allow apples to apples comparison between investors for announced rounds), we see 13 of SignalRank’s 22 investments in 2025.
SignalRank ranks #9 for all investments in qualifying Series Bs in 2025. See Figure 1.
Figure 1. Top ten most active investors in qualifying Series Bs (2025)
But if we strip out follow-on investments from this same list of top ten investors, SignalRank is #1, as 100% of our Series Bs investments are our first investments in these companies. This is followed by General Catalyst with 12 investments. Another data-driven VC fund, QuantumLight, invested in 9 initial investments (but are not shown here as they are not in the top 10 most active investors in qualifying Series Bs). Note Y Combinator with zero initial investments at Series B. See Figure 2.
Figure 2 # of initial Series B investments by top ten most active investors in qualifying Series Bs (2025)
In fact, the most interesting analysis is to look at the % of Series B investments by this group which were initial investments compared to follow-ons. This illuminates highly differentiated strategies at Series B. See Figure 3.
Figure 3 % of 2025 qualifying Series Bs as initial investments
SignalRank is a pure Series B investor. By contrast, Y Combinator is purely following-on from prior investments. With only 15% of a16z’s Series B investments being new companies to the portfolio, we see how active their firm has become in making early stage bets.
Figure 4 shows this same analysis for 2023 onwards
Figure 4. % of qualifying Series B investments as initial investments, 2023-25
The majority of Series B investments by some of the most active investors (and highest ranked on our models) are follow-ons, not initial investments.
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