New Enterprise Associates is a global, full-lifecycle venture firm that invests from Pre-Seed through Growth across technology and healthcare, with a particularly strong presence in AI infrastructure, cloud/data platforms, security/identity, and fintech. The firm is notably founder-first and hands-on, combining deep domain expertise with a willingness to lead large rounds behind category-defining companies from first check to IPO.
Evaluation weights
How much weight this firm places on each dimension. Totals 100%.
Revenue, growth, and unit economics
Size, timing, and competitive landscape
Founder experience and execution ability
Differentiation and technical quality
- Prefers platform businesses over point solutions
- Will embrace frontier technical risk when market size and architecture shift are compelling
- Values founder relationship quality unusually highly for a mega-fund
- Skeptical of commoditized, low-margin, or narrowly scoped opportunities
Pitch difficulty
How hard it is to get a meeting and close funding from this firm.
- Funded / yr
- 79Deals closed in a typical year.
- Led / yr
- 39Rounds led in the last 12 months.
- Pitches / yr
- ~28808Decks reviewed in a typical year.
- Acceptance rate
- 0.3%Share of pitches that get funded.
Estimated — public data is not fully disclosed.
Why it's hard
- Brand-driven inbound volume and competitive access to the best deals
- High standards for category leadership and platform potential
- Preference for meaningful ownership and conviction-led positions
- Ability to choose among top companies across seed, venture, and growth stages
NEA is a top-tier global venture platform investing across the full company lifecycle, which gives it broad reach but also makes its bar exceptionally high. The firm looks for category-defining markets, standout founders, and unusually strong traction or technical credibility, and it often concentrates capital into companies it believes can become enduring leaders.
Green flags
What drives a yes for this firm.
- Exceptional founders with whom NEA can build a long-term working relationship
- Evidence of product-market fit or strong proxies for it, especially in enterprise adoption
- Large, category-defining market opportunities undergoing structural change
- Platform potential that can expand beyond an initial wedge into a broader system of record or workflow
- Clear path to meaningful progress over the next 12-18 months with venture-scale upside
Red flags
What kills deals and gets a fast no.
- Commoditized products with little technical or distribution moat
- Markets too small or narrow to support a breakout outcome
- Weak unit economics or no believable path to scalable margins
- Traction that looks superficial, non-repeatable, or confined to pilots
- A founder/company vision that tops out as a feature rather than a platform
How to win
Patterns that lead to successful pitches.
- Show a path to becoming a category-defining platform, not just a useful product
- Demonstrate strong founder-market fit and a relationship NEA can underwrite for years
- Bring concrete proof of pull such as enterprise adoption, usage intensity, or revenue acceleration
- Frame the opportunity within NEA's core themes like AI infrastructure, data platforms, security, fintech, or AI-enabled healthcare
- Present a crisp 12-18 month milestone plan that matches the round size and company stage
Fund strategy & identity
Who they are and how they operate.
- Invest across Pre-Seed, Seed, Series A, Series B, Series C, and Growth with reserves for long-term support
- Target ownership around meaningful stakes at early stages, often calibrating check size to secure ~20% ownership
- Lead or co-lead financings in emerging categories where NEA believes markets can become category-defining
- Back scalable platforms in software, data-rich models, and healthcare innovation rather than commoditized businesses
- Use sector expertise and operating support to help companies hit the next 12-18 month milestone set
Firm identity
Investment focus
Industries, themes, and typical ARR expectations.
Industries
Investment themes
Typical check by stage
Typical ARR by stage
Investment thesis
Core beliefs and strategy behind their investing approach.
NEA pursues a full‑lifecycle, founder‑first strategy across technology and healthcare, investing from seed to IPO. Their thesis centers on three technology pillars: AI infrastructure and enabling layers, data/observability platforms, and identity/security solutions. In fintech, NEA sees a globally distributed opportunity tied to real‑world economic activity, targeting payments, credit and programmable money. Healthcare investments focus on scalable platforms that leverage data and AI to improve outcomes. Geographically, NEA is global, with strong activity in North America and selective investments in Europe (London, Stockholm), Latin America (São Paulo), and Asia (Bangalore, Singapore). The firm’s core belief is that deep domain expertise and hands‑on partnership create category‑defining companies. While they do not publish an exclusion list, patterns show a preference for scalable software, data‑rich models, and platforms that can leverage cross‑industry insights, avoiding highly commoditized or low‑margin businesses.
