Venture capital firm
M12 portfolio
m12.vcM12 is a venture capital firm based in Redmond, United States, founded in 2016. It has invested in 141 venture-backed companies across 205 funding rounds on VCMC, and led 60 of those rounds. 16 of them were in the last 12 months.
141
Venture-backed companies
in its portfolio on VCMC
205
Funding rounds
led 60
16
Last 12 months
rounds, Oct 2025 to Sep 2026
25
With a disclosed valuation
of 141 companies
$1.39T
Combined value of its private companies
the whole companies, not what M12 owns
132 private companies M12 has backed have a VCMC valuation; together they are worth $1.39T. That is the value of the whole companies, not what M12 owns. Anthropic is 78% of the total. 9 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
M12's most valuable portfolio companies
The 10 most valuable private companies M12 has backed, by VCMC's valuation. Values cover private companies only; public companies are not included.
- 1 Anthropic Tech Companies, San Francisco $1.09T range $838.9B – $1.51T Joined at Series C, 2023
- 2 Databricks Tech Companies, San Francisco $193.6B range $165.2B – $240.4B Joined at Series F, 2019
- 3 Applied Intuition Tech Companies, Sunnyvale $20.9B range $13.7B – $24.0B Joined at Series B, 2019
- 4 Pacific Fusion Renewable energy companies, Fremont $12.7B range $5.5B – $19.3B Joined at Series A, 2024
- 5 PsiQuantum Semiconductors, Palo Alto $9.6B range $6.0B – $11.0B Led at Series C, 2019
- 6 DailyHunt Tech Companies, Koramangala $6.5B range $516M – $7.5B Joined at Series H+, 2020
- 7 Innovaccer Tech Companies, San Francisco $4.6B range $2.0B – $5.3B Joined at Seed, 2015
- 8 Tech Companies, San Francisco $3.2B range $2.6B – $5.2B Joined at Series B, 2026
- 9 Tech Companies, Kiryat Gat $2.9B range $2.4B – $3.5B Joined at Series B, 2020
- 10 d-Matrix Tech Companies, Santa Clara $2.7B range $1.7B – $3.2B Led at Series A, 2022
Portfolio
Full M12 portfolio (141 companies)
141 companies. Load more shows the rest.
| # | Last round | History | Range | Trend | Grade | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Anthropic Tech Companies · since Series C, 2023 | Series H May 2026 $65.00B | $1.09T | $838.9B – $1.51T | $1.31T (+20%) | $144.0B | 0% | 6,076 | growing | A | |
| 2 | Databricks Tech Companies · since Series F, 2019 | Growth Equity Aug 2026 $5.00B | $193.6B | $165.2B – $240.4B | $209.0B (+8%) | $18.8B | 0% | 17,130 | growing | A | |
| 3 | PsiQuantum Semiconductors · led at Series C, 2019 | Grant Jul 2026 $125M | $9.6B | $6.0B – $11.0B | $9.6B (0%) | $1.1B | 0% | 671 | up | B | |
| 4 | DailyHunt Tech Companies · since Series H+, 2020 | Debt Feb 2024 $6.2M | $6.5B | $516M – $7.5B | $6.5B (0%) | $822M | 0% | 350 | unknown | D | |
| 5 | Applied Intuition Tech Companies · since Series B, 2019 | Series F Jun 2025 $600M | $20.9B | $13.7B – $24.0B | $20.9B (0%) | $2.3B | 0% | 1,625 | growing | A | |
| 6 | Pacific Fusion Renewable energy companies · since Series A, 2024 | Series A Oct 2024 $900M | $12.7B | $5.5B – $19.3B | $12.7B (0%) | $1.8B | 0% | 225 | growing | C | |
| 7 | Bluevine Banks & ATMs · since Series E, 2018 | Series F Nov 2019 $103M | $731M | $94.1M – $1.6B | $731M (0%) | $174M | 20% | 618 | up | D | |
