Venture capital firm
G Squared portfolio
gsquared.comG Squared is a venture capital firm based in Chicago, United States, founded in 2011. It has invested in 40 venture-backed companies across 50 funding rounds on VCMC, and led 12 of those rounds. 5 of them were in the last 12 months.
40
Venture-backed companies
in its portfolio on VCMC
50
Funding rounds
led 12
5
Last 12 months
rounds, Oct 2025 to Sep 2026
31
With a disclosed valuation
of 40 companies
$122.3B
Combined value of its private companies
the whole companies, not what G Squared owns
38 private companies G Squared has backed have a VCMC valuation; together they are worth $122.3B. That is the value of the whole companies, not what G Squared owns. Nscale is 15% of the total. 2 companies it backed have since been acquired and are not included. How VCMC values companies.
Values cover private companies only; public companies are not included.
Portfolio
Full G Squared portfolio (40 companies)
40 companies.
| # | Last round | History | Range | Trend | Grade | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bolt Ridesharing · since Growth, 2021 | Debt May 2024 $236M | $12.0B | $1.7B – $13.8B | $11.6B (-3%) | $1.2B | 0% | 16,213 | up | D | |
| 2 | Nscale Hosting & Cloud Infrastructure Providers · since Series B, 2025 | Debt Sep 2026 $3.36B | $18.6B | $12.7B – $24.8B | $21.6B (+16%) | $2.6B | 0% | 989 | growing | B | |
| 3 | Armis Tech Companies · since Growth, 2025 | Growth Equity Dec 2025 $7.75B | $7.8B | $6.7B – $9.0B | $6.0B (-23%) | $729M | 78% | 912 | down | A | |
| 4 | Lambda Tech Companies · since Series D, 2025 | Debt Aug 2026 $926M | $12.4B | $6.8B – $17.9B | $12.6B (+2%) | $1.4B | 0% | – | unknown | B | |
| 5 | Snyk Tech Companies · since Series G, 2022 | Series G Dec 2022 $197M | $4.7B | $1.6B – $12.0B | $3.8B (-19%) | $1.1B | 50% | 1,714 | up | D | |
| 6 | wefox Insurance - Agents, Carriers & Brokers · since Series B, 2019 | Growth Equity Jul 2025 $178M | $4.0B | $3.2B – $5.2B | $2.6B (-35%) | $461M | 97% | 298 | down | A | |
| 7 | Lambda Hosting & Cloud Infrastructure Providers · since Series D, 2025 | Series D Aug 2025 $480M | $5.2B | $3.1B – $6.0B | $5.2B (0%) | $572M | 0% | 420 | unknown | B | |
| 8 | Island Tech Companies · since Series F, 2026 | Series F Sep 2026 $400M | $6.5B | $5.6B – $9.6B | $8.3B (+27%) | $915M | 0% | 1,351 | growing | A | |
| 9 | True Anomaly Aerospace and Defence · since Series D, 2026 | Series D Apr 2026 $650M | $2.6B | $1.9B – $3.6B | $3.1B (+20%) | $345M | 0% | 502 | growing | B | |
| 10 | Stord Warehousing & Storage · since Series D, 2021 | Debt Oct 2026 $400M | $3.6B | $2.6B – $5.4B | $4.7B (+31%) | $521M | 0% | 2,124 | growing | B | |
| 11 | Tipalti Payment Processing & Point of Sale · led at Series F, 2021 | Growth Equity Sep 2025 $200M | $2.0B | $1.4B – $3.0B | $1.4B (-32%) | $208M | 96% | 1,093 | down | B | |
| 12 | SpotOn Payment Processing & Point of Sale · since Series F, 2022 | Series F May 2022 $300M | $3.8B | $411M – $5.0B | $3.5B (-8%) | $537M | 8% | 2,675 | flat | D | |
| 13 | Replit Tech Companies · since Growth, 2026 | Growth Equity Mar 2026 $400M | $10.5B | $7.8B – $13.3B | $11.6B (+10%) | $1.0B | 0% | 709 | growing | A | |
| 14 | Thumbtack Tech Companies · led at Growth, 2021 | Debt Jul 2024 $75M | $2.6B | $391M – $4.1B | $2.6B (0%) | $353M | 0% | 1,807 | up | D | |
| 15 | Inari Biotechnology · since Series D, 2021 | Growth Equity Jan 2025 $144M | $1.4B | $738M – $2.5B | $1.0B (-26%) | $167M | 71% | 495 | down | C | |
| 16 | Upgrade Loans & Financing · since Series F, 2021 | Series G Oct 2025 $165M | $9.5B | $6.3B – $10.9B | $9.5B (0%) | $1.0B | 0% | 1,602 | flat | A | |
| 17 | Collective Health Insurance - Agents, Carriers & Brokers · since Series E, 2019 | Series F May 2021 $280M | $1.8B | $277M – $2.2B | $1.7B (-5%) | $244M | 0% | 791 | up | D | |
