# VC firms backing DeFi (2026 list)

> 155 VC firms backing DeFi, 70% active in the last 12 months. Led by Andreessen Horowitz, Alumni Ventures, General Catalyst. Ranked by what they funded.

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

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

# VC firms backing DeFi

Updated 7 November 2026

VC firms we have observed in a deFi round in the last two years.

[See all 155 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-defi)The top 25

**155** investors on the list *-2* this week

**2,749** cheques in 12 months *-11%* against the market

**$8M** median round they joined *+0%* against the market median

**70%** 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 [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) *Deploying now* VC firm · United States **1,661** **$27M** median round **Nov 2026** last seen
- 2 [Alumni Ventures](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund) *Deploying now* VC firm · United States **1,598** **$12M** median round **Nov 2026** last seen
- 3 [General Catalyst](https://millionrounds.com/fund/general-catalyst) *Deploying now* VC firm · United States **1,387** **$27M** median round **Nov 2026** last seen
- 4 [Accel](https://millionrounds.com/fund/accel) *Deploying now* VC firm · United States **1,341** **$32M** median round **Nov 2026** last seen
- 5 [Founders Fund](https://millionrounds.com/fund/founders-fund) *Deploying now* VC firm · United States **1,122** **$15M** median round **Oct 2026** last seen
- 6 [First Round Capital](https://millionrounds.com/fund/first-round-capital) *Deploying now* VC firm · United States **807** **$18M** median round **Oct 2026** last seen
- 7 [Insight Partners](https://millionrounds.com/fund/insight-venture-partners) *Deploying now* VC firm · United States **765** **$40M** median round **Oct 2026** last seen
- 8 [Foundation Capital](https://millionrounds.com/fund/foundation-capital) *Deploying now* VC firm · United States **550** **$13M** median round **Oct 2026** last seen
- 9 [HSG](https://millionrounds.com/fund/hsg) *Deploying now* VC firm · Hong Kong SAR China **498** **$31M** median round **Oct 2026** last seen
- 10 [Spark Capital](https://millionrounds.com/fund/spark-capital) *Deploying now* VC firm · United States **471** **$40M** median round **Oct 2026** last seen
- 11 [Soma Capital](https://millionrounds.com/fund/soma-capital) *Deploying now* VC firm · United States **456** **$4.2M** median round **Oct 2026** last seen
- 12 [GSR](https://millionrounds.com/fund/gsr) *Deploying now* VC firm · United Kingdom **453** **$6M** median round **Jun 2026** last seen
- 13 [Lerer Hippeau](https://millionrounds.com/fund/lerer-hippeau) *Deploying now* VC firm · United States **419** **$9.7M** median round **Nov 2026** last seen
- 14 [Coatue](https://millionrounds.com/fund/coatue-management) *Deploying now* VC firm · United States **404** **$85M** median round **Oct 2026** last seen
- 15 [ZhenFund](https://millionrounds.com/fund/zhenfund) *Deploying now* VC firm · China **390** **$9.1M** median round **Oct 2026** last seen
- 16 [Speedinvest](https://millionrounds.com/fund/speedinvest) *Deploying now* VC firm · Austria **345** **$6.7M** median round **Nov 2026** last seen
- 17 [SBI Investment](https://millionrounds.com/fund/sbi-investment) *Deploying now* VC firm · Japan **330** **$8.7M** median round **Sept 2026** last seen
- 18 [Peak XV](https://millionrounds.com/fund/peak-xv) *Deploying now* VC firm · United States **317** **$15M** median round **Nov 2026** last seen
- 19 [Headline](https://millionrounds.com/fund/headline) *Deploying now* VC firm · United States **307** **$15M** median round **Oct 2026** last seen
- 20 [Craft Ventures](https://millionrounds.com/fund/craft-ventures) *Deploying now* VC firm · United States **283** **$14M** median round **Oct 2026** last seen
- 21 [LocalGlobe](https://millionrounds.com/fund/localglobe) *Deploying now* VC firm · United Kingdom **269** **$12M** median round **Oct 2026** last seen
- 22 [BNP Paribas](https://millionrounds.com/fund/bnp-paribas) *Deploying now* VC firm · France **256** **$17M** median round **Oct 2026** last seen
- 23 [Ribbit Capital](https://millionrounds.com/fund/ribbit-capital) *Deploying now* VC firm · United States **205** **$60M** median round **Oct 2026** last seen
- 24 [Pantera Capital](https://millionrounds.com/fund/pantera-capital) *Deploying now* VC firm · United States **196** **$13M** median round **Oct 2026** last seen
- 25 [Boost VC](https://millionrounds.com/fund/boost-vc) *Deploying now* VC firm · United States **194** **$2.5M** median round **Sept 2026** last seen

