FluidRWA capital directory

Venture Capital for RWA and Web3

Raising for a tokenization, RWA, or Web3 infrastructure project is its own discovery problem. The right investor is not just a check. They open doors to exchanges, market makers, and design partners.

This is where you find the funds that actually back this space. Browse by stage, check size, and thesis, then submit your raise and we point you to the firms that fit.

The part founders miss

How VCs in this space differ

Brand recognition is not the same as fundraising fit. These six variables usually determine whether a conversation is worth pursuing.

01

Stage

Pre-seed and seed look nothing like growth. Most funds only play in one or two.

02

Check size

Knowing the ticket range saves weeks of wrong conversations.

03

Thesis

Some funds are RWA and tokenization native. Others touch it opportunistically. Fit beats brand.

04

Equity vs token

Some lead equity rounds, some buy tokens, some do both. This shapes your raise structure.

05

Lead vs follow

A fund that only follows will not anchor your round.

06

Value beyond capital

Listings, market-maker introductions, regulatory navigation and business development can be the real differentiator.

Venture firm directory

Find funds that fit your raise

Filter the directory using the terms that matter before outreach. Publicly unavailable data is marked as not disclosed rather than estimated.

Showing 159 firms
01

RWA-native

ParaFi Capital

Investment thesisDeFi, RWA and digital asset infrastructure

Stage
Early stage, growth, liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA

Relevant portfolio signalsCentrifuge, Securitize, Superstate, Ethena, Fireblocks, Credix and Huma Finance

02

RWA-native

SPiCE VC

Investment thesisTokenization, digital securities and blockchain infrastructure

Stage
Early stage
Check size
Investor minimum $250K
Instrument
Both
Can lead?
Not disclosed
Geography
Global

Relevant portfolio signalsSecuritize, Blockdaemon, Bakkt, INX, Archax and InvestaX

03

RWA-native

Borderless Capital

Investment thesisRWA, DePIN and the Algorand ecosystem

Stage
Seed through all stages
Check size
Specialized $10M vehicles historically
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsHelium, Render, GEODNET, DIMO and Algorand ecosystem projects

04

RWA-native

RW3 Ventures

Investment thesisBlockchain infrastructure, DeFi and financial services infrastructure

Stage
Pre-seed to Series A
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA

Relevant portfolio signalsMysten Labs, Figment, Rymedi and Breach

05

RWA-native

Blockchain Founders Fund

Investment thesisOperator-led Web3, DeFi and asset tokenization

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Singapore / Global

Relevant portfolio signalsBiconomy, Zoth, Arf, TransFi and Torram

06

RWA-native

Lightspeed Faction

Investment thesisBlockchain infrastructure for financial services

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA

Relevant portfolio signalsFigure, Plume Network and Tres Finance

07

RWA-native

Laser Digital

Investment thesisInstitutional digital assets, RWA and custody

Stage
Early stage / strategic
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Global

Relevant portfolio signalsBounceBit, Plume Network, ClearToken, Komainu, Libre and Bastion

08

RWA-native

10T Holdings

Investment thesisGrowth-stage digital asset companies with revenue

Stage
Mid to late stage
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA

Relevant portfolio signalsFigure and Qredo

09

RWA-native

Theta Capital Management

Investment thesisBlockchain venture fund-of-funds

Stage
Fund of funds / LP
Check size
Allocates to 10–15 VC funds per fund
Instrument
Indirect
Can lead?
N/A
Geography
Europe

Relevant portfolio signalsLP exposure to Pantera, Polychain, CoinFund, Dragonfly and ParaFi

10

RWA-native

BH Digital

Investment thesisInstitutional multi-strategy digital assets

Stage
Multi-stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Global

Relevant portfolio signalsDigital asset infrastructure and DeFi portfolio companies

11

RWA-active generalist

a16z crypto

Investment thesisBroad crypto, infrastructure, DeFi, stablecoins and RWA

Stage
Seed to growth
Check size
Varies, including large checks
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsCoinbase, Uniswap, Solana, Kalshi, EigenLayer, Goldfinch and Flowcarbon

12

RWA-active generalist

Paradigm

Investment thesisResearch-driven, thesis-led crypto investing

Stage
Pre-seed to multi-stage
Check size
Varies
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsUniswap, Coinbase, Optimism, Phantom, Fireblocks and Kalshi

13

RWA-active generalist

Pantera Capital

Investment thesisBlockchain and digital assets across venture and liquid strategies

Stage
Seed to growth, liquid
Check size
Varies
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsOndo Finance, Circle, BitGo, Masterworks, M0 and Figure

14

RWA-active generalist

Polychain Capital

Investment thesisProtocols, infrastructure and RWA tokenization

Stage
Early stage, venture and liquid
Check size
Varies
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsMaple, Anchorage Digital, Noble, M0 and Polkadot

