The Forbes Midas List, now in its 24th year, continues to recognize the world’s top venture capitalists. This year’s list sees a shift in focus, with the soaring valuations of private startups like OpenAI, SpaceX, and Databricks shaking up the rankings. While Silicon Valley investors from Sequoia and the PayPal Mafia further solidify their positions, new faces have emerged, showcasing their talent for identifying future unicorns.
Mar Hershenson, Hemant Taneja, and Larry Li are among the top venture capitalists featured this year, each making significant contributions to the tech industry through their investments. Hershenson is known for her strategic investments and expertise in tech, while Taneja focuses on healthcare and technology, identifying and nurturing startups that drive significant industry innovations. Li, a key player in the tech investment landscape, has insights and investments that have led to the growth of multiple high-value startups.
The Midas List 2025 captures the essence of venture capitalism, highlighting those who have stayed ahead of the curve in an ever-evolving market. As the industry continues to evolve, these influential players will undoubtedly shape the future of technology and innovation in the venture capital world. The Midas Seed List, now in its fourth year, celebrates the top seed-stage investors of 2025 who made early bets on the startups driving today’s AI revolution.
Top venture capitalists innovate industry
This year’s standouts reflect a market pivoting from consumer and enterprise wins to longer-term AI plays, with investments in AI-native cybersecurity platforms, climate-forward biotech companies, and code-generation startups. The 25 investors on the 2025 Midas Seed List are shaping the landscape for the entire venture ecosystem, with a focus on AI, cybersecurity, and industrial biotech.
They are backing founders who are building the future from the ground up. Pejman Nozad of Pear Ventures holds the top spot for the third consecutive year, mastering the art of spotting category-defining companies even before their categories exist. Gili Raanan of Cyberstarts has built one of the most powerful portfolios in cybersecurity. At the same time, David Frankel of Founder Collective continues to generate massive returns through focused and founder-aligned investing.
Semil Shah of Haystack has built a portfolio focused on software and tools transforming modern work, and Sarah Guo of Conviction has quickly become influential in generative AI investment. The Forbes 2025 Midas List features seven investors based in Europe, with six operating out of London and one from Berlin. Notable deals include UiPath, Figma, DocuSign, Robinhood, and Revolut.
As venture capital firms continue to make significant movements in the industry, with Schroders doubling down on VC and Cathay Innovation closing a €1bn fund dedicated to AI, the 2025 Midas Seed List highlights the pivotal role these investors play in advancing AI and other emerging technologies, shaping the tech and venture capital landscape for years to come.