The Founders Corner®

The Founders Corner®

The Investors Who Are Actually Writing Checks In Q3

Family offices sat in Databricks, Mistral, Helsing and Etched this quarter. No fund clock. No LPs. No 2-and-20. We mapped 1,082 of them and logged every cheque they publicly wrote in Q3.

Chris Tottman's avatar
Chris Tottman
Oct 14, 2026
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Next! — Udo Keppler's 1904 Puck cartoon of Standard Oil as an octopus
The fortune that started it all: Udo Keppler’s 1904 Puck cartoon “Next!” shows Standard Oil as an octopus wrapped around industry and the US Capitol. Two decades earlier, in 1882, John D. Rockefeller set up what is largely considered the first full-service single family office in the United States.

Every founder raising right now has the same list.

Sequoia. a16z. Accel. Index. Lightspeed.

The same fifty firms. The same inboxes. The same 2% fee clock ticking behind every “let’s stay in touch.”

Now look at who actually wrote into this quarter’s biggest rounds.

Databricks raised $5bn. Premji Invest, the family office of Wipro founder Azim Premji, was in it.

Mistral raised €3bn. Hillspire, Eric Schmidt’s family office, was in it.

Helsing raised $1.8bn. ICONIQ was in it. Etched raised $700m. Thiel Capital was in it.

The most powerful money in venture right now is family money, and almost no founder has a map of it.

So we built one. 1,082 family offices across 36 countries. Every publicly reported cheque they wrote between July and September. One file.



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The Investor Class That Doubled in Eighteen Months

On 1 February 2025, Dakota Marketplace tracked 1,945 family office accounts.

By August 2026 it tracked 4,744.

Cumulative family office accounts tracked by Dakota Marketplace, 2023 to 2026
Family office growth in 2026: Dakota Marketplace’s count of tracked family office accounts rose from 1,061 at the end of 2023 to 1,945 on 1 February 2025 and 4,744 by August 2026.

That’s 144% growth in a year and a half. Dakota calls family offices its fastest-growing allocator segment.

And the new arrivals don’t want what the old guard wanted.

Fintrx added 96 family offices to its database in Q2 2026. 92.7% listed direct investments as an interest. Just 10.4% listed hedge funds. Just 6.3% listed private credit.

Read that again. Nine in ten new family offices want to buy into companies directly.

Then the line that matters most for founders: 68.6% of newly classified offices came from entrepreneurial wealth.

These aren’t trust-fund portfolios. They’re founders who sold, now looking for the next founder.


Who Actually Wrote the Cheques in Q3

Fintrx logs family office transactions every month.

July: 107. August: 112. That’s 219 family office transactions in two months: 96 companies backed in July, 99 in August.

The money went where you’d expect, and then some.

34 of August’s deals were tagged AI. When UBS surveyed 307 family offices for its 2026 report, AI topped every other theme they follow by a distance.

Top five investment themes followed by family offices, UBS Global Family Office Report 2026
What family offices are chasing in 2026: AI leads the top five investment themes in the UBS Global Family Office Report 2026, followed by power, infrastructure, AI in healthcare and defence. Data: UBS Global Family Office Report 2026.

But here’s the part the mega-round headlines bury.

Seed and pre-seed deals more than doubled in August, from 10 in July to 23, according to Fintrx.

And one office did ten of them on its own. YZi Labs, Changpeng Zhao’s family office, logged 10 transactions in August, mostly seed and pre-seed.

The door isn’t only open at Series E. It’s open at your stage too.

Many family offices never announce their deals, so public counts are a floor, not a ceiling.


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Why Family Office Money Is the Best Money in the Market

A VC fund has a ten-year life. Somebody needs your exit before it ends, so they can return capital to LPs and raise the next fund.

A family office has no fund life. The money is the family’s. There’s no LP waiting, no fund to close, no management fee to justify.

That changes what they’ll back, and for how long.

It’s why family offices show up in the hard, slow, capital-intensive companies VCs struggle to hold: fusion, energy storage, defence, biotech. In July, Burda’s family office backed Proxima Fusion’s $467m Series B. John Doerr’s office backed Antora Energy’s $550m Series C. In September, Druckenmiller’s Duquesne backed Precision Neuroscience.

And they hunt in packs. In August, Emerald AI’s $150m Series A drew four family offices into one round: Emerson Collective, Fahr, Foris Ventures and the Olayan Group.

Land one family office and you’re often one introduction away from the next.

The fair counterweight: patient capital is only patient while the principal is interested. UBS found only 35% of family offices have a defined succession plan for the office itself. Ask who decides after the founder of the fortune steps back.


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The Eight Most Active Family Offices of Q3

Here’s a taste of the deal log. These are the offices with the most publicly reported deals between July and September 2026.

1. a16z Perennial: 11 deals. Databricks, Hadrian, Base Power, Castelion, Etched. Fintrx classifies it as a family office; it’s the wealth platform built around Andreessen Horowitz.