**130 more on this list**

All 155 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%2Fvc-firms-defi)

## The Newest Cheques

Rounds this list's investors joined most recently

- **6** Nov **[Thinking Machines Lab](https://millionrounds.com/company/thinking-machines-lab)** Other · $5B *Led by* [Accel](https://millionrounds.com/fund/accel)
- **5** Nov **[firmly](https://millionrounds.com/company/firmly)** Series A · $15M *With* [Alumni Ventures](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund)
- **5** Nov **[Mindmax](https://millionrounds.com/company/mindmax)** Seed · $3.3M *With* [Lerer Hippeau](https://millionrounds.com/fund/lerer-hippeau)
- **5** Nov **[RadianX](https://millionrounds.com/company/radianx)** Seed · $9M *With* [Alumni Ventures](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund)
- **5** Nov **[Zipline](https://millionrounds.com/company/zipline)** Growth · $1.5B *Led by* [Paradigm](https://millionrounds.com/fund/paradigm)
- **5** Nov **[Pliant](https://millionrounds.com/company/pliant)** Series C · $80M *Led by* [Speedinvest](https://millionrounds.com/fund/speedinvest)

## Stages This Year

2,122 rounds

- Series A **19%**
- Seed **19%**
- Venture **17%**
- Series B **11%**
- Series C **7%**
- Other **27%**

## What They Backed

Sectors, last 12 months

- AI **918**
- Fintech **221**
- Web3 & Crypto **147**
- Healthcare **111**
- Big Data & Analytics **111**
- Financial Services **104**

## Cheques by Quarter

Led Joined

730 Q1 25

752 Q2 25

916 Q3 25

989 Q4 25

872 Q1 26

730 Q2 26

590 Q3 26

198 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)

## Quick answers about VC firms backing DeFi

### Who are the most active VC firms backing DeFi?

By cheques observed, the most active are Andreessen Horowitz, Alumni Ventures, General Catalyst, Accel and Founders Fund.

### How many VC firms backing DeFi are there?

155 are on record. 70% made an investment in the last 12 months and 49% have led a round.

### Which stages do VC firms backing DeFi back?

Of the rounds with a named stage in the last 12 months, mostly Series A (26%) and Seed (25%).

### How big are the rounds VC firms backing DeFi join?

The typical (median) round among the leading investors here is $15M.

### Which sectors do VC firms backing DeFi back most?

In the last 12 months, mostly AI, Fintech and Web3 & Crypto.

### Which VC firms backing DeFi lead the most rounds?

Andreessen Horowitz (114 led), Accel (103 led) and General Catalyst (97 led).

### Where are VC firms backing DeFi based?

Among the most active, most are based in the United States (18), the United Kingdom (2) and Hong Kong SAR China (1).

### What have VC firms backing DeFi invested in recently?

Recent rounds include Thinking Machines Lab (Other, Nov 2026, with Accel), firmly (Series A, Nov 2026, with Alumni Ventures) and Mindmax (Seed, Nov 2026, with Lerer Hippeau).

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