| 18 | Fair Holdings Tech Companies · since Series B, 2018 | Debt Aug 2019 $100M | $810M | $52.3M – $1.7B | $810M (0%) | $165M | 5% | 66 | unknown | D | |
| 19 | JOKR Groceries · led at Series B, 2021 | Series D Sep 2023 $50M | $642M | $165M – $1.1B | $531M (-17%) | $119M | 29% | 347 | flat | C | |
| 20 | Moda Operandi Clothing Stores · since Series G, 2021 | Series G May 2021 $100M | $594M | $48.3M – $849M | $556M (-6%) | $96.9M | 1% | 382 | flat | D | |
| 21 | Tech Companies · led at Series C, 2021 | Series C Sep 2021 $100M | $955M | $87.4M – $1.4B | $885M (-7%) | $151M | 10% | 890 | flat | D | |
| 22 | Tech Companies · led at Series C, 2022 | Series C Aug 2022 $50M | $138M | $48.2M – $893M | $109M (-21%) | $69.4M | 97% | 87 | down | D | |
| 23 | Tech Companies · led at Series F, 2023 | Series F Oct 2023 $40M | $234M | $65.9M – $846M | $173M (-26%) | $61.2M | 64% | 172 | flat | D | |
| 24 | Children Clothing · led at Series B, 2021 | Series B Feb 2021 $30M | $88.1M | $15.7M – $310M | $82.7M (-6%) | $36.7M | 59% | 81 | flat | D | |
| 25 | Groceries Delivery · since Growth, 2023 | Acquisition Feb 2026 $335M | $2.3B acquired 2026 | $1.1B – $4.1B | – | – | 54% | 6,685 | flat | C | |
| 26 | Insurance - Agents, Carriers & Brokers · since Growth, 2021 | Acquisition Mar 2025 $2.60B | $4.5B acquired 2025 | $2.8B – $5.1B | – | – | 0% | 740 | flat | B | |
| 27 | Insurance - Agents, Carriers & Brokers · since Series C, 2021 | Growth Equity Jul 2026 $100M | $2.0B | $1.7B – $2.4B | $2.1B (+7%) | $216M | 0% | 641 | up | A | |
| 28 | Groceries · since Growth, 2021 | Growth Equity Dec 2021 $260M | $855M | $74.4M – $1.4B | $855M (0%) | $145M | 0% | 1,096 | flat | D | |
| 29 | Tech Companies · led at Growth, 2022 | Growth Equity Jun 2022 $52M | $726M | $159M – $2.0B | $680M (-6%) | $135M | 63% | 815 | down | D | |
| 30 | Tech Companies · led at Series B, 2022 | Series B Apr 2022 $111M | $603M | $126M – $1.5B | $550M (-9%) | $224M | 54% | 435 | flat | D | |
| 31 | Tech Companies · since Series C, 2021 | Series C Sep 2021 $130M | $848M | $83.7M – $1.2B | $799M (-6%) | $143M | 11% | 1,395 | flat | D | |
| 32 | Tech Companies · led at Series C, 2022 | Series C Apr 2022 $100M | $289M | $80.1M – $1.1B | $273M (-6%) | $111M | 74% | 229 | down | D | |
| 33 | Real Estate Rental · since Series B, 2019 | Series C Jul 2022 $100M | $915M | $98.9M – $1.6B | $810M (-11%) | $141M | 15% | 197 | flat | D | |
| 34 | Insurance - Agents, Carriers & Brokers · since Series C, 2021 | Series C Dec 2021 $127M | $1.1B | $120M – $1.8B | $1.1B (-3%) | $165M | 0% | 1,505 | up | D | |
| 35 | Tech Companies · led at Series B, 2022 | Series B Apr 2022 $111M | $714M | $105M – $1.8B | $670M (-6%) | $207M | 24% | 21 | up | D | |
| 36 | Tech Companies · since Series B, 2022 | Series C Apr 2024 $45M | $326M | $137M – $680M | $227M (-30%) | $54.7M | 59% | 112 | up | C | |
| 37 | Aircraft Parts & Services · since Series A, 2026 | Series A Sep 2026 $60M | $359M | $219M – $913M | $600M (+67%) | $84.0M | 0% | 34 | growing | C | |
| 38 | Tech Companies · since Series C, 2021 | Series C Nov 2021 $40M | $279M | $17.4M – $422M | $262M (-6%) | $37.5M | 0% | 160 | flat | D | |
| 39 | Health Care Services · since Series A, 2020 | Series A Dec 2020 $48M | $572M | $37.0M – $870M | $556M (-3%) | $94.5M | 0% | 219 | up | D | |
| 40 | Payment Processing & Point of Sale · led at Series A, 2022 | Series A Feb 2022 $11M | $25.1M | $4.19M – $208M | $24.2M (-3%) | $14.7M | 97% | 32 | down | D |
Valuation: VCMC's valuation with its range, from a low to a high scenario; a company with no valuation shows a dash, one acquired after its last round its last value as a private company.