2. YZi Labs: 10 deals in August alone. Changpeng Zhao’s office, mostly seed and pre-seed.

3. Bezos Expeditions: 5 deals. CuspAI’s $450m Series B, Oratomic’s $300m Series A, Generalist AI’s $200m Series B, LifeMine’s $188m Series E, plus funding for Blue Origin.

4. ICONIQ: 4 deals. Helsing, K2 Space, NinjaOne, and Prime Intellect’s $130m Series A.

5. Duquesne Family Office: 4 deals. Stanley Druckenmiller’s office: Ratio Therapeutics, Epicrispr, Fab2 and Precision Neuroscience. A clear biotech run.

6. Doerr Capital: 4 deals. Antora Energy, CuspAI, Paper’s $34m Series A, and a co-lead on Mazama Energy’s $135m Series B.

7. Thiel Capital: 3 deals. Etched, Neros Technologies and Network Bio.

8. Foris Ventures: 3 deals. Emerald AI, Hopscotch Primary Care and Voya Energy’s $35m Series A.

Notice the spread. Seed to Series G. AI to fusion to primary care.

These aren’t passive allocators. They’re operators with chequebooks.

The full log has 80 deals and 45 active offices. It’s in the file.


How to Get a Family Office to Say Yes

Most family offices don’t run a pitch inbox. Some don’t even have a website. For 520 of the 1,082 offices in our directory, no public source names the family behind them.

That’s why most founders give up. It’s also why the ones who don’t have far less competition.

Five moves that work:

1. Pitch the family, not the manager. A single-family office invests the family’s own money, often with one decision-maker. A multi-family office mostly manages money for several families. Our directory separates the 804 single-family offices from the 219 multi-family offices for exactly this reason.

2. Match the source of the wealth. Founders back what they know. Premji Invest came from Wipro and backs software and AI. Duquesne came from a macro investor and is running a biotech thesis. Read the family before you read the mandate.

3. Follow the syndicate. Family offices co-invest. Find a company they backed, find who sat next to them in the round, and ask that founder for the introduction.

4. Sell twenty years, not seven. No fund clock means you can pitch the company you’ll be in 2045, not just the exit in 2032. That story lands with a family. It rarely lands with a fund.

5. Look beyond New York and London. The growth is happening everywhere else.

Family office accounts tracked by Dakota, by geography, February 2025 vs August 2026
Where new family offices are appearing: Dakota’s tracked accounts in the United States grew 101% to 1,856, the United Kingdom 127% to 272, and the rest of the world 190% to 2,616 between February 2025 and August 2026.

And the growth isn’t in billion-dollar dynasties.

Family office accounts tracked by Dakota, by AUM, February 2025 vs August 2026
Most new family offices are small: Dakota’s tracked accounts with $1bn+ AUM grew 27% to 511, while those under $1bn or with undisclosed AUM grew 175% to 4,233 between February 2025 and August 2026.

2,691 of the 2,799 new offices Dakota added are under $1bn or don’t disclose their size. Thousands of family offices most founders have never heard of. That’s where a relevant, well-researched email still stands out.

“Every founder is pitching the same fifty funds. The money that sat inside Databricks, Mistral and Helsing this quarter didn’t come from a fund at all.”


The Bottom Line

Founders pitch the same fifty VCs as everyone else.

They miss the investor class that grew 144% in eighteen months.

They assume family offices only write $1bn cheques, while seed and pre-seed deals doubled in a month.

They give up because family offices are hard to find, which is exactly why so few founders reach them.

The fix: find the single-family offices whose wealth matches your market, check who wrote a cheque in the last 90 days, and get introduced through the founders they already backed.

Do it before your round, not after the VC list runs dry.

The file is waiting below.


The Family Office Map: 1,082 Offices, 80 Q3 Deals, One File

We merged 43 public directories and deal trackers, removed the duplicates, and linked every row back to its source.

Exactly what you’re downloading:

  • 1,082 family offices across 36 countries. Name, family or principal where public, type, city, country, region, published investment focus, and a source link on every row

  • 804 single-family offices, flagged. The family’s own money, split out from 219 multi-family offices and 59 family holding companies so you pitch the right ones first

  • The Q3 2026 deal log. 80 publicly reported family office deals from July to September: the office, the month, the company, the round, the round size, and the source

  • The 45 offices writing cheques right now. Ranked by Q3 deal count, each with the biggest round it joined

  • A one-click startup filter. Cuts 1,082 names to the 316 whose published focus mentions venture, growth, technology, AI, climate or founders

  • A live dashboard. Counts by type, region and country, and Q3 deals by month, recalculating as you filter

  • 27 market figures with sources. Fintrx, Dakota, UBS and FamilyOfficeHub data, ready to drop into your investor update or pitch deck

Filter to your region, switch on the startup filter, sort by Q3 activity, and you’ll have a shortlist before your coffee goes cold.

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