# PE firms backing Web3 & Crypto (2026 list)

> 99 PE firms backing Web3 & Crypto, 72% active in the last 12 months. Led by Gaingels, Goldman Sachs, Citibank. Ranked by what they funded.

Source: https://millionrounds.com/lists/pe-firms-web3 (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# PE firms backing Web3 & Crypto

Updated 7 November 2026

PE firms we have observed in a web3 & Crypto round in the last two years.

[See all 99 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-web3)The top 25

**99** investors on the list No change this week

**1,219** cheques in 12 months *+2%* against the market

**$34M** median round they joined *+319%* against the market median

**72%** wrote a cheque in 12 months

**49%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (25)

- 1 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen
- 2 [Goldman Sachs](https://millionrounds.com/fund/goldman-sachs) *Deploying now* Private equity · United States **758** **$73M** median round **Oct 2026** last seen
- 3 [Citibank](https://millionrounds.com/fund/citi) *Deploying now* Growth equity · United States **566** **$20M** median round **Oct 2026** last seen
- 4 [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) *Deploying now* Private equity · United States **551** **$2.9M** median round **Nov 2026** last seen
- 5 [IDG Capital](https://millionrounds.com/fund/idg-capital) *Deploying now* Private equity · China **504** **$25M** median round **Oct 2026** last seen
- 6 [Morgan Stanley Investment Management](https://millionrounds.com/fund/morgan-stanley-investment-management) *Deploying now* Private equity · United States **288** **$56M** median round **Oct 2026** last seen
- 7 [General Atlantic](https://millionrounds.com/fund/general-atlantic) *Deploying now* Private equity · United States **273** **$127M** median round **Oct 2026** last seen
- 8 [HSBC](https://millionrounds.com/fund/hsbc) *Deploying now* Growth equity · United Kingdom **234** **$45M** median round **Oct 2026** last seen
- 9 [K5 Global](https://millionrounds.com/fund/k5-global) *Deploying now* Private equity · United States **199** **$11M** median round **Oct 2026** last seen
- 10 [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton) *Deploying now* Private equity · United States **198** **$64M** median round **Nov 2026** last seen
- 11 [Janus Henderson Investors](https://millionrounds.com/fund/janus-henderson-investors) *Deploying now* Private equity · United Kingdom **178** **$115M** median round **Oct 2026** last seen
- 12 [DST Global](https://millionrounds.com/fund/dst-global) *Deploying now* Private equity · United Kingdom **158** **$81M** median round **Oct 2026** last seen
- 13 [T. Rowe Price](https://millionrounds.com/fund/t-rowe-price) *Deploying now* Private equity · United States **136** **$400M** median round **Nov 2026** last seen
- 14 [Smilegate Investment](https://millionrounds.com/fund/smilegate-investment) *Deploying now* Growth equity · South Korea **122** **$5.4M** median round **May 2026** last seen
- 15 [Fin Capital](https://millionrounds.com/fund/fin-capital) *Deploying now* Private equity · United States **120** **$15M** median round **Sept 2026** last seen
- 16 [Apollo](https://millionrounds.com/fund/apollo-global-management) *Deploying now* Private equity · United States **114** **$55M** median round **Oct 2026** last seen
- 17 [WndrCo](https://millionrounds.com/fund/wndrco) *Deploying now* Private equity · United States **114** **$15M** median round **Sept 2026** last seen
- 18 [Galaxy Digital](https://millionrounds.com/fund/galaxy-digital) *Deploying now* Private equity · United States **94** **$12M** median round **Sept 2026** last seen
- 19 [Space Capital](https://millionrounds.com/fund/space-capital-2) *Deploying now* Private equity · Italy **79** **$12M** median round **Oct 2026** last seen
- 20 [Eastern Bell Capital](https://millionrounds.com/fund/eastern-bell-capital) *Deploying now* Private equity · China **72** **$15M** median round **Jul 2026** last seen
- 21 [Alpha Wave Global](https://millionrounds.com/fund/alpha-wave-global) *Deploying now* Private equity · United States **70** **$48M** median round **Oct 2026** last seen
- 22 [Breyer Capital](https://millionrounds.com/fund/breyer-capital) *Deploying now* Private equity · United States **69** **$24M** median round **Oct 2026** last seen
- 23 [Ares Management](https://millionrounds.com/fund/ares-management) *Deploying now* Growth equity · United States **68** **$162M** median round **Sept 2026** last seen
- 24 [Fortress Investment](https://millionrounds.com/fund/fortress-investment-group) *Deploying now* Private equity · United States **61** **$100M** median round **Sept 2026** last seen
- 25 [SBI Group](https://millionrounds.com/fund/sbi-group) *Deploying now* Growth equity **57** **$14M** median round **Nov 2026** last seen

**74 more on this list**

All 99 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-web3)