| 8 | Innovaccer Tech Companies · since Seed, 2015 | Series F Jan 2025 $275M | $4.6B | $2.0B – $5.3B | $4.6B (0%) | $502M | 0% | 1,630 | flat | B | |
| 9 | RapidSOS Tech Companies · since Growth, 2022 | Series D Nov 2025 $100M | $1.3B | $869M – $1.5B | $1.3B (+2%) | $148M | 0% | 326 | up | A | |
| 10 | Loggi Shipping Couriers · since Growth, 2018 | Growth Equity Mar 2021 $205M | $2.2B | $214M – $2.8B | $2.1B (-2%) | $297M | 7% | 4,360 | flat | D | |
| 11 | Armada Tech Companies · led at Growth, 2024 | Series B May 2026 $230M | $2.4B | $1.7B – $3.5B | $3.1B (+28%) | $339M | 0% | 667 | growing | B | |
| 12 | d-Matrix Tech Companies · led at Series A, 2022 | Series C Nov 2025 $275M | $2.7B | $1.7B – $3.2B | $2.8B (+2%) | $307M | 0% | 325 | growing | B | |
| 13 | Unbabel Translation Services · since Series B, 2018 | Series C Sep 2019 $60M | $112M | $31.5M – $525M | $112M (0%) | $65.7M | 80% | 658 | down | D | |
| 14 | Tech Companies · led at Series B, 2019 | Series D Mar 2022 $150M | $865M | $113M – $1.7B | $790M (-9%) | $180M | 24% | 338 | flat | D | |
| 15 | Tech Companies · since Series A, 2016 | Series D Apr 2025 $115M | $1.8B | $710M – $2.8B | $1.7B (-4%) | $209M | 13% | 246 | flat | C | |
| 16 | Tech Companies · since Series B, 2024 | Series C Aug 2026 $125M | $1.0B | $664M – $1.7B | $1.2B (+23%) | $135M | 0% | 267 | growing | B | |
| 17 | Tech Companies · since Series C, 2019 | Series D Jun 2021 $120M | $1.1B | $136M – $1.9B | $1.0B (-5%) | $169M | 4% | 359 | up | D | |
| 18 | Tech Companies · since Series B, 2017 | Series C Sep 2021 $100M | $955M | $87.4M – $1.4B | $885M (-7%) | $151M | 10% | 890 | flat | D | |
| 19 | Tech Companies · led at Series A, 2019 | Series C May 2022 $100M | $281M | $53.3M – $1.2B | $249M (-11%) | $98.8M | 59% | 67 | flat | D | |
| 20 | Tech Companies · led at Growth, 2018 | Growth Equity Jul 2020 $100M | $365M | $67.8M – $990M | $365M (0%) | $100M | 52% | 248 | flat | D | |
| 21 | Tech Companies · since Series C, 2025 | Series C Feb 2025 $70M | $939M | $532M – $1.3B | $939M (0%) | $103M | 0% | 244 | growing | B | |
| 22 | Tech Companies · led at Series B, 2019 | Series C Jul 2021 $75M | $357M | $45.1M – $1.3B | $335M (-6%) | $91.6M | 54% | 182 | down | D | |
| 23 | Tech Companies · since Series C, 2020 | Series D Aug 2021 $50M | $158M | $28.9M – $772M | $138M (-12%) | $64.8M | 63% | 62 | down | D | |
| 24 | Tech Companies · since Series A, 2018 | Series C Jun 2024 $40M | $336M | $115M – $645M | $237M (-29%) | $52.3M | 52% | 132 | flat | C | |
| 25 | Tech Companies · since Series B, 2026 | Series B Oct 2026 $53M | $336M | $232M – $702M | $495M (+47%) | $54.4M | 0% | 94 | growing | B | |
| 26 | Tech Companies · since Series B, 2026 | Series B May 2026 $50M | $592M | $435M – $837M | $728M (+23%) | $80.1M | 0% | 150 | growing | B | |
| 27 | Tech Companies · since Series B, 2019 | Series C Oct 2022 $30M | $122M | $25.7M – $519M | $97.9M (-20%) | $39.0M | 63% | 183 | down | D | |
| 28 | Tech Companies · since Seed, 2023 | Series B Mar 2024 $40M | $416M | $168M – $479M | $366M (-12%) | $45.8M | 0% | 115 | up | B | |
| 29 | Tech Companies · since Series A, 2025 | Series B Dec 2025 $40M | $303M | $154M – $464M | $327M (+8%) | $39.2M | 0% | 70 | growing | B | |
