TIME magazine, working with data provider Statista, has released its inaugural ranking of America’s Top Venture Capital Firms. The 2025 list assesses 350 firms on fundraising strength over the past five years, current investment capacity and the volume and efficiency of their IPO and M&A exits. Accel tops the survey, followed by General Catalyst and Andreessen Horowitz. A broad range of firms—from mid-sized players such as Sapphire Ventures and Science Inc. to emerging managers including Afore Capital, Calibrate Ventures and Banana Capital—also secured places on the list. The methodology has already stirred debate in the venture community. Industry heavyweight Sequoia Capital is absent entirely, while FirstMark Capital and Union Square Ventures rank 207th and 208th, respectively, prompting some investors to question the criteria and data sources TIME and Statista used. TIME said the project aims to spotlight firms that are "catalyzing innovation" across the U.S. economy, echoing similar rankings the magazine produces for other industries. Applications for the 2026 list are expected to open next spring.