15

RWA-active generalist

Framework Ventures

Investment thesisDeFi, stablecoins, RWA, AI and infrastructure

Stage
Pre-seed to growth
Check size
$250K to $40M
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsChainlink, Aave, Synthetix, Midas and Space and Time

16

RWA-active generalist

Dragonfly

Investment thesisGlobal crypto, payments, stablecoins and infrastructure

Stage
All stages
Check size
Scales to $50M+
Instrument
Both
Can lead?
Yes
Geography
Global / US / Asia

Relevant portfolio signalsPolymarket, Ethena, Rain, Agora, Bybit and Matrixport

17

RWA-active generalist

Variant

Investment thesisOwnership economy, DeFi and infrastructure

Stage
Pre-seed and seed
Check size
$250K to $750K typical
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsUniswap, Phantom, Morpho, Euler and World

18

RWA-active generalist

Blockchain Capital

Investment thesisCrypto specialist across CeFi, DeFi and infrastructure

Stage
Early to late stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsCoinbase, Kraken, Securitize, Ondo Finance, Centrifuge and Aave

19

RWA-active generalist

Hack VC

Investment thesisModular infrastructure and RWA-backed stablecoins

Stage
Seed
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsMysten Labs, Helium, Goldfinch and Compound

20

RWA-active generalist

1kx

Investment thesisToken-native network design and token economies

Stage
Seed to all stages
Check size
Seed range
Instrument
Both
Can lead?
Co-leads
Geography
Global

Relevant portfolio signalsArweave, Matter Labs, Safe, Superstate and Transak

21

Generalist

Multicoin Capital

Investment thesisThesis-driven infrastructure and DePIN

Stage
Early stage, venture and liquid
Check size
$1M to $50M
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsSolana, Helium, The Graph and M0

22

Generalist

Electric Capital

Investment thesisData-driven, engineering-first crypto

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsInfrastructure, banking and protocol investments

23

RWA-active generalist

Haun Ventures

Investment thesisFuture of finance, stablecoins, payments and DeFi

Stage
Seed to scale
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsBridge, BVNK, Farcaster, Fireblocks and Agora

24

RWA-active generalist

Coinbase Ventures

Investment thesisBroad cryptoeconomy and strategic early-stage investing

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsOpenSea, Uniswap, Centrifuge, Securitize, Ondo and Arbitrum

25

RWA-native

Galaxy Ventures

Investment thesisStablecoins, payments, tokenization and the onchain economy

Stage
Early stage
Check size
Around $50M deployed at first close
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsEthena, Monad, M0, Plume, Arch Lending and Fireblocks

26

RWA-native

Bain Capital Crypto

Investment thesisProtocols, native tokens, DeFi and infrastructure

Stage
Seed to growth
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsM0, Superstate, World, Celestia and Scroll

27

Generalist

CoinFund

Investment thesisNetwork lifecycle investing, DeFi, Web3 and stablecoins

Stage
Pre-seed to Series A, liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsSolana, ether.fi, Dakota, Blockdaemon and LI.FI

28

Generalist

Standard Crypto

Investment thesisCrypto networks before and after launch

Stage
Seed and Series A
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsMysten Labs, Sky Mavis, Farcaster and Walrus

29

Generalist

Mechanism Capital

Investment thesisDeFi-focused venture and liquid strategies

Stage
Early stage and secondaries
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsMakerDAO, Synthetix, Thorchain and Figure

30

Generalist

Robot Ventures

Investment thesisFintech and crypto / DeFi primitives

Stage
Pre-seed and seed
Check size
$100K to $1M
Instrument
Both
Can lead?
Selectively
Geography
USA / Global

Relevant portfolio signalsEigenLayer, Lido, Flashbots, UMA and Wildcat

31

Generalist

Hashed

Investment thesisGlobal early-stage Web3, finance and gaming

Stage
Seed and Series A
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsAptos, Ethena, Republic, Bastion and Synthetix

32

RWA-active generalist

HashKey Capital

Investment thesisInfrastructure, data, AI and TradFi-to-onchain assets

Stage
Multi-strategy venture and liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsEarly Ethereum and 400+ projects

33

Generalist

Digital Currency Group

Investment thesisDigital asset stack, fintech, tokenization and infrastructure

Stage
Seed to public
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsCircle, Arch Finance and Anode Labs

34

Generalist

CMT Digital

Investment thesisBlockchain technology, trading and legal / policy infrastructure

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signals150+ blockchain investments

35

Generalist

Maven 11

Investment thesisDeFi, Web3 infrastructure and AI x crypto

Stage
Pre-seed to Series A
Check size
$500K to $5M
Instrument
Both
Can lead?
Yes
Geography
Europe / Global

Relevant portfolio signalsGTE, August and Spire Labs

36

RWA-active generalist

Nascent

Investment thesisMulti-strategy open finance and DeFi

Stage
Pre-seed to Series A, liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Global

