• Insider's Seed 100 and Seed 30 lists are created based on data from Tribe Capital.

• Tribe began with data on over 1,600 investors, analyzing 25 attributes of success, such as exits.

• This analysis identifies skilled investors with a high likelihood of continued success.

The Seed 100 and Seed 30 lists of the best seed investors of 2023 are derived from a statistical analysis of investor track records. This analysis is adapted from the models Tribe Capital uses internally to identify the most promising seed investors for partnership.

The point is to identify investors with extraordinary skill and a high likelihood of continued success. To be named to the list, seed investors must:

1. Perform well with investments, including successful initial public offerings or acquisitions (exits meaningfully above "liquidation preference," aka ones that demonstrated increased company value, rather than simple capital raises).

2. Show intermediate signs of success, with seed investments that consistently receive material sums of follow-on investment.

3. Be active in the ecosystem, with moderate to high levels of seed-investing activity over the previous two years.

Our methodology starts with analyzing each investor's performance in 25 areas using Crunchbase and PitchBook data. Since our goal is to predict accomplishments, rather than to focus solely on achievements, we consider only active investors with a minimum of five investments between 2008 and 2023. Our list includes solo venture capitalists and angel investors worldwide, assessed based on their investments in US companies.

While each criterion carries equal weight, exits (IPOs or acquisitions) have the most influence in differentiating investors. Given that seed investments typically take seven to 10 years to exit, our analysis covers an extended time frame.

This year, we updated the model to better approximate the rate at which investments were exiting. We also reduced the penalty for lower investment counts — given the current, slower dealmaking environment compared with earlier years. This also allowed more emerging managers to enter the scope.