Top Crypto Venture Capital Investors Worldwide

Which are the Most Active Crypto Venture Capital Firms?

The top crypto venture capital (VC) investor is Coinbase Ventures, which is the most active player with 372 crypto deal counts to date. Coinbase Ventures’ deal counts are primarily in the earlier stages, with 144 at pre-seed or seed, and 199 at the early VC stages of Series A or B. Despite their focus on early stage crypto startups, Coinbase Ventures has also recorded 25 later stage VC deals and 4 venture growth deals.

Singapore-based NGC Ventures follows further behind as the second most active crypto VC, with 271 deal counts to date, of which 158 are early VC deals and 99 in pre-seed or seed deals. Similar to a number of the top crypto VCs, NGC Ventures has not recorded any venture growth deals so far.

Notably, Sam Bankman-Fried’s Alameda Research is among the 23 top crypto VCs, even after its bankruptcy. Alameda Research’s 149 deal counts ranks it alongside 3 crypto VCs that are still active, namely Outlier Ventures, Master Ventures and Dragonfly Capital. 

Overall, the top 23 most active crypto VCs have seen between 149 to 372 deal counts. These top crypto VCs were responsible for a total of 4,346 deal counts from January 1, 2017 to September 21, 2023, as the leading investors funding the crypto industry’s development.

92% of Top Crypto VC Deals in Seed or Early Funding Rounds

Across the 23 top crypto VCs, 40.5% of combined deal counts were in pre-seed or seed stages, and another 52.0% were early VC deals. This is in line with both the nature of VC investments and the nascency of the crypto industry, which has resulted in more early stage VC opportunities than later stage ones.

Only 13 of the 23 top crypto VCs have recorded one or more venture growth deals, further demonstrating the lower availability of more mature crypto company investments for VCs. Barry Silbert’s Digital Currency Group (DCG) has the most venture growth deal counts at 5 so far, followed by Coinbase Ventures, Moonwhale and Master Ventures with 4 venture growth deal counts each. 

Top crypto VCs that have leaned towards early stage VC deals in particular are: Binance Labs, Andreessen Horowitz (A16Z) and Master Ventures. For these 3 top crypto VCs, over 60.0% of their deal count are in early stage VC deals, as compared to the average rate of 51.5%.

On the other hand, 79.9% of Outlier Ventures’ deal counts are at the pre-seed or seed stage, making it the only top crypto VC with a heavy focus in the earliest round of funding.

Top 23 Crypto VC Firms

The most active crypto VCs, ranked by deal count as of September 21, 2023, are as follows:

Methodology

The study examined the most active crypto venture capital firms, based on PitchBook deal count data, from 2017 to September 21, 2023. 

This study is for illustrative and informational purposes only, and is not financial advice. Always do your own research and be careful when putting your money into any crypto or financial asset.

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Curious to find out more about our previous research studies & statistics? Check out this one we did on the biggest crypto funding rounds ever raised.

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Lim Yu Qian

Yuqian is a crypto research analyst at CoinGecko, covering a range of topics from NFTs to ETFs, crypto adoption and interest, and beyond. She's especially fascinated by the philosophical and socioeconomic aspects of crypto. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt