| Lombard Systems | Nov 5, 2026 | $4m | Pre-Seed & Seed | RWA | Lombard Systems develops institutional financing infrastructure that allows tokenized securities and digital assets to be used as collateral for loans without transferring them from their existing custody accounts | Ethereal Ventures | | | Alps Capital, First Commit Capital, Atka, Veris Ventures |
| Twyne | Aug 17, 2026 | $2.05m | Seed | DeFi | Twyne is a DeFi credit delegation protocol that lets lending-market suppliers delegate unused borrowing capacity to other borrowers in exchange for additional yield | Cyber Fund, Ethereal Ventures | | | Euler, Daedalus |
| Entravel Group | Aug 12, 2026 | $7.5m | | Travel | Entravel Group provides white-label travel booking infrastructure for crypto exchanges and fintech platforms, aggregating hotel inventory and enabling partners to offer travel booking within their own products | Ethereal Ventures, Finality Capital | | | GSR, Varrock, G1 Ventures, Seier Capital, Veris Ventures, FunFair Ventures, WTG Ventures |
| Bundle | Aug 3, 2026 | $5.5m | Pre-Seed | Payments | Bundle is a blockchain-powered rewards platform that enables businesses to pool incentive budgets into a shared rewards network for customer acquisition and loyalty programs | Ethereal Ventures, Further Ventures | | | Nascent, GSR, Anchorage Digital, Scenius Capital, Nuwa Capital |
| Fere AI | Apr 24, 2026 | $1.3m | | Trading | FereAI is an AI-powered crypto research and trading platform that provides autonomous agents for market analysis, sentiment tracking, yield strategies, and social monitoring. Its agents analyze data from multiple sources to identify opportunities and support automated decision-making | Ethereal Ventures | | | Kosmos Ventures, Galaxy Vision Hill |
| Utexo | Mar 6, 2026 | $7.5m | Seed | Payments | Utexo makes Bitcoin-native stablecoin settlement practical, predictable, and easy to integrate | Tether, Big Brain Holdings, Portal Ventures | | | Maven 11, KuCoin Ventures, Alchemy Ventures, Ethereal Ventures, Gate Ventures, Axia8 Ventures, Paper Ventures, Flow Traders, Fulgur Ventures, Sats Ventures, Arcanum Capital |
| SpaceComputer | Nov 26, 2025 | $10m | Seed | Infrastructure | SpaceComputer is an orbital computing infrastructure that uses cryptographic technologies such as zero-knowledge proofs, multi-party computation, and fully homomorphic encryption to create a decentralized root of trust. By deploying secure compute nodes in space, it aims to provide resilient, tamper-resistant infrastructure for blockchain applications, including zk-rollups and secure on-chain auctions. | Maven 11, Lattice | | | Superscrypt, Ethereal Ventures, Arbitrum Foundation, Nascent, Hash3, Starship Ventures, CMS Holdings, Blockchain Builders Fund, Bitscale Capital, HashKey Capital, Amber Group, Offchain Labs, Bodhi Ventures, Chorus One Ventures, imToken Ventures, Moonrock Capital, Wise3 Ventures, Encode Club |
| 1Money Network | Jan 16, 2025 | $20m | Seed | L1 | Stablecoin payments network | | | | F-Prime Capital, Galaxy Digital, Hack VC, Kraken Ventures, MoonPay, Bankless Ventures, Tribe Capital, Ethereal Ventures, KuCoin Ventures, Portage, CMT Digital, BitGo, A100x, Anagram, Generative Ventures, Ambush, Lvna Capital, Borderless Capital, Bing Ventures, gumi Cryptos Capital, Karman Ventures, CoinFlip, Pharsalus, Protagonist |
| Bleap | Nov 28, 2024 | $2.3m | Pre-Seed | Payments | Wallet-connected debit card | Ethereal Ventures | $10m | | Maven 11, AllianceDAO, Robot Ventures, Credibly Neutral |
| Alluvial | Nov 12, 2024 | $4.3m | Strategic | Liquid Staking Protocol | a software development company supporting the staking standard Liquid Collective | Variant | | | Ethereal Ventures, Brevan Howard Digital, F-Prime Capital, Nascent |