Relevant portfolio signalsMorpho, Aztec, Optimism, Flashbots and Superstate

37

Generalist

Lemniscap

Investment thesisEmerging cryptoassets, ZK, Bitcoin and DePIN

Stage
Early stage
Check size
$1M to $2M
Instrument
Both
Can lead?
Yes
Geography
Global

Relevant portfolio signalsAvalanche, The Graph, EigenLayer and Monad

38

Generalist

Greenfield Capital

Investment thesisEuropean crypto, DeFi and infrastructure

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Europe

Relevant portfolio signals1inch, Arweave and Arcium

39

Generalist

Fabric Ventures

Investment thesisEurope-focused crypto and Web3

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Europe / Global

Relevant portfolio signalsNEAR Protocol and European Web3 companies

40

Generalist

Fenbushi Capital

Investment thesisBlockchain-only venture investing

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsBroad blockchain portfolio

41

Generalist

IOSG Ventures

Investment thesisResearch-driven infrastructure and DeFi

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsEigenLayer, Scroll, Connext and RISC Zero

42

Generalist

The Spartan Group

Investment thesisWeb3 venture, DeFi, M&A and capital raises

Stage
Early stage and advisory
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsBroad Web3 portfolio

43

Generalist

Foresight Ventures

Investment thesisEarly-stage crypto, infrastructure and consumer

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsBroad early-stage portfolio

44

RWA-active generalist

DWF Labs

Investment thesisCapital plus liquidity across RWA, infrastructure, DeFi and DePIN

Stage
Multi-stage
Check size
Up to $50M+
Instrument
Both
Can lead?
Yes
Geography
Global

Relevant portfolio signalsTRON, Mantle, Falcon Finance, TON and Algorand

45

RWA-active generalist

Founders Fund

Investment thesisTransformative technology with selective crypto investments

Stage
Early stage
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsPaxos, Schuman Financial and Ondo Finance

46

Generalist

Tribe Capital

Investment thesisData-driven product-market fit and crypto

Stage
Pre-seed to Series B
Check size
$5M to $20M
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsKraken, Berachain and Carv

47

Generalist

Delphi Ventures

Investment thesisResearch-driven DeFi, infrastructure and gaming

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Co-invests
Geography
Global

Relevant portfolio signalsBroad DeFi and infrastructure portfolio

48

Generalist

Outlier Ventures

Investment thesisWeb3 accelerator and token design

Stage
Accelerator and early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
UK / Global

Relevant portfolio signals250+ accelerator alumni

49

RWA-active generalist

Castle Island Ventures

Investment thesisPublic blockchain infrastructure and stablecoins

Stage
Early stage
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsStablecoin and infrastructure companies

50

RWA-active generalist

Ribbit Capital

Investment thesisFintech and crypto convergence

Stage
Multi-stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsM0 and fintech / crypto companies

51

Generalist

Sequoia Capital

Investment thesisGeneralist technology with crypto allocation

Stage
Seed to growth
Check size
Varies
Instrument
Both
Can lead?
Yes
Geography
Global

Relevant portfolio signalsBroad crypto and technology portfolio

52

Generalist

Archetype

Investment thesisEarly-stage crypto and infrastructure

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsInfrastructure and DeFi companies

53

Generalist

Bankless Ventures

Investment thesisCrypto-native consumer and infrastructure

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsEarly-stage crypto companies

54

Generalist

Kraken Ventures

Investment thesisFintech and crypto infrastructure

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsFintech and crypto infrastructure companies

55

RWA-active generalist

F-Prime Capital

Investment thesisFintech, crypto and financial infrastructure

Stage
Early to growth
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsBitGo and fintech / crypto companies

56

Generalist

Union Square Ventures

Investment thesisThesis-driven Web3 and marketplaces

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsCoinbase and Web3 companies

57

Generalist

GSR Ventures

Investment thesisVenture investing connected to market-making infrastructure

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsDeFi and infrastructure companies

58

RWA-active generalist

Wintermute Ventures

Investment thesisVenture arm of a digital asset market maker

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsDeFi, infrastructure and Ondo Finance

59

RWA-active generalist

Morgan Stanley Tactical Value

Investment thesisInstitutional strategic investing and tokenization

Stage
Late stage / strategic
Check size
Not disclosed
Instrument
Equity
Can lead?
Co-led
Geography
Global

Relevant portfolio signalsSecuritize

60

RWA-active generalist

Placeholder VC

Investment thesisCrypto networks, open financial systems and institutional-grade infrastructure

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsProtocol, DeFi and infrastructure investments across public blockchain markets

61

RWA-active generalist

Arrington Capital

Investment thesisDigital assets, DeFi, infrastructure and tokenized financial markets

Stage
Seed to growth, liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsAlgorand, Moonbeam, Centrifuge, Polkadot and digital asset infrastructure

