Midwest Firms named in TIME’s annual ‘Top VC’ list

TIME just released its first annual list of the Top 350 Venture Capital Firms in the U.S., and while the coasts dominate - as may be expected - the Midwest has its own story to tell.

Of the 350 firms ranked, just 13 are from the Midwest, which for the math boffins amongst you is 3.7% of the total. Compare that to California, which claims seven of the Top 10 spots (led by Accel and General Catalyst) and more than half of the entire list. New York is represented by Tiger Global at #4, while Massachusetts and Virginia each claim one each in the Top 10.

And yet, contained within this list are the local firms fueling our region’s entrepreneurs.

The highest-ranked Midwest firm is ARCH Venture Partners. Headquartered in Chicago, ARCH works across “technology, life sciences, and physical science” companies according to Dealroom and is #12 overall, notable not only as the Midwest’s leader but as the first non-coastal firm in the entire ranking. The firm secured this position in the rankings with a score of 87.28.

This figure comes from a methodology making use of Fundraising Strength (35%), Investment Capacity & Activity (30%) and Exit & Fund Performance (30%) according to TIME and Statista, the publisher’s data partner in compiling the list.

It is notable that despite containing 9 of the list of 350, Illinois doesn’t have a monopoly on the top-ranked firms. The #2 Midwest spot belongs to Vensana Capital in Minnesota, ranked 44th overall. Focused on healthcare innovation, Vensana is proof that Minnesota’s med-tech ecosystem has serious national weight.

Coming in third for the Midwest is Drive Capital out of Ohio. Ranked 93rd overall, Drive is one of only four Midwest firms in the top 100. Chris Olsen, co-founder of Drive Capital, told TIME the firm is “bringing the venture to the founders” and emphasized the economic scale of the middle of the country.

It’s a reminder of the story that we’re here to tell: that Silicon Valley intuition isn’t the only lens for spotting opportunity. Sometimes it’s lived experience in an industry that gives a founder - and the investor who backs them - an edge.

The fourth Midwest firm in the top 100 was Hyde Park Venture Partners (#98) who proudly declare ‘Investing in the Midwest’ on their home page, while High Alpha represented Indiana in 115th on the list and Michigan’s Aboretum Ventures was in 160th position. There were no firms from Wisconsin in this top 350.

Taken together, the Midwest’s 3.7% share of the national VC power list may feel small. But at the top of the list there are great inspirations to be taken:

- The first non-coastal firm in the list is from Chicago.

- Minnesota and Ohio both have firms breaking into the top 100.

- Four Midwest firms overall make the top-100 cut.

It’s validation that while Venture Capital is disproportionately coastal, the Midwest is building funds that can compete on a national stage, and that are uniquely positioned to back founders solving real-world problems, from manufacturing floors to hospital corridors.

To read the entire list visit America’s Top Venture Capital Firms of 2025, and to register for next year's list visit the Statista site here.