| Yala | Oct 10, 2024 | $8m | Seed | DeFi | The Liquidity Layer for Bitcoin | Polychain Capital, Ethereal Ventures | | | Anagram, Galaxy Digital, Amber Group, ABCDE, Ambush, Geek Cartel, SatoshiLab, HashKey Capital, L2 Iterative Ventures, UpHonest Capital, UTXO Management, 280 Capital |
| Dora | Jul 9, 2024 | $5.5m | Private | Infrastructure | multi-ecosystem search engine | Dragonfly Capital, Lemniscap | | | Robot Ventures, Ethereal Ventures, Maven 11, Anagram, Galileo, Alchemy, Arche Capital, GMJP, Dialectic, Marin Ventures, Legends Group, Dino, Rushi Manche, Scott Sunarto, Nader Dabit, Kevin Li, Gaut |
| Axiom | Jan 25, 2024 | $20m | | Infrastructure | ZK platform empowering smart contract developers to build data-rich, on-chain applications | Paradigm, Standard Crypto | | | Robot Ventures, Ethereal Ventures, Hasu, Ye Zhang, Haichen Shen, Alex Atallah, Sreeram Kannan, Calvin Liu, cts, Brendan Farmer |
| Alluvial | Jul 11, 2023 | $12m | Series A | Liquid Staking Protocol | software development company supporting the enterprise-grade liquid staking protocol Liquid Collective, | Ethereal Ventures, Variant | | | Brevan Howard Digital, Avon Ventures, Nascent, A Capital, Robot Ventures, Fenbushi Capital, IOSG, Blockdaemon |
| Connext | Jun 14, 2023 | $7.5m | Strategic | L2 | Modular interoperability protocol for fast, trust-minimized communication between chains & L2s | | $250m | | Polychain Capital, Coinbase Ventures, NGC Ventures, Ethereal Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, A Capital, No Limit Holdings, 1kx, Hashed, Factor Capital, Dokia Capital, Scalar Capital |
| Drift Protocol | May 22, 2023 | $23.5m | Series A | DeFi | Drift Protocol brings on-chain, cross-margined perpetual futures to Solana. | Polychain Capital | | | Anatoly Yakovenko, Raj Gokal, Ethereal Ventures, Folius Ventures |
| Carbonable | Mar 21, 2023 | $1.2m | Seed | DeFi | Ethereum-Based Carbon Tracker | Ethereal Ventures, La Poste Ventures | | | StarkWare |
| Caldera | Feb 13, 2023 | $9m | | L2 | Customisable blockchain rollups | Sequoia Capital, Dragonfly Capital | | | NEO Foundation, 1kx, Ethereal Ventures |
| Obol Labs | Jan 17, 2023 | $12.5m | Series A | Infrastructure | Building Distributed Validators for Ethereum | Pantera Capital, Archetype Ventures | | | BlockTower Capital, Placeholder, Nascent, IEX, The Spartan Group, Coinbase Ventures, Ethereal Ventures, Stakely.vc, Cosmostation, Kukis Global, Swiss Staking, a41 Ventures, Blockscape Lab, DSRV |
| Lasso Labs | Oct 5, 2022 | $4.2m | Seed | NFT | NFT platform | Electric Capital | | | Ethereal Ventures, Village Global, OpenSea Ventures, Page One, Sriram Krishnan, 0x650d, Chandan Lodha, Will Papper, David Choi, Soso Sazesh |
| OneKey | Sep 28, 2022 | $20m | Series A | Infrastructure | Wallet | Dragonfly Capital, Ribbit Capital | | | Framework Ventures, Sky9 Capital, Folius Ventures, Ethereal Ventures, Santiago Roel Santos, Feng Liu, Coinbase Ventures |
| Koop Protocol | Aug 31, 2022 | $5m | Seed | | | 1confirmation, Variant | | | Palm Tree Crew, Day One Ventures, Ethereal Ventures, DeFi Alliance, Volt Capital, Cooper Turley, Balaji Srinivasan, Liu Jiang |
| Azuro | Jun 28, 2022 | $4m | Strategic | DeFi | Decentralized betting protocol | | | | AllianceDAO, Arrington XRP Capital, Ethereal Ventures, Delphi Digital, Hypershere, Quiet Capital, Formless Capital, Gnosis, Merit Circle, SevenX Ventures, Red Beard Ventures, NxGen, Victor Ji |
| Astaria | Jun 22, 2022 | $8m | Seed | NFT | Astaria is an NFT lending platform that enables Strategists to set loan conditions via Vaults, which gather funds from liquidity providers for borrowers | | | | True Ventures, Arrington Capital, Ethereal Ventures, Hypersphere Ventures, The Lao, Wintermute Ventures, Genesis Trading, LedgerPrime |
| Entropy | Jun 10, 2022 | $25m | Seed | DeFi | Self Custody | a16z | | | Dragonfly Capital, Ethereal Ventures, Variant Fund, Coinbase Ventures, Inflection, Robot Ventures, Komerabi Fund, Naval Ravikant, Sabrina Hahn, James Prestwich, FWB, Nomad, Tally.xyz, Violet, Centrifuge |