62

RWA-native

Hivemind Capital Partners

Investment thesisInstitutional digital assets, blockchain infrastructure and tokenized finance

Stage
Multi-stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsDigital asset infrastructure, institutional finance and tokenization-related investments

63

RWA-active generalist

Liberty City Ventures

Investment thesisBlockchain, fintech, digital identity and financial market infrastructure

Stage
Early stage to growth
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsPaxos, Lukka, Figment and financial infrastructure companies

64

RWA-active generalist

CMCC Global

Investment thesisAsia-led blockchain infrastructure, DeFi and digital asset networks

Stage
Early stage, liquid and fund-of-funds
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsAnimoca Brands, Solana, Cosmos, Ethereum and Hong Kong digital asset infrastructure

65

Generalist

Kenetic Capital

Investment thesisBlockchain companies, token networks and Asian digital asset infrastructure

Stage
Early stage and liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Asia / Global

Relevant portfolio signalsPortfolio exposure across exchanges, infrastructure, DeFi and token networks

66

Generalist

DeFiance Capital

Investment thesisDeFi, open finance, gaming and Web3 infrastructure

Stage
Early stage and liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsDeFi protocols, infrastructure projects and token networks

67

Generalist

Hypersphere Ventures

Investment thesisBlockchain infrastructure, protocols and open financial systems

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsPolkadot ecosystem, DeFi and infrastructure networks

68

Generalist

Sfermion

Investment thesisWeb3 infrastructure, gaming, NFTs and consumer crypto

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsWeb3 gaming, NFT infrastructure, consumer crypto and protocol companies

69

Generalist

Reciprocal Ventures

Investment thesisCrypto-native infrastructure, fintech and protocol networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsSolana, The Graph, EigenLayer and crypto infrastructure companies

70

Generalist

Volt Capital

Investment thesisCrypto infrastructure, DeFi and developer tooling

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsEarly-stage crypto infrastructure and protocol companies

71

Generalist

Chapter One

Investment thesisCrypto, Web3 consumer, infrastructure and ownership networks

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsEarly-stage Web3 companies, wallets, consumer products and infrastructure

72

Generalist

6th Man Ventures

Investment thesisWeb3 infrastructure, applications and consumer crypto

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsEarly-stage crypto and Web3 companies across infrastructure and applications

73

Generalist

Collab+Currency

Investment thesisCrypto culture, NFTs, consumer networks and blockchain infrastructure

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsConsumer crypto, creator networks, NFT infrastructure and Web3 communities

74

RWA-active generalist

Decasonic

Investment thesisBlockchain, digital assets, AI and financial infrastructure

Stage
Pre-seed to Series A
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsWeb3, DeFi, digital asset infrastructure and enterprise blockchain companies

75

RWA-active generalist

White Star Capital

Investment thesisDigital assets, fintech and global technology platforms

Stage
Seed to Series B
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
North America / Europe / Asia

Relevant portfolio signalsDigital asset fund investments across DeFi, infrastructure and financial technology

76

Generalist

RockawayX

Investment thesisCrypto infrastructure, DeFi and Web3 networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Europe / Global

Relevant portfolio signalsSolana, 1inch, Axelar and crypto infrastructure portfolio companies

77

Generalist

Zee Prime Capital

Investment thesisCrypto-native protocols, infrastructure and DeFi

Stage
Early stage and liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Europe / Global

Relevant portfolio signalsDeFi, infrastructure and token network investments

78

Generalist

Eden Block

Investment thesisWeb3 infrastructure, DeFi, wallets and digital ownership

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Europe / Global

Relevant portfolio signalsBlockchain infrastructure, Web3 security, DeFi and wallet companies

79

Generalist

KR1

Investment thesisBlockchain networks, staking, DeFi and protocol infrastructure

Stage
Early stage and liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Europe / Global

Relevant portfolio signalsPolkadot, Cosmos, Ethereum ecosystem and protocol networks

80

Generalist

Lattice Fund

Investment thesisCrypto networks, developer infrastructure and decentralized applications

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsEarly-stage crypto infrastructure and protocol investments

81

RWA-active generalist

BlockTower Capital

Investment thesisDigital assets, DeFi, institutional credit and blockchain markets

Stage
Early stage, liquid and credit
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsDigital asset strategies, DeFi, credit and infrastructure investments

82

Generalist

Digital Finance Group

Investment thesisBlockchain infrastructure, CeFi, DeFi and Web3 applications

Stage
Early stage and strategic
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsLedgerX, Circle, Polkadot, ChainSafe and digital asset companies

83

Generalist

Draper Dragon

Investment thesisCross-border technology, blockchain, Web3 and fintech

Stage
Seed to growth
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Asia

Relevant portfolio signalsIoTeX, Ledger and blockchain infrastructure investments

