Start 7-day trial
All articles

Crypto cap table: 4 steps that found 36 backers, 6 rounds

By NAUT Research · · 10 min read

36 Crypto cap table backers across 6 Starknet rounds on NAUT, and the 4 steps that read them. Logos: Starknet / Starkware, Pantera Capital, Sequoia Capital, Multicoin Capital, Coinbase Ventures, Ethereum Foundation, Tiger Global Management, Founders Fund.

To build a crypto cap table for a funded team, open the company's page on NAUT, read its Investors tab round by round, count the distinct names behind the rows, and check each round against its own announcement. NAUT tracks 6 funding rounds for Starknet / Starkware, from a $6M Seed closed on 10 May 2018 to a $100M Series D closed on 25 May 2022, and those 6 rounds carry 51 backer rows naming 36 distinct backers, read from NAUT's database on 2 November 2026.

Data note. Every count here was read from NAUT's own database on 2 November 2026, read-only, and nothing was written back. The worked team is Starknet / Starkware, picked from the top 15 project rows NAUT holds by round count, each of which carries 5 to 7 rounds. Amounts, dates and backers are what NAUT's record holds for each round, so they are what a reader sees on the page this article links. The outside check run for this article confirmed NAUT's amount and date on the Series B, Series C and Series D from dated reports by The Block, listed under Sources. It also found that 2 of the 3 rows from 2018 do not match their primary source: the Ethereum Foundation's own grants announcement of 17 August 2018 names $4M plus 6K ETH in performance-based bounties against NAUT's $12M Grant record, and The Block puts the $6M Seed close at 9 May 2018, 1 day before NAUT's 10 May. The $30M Series A date matches. Both figures below are given as NAUT's record, and step 4 is how to settle them. The backer names below are a sample of each round's list rather than the whole of it, and the Investors tab on the company's own NAUT page carries every row. NAUT Research wrote it. Anyone listed can ask NAUT to remove their page at https://naut.so/legal/data-deletion.

How to find a crypto cap table in 4 steps

Start from the company, never from a fund, because the round is the unit the data is stored in. The 4 steps below took 1 funded team from a name to 36 backers with the rounds they joined attached.

The 4 steps, run on 1 funded team
  1. Open the company pageStarknet / Starkware sits at /projects/starknet, and its Investors tab holds the rounds.
  2. Read it round by round6 rounds, $6M Seed in 2018 to a $100M Series D in 2022, $273M in total on NAUT's record.
  3. Count the distinct names51 backer rows collapse to 36 distinct backers, because 10 of them joined more than 1 round.
  4. Check each round's own source0 of the 6 rounds carry a lead flag on NAUT, so the lead comes from the round's announcement.

Step 1: open the company page, not a fund page

Search the company by name on NAUT and open its project page. A fund page answers a different question, which is what else that fund has backed, and you get there faster from the company once you know which funds to open.

Starknet / Starkware is a ZK-rollup, a Layer 2 network that scales Ethereum with STARK proofs, and its page carries both sides of what a deal maker needs: the team and the backers. The team side names 3 people by a Starkware title, Eli Ben-Sasson as CEO, with Michael Riabzev and Uri Kolodny as Co-Founders. Those 3 names are the people a fundraising founder or a BD lead writes to, and the backer list below tells them what to say.

Step 2: read the Investors tab round by round

The Investors tab lists each round with its type, its date, its amount and the backers recorded against it. Read it in order of date, because the shape of the list is the story: who came in early, who came back, and who only appeared once the company was already large.

On NAUT's record those 6 rounds run $6M, $12M, $30M, $75M, $50M and $100M, and they add to $273M. Backer depth per round swings hard, from 20 names on the 2018 Series A down to 5 on the 2022 Series D.

Step 3: count distinct backers, not rows

51 backer rows look like 51 investors until you sort them. They are 36 distinct backers, because 10 names sit on more than 1 round. That gap is the single most useful number on the page for a founder: it says how much of this company's money came from people who had already said yes once.

Sort the 36 into 2 piles while you read. 26 of them appear on exactly 1 round. The other 10 came back, and those are the warm names, because a firm that follows on has an internal case for the company already written.

Step 4: check each round against its own announcement

A directory row is a lead, and the round's own announcement is the proof. 2 things need the extra click here.

The first is the lead investor. None of Starknet / Starkware's 6 rounds carries a lead flag in NAUT's data, so NAUT's record names who was in each round and leaves who led it open. Read the round's own press release or a dated report for that, which is what How to find the lead investor: 3 ways, tested on 20 rounds works through.

The second is the older rounds, and this is where the extra click paid. The source check behind this article confirmed the Series B, Series C and Series D amounts and dates against dated reports from The Block. On the 2018 rows it found 2 figures that the primary source does not match. The Ethereum Foundation's own grants update of 17 August 2018 names $4M plus 6K ETH in performance-based bounties for this grant, not the $12M NAUT records. The Block's report of the Series A puts the $6M Seed close at 9 May 2018, where NAUT holds 10 May. The $30M Series A date of 28 October 2018 matches. The rule that comes out of it: the older the round, the more the figure needs its announcement attached, and a total is only as reliable as the oldest round under it.

What does a crypto cap table on NAUT actually show?

Who backed which round, with the amount and the date, for every round NAUT holds on that company. It does not show the percentage each holder owns, and no public source does for a private company, because the share register of a private company is not published. Cap table research on a private crypto team means the backer list and the round history, and anyone selling you ownership percentages for one is modelling rather than reporting.