| Playmint | Apr 27, 2022 | $4m | Seed | Gaming | Web3 MMO | Bitkraft Ventures | | | 1kx, Cherry Ventures, Ethereal Ventures, Play Ventures |
| Nomad | Apr 12, 2022 | $22m | Seed | Infrastructure | Cross-chain interoperability | Polychain Capital | $225m | | Coinbase Ventures, A&T Capital, Amber Group, Wintermute Ventures, Robot Ventures, Polygon, Ethereal Ventures, Hypershere, Circle Ventures, Figment, Lattice Capital, Dialectic, Continue Capital, 1kx, Hack VC, Archetype, Lattice Capital, Breyer Capital, Wave Financial Group, Open Web Collective, Ledger Prime |
| Trisolaris DAO | Apr 5, 2022 | $4.5m | Strategic | DeFi | DEX | Electric Capital | | | Jump Crypto, Lemniscap, Dragonfly Capital, Ethereal Ventures |
| MetaStreet | Feb 8, 2022 | $14m | Seed | DeFi | NFT debt & financing | Dragonfly Capital | | | Ethereal Ventures, Animoca Brands, CMT Digital, Bitscale Capital, QCP Capital, Big Brain Holdings, Taureon |
| Azuro | Jan 20, 2022 | $3.5m | Seed | DeFi | Decentralized betting protocol | Gnosis, Flow Ventures, Polymorphic Capital | | | Ethereal Ventures, Arrington XRP Capital, AllianceDAO, Delphi Digital, Metacartel Ventures, Merit Circle, Clever Advertising, SevenX Ventures, CitizenX, BR Capital, David Post, Alex Wearn, Sergei Chan |
| Aztec Network | Dec 16, 2021 | $17m | Series A | DeFi | programmable privacy layer for web3 | Paradigm | | | A.Capital Ventures, Ethereal Ventures, Libertus Capital, Variant Fund, Scalar Capital, IOSG Ventures |
| Neon Labs | Nov 9, 2021 | $40m | Seed | | Neon Labs builds innovative blockchain products. | | | | AngelDAO, CitizenX Crypto Ventures Fund, Ethereal Ventures, Everstake Capital, IDEO CoLab Ventures, Jump Capital, Rockaway Blockchain Fund, Solana Ventures, 3AC |
| Spruce | Nov 2, 2021 | $7.5m | Seed | | Spruce offers the most secure and convenient developer tools to share authentic data. | | | | A.Capital Ventures, Alameda Research, Benedict Chan, BITKRAFT Ventures, Coinbase Ventures, Electric Capital, Ethereal Ventures, Future Positive, Gemini Frontier Fund, Jaynti Kanani, Protocol Labs, SV Angel, Third Kind Venture Capital |
| Osmosis Foundation | Oct 27, 2021 | $21m | ICO | DeFi | Osmosis is a automated market maker Protocol that enables to create liquidity and trade IBC enabled tokens. | Paradigm | | | Do Kwon, Ethereal Ventures, Figment, Nascent, Robot Ventures |
| Element Finance | Oct 19, 2021 | $32m | Series A | DeFi | Element is an open-source protocol that offers BTC, ETH, and USDC at a discount for fixed and variable yield markets. | | | | A.Capital Ventures, Advanced Blockchain, Alex Svanevik, a16z, Anthony Sassano, Cyrus Younessi, Darren Lau, David Hoffmann, Dean Eigenmann, Ethereal Ventures, Femboy Capital, Fernando Martinelli, Hart Lambur, Julian Koh, Kain Warwick, Marc Bhargava |
| Coinshift | Sep 30, 2021 | $2.5m | Seed | | Coinshift is a crypto treasury management platform that helps businesses and decentralized autonomous organizations. | | | | AllianceDAO, BR Capital, ConsenSys Mesh, Ethereal Ventures, FinTech Collective, Gnosis, Longhash Ventures, Protocol Labs, Sequoia Capital India, Volt Capital, Weekend Fund |
| Connext | Jul 13, 2021 | $12m | Series A | DeFi | Connext is an interoperability protocol that enables fast, fully-trustless communication between blockchains. | | | | 1kx, Andre Cronje, Block Dream Fund, Coinbase Ventures, ConsenSys Mesh, eGirl Capital, Eric Conner, Ethereal Ventures, Hashed, Jinglan Wang, Larry Cermak, Metacartel Ventures, Scalar Capital, Zak Cole |
| Aleo | Apr 20, 2021 | $28m | Series A | Zero Knowledge Industry | Privacy Blockchain | a16z | | | Placeholder, Galaxy Digital, Variant Fund, Coinbase Ventures, Polychain Capital, Slow Ventures, Dekrypt Capital, Scalar Capital, A Capital, zkValidator, Balaji Srinivasan, Ethereal Ventures |