84

RWA-active generalist

Draper Associates

Investment thesisTransformational technology, Bitcoin, crypto and fintech infrastructure

Stage
Seed and Series A
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsCoinbase, Ledger, Tezos and crypto / fintech companies

85

Generalist

Boost VC

Investment thesisDeep tech, crypto, AI and frontier technology startups

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsCoinbase, Etherscan, Ledger and early crypto companies

86

Generalist

LongHash Ventures

Investment thesisWeb3 infrastructure, DeFi, consumer crypto and Asia-led blockchain ecosystems

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsEarly-stage Web3 startups and accelerator-backed crypto companies

87

Generalist

gumi Cryptos Capital

Investment thesisBlockchain infrastructure, gaming, DeFi and token networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Japan / Global

Relevant portfolio signalsOpenSea, Yield Guild Games, Qredo and crypto infrastructure companies

88

Generalist

Signum Capital

Investment thesisBlockchain protocols, DeFi, infrastructure and token networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Asia / Global

Relevant portfolio signalsLayer 1, DeFi, infrastructure and Web3 ecosystem investments

89

Generalist

CMS Holdings

Investment thesisCrypto-native investment across DeFi, infrastructure and token networks

Stage
Early stage and liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
USA / Global

Relevant portfolio signalsDeFi protocols, liquid tokens and early-stage crypto companies

90

Generalist

Distributed Global

Investment thesisBlockchain protocols, digital asset infrastructure and open networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsSolana, Dapper Labs and protocol infrastructure investments

91

Generalist

OP Crypto

Investment thesisWeb3 infrastructure, DeFi, consumer crypto and emerging markets

Stage
Pre-seed to Series A
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Global

Relevant portfolio signalsEarly-stage Web3 and infrastructure portfolio companies

92

Generalist

Ascensive Assets

Investment thesisDeFi, infrastructure, consumer crypto and token networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
USA / Global

Relevant portfolio signalsEarly-stage crypto networks, DeFi and Web3 companies

93

Generalist

Maelstrom

Investment thesisBitcoin, decentralized finance, infrastructure and crypto-native markets

Stage
Early stage and liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsCrypto infrastructure, DeFi and Bitcoin-related investments

94

Generalist

GBV Capital

Investment thesisWeb3 infrastructure, DeFi, gaming and blockchain applications

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsEarly-stage Web3 and protocol investments

95

Generalist

Jsquare

Investment thesisBlockchain infrastructure, DeFi, metaverse and Web3 applications

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsDigital asset infrastructure, DeFi and Web3 ecosystem companies

96

Generalist

Everest Ventures Group

Investment thesisAsia-focused Web3, fintech and blockchain venture building

Stage
Venture studio and early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsWeb3 venture studio companies and infrastructure investments

97

Generalist

Ryze Labs

Investment thesisEmerging markets, Web3 infrastructure and consumer blockchain adoption

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsFormer Sino Global Capital network with Web3 and infrastructure investments

98

Generalist

Primitive Ventures

Investment thesisCrypto infrastructure, DeFi, social, privacy and token networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Asia / Global

Relevant portfolio signalsEarly crypto protocols, infrastructure and network investments

99

Generalist

SNZ Holding

Investment thesisBlockchain infrastructure, DeFi, layer 1 ecosystems and token networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Asia / Global

Relevant portfolio signalsEthereum ecosystem, DeFi and public blockchain infrastructure

100

Generalist

Hash Global

Investment thesisWeb3 infrastructure, DeFi and blockchain applications

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsInfrastructure, DeFi and Web3 portfolio companies

101

Generalist

Fundamental Labs

Investment thesisBlockchain infrastructure, CeFi, DeFi and token networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsCoinbase, Binance, Polkadot and crypto infrastructure investments

102

Generalist

Incuba Alpha

Investment thesisDeFi, Web3 infrastructure, derivatives and protocol networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Asia / Global

Relevant portfolio signalsDeFi protocols, derivatives infrastructure and Web3 products

103

Generalist

Red Beard Ventures

Investment thesisWeb3, consumer crypto, infrastructure and digital ownership

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsEarly-stage Web3 companies and token networks

104

Generalist

Monday Capital

Investment thesisBlockchain infrastructure, DeFi and digital asset networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
USA / Global

Relevant portfolio signalsDeFi, infrastructure and protocol investments

105

Generalist

Big Brain Holdings

Investment thesisCrypto-native venture across DeFi, gaming, infrastructure and token networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
USA / Global

Relevant portfolio signalsSolana ecosystem, DeFi and infrastructure companies

106

Generalist

MH Ventures

Investment thesisWeb3 infrastructure, DeFi, gaming and blockchain applications

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsEarly-stage crypto and Web3 investments

107

Generalist

Contango Digital Assets

Investment thesisDigital asset venture, DeFi, infrastructure and gaming

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsEarly-stage Web3 and blockchain infrastructure investments

