a16z vs Paradigm, counted on NAUT's own deal record: NAUT tracks 26 funding rounds for a16z crypto across 23 companies and 17 rounds for Paradigm across 15 companies, dated 1 January 2024 to 2 November 2026. The median disclosed a16z crypto round is $10.0M and the median disclosed Paradigm round is $52.5M, and the 2 funds sit in the same round twice, at Kalshi and Farcaster.
How this crypto VC comparison was built, and who built it: NAUT published it, and the criteria were fixed before any counting. A round counts when its announced or closed date on NAUT falls on or after 1 January 2024 and the fund is on that round as a backer. Every count below was read from NAUT's database on 2 November 2026, so NAUT's data shows these counts rather than any API response. Sector labels are the tags on each company's own NAUT page. 7 of the 43 rounds were also checked against a public page about that round, and those 7 pages are in Sources; no paywalled source is counted here, and any detail a public page did not confirm was left out. There is no ranking of which fund is better in this article: every line is a count. Next retest: 2 December 2026.
3 scope notes before the numbers. NAUT holds the 2 funds as 1 investor row each, and this article counts only those rows; NAUT also holds a separate row, Andreessen Horowitz (a16z), with 28 backings, 10 of them dated since 2024, and the rows are not merged, so those 10 are outside every count here. The a16z crypto row carries the domain a16zfrontier.com, and that site describes its remit as "Frontier startups building new technologies creating markets in AI, hardware, biology, and crypto." That is the fund's own wording, so the one NAUT tracks under this name now covers more than crypto. 3rd, 1 row on NAUT is being corrected as this is published: NAUT holds Kalshi's Series D at $185.0M dated 2 August 2025, while the round's own reports put that Series D at $300.0M announced 10 October 2025 and give $185.0M to the Series C dated June 2025, so every figure here uses the sourced $300.0M.
a16z vs Paradigm: how many rounds has each backed since 2024?
a16z crypto appears on more rounds and writes into smaller ones. Paradigm appears on fewer rounds and sits in bigger ones, including the only round on either record above $500M. Every measure below covers 1 January 2024 onwards.
| Measure | a16z crypto | Paradigm |
|---|---|---|
| Rounds on record | 26 | 17 |
| Companies backed | 23 | 15 |
| Rounds with a size | 26 | 16 |
| Median round | $10.0M | $52.5M |
| Round sizes added up | $1,223.5M | $2,294.1M |
| Largest round | $300.0M,  Kalshi |
$1,000.0M, Kalshi |
| Smallest round | $0.5M, 2 incubations | $5.8M,  Symbiotic |
| Busiest sector tag | Infrastructure, 11 | DeFi, 6 |
| Repeat companies | 3 | 1 |
| Oldest round here | 23 January 2024 | 21 March 2024 |
| Newest round here | 16 October 2025 | 14 January 2026 |
| Co-investors beside it | 66 | 81 |
| Rounds with a lead flag | 0 | 1 |
Both records are backer records, not lead records: the "other investors on the same rounds" row counts the distinct unarchived investors NAUT has on those same rounds, 66 alongside a16z crypto and 81 alongside Paradigm.
Which a16z crypto rounds does NAUT hold since 2024?
All 26 a16z crypto rounds, largest first. 23 companies, and 3 of them appear twice: EigenCloud, inconetwork, ORO.
| Company | Date | Round | Amount |
|---|---|---|---|
| Kalshi |
10 October 2025 | Series D Round | $300.0M |
 Somnia |
18 February 2025 | Ecosystem Funding Round | $270.0M |
 Farcaster |
21 May 2024 | Series A Round | $150.0M |
 Walrus |
20 March 2025 | Private Round | $140.0M |
 EigenCloud |
22 February 2024 | Funding Round | $100.0M |
| EigenCloud |
17 June 2025 | Token Purchase | $70.0M |
 Jito |
16 October 2025 | Strategic Round | $50.0M |
 XMTP_ |
18 July 2025 | Series B Round | $20.0M |
 PartyDAO |
10 June 2024 | Seed Round | $16.4M |
 Poseidon |
22 July 2025 | Seed Round | $15.0M |
 PrismaX |
17 June 2025 | PrismaX AI |
$11.0M |
 Pod Network |
29 January 2025 | Seed Round | $10.0M |
 vlayer |
5 November 2024 | Pre-Seed Round | $10.0M |
 PIN AI |
11 September 2024 | Pre-Seed Round | $10.0M |
 OpenGradient |
10 October 2024 | Seed Round | $8.5M |
 SeismicSys |
7 March 2025 | Seed Round | $7.0M |
 ORO |
17 April 2025 | Seed Round | $6.0M |
 Cambrian Network |
31 March 2025 | Seed Round | $5.9M |
 Fermah |
18 September 2024 | Seed Round | $5.2M |
 inconetwork |
25 April 2025 | Strategic Round | $5.0M |
 Glider |
17 April 2025 | Strategic Round | $4.0M |
 magicblock |
18 September 2024 | Pre-Seed Round | $3.0M |
 Friends With Benefits |
23 January 2024 | Funding Round | $3.0M |
 t1 |
10 September 2024 | Pre-Seed Round | $2.5M |
| ORO |
1 April 2025 | Incubation Round | $0.5M |
| inconetwork |
1 April 2025 | Incubation Round | $0.5M |
Which rounds make up the Paradigm portfolio since 2024?
