# Initialized Capital's Web3 & Crypto Investments: 13 Startups in Its Portfolio (2026) > The 13 Web3 & Crypto startups Initialized Capital has backed, by stage: $371M raised between them. From the rounds we track; updated nightly. Source: https://millionrounds.com/portfolio-maps/initialized-capital-web3-crypto-portfolio (Millionrounds; every figure on the page links to its filing or article) ## Pre-seed and seed 6 - [Ping](https://millionrounds.com/company/ping) - [*K* KNX](https://millionrounds.com/company/knx) - [Azura](https://millionrounds.com/company/azura) - [Satsuma](https://millionrounds.com/company/satsuma) - [Synquote](https://millionrounds.com/company/synquote) - [HackerNoon](https://millionrounds.com/company/hackernoon) ## Stage not reported 5 - [Ava Labs](https://millionrounds.com/company/ava-labs) - [*T* TDE](https://millionrounds.com/company/tde) - [Sparkswap](https://millionrounds.com/company/sparkswap) - [*QC* Quorum Control](https://millionrounds.com/company/quorum-control) - [*D* DDEX](https://millionrounds.com/company/ddex) ## Series A 2 - [*BT* Bison Trails](https://millionrounds.com/company/bison-trails) - [CoinAlpha, Inc.](https://millionrounds.com/company/coinalpha-inc) ## Segment by segment ### Pre-seed and seed 6 startups · $78M raised - [**Ping**](https://millionrounds.com/company/ping) Learn more about PING&s latest clubs including the G440 Family, i530 & i240 Irons, Scottsdale Putters, and more. United States $33M - [*K* **KNX**](https://millionrounds.com/company/knx) China $30M - [**Azura**](https://millionrounds.com/company/azura) Azura is an onchain trading platform that simplifies decentralized finance (DeFi) trading. United States $6.9M - [**Satsuma**](https://millionrounds.com/company/satsuma) Satsuma is a reliable blockchain indexing service for web3 engineering teams. United States $5.0M - [**Synquote**](https://millionrounds.com/company/synquote) Synquote is a decentralized, non-custodial options trading platform focused on crypto derivatives and DeFi trading. United States $2.8M - [**HackerNoon**](https://millionrounds.com/company/hackernoon) HackerNoon is an independent technology publishing platform and software company based in Edwards, Colorado. United States $250K ### Stage not reported 5 startups · $267M raised - [**Ava Labs**](https://millionrounds.com/company/ava-labs) Ava Labs is a technology company based in New York City, specializing in blockchain innovation and the development of digital asse United States $230M - [*T* **TDE**](https://millionrounds.com/company/tde) - $28M - [**Sparkswap**](https://millionrounds.com/company/sparkswap) SparkSwap is a decentralized cryptocurrency exchange that allows traders to trade peer-to-peer, eliminating the risk of a centrali United States $3.5M - [*QC* **Quorum Control**](https://millionrounds.com/company/quorum-control) Quorum Control is building a platform for digital ownership. Germany $2.9M - [*D* **DDEX**](https://millionrounds.com/company/ddex) The most user-friendly decentralized exchange for Ethereum-based tokens. China $2.1M ### Series A 2 startups · $27M raised - [*BT* **Bison Trails**](https://millionrounds.com/company/bison-trails) United States $26M - [**CoinAlpha, Inc.**](https://millionrounds.com/company/coinalpha-inc) Quant/algo market maker software; market-making and token liquidity solutions; creators of Hummingbot open-source crypto trading bot. United States $1.6M **How this map is made.** Every startup here works in Web3 & Crypto and has raised money in a round we track that names Initialized Capital as an investor. Each sits under the stage of its latest round. Rebuilt nightly; updated 15 November 2026. ## More portfolio maps [All portfolios](https://millionrounds.com/portfolio-maps) [Sector portfolio **Initialized Capital's AI portfolio** 30 startups · $12B](https://millionrounds.com/portfolio-maps/initialized-capital-ai-portfolio)[Sector portfolio **Initialized Capital's Fintech portfolio** 12 startups · $155M](https://millionrounds.com/portfolio-maps/initialized-capital-fintech-portfolio)[Co-investors **Who invests with Initialized Capital** 194 co-investors](https://millionrounds.com/portfolio-maps/initialized-capital-co-investors)[Portfolio map **Initialized Capital portfolio map** 120 startups · $17B](https://millionrounds.com/portfolio-maps/initialized-capital-portfolio-map)[Sector portfolio **Techstars' AI portfolio** 336 startups · $4.9B](https://millionrounds.com/portfolio-maps/techstars-ai-portfolio)[Sector portfolio **Alumni Ventures' AI portfolio** 302 startups · $36B](https://millionrounds.com/portfolio-maps/us-strategic-tech-fund-an-alumni-ventures-fund-ai-portfolio) ## Raising from investors like Initialized Capital? Find the investors who back startups like yours, with their cheques, rounds and partners, in the app with filters, lists and exports. [Find investors](https://millionrounds.com/login?join=1&next=/app/investors)[Market maps](https://millionrounds.com/market-maps)