April wasn’t exactly a blockbuster month for U.S. startup funding. In fact, it was one of the quieter periods this year as most venture capital firms held back. The data paints a clear picture: only Andreessen Horowitz and Khosla Ventures managed to hit double-digit deal counts.
That’s a rare slowdown, especially for well-known VC firms that usually dominate early and growth-stage rounds. Still, a few names stood out — let’s break down which U.S. startup investors were the most active last month.
Andreessen Horowitz Led the Pack
Andreessen Horowitz, also known as a16z, topped the list with 13 deals. That’s the firm’s highest monthly total since January. And it wasn’t just about quantity — they also went big on dollar value.
One of their most notable investments was in Base Power, co-leading a $200 million Series B alongside Addition, Lightspeed Venture Partners, and Valor Equity. The Austin-based company is building residential battery systems that charge when electricity prices are low — a timely product in today’s energy landscape.
a16z also led the $100 million-plus funding round for Flow, Adam Neumann’s latest residential real estate venture. That round reportedly values the company at a hefty $2.5 billion.
Khosla Ventures Came In Strong
Khosla Ventures wasn’t far behind, closing 10 deals — its busiest month since April 2024.
One highlight: Khosla led a $104 million investment in Science, a biotech startup founded by a Neuralink co-founder. Science is developing both a brain implant system and a retina device aimed at treating eye diseases.
Khosla also participated in Cyberhaven’s $100 million Series D, pushing the data security startup to unicorn status. And in the clean energy space, the firm joined Mainspring Energy’s huge $258 million Series F round. The company builds next-gen generators — a hot area as AI continues to strain the energy grid.
General Catalyst Slows Down, Still Leads Big
General Catalyst ranked third with 9 deals. That marks a slowdown from the 26 deals it participated in during February and March.
Still, it made headlines by leading Mainspring Energy’s massive Series F — the largest round it backed in April. The firm also co-led smaller rounds for Vivere Partners, an insurance startup, and Fourier, a company working on hydrogen energy solutions.
Other Standout Investors
- BoxGroup and Index Ventures each took part in 8 deals.
- Ocampo Capital led or co-led the most deals overall — 7 in total.
- Greenoaks Capital Partners made the biggest splash by leading Safe Superintelligence’s $2 billion round, valuing the AI firm at $32 billion.
- Y Combinator remained the most active accelerator, investing in 22 U.S. startups in April.
These rankings reflect the number of deals involving U.S.-based startups. Accelerators like Y Combinator were excluded from the main investor rankings due to their high-volume, batch-based investment style.