108

Generalist

Rarestone Capital

Investment thesisDeFi, infrastructure, gaming and Web3 applications

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsEarly-stage token networks and Web3 companies

109

RWA-active generalist

Blockchange Ventures

Investment thesisBlockchain infrastructure, enterprise adoption and digital asset networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsDigital asset infrastructure, enterprise blockchain and crypto companies

110

Generalist

Tykhe Block Ventures

Investment thesisBlockchain infrastructure, DeFi and Web3 companies

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Asia / Global

Relevant portfolio signalsEarly-stage token networks and infrastructure investments

111

Generalist

M31 Capital

Investment thesisCrypto networks, DeFi, staking and blockchain infrastructure

Stage
Early stage and liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
USA / Global

Relevant portfolio signalsDigital asset networks, staking and protocol investments

112

Generalist

Woodstock Fund

Investment thesisWeb3 infrastructure, DeFi, gaming and decentralized technologies

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
India / Global

Relevant portfolio signalsWeb3, DeFi and infrastructure companies

113

Generalist

AlphaLab Capital

Investment thesisQuantitative digital asset strategies and crypto venture investing

Stage
Early stage and liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsDeFi, infrastructure and trading ecosystem investments

114

RWA-active generalist

Winklevoss Capital

Investment thesisBitcoin, fintech, crypto infrastructure and Web3 companies

Stage
Seed to growth
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsGemini, BlockFi, Filecoin, Nifty Gateway and crypto companies

115

RWA-active generalist

Alumni Ventures Blockchain Fund

Investment thesisBlockchain, crypto, fintech and Web3 infrastructure

Stage
Seed to growth
Check size
Not disclosed
Instrument
Equity
Can lead?
Co-invests
Geography
USA

Relevant portfolio signalsSyndicated venture exposure to blockchain and crypto startups

116

RWA-active generalist

Bloccelerate VC

Investment thesisEnterprise blockchain, digital assets, payments and financial infrastructure

Stage
Seed to Series A
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsBlockchain infrastructure, enterprise adoption and Web3 companies

117

Generalist

Draper Goren Blockchain

Investment thesisBlockchain startups, Web3 infrastructure and token networks

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
USA / Global

Relevant portfolio signalsEarly-stage blockchain and digital asset companies

118

Generalist

AU21 Capital

Investment thesisBlockchain infrastructure, DeFi, gaming and token networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsEarly-stage crypto and Web3 portfolio companies

119

Generalist

LD Capital

Investment thesisBlockchain infrastructure, DeFi, trading, gaming and Web3 applications

Stage
Early stage and liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Asia / Global

Relevant portfolio signalsLayer 1, DeFi, infrastructure and token network investments

120

Generalist

Bixin Ventures

Investment thesisInfrastructure, DeFi, Bitcoin ecosystem and Web3 networks

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Asia / Global

Relevant portfolio signalsDeFi, infrastructure and Bitcoin-related crypto investments

121

Generalist

ViaBTC Capital

Investment thesisBlockchain infrastructure, Web3 applications and crypto ecosystem companies

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Asia / Global

Relevant portfolio signalsCrypto infrastructure, DeFi and Web3 companies

122

Generalist

KuCoin Ventures

Investment thesisWeb3, DeFi, GameFi, infrastructure and exchange ecosystem investments

Stage
Early stage and strategic
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsEarly-stage crypto companies and exchange ecosystem investments

123

Generalist

Gate Ventures

Investment thesisBlockchain infrastructure, DeFi, Web3 and exchange ecosystem investments

Stage
Early stage and strategic
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsCrypto infrastructure, applications and ecosystem companies

124

Generalist

HTX Ventures

Investment thesisBlockchain infrastructure, DeFi, AI x crypto and exchange ecosystem investments

Stage
Early stage and strategic
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsWeb3 infrastructure, DeFi and exchange ecosystem companies

125

Generalist

Polygon Ventures

Investment thesisPolygon ecosystem, scaling infrastructure, DeFi and applications

Stage
Early stage and strategic
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsPolygon ecosystem companies, ZK infrastructure and Web3 applications

126

Generalist

Solana Ventures

Investment thesisSolana ecosystem infrastructure, payments, DeFi and consumer applications

Stage
Early stage and strategic
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsSolana ecosystem companies and developer infrastructure

127

Generalist

The LAO

Investment thesisCrypto-native venture DAO for Ethereum and Web3 projects

Stage
Early stage DAO investing
Check size
Not disclosed
Instrument
Both
Can lead?
Co-invests
Geography
Global

Relevant portfolio signalsEthereum ecosystem, DeFi and Web3 investments

128

Generalist

MetaCartel Ventures

Investment thesisEthereum applications, DAOs, DeFi and consumer crypto

Stage
Pre-seed and seed DAO investing
Check size
Not disclosed
Instrument
Both
Can lead?
Co-invests
Geography
Global