All 17 Paradigm rounds, largest first. 15 companies, and Kalshi appears 3 times, in 3 distinct rounds: the $185.0M Series C dated 27 June 2025, the $300.0M Series D and the $1,000.0M private round dated 21 November 2025. 1 Paradigm round has no size on file, the Tempo incubation round dated 5 September 2025.
| Company | Date | Round | Amount |
|---|---|---|---|
| Kalshi |
21 November 2025 | Private Round | $1,000.0M |
| Kalshi |
10 October 2025 | Series D Round | $300.0M |
 Monad |
9 April 2024 | Funding Round | $225.0M |
| Kalshi |
27 June 2025 | Series C Round | $185.0M |
 Phantom |
17 January 2025 | Series C Round | $150.0M |
| Farcaster |
21 May 2024 | Series A Round | $150.0M |
 Babylon |
31 May 2024 | Pre-Launch Round | $70.0M |
 Succinct |
21 March 2024 | Seed and Series A Rounds | $55.0M |
 Nous Research |
25 April 2025 | Series A | $50.0M |
 Etherealize |
3 September 2025 | Strategic Round | $40.0M |
 Phoenix |
4 April 2024 | Series A Round | $20.0M |
 Aztec Network |
17 December 2025 | Series A Round | $17.0M |
 Kuru |
7 July 2025 | Series A Round | $11.6M |
 Liquid |
6 November 2025 | Seed Round | $7.6M |
 Noise |
14 January 2026 | Seed Round | $7.1M |
| Symbiotic |
12 June 2024 | Seed Round | $5.8M |
 Tempo |
5 September 2025 | Incubation Round | not disclosed |
a16z vs Paradigm: which sectors does each fund buy?
Infrastructure is the busiest tag on a16z crypto's 26 rounds at 11, then AI at 6 and DeFi at 5. DeFi is the busiest on Paradigm's 17 at 6, then Infrastructure at 5 and Prediction Market at 4. A round can carry more than 1 tag, so the columns add up to more than 26 and 17. Both columns count rounds, and the DEX row is NAUT's "DEX (Decentralized Exchange)" tag.
| Sector tag | a16z crypto | Paradigm |
|---|---|---|
| Infrastructure | 11 | 5 |
| DeFi | 5 | 6 |
| AI | 6 | 0 |
| Privacy | 3 | 2 |
| L1/2/3 | 2 | 3 |
| Prediction Market | 0 | 4 |
| Tools | 3 | 0 |
| DEX | 0 | 3 |
How big do the rounds get on each record?
11 of the 36 companies across both records have a round of $50.0M or more on NAUT. Kalshi tops both lists: its $1,000.0M private round dated 21 November 2025 carries Paradigm, and its $300.0M Series D carries a16z crypto. The largest round only a16z crypto's record carries is Somnia's $270.0M ecosystem funding round.
a16z vs Paradigm: where do the 2 records overlap?
2 rounds carry both funds as backers, and they are the 2 shared companies on NAUT: Kalshi and Farcaster.
| Company | Round | Date | Amount |
|---|---|---|---|
| Kalshi |
Series D Round | 10 October 2025 | $300.0M |
| Farcaster |
Series A Round | 21 May 2024 | $150.0M |
16 other investors sit on rounds from both lists, out of 66 on a16z crypto's rounds and 81 on Paradigm's. For a founder or a BD lead that overlap is the shortest route in: 1 investor who already sits beside both funds can reach either.
What does each round's own source say about who led?
NAUT's lead flag is set on 1 of these 43 rows, the Paradigm backing of Nous Research's $50.0M Series A dated 25 April 2025. That is an unfilled field on NAUT rather than a finding about the funds, so this article states no lead count for either side and takes lead facts only from a round's own dated source. 4 of them are confirmed:
- Farcaster's $150.0M Series A, 21 May 2024: the round report says Paradigm led it and a16z crypto took part, so both funds are on the round and 1 of them led.
- EigenCloud's $100.0M round, 22 February 2024: the round report says a16z crypto led it. EigenCloud also took a $70.0M token purchase from a16z in June 2025, which NAUT holds as a second round.
- Walrus's $140.0M private round, 20 March 2025: the project's own fundraising post says Standard Crypto led the private token sale with a16z crypto taking part, so the lead there is neither of these 2 funds.
- Kalshi's $300.0M Series D, announced 10 October 2025: the round report says Sequoia and a16z crypto led it with other investors taking part, and the earlier $185.0M Series C of June 2025 was led by Paradigm.
Somnia's $270.0M is a different shape again. The announcement of that ecosystem funding describes up to $270.0M of combined capital from Improbable and MSquared, with a16z crypto among the backers rather than the lead, so read it as ecosystem capital and not as 1 priced round into 1 company.
What this tells a BD team
- Round size sorts the 2 lists. 15 of a16z crypto's 26 rounds are $10.0M or smaller, which is where seed and pre-seed teams sit; Paradigm's median disclosed round is $52.5M.
