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Investor profile

M12

Corporate · Founded 2016 · San Francisco, United States

The venture capital arm of Microsoft, currently investing in technology companies (Series A and beyond)

194 portfolio companies Corporate · $10B invested · 319 investments · Investor rank #265 · Last investment 7/2026
Portfolio companies 194 ↑ 54% 5y
Decacorns 3
Thoroughbreds 14
01 · Biggest holdings

M12’s biggest current holdings.

The most valuable companies M12 still holds — unicorns and thoroughbreds it has backed, ordered by Dealroom’s latest valuation. Companies that have been acquired or gone public are in Exits instead. Where a cap table names M12 directly, the stake and its estimated value are shown too.

#CompanyEst. stakeValuationEst. value
  1. 1 Applied IntuitionDecacorn · Transportation · USA $15.0B
  2. 2 PsiQuantumUnicorn · Semiconductors · USA 4% $7.0B $280M
  3. 3 OutreachUnicorn · Telecom · USA 5.5% $4.4B $242M
  4. 4 InnovAccerUnicorn · Health · USA 8.5% $3.5B $293M
  5. 5 Xsight LabsUnicorn · Semiconductors · Israel $2.8B
  6. 6 ArmadaUnicorn · Enterprise Software · USA $2.2B
  7. 7 d-MatrixUnicorn · Semiconductors · USA $2.0B
  8. 8 Go1Unicorn · Education · Australia 4.5% $2.0B $90M
  9. 9 At-BayUnicorn · Security · USA $1.4B
  10. 10 NetraDyneUnicorn · Transportation · USA $1.4B
  11. 11 PandaDocUnicorn · Legal · USA 10% $1.1B $110M
  12. 12 RapidSOSUnicorn · Health · USA $1.0B

Estimated value = M12’s disclosed ownership % × Dealroom’s latest company valuation; direct named stakes only, exited positions excluded. Figures are indicative, not reported marks. M12 also appears inside investor groups in RapidSOS, where a standalone stake isn’t disclosed. See the underlying cap tables on Dealroom →

02 · Exits

M12’s biggest exits.

Portfolio companies that IPO’d or were acquired at $1B+, with the valuation recorded at exit and — for those still public — their value today. Exit events come from each company’s funding-round history; entry stage from M12’s transaction record.

$4.4B IPO · 2019
Entered Series B+Now $106BSecurity
$2.5B IPO · 2019
Entered Series B+Now $14BHealth
$2.1B IPO · 2021
Entered Series ANow $256MFintech
$2.1B IPO · 2021
Entered Series B+Now $77MEnterprise Software
$500M IPO · 2019
Entered Series ANow $2.0BGaming
$1.0B acquisition · 2025
Entered Series B+Enterprise Software
03 · Portfolio analysis

Where M12’s portfolio is concentrated.

Distribution of portfolio companies by headquarters country, sector, entry stage and current growth stage. Across all 194 portfolio companies. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. USA144
  2. Israel19
  3. UK13
  4. Canada7
  5. Germany5
  6. Austria2
  7. China2
  8. France2
  9. India2
  10. Norway2
  11. Australia1
  12. Brazil1
By sectorCount
  1. Enterprise Software94
  2. Security36
  3. Media18
  4. Marketing17
  5. Health13
  6. Fintech11
  7. Semiconductors10
  8. Transportation10
  9. Education8
  10. Telecom8
  11. Jobs Recruitment7
  12. Legal7
By stage enteredCount
  1. Series A80
  2. Series B+65
  3. Seed46
By growth stageCount
  1. Breakout Stage105
  2. Late Growth61
  3. Early Growth36
  4. Mature1
04 · Portfolio market map

Inside M12’s portfolio.

The 60 highest-funded portfolio companies, of 194 tracked.

PsiQuantum
Semiconductors · Unicorn
$7.0B
Applied Intuition
Transportation · Decacorn
$15B
InnovAccer
Health · Unicorn
$3.5B
Outreach
Telecom · Unicorn
$4.4B
RapidSOS
Health · Unicorn
$1.0B
Bakkt
Fintech
$256M
Armada
Enterprise Software · Unicorn
$2.2B
d-Matrix
Semiconductors · Unicorn
$2.0B
Go1
Education · Unicorn
$2.0B
Xsight Labs
Semiconductors · Unicorn
$2.8B
ClearMotion
Transportation
$575M
Oosto
Security
$125M
Cloudflare
Security · Centicorn
$106B
Mark Forged
Enterprise Software
$77M
BlueVine
Fintech
$48M
Aqua Security
Security · Unicorn
$1.0B
Rescale
Enterprise Software
$460M
Kahoot!
Gaming · Unicorn
$2.0B
At-Bay
Security · Unicorn
$1.4B
NetraDyne
Transportation · Unicorn
$1.4B
Rapid
Enterprise Software · Unicorn
$1.0B
Contrast Security
Security · Unicorn
$1.0B
Element AI
Enterprise Software
$477M
Livongo Health
Health · Decacorn
$14B
Beamery
Jobs Recruitment · Unicorn
$1.0B
Onfido
Legal
$400M
Skedulo
Jobs Recruitment
$400M
SpyCloud
Security
$440M
Incorta
Enterprise Software
$480M
zenity
Security
$500M
Airobotics
Robotics
$18M
Typeface
Media · Unicorn
$1.0B
Evisort
Legal
$400M
nEye Systems
Semiconductors
$320M
FarEye
Transportation
$400M
HealthifyMe
Health
$375M
Workboard
Enterprise Software
$300M
GroundTruth
Media
$72M
CNEX LABS
Semiconductors
$134M
Arize AI
Enterprise Software
$280M
Dynamic Signal
Telecom
$40M
Neon
Enterprise Software · Unicorn
$1.0B
Hunters
Security
$272M
Wandelbots
Robotics
$336M
Mend
Security
$300M
Syntiant
Semiconductors
$220M
Neurophos
Semiconductors
$440M
Inworld AI
Gaming
$500M
Evinced
Enterprise Software
$220M
Unbabel
Media
$300M
Split Software
Enterprise Software
$200M
SpecterOps
Security
$300M
Synack
Security
$208M
Unravel Data
Enterprise Software
$200M
Ox Security
Security
$240M
Arkose Labs
Security
$280M
Sola Security
Security
$140M
ZenCity
Enterprise Software
$160M
Zipwhip
Telecom
$850M
Weekend
Music
$220M
05 · Portfolio founders

Where M12’s portfolio founders come from.

187 founders across the 100 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. United States120
  2. Israel21
  3. United Kingdom6
  4. Canada5
  5. Germany5
  6. Norway5
  7. India4
  8. Australia3
  9. France3
  10. Portugal2
UniversityCount
  1. Tel Aviv University13
  2. Harvard Business School10
  3. Stanford University9
  4. Technion Israel Institute of Technology9
  5. University of California, Berkeley7
  6. McGill University5
  7. University of Cambridge5
  8. University of Oxford5
  9. Dresden University of Technology4
  10. Harvard University4
Previous companyCount
  1. Alphabet | Google11
  2. Microsoft11
  3. Blue Yonder4
  4. CA Technologies4
  5. CEINT4
  6. Intel Corporation4
  7. McKinsey & Company4
  8. Qualys4
  9. Agari Data3
  10. Boston Consulting Group3