Crypto VC Investment Level Awards: Who Has the Most Impressive Returns?

Original author: Eli Nuss, Stratos

Original translation: TechFlow

Who is performing best in the crypto venture capital field?

We referred to the fundraising data provided by @tokenterminal and the market data of @artemis__xyz to answer this question.

See our full analysis here.

Summary

It is important to note that we rely on the accuracy of this data. There are often undisclosed financing rounds or other announcements that lack key data. Even so, however, we can still gain some interesting insights from the existing data.

First, let’s review the most successful crypto investments in history.

We ranked by calculating the ratio of fully diluted market capitalization (FDMC) to the amount of funding at the end of the third quarter for each round of financing.

Then, we classified by fundraising cycle to find the best performing investments in each year.

Here are the top investment cases from 2015 to 2017:

Figure compilation: TechFlow

Explanation:

· “FDMC” refers to fully diluted market capitalization.

· "FDMC/Funding Amount" represents the ratio of market value to financing amount.

The following are the top investment cases from 2018 to 2021:

Figure compilation: TechFlow

Here are the top investment cases between 2022 and 2024:

Figure compilation: TechFlow

After finding out the investment projects with the highest returns, let's take a look at which funds participated in these financing rounds.

We distinguish between leading investors and follow-up investors. Here is a list of investors who led or co-led these high-return rounds:

· @multicoincap

· @polychaincap

· @paradigm

· @PanteraCapita

Notably, @animocabrands and @a16zcrypto stand out as the only companies that have led these high-return transactions multiple times.

Of the over 5,000 unique investors in our dataset, only 42 firms or individuals actually led one or more rounds of projects whose tokens still appreciated significantly based on Q3 2024 prices.

Here are the funds that most frequently participated in these rounds:

· @cbventures

· @dragonfly_xyz

· @Delphi_Digital

· @usv

· @slow

· @naval

· @BlockTower

· @scalarcapital

· @placeholdervc

· @Maven11Capital

· @MaelstromFund

· @lightspeedvp

· @hypersphere_vc

· @hashed_official

· @Dialectic_Group

· @Consensys

· @1kxnetwork

Overall, 221 companies or individuals participated in a top venture deal whose liquid tokens saw significant appreciation in valuation in Q3 2024.

This chart highlights the top 27 companies that participated in at least 3 or more deals.

Given that some investors are more active than others, it is also important to look at the hit rate. We not only used the previous data, but also took into account the total number of deals each investor participated in to find the ones with the highest hit rate. It is worth mentioning that @BlockTower performed particularly well in this regard!

Based on the above information, we built a matrix that we hope will provide an overview of funds in this space.

This matrix is dynamic because sometimes a major success can move a fund into a new quadrant.

We look forward to the day when all funds can be in the upper right corner of the matrix.

We hope this analysis is as interesting to you as it was to us.

We welcome any feedback or suggestions to help us improve our analysis in the future. We plan to update this data regularly, so we hope to be as accurate as possible.

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