| 30 | Tech Companies · led at Series C, 2024 | Series C Jul 2024 $55M | $265M | $141M – $654M | $148M (-44%) | $66.7M | 97% | 95 | shrinking | C | |
| 31 | Tech Companies · since Series B, 2024 | Series B Nov 2024 $30M | $144M | $82.9M – $315M | $89.0M (-38%) | $34.2M | 97% | 57 | shrinking | C | |
| 32 | Tech Companies · since Series A, 2025 | Series A Jun 2025 $30M | $268M | $86.0M – $381M | $268M (0%) | $37.6M | 0% | 2 | unknown | C | |
| 33 | Tech Companies · since Series A, 2026 | Series A Feb 2026 $30M | $225M | $105M – $382M | $269M (+19%) | $37.6M | 0% | 36 | growing | C | |
| 34 | Tech Companies · since Series A, 2025 | Series A Jul 2025 $30M | $179M | $90.9M – $279M | $143M (-20%) | $36.8M | 59% | 43 | up | B | |
| 35 | Tech Companies · since Series B, 2016 | Series B Nov 2016 $23M | $165M | $14.0M – $236M | $158M (-4%) | $25.9M | 0% | 330 | up | D | |
| 36 | Tech Companies · led at Series A, 2022 | Series A Oct 2022 $25M | $36.2M | $13.7M – $95.8M | $29.3M (-19%) | $29.4M | 97% | 37 | shrinking | C | |
| 37 | Tech Companies · led at Series B, 2022 | Series B May 2022 $17M | $54.6M | $12.7M – $200M | $48.2M (-12%) | $22.3M | 64% | 37 | up | D | |
| 38 | Tech Companies · led at Series A, 2022 | Acquisition Aug 2026 | $250M acquired 2026 | $11.4M – $380M | – | – | 0% | – | unknown | D | |
| 39 | Tech Companies · since Seed, 2025 | Series A Oct 2025 $24M | $164M | $65.0M – $235M | $166M (+1%) | $23.2M | 0% | 24 | growing | C | |
| 40 | Tech Companies · since Series A, 2026 | Series A Apr 2026 $20M | $155M | $76.8M – $320M | $210M (+35%) | $29.4M | 0% | 44 | growing | C | |
| 41 | Tech Companies · led at Series A, 2025 | Series A Feb 2025 $15M | $196M | $85.8M – $278M | $196M (0%) | $27.5M | 0% | 49 | growing | B | |
| 42 | Tech Companies · since Seed, 2025 | Seed May 2025 $18M | $222M | $80.9M – $353M | $208M (-7%) | $45.2M | 14% | 28 | growing | C | |
| 43 | Tech Companies · led at Series A, 2024 | Series A Dec 2024 $17M | $146M | $36.2M – $238M | $137M (-7%) | $23.1M | 16% | 19 | unknown | C | |
| 44 | Tech Companies · since Series B, 2017 | Series B Feb 2017 $15M | $79.3M | $5.47M – $162M | $79.3M (0%) | $17.7M | 3% | 49 | flat | D | |
| 45 | Tech Companies · since Seed, 2021 | Other Dec 2021 $8.5M | $20.9M | $3.19M – $91.0M | $20.9M (0%) | $8.14M | 59% | 52 | growing | D | |
| 46 | Tech Companies · led at Seed, 2021 | Seed Oct 2021 $9.3M | $46.9M | $11.7M – $157M | $49.4M (+5%) | $24.8M | 39% | 101 | growing | D | |
| 47 | Tech Companies · since Seed, 2020 | Seed Jul 2022 $5.0M | $35.0M | $1.98M – $60.6M | $32.9M (-6%) | $9.15M | 2% | 39 | flat | D | |
| 48 | Tech Companies · led at Series A, 2018 | Series A Jun 2018 $5.0M | $38.9M | $7.93M – $71.4M | $38.9M (0%) | $7.00M | 8% | 32 | growing | D | |
| 49 | Tech Companies · since Seed, 2023 | Seed Apr 2023 $4.8M | $78.1M | $20.1M – $144M | $78.1M (0%) | $17.1M | 0% | 18 | growing | C | |
| 50 | Tech Companies · led at Seed, 2023 | Seed May 2023 $4.0M | $16.5M | $3.30M – $48.2M | $13.3M (-19%) | $9.10M | 54% | 18 | 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 M12 invests: stages, industries and countries
Most of its rounds are Series C and later (36%). Its companies span 19 industries, most in Tech Companies, Electronical Components Manufacturing and Software Development Services, across 16 countries.