## The Newest Cheques

Rounds this list's investors joined most recently

- **5** Nov **[Soter Insure](https://millionrounds.com/company/soter-insure)** Series B *With* [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton)
- **5** Nov **[firmly](https://millionrounds.com/company/firmly)** Series A · $15M *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest)
- **5** Nov **[Nyquis](https://millionrounds.com/company/nyquis)** Seed · $6.3M *With* [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2)
- **5** Nov **[Cowboy](https://millionrounds.com/company/cowboy)** Seed · $5M *With* [ANAGRAM](https://millionrounds.com/fund/anagram)
- **5** Nov **[Zipline](https://millionrounds.com/company/zipline)** Growth · $1.5B *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest)
- **4** Nov **[Bullshot](https://millionrounds.com/company/bullshot)** Other · $7.7M *With* [Becker Ventures](https://millionrounds.com/fund/becker-ventures)

## Stages This Year

1,049 rounds

- Venture **21%**
- Debt **17%**
- Series A **11%**
- Seed **10%**
- Other **10%**
- Other **31%**

## What They Backed

Sectors, last 12 months

- AI **353**
- Fintech **94**
- Biotech **92**
- Financial Services **64**
- Web3 & Crypto **62**
- Big Data & Analytics **52**

## Cheques by Quarter

Led Joined

286 Q1 25

268 Q2 25

336 Q3 25

458 Q4 25

409 Q1 26

337 Q2 26

220 Q3 26

77 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai)
- [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech)
- [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data)
- [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech)
- [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics)
- [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction)
- [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy)
- [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai)
- [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity)

[All investor lists *→*](https://millionrounds.com/lists)

## Reading for founders in crypto and web3

- Number Go Up: Inside Crypto's Wild Rise and Staggering Fall Zeke Faux · 2023 4.24 from 9,425 ratings on Goodreads Crypto and web3 Company building About the book In 2021 cryptocurrency went mainstream. Giant investment funds were buying it; celebrities like Tom Brady endorsed it; and TV ads hailed it as the future of money. Hardly anyone knew how it worked, but why bother with the particulars when everyone was making a fortune from… On AmazonListen on Audible
- Mastering Ethereum: Building Smart Contracts and DApps Andreas M. Antonopoulos · 2018 4.28 from 596 ratings on Goodreads Crypto and web3 Company building About the book Ethereum represents the gateway to a worldwide, decentralized computing paradigm. This platform enables you to run decentralized applications (DApps) and smart contracts that have no central points of failure or control, integrate with a payment network, and operate on an open… On AmazonListen on Audible
- Blockchain Bubble or Revolution: The Present and Future of Blockchain and Cryptocurrencies Neel Mehta · 2019 4.30 from 1,648 ratings on Goodreads Crypto and web3 Company building About the book Some experts say that cryptocurrencies and blockchains are just a scam; others say they're "the most important invention since the internet." It's hard to tell who's right. Authored by Product Managers from Google, Microsoft, and Facebook, Bubble or Revolution cuts through the… On AmazonListen on Audible
- Read Write Own: Building the Next Era of the Internet Chris Dixon · 2024 3.93 from 2,300 ratings on Goodreads Crypto and web3 Company building About the book A potent exploration of the power of blockchains to reshape the future of the internet, and how that affects us all, from influential technology entrepreneur and startup investor Chris Dixon The internet of today is a far cry from its early promise of a decentralized,… On AmazonListen on Audible

More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&industry=crypto).

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about PE firms backing Web3 & Crypto

### Who are the most active PE firms backing Web3 & Crypto?

By cheques observed, the most active are Gaingels, Goldman Sachs, Citibank, Pioneer Fund and IDG Capital.

### How many PE firms backing Web3 & Crypto are there?

99 are on record. 72% made an investment in the last 12 months and 49% have led a round.

### Which stages do PE firms backing Web3 & Crypto back?

Of the rounds with a named stage in the last 12 months, mostly Debt (26%) and Series A (17%).

### How big are the rounds PE firms backing Web3 & Crypto join?

The typical (median) round among the leading investors here is $25M.

### Which sectors do PE firms backing Web3 & Crypto back most?

In the last 12 months, mostly AI, Fintech and Biotech.

### Which PE firms backing Web3 & Crypto lead the most rounds?

General Atlantic (32 led), Goldman Sachs (22 led) and DST Global (12 led).

### Where are PE firms backing Web3 & Crypto based?

Among the most active, most are based in the United States (17), the United Kingdom (3) and China (2).

### What have PE firms backing Web3 & Crypto invested in recently?

Recent rounds include Soter Insure (Series B, Nov 2026, with Franklin Templeton), firmly (Series A, Nov 2026, with • Ark Invest) and Nyquis (Seed, Nov 2026, with Pioneer Fund).

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)