Decision patterns
How they evaluate and make investment decisions.
NEA places founder relationships and hands‑on support at the forefront of every investment. Early‑stage decisions balance team quality, product‑market fit signals, and the ability to achieve 12‑18 month milestones, with check sizes calibrated to secure ~20 % ownership. Across stages, they favor category‑defining markets—such as cloud infrastructure, AI enablement, identity/security, and fintech—and look for strong traction proxies like Fortune 500 adoption, rapid ARR growth, or large active‑user bases. While NEA does not list explicit deal‑breakers, their frameworks suggest skepticism toward models lacking scalable unit economics, thin moats in crowded spaces, or technologies that cannot expand beyond a narrow niche.
Risk appetite
NEA exhibits a high conviction, aggressive risk posture that is comfortable leading at multiple stages. They frequently lead or co‑lead seed and series A deals in emerging categories (AI infra, security, fintech) and are also willing to write large growth checks (>$100 M) for companies with proven revenue momentum. Their willingness to back capital‑intensive, structural shifts—such as AI‑driven hardware architectures—demonstrates an appetite for frontier risk, balanced by a disciplined focus on platform potential and market‑defining opportunities.
Notable investments
Key portfolio companies and why they fit the thesis.
- RobinhoodFintech platform with massive consumer reach; NEA participated in Series D/E/F but did not lead (Index led seed, a16z led Series B, DST led Series E, Sequoia led Series F).
Co-invested with
Other firms in this catalog who've backed the same companies.
No catalog overlap found yet. Co-investors are derived from each firm's notable investments — connections may surface as more firms are added.
Partners
Full firm roster — key partners, partners, and the wider team.
Key partners
Scott Sandell
Executive Chairman & Chief Investment Officer
New Enterprise Associates
Scott Sandell is Executive Chairman and Chief Investment Officer at NEA, focused on technology investments across seed/early and growth stages.
Tony Florence
Co-CEO
New Enterprise Associates
Tony Florence is Co-CEO of NEA and a technology investor focused on software and internet companies, especially growth-stage investments.
Mohamad Makhzoumi
Co-CEO
New Enterprise Associates
Mohamad Makhzoumi is Co-CEO of NEA and a longtime leader of the firm’s healthcare investing practice. His investment work focuses on healthcare services and technology from early venture through late-stage growth.
Rick Yang
Partner, Head of Technology
New Enterprise Associates
Rick Yang is Partner and Head of Technology at NEA, focused on fintech, consumer, and AI application investments.
Lila Tretikov
Partner, Head of AI Strategy
New Enterprise Associates
Lila Tretikov is Partner and Head of AI Strategy at NEA. She joined in 2024 after senior technology and leadership roles at Microsoft, Engie, and the Wikimedia Foundation.
Blake Wu
Partner
New Enterprise Associates
Blake Wu is a Partner at NEA focused on digital health, healthcare services, healthcare IT, and biopharmaceuticals. His official NEA profile tags him under Healthcare, Life Sciences, Digital Health, Seed/Early, and Growth.
Luke Pappas
Partner
New Enterprise Associates
Partner on NEA's Technology team focused on consumer and enterprise investments.
Aaron Jacobson
Partner
New Enterprise Associates
Aaron Jacobson is a Partner at NEA focused on AI, cybersecurity, developer tools, and robotics. He joined NEA in 2011 and invests across seed/early and growth stages.
Andrew Schoen
Partner
New Enterprise Associates
Andrew Schoen is a Partner at NEA investing in AI/ML, cybersecurity, fintech, frontier and deep tech, and technically differentiated software. His official NEA profile tags him for Technology, Growth, and Seed/Early.
Partners
Ed Mathers
Partner
New Enterprise Associates
NEA Partner on the healthcare team focused on biotechnology and specialty pharmaceuticals across seed, early, and growth stages.
Scott Gottlieb
Partner
New Enterprise Associates
NEA Healthcare Partner and former FDA Commissioner.
Madison Faulkner
Venture Advisor
New Enterprise Associates
NEA Venture Advisor focused on data, AI/ML, infrastructure, and developer tools.
Danielle Lay
Partner
New Enterprise Associates
NEA Partner investing in AI companies across consumer and enterprise.
Alex Sharata
Partner
New Enterprise Associates
NEA growth Partner investing across enterprise, fintech, consumer, and AI.