- Repeat backings mark conviction: a16z crypto went twice into EigenCloud, inconetwork and ORO, and Paradigm went 3 times into Kalshi.
- Sector tags tell you which deck lands: Infrastructure for a16z crypto at 11 rounds, DeFi for Paradigm at 6.
- Pick the record that matches the chequea16z crypto's median disclosed round is $10.0M, Paradigm's is $52.5M.
- Open the fund pagea16z crypto and Paradigm list the rounds and the team NAUT holds.
- Go at the repeat names firstEigenCloud, inconetwork and ORO took 2 a16z crypto rounds each, Kalshi took 3 from Paradigm.
- Use the 16 shared co-investors16 investors sit on rounds from both lists, so 1 intro can reach both funds.
What this tells a founder raising
- Match the ask to the record. A $5.0M to $10.0M round looks normal on a16z crypto's list, where the median disclosed round is $10.0M across 26 rounds.
- Paradigm's list runs bigger: 6 of its 17 rounds are $150.0M or more, and 3 of those 6 are Kalshi.
- Both funds sit in the same 2 rounds since 2024, Kalshi's $300.0M Series D and Farcaster's $150.0M Series A, so a shared round is the exception on this record.
- Check the size fitMedian disclosed round $10.0M at a16z crypto, $52.5M at Paradigm.
- Check the sector fitInfrastructure 11 rounds and AI 6 at a16z crypto; DeFi 6 and Prediction Market 4 at Paradigm.
- Read the most recent entrya16z crypto's newest round here is Jito on 16 October 2025, Paradigm's is Noise on 14 January 2026.
- Find the partner and the channelEach fund page lists the people NAUT holds and which channels are on file for them.
How to reach the decision makers behind these 36 companies
Every company in the 2 tables links to its NAUT page, and each page lists the people NAUT holds for that team with the channels on file. The same works from the other side: a16z crypto and Paradigm each carry their own team and the rounds above, so a founder can read the fund, then the partner, then the channel. Anyone listed can ask NAUT to remove their page at https://naut.so/legal/data-deletion.
Related reading on NAUT: a16z crypto portfolio: 55 teams, 80 rounds, $6.99B tracked and Crypto VC check sizes: 15 investors, $1.7M to $200M rounds.
Can you pull this data through the NAUT API?
Yes, in 2 calls: GET https://api.naut.so/v1/investors/a16z-crypto and GET https://api.naut.so/v1/investors/paradigm, each with the header Authorization: Bearer $NAUT_KEY, return each fund with its team and its portfolio, and every portfolio row carries company, roundType, amountUsd, announceDate and isLead, which is what the tables above are built from. A data call costs 5 credits, so both funds cost 10, and the Essential plan at $49 a month carries 3,000 credits; the parameters and prices are in the API docs and on pricing. Verified Telegram, email and LinkedIn for the people on those pages unlock on any paid NAUT plan, so start a 7-day trial when you want the channels as well as the rounds.
a16z vs Paradigm FAQ
How do a16z crypto and Paradigm differ as investors on NAUT's record?
Between 1 January 2024 and 2 November 2026, NAUT records 26 rounds across 23 companies for a16z crypto and 17 rounds across 15 companies for Paradigm, with median disclosed rounds of $10.0M and $52.5M. a16z crypto's busiest sector tag is Infrastructure at 11 rounds and Paradigm's is DeFi at 6.
Which companies did both a16z crypto and Paradigm back?
2 companies: Kalshi, in a $300.0M Series D dated 10 October 2025, and Farcaster, in a $150.0M Series A dated 21 May 2024. Those are the only 2 of the 36 companies across both records that carry both funds as backers on NAUT.
Which companies took more than 1 round from the same fund since 2024?
a16z crypto backed EigenCloud, inconetwork and ORO twice each. Paradigm backed Kalshi 3 times, in the $185.0M Series C dated 27 June 2025, the $300.0M Series D dated 10 October 2025 and the $1,000.0M private round dated 21 November 2025.
Where can I find these 36 companies, their rounds and the people who run them?
On NAUT: the a16z crypto and Paradigm pages carry all 43 rounds counted here, and each company page carries its team. Through the API the same data is GET https://api.naut.so/v1/investors/paradigm at 5 credits a call, and verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so start a 7-day trial to open the channels.
How current is this comparison?
The database read is dated 2 November 2026, the newest a16z crypto round in it is dated 16 October 2025 and the newest Paradigm round is dated 14 January 2026. The next retest is 2 December 2026.
Sources
- NAUT's own database, read 2 November 2026: a16z crypto, Paradigm and the company pages linked in both tables.
- Farcaster's $150.0M Series A: Unchained.
- EigenCloud's $100.0M round: SiliconANGLE. The $70.0M token purchase: CoinDesk.
- Walrus's $140.0M private round: the Walrus fundraising post.
- Somnia's $270.0M ecosystem funding: the announcement.
- Kalshi's $300.0M Series D and $185.0M Series C: DL News and TechCrunch.
- The a16z Frontier remit: a16zfrontier.com.