finance
Business Insider Publishes 2026 List of Top Women Early-Stage Investors
Business Insider released its sixth annual Seed 40 ranking of women investors focused on early-stage startups. The list uses the same methodology as the Seed 100 and highlights investors whose track records are still developing.
May 18, 5:00 AM·1m read1 source
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Business Insider published its sixth annual Seed 40 list on May 18, 2026, recognizing women who invest in early-stage startups. The ranking applies the same data model used for the Seed 100 but provides additional visibility for investors whose shorter track records place them outside the top 100.
The list was compiled with data analysis from Termina, a Tribe Capital spinoff. It measures early bets that later produced successful outcomes for the companies involved. Business Insider stated that venture capital networks have historically limited participation by women, which is one reason the separate Seed 40 list exists.
Shan-Lyn Ma, cofounder and co-CEO of Zola, ranked first. Her investments include Deliverr, acquired by Shopify in 2022 and later sold to Flexport in 2023, and Flow Commerce, sold to Global-e in 2021. Ann Miura-Ko, cofounding partner at Floodgate, ranked second.
Her investments include Merlin Labs, SmarterDX, Hebbia, and Thinkful. Lynne Chou O'Keefe, founder and managing partner of Define Ventures, ranked third. She has backed Evermore Health and worked with the company on customer introductions and talent sourcing.
Ann DeWitt, general partner at Engine Ventures, ranked fourth. 4 million and recruit a CEO. Yun-Fang Juan, general partner at Brighter Capital, ranked fifth. Her investments include Infracost, Empowerly, and Creatify. Ling Wong, founder and CEO of Highbury Group, ranked sixth.
5 billion portfolio at the Gates Foundation. Sarra Zayani, investor at Hedosophia, ranked seventh. She previously worked at Global Founders Capital and the Abu Dhabi Investment Authority. Aileen Lee, founder and managing partner of Cowboy Ventures, ranked eighth.
She coined the term "unicorn" for startups valued above $1 billion. Joanne Chen, general partner at Foundation Capital, ranked ninth. She began her career as an engineer at Cisco and later advised companies on Wall Street.