Suzanne King
Special Partner, LP Relations
New Enterprise Associates
Special Partner focused on LP relations at NEA.
Patrick Kerins
Special Partner
New Enterprise Associates
NEA Special Partner focused on early-stage technology investments.
Forest Baskett
Special Partner
New Enterprise Associates
NEA Special Partner focused on technology investing.
Arjun Jain
Partner
New Enterprise Associates
NEA technology Partner focused on consumer and enterprise investments.
Philip Chopin
Managing Director, NEA UK
New Enterprise Associates
London-based Managing Director leading NEA's European technology investing.
Melissa Taunton
Partner
New Enterprise Associates
NEA Talent Partner focused on executive teams, boards, and leadership programs.
Tiffany Luck
Partner
New Enterprise Associates
NEA Partner investing in early-stage AI, APIs and B2B SaaS.
Carmen Chang
Partner, Head of Asia
New Enterprise Associates
Partner and Head of Asia at NEA focused on technology investing across China, emerging Asia, the US, and Europe.
Mustafa Neemuchwala
Partner
New Enterprise Associates
NEA technology Partner investing from seed to growth across AI, cyber, infrastructure, and defense.
Team
Maanasi Garg
Associate
New Enterprise Associates
NEA technology associate focused on early-stage enterprise investing.
Veronica Agudelo
New Enterprise Associates
Columbia philosophy student interested in ethics, social impact, and innovation.
James Buxton M.D.
Principal
New Enterprise Associates
NEA healthcare principal investing in life sciences companies.
J.C. Lopez
Principal
New Enterprise Associates
NEA healthcare principal investing in life sciences and biopharma.
Tiffany Le
Principal
New Enterprise Associates
NEA Principal investing in medtech, healthtech, and life sciences.
Ryan Psik
Associate
New Enterprise Associates
NEA technology Associate focused on early-stage investing.
Alexa Grabelle
Associate
New Enterprise Associates
NEA Associate focused on early-stage AI, consumer tech and fintech.
Neehaar Gandhi
Associate
New Enterprise Associates
NEA technology Associate focused on US growth-stage investments.
Perry Wallack
Associate
New Enterprise Associates
NEA healthcare Associate focused on digital health investing.
Lulu Xu
Principal
New Enterprise Associates
NEA healthcare principal focused on later-stage life sciences investing.
Mason Murray
Principal
New Enterprise Associates
NEA technology principal investing in consumer and enterprise companies.
James Kaplan
Senior Associate
New Enterprise Associates
NEA technology investor focused on consumer and AI applications.
Hunter Worland
Principal
New Enterprise Associates
NEA Principal investing in fintech, commerce and consumer technology.
Aya Somai
Associate
New Enterprise Associates
NEA Associate investing in early-stage technology companies.
Hui Cheng
Principal
New Enterprise Associates
NEA Principal focused on digital health and tech-enabled care.
Kevin Deng
Associate
New Enterprise Associates
NEA healthcare associate investing across life sciences and digital health.
Michael Li
Principal
New Enterprise Associates
NEA healthcare principal focused on digital health investments.
Romain L.
Senior Investment Manager
New Enterprise Associates
Senior Investment Manager at NEA focused on venture investments.
Mia Mansour
Senior Associate
New Enterprise Associates
NEA growth investor focused on enterprise software, fintech, and consumer.
Ayush Goradia
Senior Associate
New Enterprise Associates
NEA Senior Associate focused on enterprise and consumer technology.
Danielle Ezratty
Senior Associate
New Enterprise Associates
NEA Senior Associate focused on digital health investing.
Thomas Joshi
Associate
New Enterprise Associates
NEA technology Associate focused on AI and early-to-growth investments.
Ashley Jepson
Senior Analyst
New Enterprise Associates
NEA Senior Analyst investing in data and AI infrastructure.
Public voice
Notable statements and public positions.
- Fintech has always been disproportionately global… when you sit in the flow of payments, credit, or working capital, your TAM grows with economic activity, not ACV.
- There hasn’t been much venture investment in the past decade in storage, compute or networking because a lot of the challenges had been solved for running cloud applications… the cost and performance needs of AI apps are completely different, so it’s an opportunity to define an entirely new hardware architecture.
- They have built what is effectively an Operating System for the Internet.
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Firms with overlapping stage and industry focus.
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