Termina and Business Insider Release 2026 Seed 100 and Seed 40 Investor Lists

Termina analyzed data on 1,974 seed investors to produce the 2026 Seed 100 and Seed 40 lists for Business Insider. The methodology examined 25 success attributes, including exits through IPOs or acquisitions, and required investors to have made at least five investments between 2011 and 2026.

U.S. companies. Investors needed successful exits above liquidation preference, consistent follow-on funding rounds, and ongoing activity to qualify.

Termina updated its model this year to place greater weight on recent investments for intermediate milestones such as follow-on fundraising. The firm also adjusted activity indicators to serve primarily as a gate for removing clearly inactive investors.

Women made up 11% of investors in scope, an increase of 8 percentage points since the first Seed 100 list in 2021. The final 2026 list included 22 investors who rose in rank, 30 who stayed the same or fell, and 48 new entrants.

Data came from Crunchbase and PitchBook, supplemented by direct track record submissions. Termina noted that seed investment activity has fluctuated by up to 50% over the period covered by the rankings. The lists aim to help the venture ecosystem identify and recognize active seed investors. Termina stated it plans to add a counter-consensus sector selection indicator in future updates.