How Termina selected and ranked the 2026 Seed 100 and Seed 40 lists

For its sixth consecutive year, the Seed 100 and Seed 40 lists have partnered with Business Insider to highlight the prowess of top seed investors globally. This year’s rankings are particularly influenced by the rising prominence of artificial intelligence within seed-stage startups, a trend expected to shape future assessments. To compile the 2026 lists, an extensive statistical analysis was conducted on seed investor performance, examining 25 different metrics using data from Crunchbase and PitchBook. The process also incorporated direct submissions of investment track records. The focus is on evaluating active investors, specifically those who have made at least five investments between 2011 and 2026, rather than merely their historical success. The assessment included solo venture capitalists and angel investors targeting U.S. companies. The investors who secured a spot on the 2026 Seed 100 possessed strong long-term indicators of success, particularly through exits in the form of IPOs or acquisitions. Notably, those with prior engagements in AI saw substantial benefits in their rankings this year. To qualify for the list, seed investors must demonstrate significant exits, which are the most critical factors in differentiating successful investors. This year’s methodology was refined to place greater emphasis on more recent investments, especially concerning follow-on fundraising efforts. The candidate pool expanded to 1,974 investors, reflecting a 5% rise from the previous year, with women representing 11% of these investors—up 8% since the inaugural Seed 100 in 2021. Among the final rankings, 22 investors improved their positions, while 30 maintained or dropped theirs, and 48 new entrants were recognized. Notably, 27 investors from the 2021 list have reappeared this year. While investment activity has varied over the years, our models have consistently prioritized the activity level of investors, with those showing minimal engagement ranked lower. Although data coverage for seed investments can be inconsistent, we have developed trend estimates based on aggregate statistics. The Seed 100 and Seed 40 lists aim to guide the investment ecosystem in identifying and honoring outstanding seed investors. Our updated activity criteria are designed to be more inclusive across different investment strategies while still spotlighting those who remain active in the field. Future enhancements to the model are planned, including a new indicator to gauge sector selection, which is often seen as a key insight into effective seed investing strategies. Looking ahead, we aim to balance recent successes with the evolving market landscape. Jake Ellowitz, the CTO and co-founder of Termina, is instrumental in collaborating with venture capital and private equity firms, sovereign wealth funds, and industry executives to evaluate investment opportunities. Alongside him, Michael Mao serves as a data scientist at Termina, specializing in quantitative underwriting and statistical modeling.