TIME, in partnership with Statista, has named Thayer Investment Partners to its second annual ranking of America's 350 Top Venture Capital Firms. The methodology weighs four factors: fundraising (30%), capital deployed and deal volume (20%), performance including IPOs and follow-on conviction (40%), and leadership in rounds and board seats (10%).

It is a list dominated, unsurprisingly, by generalist firms with decades of scale — Sequoia, a16z, Lightspeed. Making that list as a venture platform built specifically around one industry is a different kind of validation: it says a focused thesis, applied consistently, can still compete on the same scorecard as multi-sector giants.

“None of that happens without conviction in a single thesis: travel deserves a dedicated venture platform. Connecting dots and opening doors across the largest and most dynamic industry in the world: hotels, transportation, airlines, cruise, agencies, restaurants, events, sports, entertainment, and experiences.”

— Thayer Investment Partners

This recognition caps a year of real structural change for the firm. Thayer Ventures and Derive Ventures came together as Thayer Investment Partners, deepening our bench of strategic and financial investors while backing founders building the next generation of infrastructure for travel and hospitality. None of that consolidation was an end in itself — it was in service of the same thesis we've held for over a decade, applied with more capital and more operating depth than either platform carried alone.

We're grateful to our team, our founders, and our partners for building this with us, and proud to sit on TIME's list alongside the industry's largest generalist funds. We're even more focused on what comes next: there is a lot more climbing left to do. View the entire list of America's 350 Top Venture Capital Firms at Time.com.