Relevant portfolio signalsDAO-led early-stage Web3 investments

129

Generalist

Orange DAO

Investment thesisWeb3 startups founded by alumni networks and crypto-native builders

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Co-invests
Geography
USA / Global

Relevant portfolio signalsEarly-stage Web3 and crypto startup investments

130

Generalist

Seed Club Ventures

Investment thesisConsumer crypto, communities, networks and Web3 applications

Stage
Pre-seed and seed
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsWeb3 communities, creator networks and consumer crypto companies

131

RWA-active generalist

Cypher Capital

Investment thesisWeb3 infrastructure, DeFi, digital assets and blockchain applications

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
UAE / Global

Relevant portfolio signalsBlockchain infrastructure, DeFi and MENA digital asset companies

132

Generalist

Morningstar Ventures

Investment thesisDigital assets, gaming, infrastructure and Web3 ecosystems

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
UAE / Global

Relevant portfolio signalsElrond / MultiversX ecosystem, DeFi and Web3 investments

133

Generalist

Coin98 Ventures

Investment thesisDeFi, infrastructure, wallets and Asian Web3 adoption

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Asia / Global

Relevant portfolio signalsWeb3 infrastructure, DeFi and crypto application companies

134

Generalist

ROK Capital

Investment thesisAsia-focused blockchain infrastructure and Web3 companies

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Asia / Global

Relevant portfolio signalsLayer 1, DeFi and Web3 infrastructure investments

135

Generalist

Paper Ventures

Investment thesisWeb3 infrastructure, DeFi, gaming and consumer crypto

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Global

Relevant portfolio signalsEarly-stage crypto and blockchain infrastructure companies

136

Generalist

Eterna Capital

Investment thesisBlockchain technology, DeFi and Web3 infrastructure

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Europe / Global

Relevant portfolio signalsBlockchain infrastructure and early Web3 companies

137

Generalist

Tioga Capital

Investment thesisEuropean Web3 infrastructure, DeFi and digital ownership

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Europe / Global

Relevant portfolio signalsWeb3 infrastructure, wallets and DeFi companies

138

RWA-active generalist

LeadBlock Partners

Investment thesisDigital assets, enterprise blockchain, fintech and infrastructure

Stage
Seed to Series A
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Europe / Global

Relevant portfolio signalsEnterprise blockchain, digital asset and infrastructure companies

139

Generalist

Bering Waters Ventures

Investment thesisDigital assets, DeFi, infrastructure and token networks

Stage
Early stage and liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsCrypto-native venture and liquid digital asset investments

140

Generalist

Dialectic

Investment thesisCrypto-native venture, protocol networks and digital asset strategies

Stage
Early stage and liquid
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsWeb3 infrastructure, DeFi and token network investments

141

Generalist

Sora Ventures

Investment thesisAsia-focused blockchain infrastructure, Bitcoin ecosystem and Web3 media

Stage
Early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
Asia / Global

Relevant portfolio signalsBitcoin ecosystem, blockchain infrastructure and Web3 portfolio companies

142

Generalist

Alchemy Ventures

Investment thesisDeveloper infrastructure, Web3 applications and ecosystem companies

Stage
Early stage and strategic
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
USA / Global

Relevant portfolio signalsAlchemy ecosystem, developer tools and infrastructure companies

143

RWA-active generalist

Consensys Mesh

Investment thesisEthereum infrastructure, wallets, DeFi and institutional blockchain products

Stage
Venture studio and early stage
Check size
Not disclosed
Instrument
Both
Can lead?
Sometimes
Geography
USA / Global

Relevant portfolio signalsMetaMask ecosystem, Ethereum infrastructure and venture studio companies

144

RWA-active generalist

True Global Ventures

Investment thesisBlockchain, AI, fintech and Web3 companies

Stage
Growth and late stage
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
Global

Relevant portfolio signalsAnimoca Brands, The Sandbox and Web3 growth companies

145

RWA-active generalist

Shorooq Partners

Investment thesisFintech, digital assets and Middle East technology platforms

Stage
Seed to growth
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
MENA / Global

Relevant portfolio signalsRegional fintech, digital asset and infrastructure companies

146

Generalist

Runa Capital

Investment thesisEnterprise software, open source, fintech and selective Web3 infrastructure

Stage
Seed to Series B
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA / Europe

Relevant portfolio signalsTechnology, open-source and infrastructure companies with selective crypto exposure

147

Generalist

Spark Capital

Investment thesisTechnology platforms, consumer networks and selective crypto infrastructure

Stage
Seed to growth
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsCoinbase and selective crypto / fintech investments

148

Generalist

Initialized Capital

Investment thesisEarly-stage technology, fintech and crypto-enabled infrastructure

Stage
Pre-seed to Series A
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsCoinbase and early-stage technology companies

