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The Venture Codex

NGP Capital

505 Hamilton Ave., Suite 200, Palo Alto, CA, 94301, USA

Overview

Early-stage VC investing in B2B technology companies.

Deals · 12mo

2

Links

WebsiteLinkedInX (Twitter)

Stage focus

Series B
Series C

Geographic focus

France
Germany
India
United States

Sector focus

Financial Services

Investment portfolio

125rounds
NAMEDATESIZE
Xona Space Systems
Mar 2026Participated
$170 MSeries C
ArmorCode
Mar 2026Participated
$16 MOther Equity
ANYbotics
Sep 2025Participated
$150 MOther Equity
WorkFusion
Sep 2025Participated
$45 MOther Equity
Scintil Photonics
Sep 2025Led
$58 MSeries B
NetBox Labs
Jul 2025Led
$35 MSeries B
Impossible Cloud
Jul 2025Led
$33 MOther Equity
Skylo
Feb 2025Led
$30 MOther Equity
Ati Motors
Jan 2025Led
$20 MSeries B
Shippeo
Jan 2025Participated
$30 MOther Equity
TRACTIAN
Dec 2024Participated
$120 MSeries C
The Exploration Company
Nov 2024Participated
$160 MSeries B
Xona Space Systems
Mar 2026Participated
$170 MSeries C
ArmorCode
Mar 2026Participated
$16 MOther Equity
ANYbotics
Sep 2025Participated
$150 MOther Equity
WorkFusion
Sep 2025Participated
$45 MOther Equity
Scintil Photonics
Sep 2025Led
$58 MSeries B
NetBox Labs
Jul 2025Led
$35 MSeries B
Impossible Cloud
Jul 2025Led
$33 MOther Equity
Skylo
Feb 2025Led
$30 MOther Equity
Ati Motors
Jan 2025Led
$20 MSeries B
Shippeo
Jan 2025Participated
$30 MOther Equity
TRACTIAN
Dec 2024Participated
$120 MSeries C
The Exploration Company
Nov 2024Participated
$160 MSeries B
125
Items
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Insights

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Deal Distribution

NGP Capital: 125 funding rounds are recorded in the selected participation categories.All available history.
NGP Capital: 125 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed01
Series A43
Series B2015
Series C+732
Other Equity1627

Monthly Deal Activity

NGP Capital: 125 deals are recorded across 213 months.All available history.
NGP Capital: 125 deals are recorded across 213 months. All available history
MonthDeals
Feb '091
Mar '090
Apr '090
May '090
Jun '090
Jul '090
Aug '090
Sep '090
Oct '090
Nov '090
Dec '091
Jan '100
Feb '100
Mar '101
Apr '100
May '100
Jun '100
Jul '101
Aug '100
Sep '101
Oct '101
Nov '100
Dec '100
Jan '110
Feb '112
Mar '110
Apr '111
May '111
Jun '111
Jul '111
Aug '110
Sep '110
Oct '110
Nov '111
Dec '110
Jan '120
Feb '121
Mar '120
Apr '120
May '120
Jun '121
Jul '120
Aug '120
Sep '120
Oct '122
Nov '120
Dec '120
Jan '130
Feb '131
Mar '131
Apr '131
May '131
Jun '130
Jul '131
Aug '130
Sep '130
Oct '130
Nov '131
Dec '130
Jan '140
Feb '142
Mar '143
Apr '141
May '140
Jun '142
Jul '141
Aug '141
Sep '143
Oct '141
Nov '141
Dec '141
Jan '152
Feb '151
Mar '150
Apr '151
May '150
Jun '151
Jul '151
Aug '151
Sep '150
Oct '150
Nov '151
Dec '152
Jan '161
Feb '160
Mar '160
Apr '161
May '161
Jun '160
Jul '161
Aug '162
Sep '160
Oct '160
Nov '161
Dec '161
Jan '171
Feb '170
Mar '170
Apr '171
May '171
Jun '170
Jul '170
Aug '170
Sep '170
Oct '171
Nov '171
Dec '170
Jan '180
Feb '181
Mar '180
Apr '181
May '181
Jun '181
Jul '181
Aug '181
Sep '180
Oct '181
Nov '181
Dec '182
Jan '190
Feb '190
Mar '191
Apr '190
May '190
Jun '191
Jul '190
Aug '193
Sep '190
Oct '190
Nov '190
Dec '191
Jan '201
Feb '201
Mar '200
Apr '201
May '201
Jun '200
Jul '200
Aug '201
Sep '201
Oct '201
Nov '200
Dec '200
Jan '211
Feb '213
Mar '211
Apr '211
May '213
Jun '210
Jul '211
Aug '210
Sep '210
Oct '210
Nov '210
Dec '210
Jan '220
Feb '221
Mar '224
Apr '220
May '222
Jun '221
Jul '220
Aug '220
Sep '220
Oct '221
Nov '222
Dec '220
Jan '230
Feb '230
Mar '230
Apr '230
May '230
Jun '230
Jul '230
Aug '230
Sep '230
Oct '230
Nov '230
Dec '231
Jan '240
Feb '242
Mar '240
Apr '240
May '242
Jun '242
Jul '240
Aug '240
Sep '240
Oct '240
Nov '241
Dec '241
Jan '252
Feb '251
Mar '250
Apr '250
May '250
Jun '250
Jul '252
Aug '250
Sep '253
Oct '250
Nov '250
Dec '250
Jan '260
Feb '260
Mar '262
Apr '260
May '260
Jun '260
Jul '260
Aug '260
Sep '260
Oct '260

