Anyone can write "high-conviction investor" on a website. Crunchbase just did the math instead.
Across every decacorn-backing firm they analyzed, Khosla Ventures posted the highest follow-on rate in the industry - 5.3 investments per decacorn portfolio company. While most leading firms average two to three rounds in the companies they believe in, KV kept writing checks.
What that number actually means:
- Conviction is what you do when the outcome isn't clear yet. Crunchbase's own framing: investors who keep investing round after round are demonstrating belief in a company before the market has agreed with them. That's not a follow-the-herd strategy - it's a bet made early and defended.
- It's the opposite of spray-and-pray. A high follow-on rate means fewer, deeper bets - not more logos on a portfolio page.
- It compounds. Every additional round is a decision to lean in again, at a higher price, with more on the line - made by people who'd already seen the company up close and chose to go further.
And it's not a one-off. On the same analysis, KV also lands in the top tier for investing early: 95% of its decacorn investments came before those companies ever hit the $10B mark.
Translation: Khosla Ventures doesn't just show up early. It shows up early, and then it keeps showing up - more than anyone else in the data.
Read the full article: These Are The Most Active Investors In Decacorn Startups.