A Comprehensive Review of Crypto VC Investment Levels: Who Are the Real Winners?
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A Comprehensive Review of Crypto VC Investment Levels: Who Are the Real Winners?
Animoca Brands and a16z stand out as the only companies to have led these high-return deals multiple times.
Navigating Web3 tides with focused insightsAuthor: Eli Nuss
Translation: TechFlow
Who’s performing best in crypto venture capital?
We used fundraising data from @tokenterminal and market data from @artemis__xyz to answer this question.
For the full analysis, click here.
Summary
Note that our analysis depends on the accuracy of available data. Unannounced funding rounds and missing details in public announcements are common. Nevertheless, we can still extract meaningful insights from the existing dataset.
First, let’s review the most successful historical crypto investments.
We ranked deals by calculating the ratio of each project’s fully diluted market cap (FDMC) at the end of Q3 2024 to its raised funding amount.
We then grouped them by fundraising year to identify top-performing investments per period.
Top investments from 2015 to 2017:
Chart translation: TechFlow
Notes:
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"FDMC" refers to fully diluted market capitalization.
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"FDMC/Funding Amount" represents the ratio between market cap and funding raised.
Top investments from 2018 to 2021:
Chart translation: TechFlow
Top investments from 2022 to 2024:
Chart translation: TechFlow
After identifying the highest-returning investments, we analyzed which funds participated in these rounds.
We distinguished lead investors from follow-on participants. Below is the list of those who led or co-led high-return rounds:
Notably, @animocabrands and @a16zcrypto stand out as the only entities that led multiple high-return deals.
Out of over 5,000 unique investors in our dataset, only 42 companies or individuals actually led one or more funding rounds for projects whose tokens have seen significant appreciation based on Q3 2024 prices.
Most frequent participants in these top-performing rounds:
In total, 221 companies or individuals participated in at least one top-tier venture deal where the project’s liquid token has significantly appreciated by Q3 2024 valuations.
The chart below highlights the top 27 firms that participated in three or more such deals.
Given that some investors are more active than others, it's also important to examine hit rates. Beyond prior metrics, we factored in the total number of deals each investor joined to identify those with the highest success ratios. Notably, @BlockTower stands out exceptionally well in this category!
Based on the above, we built a matrix intended to provide an overview of funds in this space.
This matrix is dynamic—occasionally, a single breakout success can move a fund into a new quadrant.
We look forward to the day when all funds can reach the top-right corner of the matrix.
We hope this analysis has been as interesting for you as it was for us.
We welcome any feedback or suggestions to help improve future analyses. We plan to update this data regularly and aim for maximum accuracy.
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