Activity
How G Squared invests: stages, industries and countries
Most of its rounds are Series C and later (76%). Its companies span 16 industries, most in Tech Companies, Insurance - Agents, Carriers & Brokers and Payment Processing & Point of Sale, across 10 countries.
Rounds by stage
- Series A 3
- Series B 9
- Series C and later 38
Investments by industry
- Tech Companies 17
- Insurance - Agents, Carriers & Brokers 5
- Payment Processing & Point of Sale 3
- Groceries 2
- Hosting & Cloud Infrastructure Providers 2
- Aerospace and Defence 1
- Aircraft Parts & Services 1
- Biotechnology 1
Investments by country
- United States 30
- Brazil 2
- Australia 1
- Estonia 1
- France 1
- Germany 1
Recent rounds
G Squared's latest investments
G Squared's most recent funding rounds, newest first. 5 rounds in the last 12 months.
- Island Series F $400M 24 Sep 2026
- Series A $60M 8 Sep 2026
- Stord Series F $250M 26 May 2026
- True Anomaly Series D $650M 28 Apr 2026
- Replit Growth $400M 11 Mar 2026
- Nscale Series B $1.10B 25 Sep 2025
- Lambda Series D $480M 18 Aug 2025
- Armis Growth $100M 23 Jul 2025
- Stord Series E $80M 16 May 2025
- Lambda Series D $480M 19 Feb 2025
Co-investors
G Squared's top co-investors
The investors that most often join the same rounds as G Squared. Sequoia Capital leads, with 6 rounds together.
- Sequoia Capital 6 rounds together
- Founders Fund 5 rounds together
- Mubadala 4 rounds together
- Coatue 4 rounds together
- Tiger Global 4 rounds together
- Salesforce Ventures 3 rounds together
- Kaszek 3 rounds together
- HV Capital 3 rounds together
- 3 rounds together
- Greycroft 3 rounds together
About
About G Squared
G Squared Equity Management LP is an American investment management company engaged in venture capital and transitional capital solutions for growth-stage technology companies. The company provides both primary and secondary investments, as well as employee tender structuring, and collaborates with portfolio companies throughout their development. G Squared serves early investors, current and former employees, and other shareholders, addressing liquidity needs for venture-backed firms. The company is registered with the U.S. Securities and Exchange Commission as an investment adviser.
Description from Veridion's company data.
- Founded
- 2011
- Based in
- Chicago, United States
- Team
- 121 people, +9% in a year
- Type
- Venture capital firm
Focus markets
- Technology
What G Squared offers
- Venture Capital Fund Management
- Primary Venture Capital Investment
- Secondary Venture Capital Investment
- Transitional Capital Solutions
- Growth-Stage Technology Company Investment
- Early Investor Liquidity Services
- Employee Tender Structuring and Management
- Portfolio Company Lifecycle Support Services
Questions
G Squared: frequently asked questions
How many companies has G Squared invested in?
40 venture-backed companies on VCMC, across 50 funding rounds.
What are G Squared's most valuable private companies?
Nscale ($18.6B), Lambda ($12.4B), Bolt ($12.0B), by VCMC's valuation.
What was G Squared's latest investment?
Island, a Series F round in Sep 2026 of $400M.
Which stages does G Squared invest in?
G Squared invests most often at Series C and later (38 rounds), followed by Series B (9) and Series A (3).
What is G Squared's portfolio worth?
Its private companies with a VCMC valuation are worth $122.3B together. That is the sum of the companies' values, not what G Squared owns.
Who does G Squared invest alongside?
Sequoia Capital (6 rounds), Founders Fund (5 rounds), Mubadala (4 rounds).