Top VC Experience Lifts Odds of Top-Tier Backing
An analysis of 8,525 U.S. startups links founder backgrounds in AI labs, cybersecurity and top VC firms to better early lead investors.
Updated on Nov. 2, 2026 in Startups
A Menlo Ventures analysis by partner Deedy Das examined 8,525 U.S. startups formed from 2019 through 2026, comparing 63 founder background traits in seed and Series A rounds. The findings are analytical research rather than a shipped product or policy change.
Why it matters
The analysis quantifies which founder backgrounds are associated with top-tier lead investor backing, a signal that shapes early funding access for startups. Its focus on AI labs and cybersecurity experience points to where venture investors are currently placing the most weight.
The analysis reports odds ratios, a measure of how much more or less likely an outcome is for one group than another, across 63 founder traits. The strongest associations are a 2.83 odds ratio for top VC experience and 2.16 for frontier AI lab work, but the figures are associations rather than proven causes.
The players
Menlo Ventures
A venture capital firm whose analysis examined founder backgrounds across thousands of U.S. startups.
Deedy Das
A partner at Menlo Ventures who authored the analysis of 8,525 U.S. startups.
The details
The study compared founders with specific backgrounds against otherwise similar founders on whether their startups received backing from a top-tier lead investor in seed and Series A rounds. Top VC experience covered investing roles as well as work as an entrepreneur-in-residence, researcher or intern, and some founders had projects incubated inside funds. An odds ratio above 1 means the trait raised the odds of top-tier backing, while one below 1, such as the 0.65 for MBA holders, means it lowered them.
Timeline
Startups in the analysis were formed between 2019 and 2026.
The analysis was published on November 2, 2026.
The Tech Race
The strongest signals in the analysis point to AI and security expertise as currency with top-tier investors, alongside experience inside leading venture firms. Frontier AI lab work at 2.16 and cybersecurity at 2.03 sit well above the traits associated with elite universities at 1.41 and former Google employees at 1.29.
Founders with AI lab, cybersecurity, or top VC experience may find it easier to attract top-tier lead investors in seed and Series A rounds, based on these associations. No changes to fundraising access or availability are announced; the figures describe past patterns in one sample.
The takeaway
Watch for whether the top-VC-experience association of 2.83 holds in later funding cohorts beyond the 2019-2026 window. Founders weighing fundraising strategy should treat these odds ratios as patterns in one dataset rather than guarantees.
Further reading
For broader context on how early-stage companies raise money, see Startups coverage across the United States.
Source note: This article includes information reported by TokenPost.