Rounds by stage
- Pre-seed 1
- Seed 20
- Series A 58
- Series B 52
- Series C and later 73
- Other venture 1
Investments by industry
- Tech Companies 113
- Electronical Components Manufacturing 3
- Software Development Services 3
- Biotechnology 2
- Hosting & Cloud Infrastructure Providers 2
- Industrial Machinery & Supplies 2
- Professional & Management Training 2
- Renewable energy companies 2
Investments by country
- United States 105
- Canada 8
- Israel 8
- United Kingdom 5
- India 2
- Norway 2
Recent rounds
M12's latest investments
M12's most recent funding rounds, newest first. 16 rounds in the last 12 months.
- Series B $50M 13 Oct 2026
- Series B $90M 7 Oct 2026
- Series B $53M 7 Oct 2026
- Series B $300M 4 Sep 2026
- Series B $100M 2 Sep 2026
- Series A $35M 27 Jul 2026
- Series B $50M 12 May 2026
- Series C $80M 16 Apr 2026
- Series A $20M 15 Apr 2026
- Series A, led $40M 23 Mar 2026
Co-investors
M12's top co-investors
The investors that most often join the same rounds as M12. Andreessen Horowitz leads, with 16 rounds together.
- Andreessen Horowitz 16 rounds together
- Y Combinator 14 rounds together
- Lightspeed Venture Partners 13 rounds together
- Salesforce Ventures 12 rounds together
- Kleiner Perkins 12 rounds together
- B Capital 12 rounds together
- Intel Capital 11 rounds together
- General Catalyst 10 rounds together
- Menlo Ventures 10 rounds together
- Insight Partners 9 rounds together
About
About M12
M12 is a United States venture capital firm that invests in early-stage technology companies, with a focus on sectors such as cloud infrastructure, enterprise applications, developer tools, deep technology and artificial intelligence, cybersecurity, and Web3 and gaming. The firm provides strategic partnerships and resources to its portfolio companies, supporting their growth and development. M12 operates as a subsidiary of Microsoft and is part of the broader financial services sector.
Description from Veridion's company data.
- Founded
- 2016
- Based in
- Redmond, United States
- Team
- 135 people, +45% in a year
- Type
- Venture capital firm
Focus markets
- Technology
- Cloud Infrastructure
- Enterprise Applications
- Developer Tools
- Deep Tech
- AI
- Cybersecurity
- Web3 + Gaming
What M12 offers
- Technology Venture Capital Investment
- Enterprise Technology Company Investment
- Cloud Infrastructure Company Investment
- Enterprise Application Investment
- Developer Tool Investment
- Deep Tech and AI Company Investment
- Cybersecurity Company Investment
- Web3 and Gaming Company Investment
Questions
M12: frequently asked questions
How many companies has M12 invested in?
141 venture-backed companies on VCMC, across 205 funding rounds.
What are M12's most valuable private companies?
Anthropic ($1.09T), Databricks ($193.6B), Applied Intuition ($20.9B), by VCMC's valuation.
What was M12's latest investment?
Reach Security, a Series B round in Oct 2026 of $50M.
Which stages does M12 invest in?
M12 invests most often at Series C and later (73 rounds), followed by Series A (58) and Series B (52). It has also joined 20 seed, 1 pre-seed and 1 other venture rounds.
What is M12's portfolio worth?
Its private companies with a VCMC valuation are worth $1.39T together. That is the sum of the companies' values, not what M12 owns.
Who does M12 invest alongside?
Andreessen Horowitz (16 rounds), Y Combinator (14 rounds), Lightspeed Venture Partners (13 rounds).