What’s new in 2025? Focus on fundamentals.
Two-thirds of this year’s score comes from revenue milestones, not valuations:
- 🐴 Colts – companies with $25–100M annual revenue
- 🐎 Thoroughbreds – companies already pulling in $100M+ ARR. Access the Top 100 Thoroughbreds landscape here.
- 🦄 Unicorns – still counted, but now the minority of the score
What hasn’t changed? Stage still counts.
As in the last four editions, we give extra credit to investors who wrote the early checks, Seed and Series A, where conviction matters most.
Learn more about Dealroom’s definitions here.
Definitive, data-driven VC league table
Whether you’re an LP measuring performance, a founder picking partners, or a VC benchmarking peers, this is the most transparent view of who consistently turns investments into durable outcomes.
Trusted by global leaders in VC
Methodology
How we built the Power Law Investor Ranking
Who’s in the sample?
We track ~25,000 investors globally: VCs, accelerators, CVCs, angel networks, and crossover funds.
The table only includes those with at least one “Outcome” in the selected ecosystem.
What counts as an Outcome?
- 🦄 Unicorn — private valuation over $1B
- 💸 $1B+ exit — via M&A or IPO
- 🐎 Thoroughbred — $100M+ annual revenue
- 🐴 Colt — $25–100M annual revenue
Many more investors are active but have no outcomes. We hide those to avoid a wall of zeroes.
Counting the right cheque
For each outcome company, we tag the earliest round where each investor participated (Seed, A, B, etc.).
Earlier entries earn more credit. Late-stage entries get less.
This “stage weighting” has been used since Edition 3, so scores are comparable year to year.
Scoring formula (simplified)
Investor Score =
100 pts × Seed → Unicorn
+ 30 pts × A → Unicorn
+ 10 pts × B+ → Unicorn
+ 100 pts × Seed → $100M+ rev
+ 30 pts × A → $100M+ rev
+ 10 pts × B+ → $100M+ rev
+ 25 pts × Seed → Colt
+ 7.5 pts × A → Colt
Two-thirds of all points come from revenue milestones (Thoroughbreds + Colts).
Valuation-based outcomes (Unicorns + $1B exits) make up the remaining third.
Data sources & refresh rate
Dealroom’s public and proprietary data, company filings, press releases, and investor submissions.
Tables update nightly. Scores are frozen annually for each official edition.
Why mix revenue and valuation?
Unicorn status signals market promise; revenue proves product-market fit. If a company hits both, it earns on both, because it shows both potential and proof.
Reading the table
- Click any cell to view the underlying companies
- Hover for quick stats
- Need raw data or custom cuts? Use “More info” in the header
This keeps the leaderboard transparent, repeatable, and focused on who actually builds enduring companies, not just marks up rounds.