Sector Breakdown

NGP Capital: Networks, Cloud & Communication is the largest displayed sector by deal count (48 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

NGP Capital: Networks, Cloud & Communication is the largest displayed sector by deal count (48 deals). All available history
SectorDeals
Networks, Cloud & Communication48
Enterprise Software44
E-Commerce & Retail29
Hardware & Robotics26
AI & Machine Learning22
Transportation & Logistics21
Data, Analytics & IT18
Marketing & Advertising17
Space & Frontier Tech11
Manufacturing11
Professional Services11
Cybersecurity & Privacy10
Consumer & Lifestyle10
Media & Entertainment10
Health & Life Sciences10
AR/VR7
Fintech7
Developer Tools6
Travel & Hospitality5
Real Estate & Construction5
Education & Workforce4
Gaming & eSports4
Government & Defense2
Social & Community Platforms2
Clean Energy & Sustainability1
Crypto & Blockchain1

Deal Size Distribution

NGP Capital: 125 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

NGP Capital: 125 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M4
$5M-$10M13
$10M-$25M46
$25M-$50M32
$50M-$100M17
$100M-$250M13
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

NGP Capital: United States has the largest recorded deal count among the displayed regions (61 deals).All available history.

Top 9 of 9 regions; European countries are grouped as Europe.

NGP Capital: United States has the largest recorded deal count among the displayed regions (61 deals). All available history
RegionDeals
United States61
Europe37
India16
Israel4
China3
Canada1
Dominican Republic1
South Africa1
United Arab Emirates1
NGP Capital: 20 co-investors are shown, with Intel Capital sharing 11 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

NGP Capital: 20 co-investors are shown, with Intel Capital sharing 11 recorded deals. All available history
Co-investorShared deals
Intel Capital11
Qualcomm Ventures9
August Capital8
Canvas Prime7
Google Ventures7
Aspect Ventures5
Battery Ventures5
Mohr Davidow Ventures5
Sequoia Capital5
Workday Ventures5
AXA Venture Partners4
Bpifrance Digital Venture4
Highland Europe4
Madrona Venture Group4
Nexus Venture Partners4
Norwest Venture Partners4
Partech4
Activant Capital3
Ally Bridge Group3
Bessemer Venture Partners3

Investment Strategy

NGP Capital: Led accounts for 38% and participating for 62% of round participation.All available history.
NGP Capital: Led accounts for 38% and participating for 62% of round participation. All available history
CategoryDeals (count)Share (%)
Led4738%
Participating7862%
NGP Capital: Single-lead accounts for 74% and co-led for 26% of lead dynamics.All available history.
NGP Capital: Single-lead accounts for 74% and co-led for 26% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead3574%
Co-led1226%

Team

Atte Honkasalo

Vice Presiden of Data and Analytics

Bo Ilsoe

Managing Partner

Christian Noske

Partner

Divya Raghavan

Senior Associate and Vice President

Justin Jin

CFO, China

Matti Vanska

Partner, Ecosystem and Portfolio Development

Paul Asel

Co-Founder and Partner

Upal Basu

General Partner