149

RWA-active generalist

Bessemer Venture Partners

Investment thesisCloud, fintech, marketplaces and selective crypto / infrastructure

Stage
Seed to growth
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsInstitutional technology, fintech and selective blockchain exposure

150

RWA-active generalist

Coatue

Investment thesisTechnology growth investing, fintech and selective digital asset companies

Stage
Growth
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsTechnology, fintech and crypto market infrastructure investments

151

RWA-active generalist

Thrive Capital

Investment thesisTechnology, fintech, AI and selective crypto infrastructure

Stage
Seed to growth
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsStripe, OpenAI, fintech and selective crypto investments

152

RWA-active generalist

General Catalyst

Investment thesisFintech, enterprise technology, AI and digital transformation

Stage
Seed to growth
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsCircle, Stripe and financial infrastructure companies

153

RWA-active generalist

Khosla Ventures

Investment thesisFrontier technology, fintech, AI and selective crypto infrastructure

Stage
Seed to growth
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsEarly technology, AI, fintech and blockchain-adjacent infrastructure

154

Generalist

Slow Ventures

Investment thesisConsumer, fintech and selective crypto networks

Stage
Seed and Series A
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsEarly-stage technology and crypto-enabled consumer companies

155

RWA-active generalist

Craft Ventures

Investment thesisB2B software, fintech and crypto-enabled infrastructure

Stage
Seed to growth
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsTechnology, SaaS, fintech and digital asset market companies

156

RWA-active generalist

Lightspeed Venture Partners

Investment thesisGlobal technology, fintech, crypto and infrastructure

Stage
Seed to growth
Check size
Not disclosed
Instrument
Both
Can lead?
Yes
Geography
Global

Relevant portfolio signalsFTX exposure historically, blockchain and infrastructure portfolio through crypto strategy

157

RWA-active generalist

PayPal Ventures

Investment thesisPayments, stablecoins, fintech and commerce infrastructure

Stage
Strategic early to growth
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
USA / Global

Relevant portfolio signalsPayments, fintech, crypto and commerce infrastructure investments

158

RWA-active generalist

Visa Ventures

Investment thesisPayments, fintech, stablecoins and financial infrastructure

Stage
Strategic early to growth
Check size
Not disclosed
Instrument
Equity
Can lead?
Sometimes
Geography
Global

Relevant portfolio signalsPayments, fintech and digital asset infrastructure investments

159

RWA-native

SC Ventures

Investment thesisDigital assets, tokenization, banking infrastructure and fintech ventures

Stage
Venture building and strategic investing
Check size
Not disclosed
Instrument
Equity
Can lead?
Yes
Geography
Global

Relevant portfolio signalsZodia Custody, Zodia Markets and digital asset banking infrastructure

Research note: This directory is built from the attached FluidRWA venture-capital research. Check sizes, fund strategies and portfolios change. Verify current fit, conflicts, regulatory considerations and investment terms directly with each firm before outreach.

Before you pitch

Five checks that improve fundraising fit

01

Stage and size

Confirm the fund deploys at your stage and within your target round size.

02

Specific proof

Look for RWA or tokenization investments, not only broad crypto exposure.

03

Lead capacity

Check whether the investor can anchor the round and follow on later.

04

Portfolio conflicts

Review direct competitors and adjacent portfolio companies before sharing sensitive details.

05

Founder references

Speak with founders already backed by the fund about support after the check.

FAQ

Venture capital questions for RWA and Web3 teams

What venture capital firms invest in RWA and tokenization?

RWA and tokenization investors range from thesis-driven specialists such as ParaFi Capital, SPiCE VC and Borderless Capital to large crypto funds such as Pantera Capital, Blockchain Capital, Framework Ventures and Coinbase Ventures. Fit depends on stage, check size, instrument and thesis.

How should a Web3 project choose a venture capital firm?

Start with the firm's stage, typical check size, investment thesis, ability to lead and follow on, portfolio conflicts, geography and whether it invests through equity, tokens or both. Founder references from existing portfolio companies are also important.

Do crypto venture capital firms invest through equity or tokens?

Many crypto-native venture firms invest through both equity and tokens. The structure affects governance, liquidity, fundraising documents and the type of diligence required, so projects should clarify instrument fit before pitching.

What is the difference between an RWA-native fund and a generalist crypto VC?

RWA-native funds make tokenization, digital securities, stablecoins or real-world asset infrastructure a central part of their thesis. Generalist crypto funds may invest in the category selectively as part of a broader portfolio.

Can FluidRWA match projects with relevant venture capital firms?

Projects can submit their raise, stage, target check size, geography and thesis. FluidRWA uses those requirements to help identify firms that appear relevant for further diligence and outreach.

Raising capital?

Submit your raise, stage, target check size and thesis. FluidRWA helps identify funds that appear relevant for your next conversations.

Submit your raise

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