The question behind the search is who invested in a crypto startup and at which round, and the round rows answer exactly that. That is enough for the 3 jobs deal makers actually run on it. A founder raising uses it to find funds that already write cheques at their round size. An investor sourcing uses it to see who is already in and at what price point. A BD lead uses it to find a warm path, because a shared backer is the cheapest introduction in crypto.

It also has a hard edge worth stating: a backer count is NAUT's record, never the world's. When a round shows 5 names, that is the 5 NAUT holds, and the round's own announcement may name more.

Which investors backed Starknet, and in which rounds?

All 6 rounds on NAUT's record, oldest first, with the backer count each one carries.

Round Closed Amount Backers
Seed Round 10 May 2018 $6M 12
Grant 16 Jul 2018 $12M 1
Series A 28 Oct 2018 $30M 20
Series B 24 Mar 2021 $75M 8
Series C 16 Nov 2021 $50M 5
Series D 25 May 2022 $100M 5

Names behind those counts, round by round, as NAUT records them. Each line is a sample of that round's list, and the Investors tab holds the rest.

7 of the 36 are recorded by NAUT as individual investors rather than firms, Vitalik Buterin, Linda Xie, Elad Gil, Naval Ravikant, Fred Ehrsam, Da Hongfei and David Chan, and 6 of those 7 came in at Seed. A list of crypto startup investors read this way is a map of who was in each round, so read it next to the round dates in the table above. Anyone listed can ask NAUT to remove their page at https://naut.so/legal/data-deletion.

How much did each round raise?

The last 3 rounds hold $225M of the $273M on NAUT's record, so the money arrived late and the names arrived early.

Raised per round on NAUT's record, 2018 to 2022
  1. Series D (2022)$100M
  2. Series B (2021)$75M
  3. Series C (2021)$50M
  4. Series A (2018)$30M
  5. Grant (2018)$12M
  6. Seed Round (2018)$6M

Each bar is 1 round from the table above, and the Grant row is the $12M NAUT records from the Ethereum Foundation in July 2018, against the $4M plus 6K ETH in bounties that the Foundation's own August 2018 announcement names.

Which backers came back, and what does that tell a deal maker?

10 of the 36 backed more than 1 round. 5 of them backed 3 rounds each, and no backer on this record appears on more than 3 of the 6. 8 of those 10 are named below, ranked by the number of rounds each one backed on NAUT's record, and the Investors tab lists every row.

Backer Rounds Which rounds
3 Seed, Series A, Series B
3 Series A, Series B, Series C
3 Series A, Series B, Series C
3 Series B, Series C, Series D
2 Seed, Series A
2 Seed, Series A
2 Series A, Series B
2 Series A, Series B

Read the column on the right as a map of who was willing to pay a higher price next time. Pantera Capital is the only name in this table that joined at Seed and was still writing at Series B. Alameda Research ran the other pattern, entering at Series B in 2021 and staying through the $100M Series D in 2022. Read the dates with the names: the newest round on this record closed in May 2022, so it says who was writing cheques then rather than who is writing them now.

What a founder raising does with this

  • Pull the backer list of 3 companies that look like yours, then count the names that show up on 2 of the 3. Those funds have a thesis, not a one-off.
  • Sort by round size before you pitch. 3 of the 36 names here appear only on the $100M Series D, so a $6M seed deck sent to them is a miss by $94M.
  • Treat a follow-on as a reference. 10 of the 36 backed this company twice or more, and a fund that doubles down answers a diligence call warmly.

What a BD lead does with this

  • Use the shared backer as the path in. A fund that holds both your company and your target has a reason to make the introduction.
  • Open the people side of each fund you spot, then write to 1 name on 1 channel rather than 3 at the same firm.
  • Date every row before you use it. The newest of these 6 rounds closed on 25 May 2022, so confirm a fund is still active before you spend a week on the path through it.
How a BD lead turns a backer list into a path
  1. Pull the backer list6 rounds on Starknet / Starkware hold 51 rows and 36 distinct backers on NAUT's record.
  2. Find the overlap10 of the 36 backed 2 or more rounds, including Pantera Capital, DCVC and Sequoia Capital at 3 each.
  3. Open the fund pageEach fund page on NAUT lists its own team and the rest of its portfolio.
  4. Write to 1 nameEli Ben-Sasson is the CEO on NAUT's record for this team, with 2 Co-Founders beside him.

Related reading on NAUT: How to find the lead investor: 3 ways, tested on 20 rounds and How to research a VC fund: 6 checks, 23 rounds, 27 partners.

Can you pull this data through the NAUT API?

Yes. GET https://api.naut.so/v1/projects/starknet returns this article's company row with its team, and GET https://api.naut.so/v1/investors/pantera-capital returns a backer's side of the same rounds, each portfolio row carrying the company, roundType, amountUsd, announceDate and isLead. Every call is a GET against https://api.naut.so/v1 with an Authorization: Bearer $NAUT_KEY header and costs 5 credits, with plans from $49 a month for 3,000 credits at https://naut.so/pricing and the parameters at https://naut.so/docs/api. Verified Telegram, email and LinkedIn for the people on those pages unlock on any paid NAUT plan, so you can start a 7-day trial and reach them the same day.

Crypto cap table FAQ

How do I find a crypto company's cap table?

That is how to find a crypto company cap table in 4 moves: open the company on NAUT, read its Investors tab round by round, count the distinct names behind the rows, then check each round against its own announcement. On Starknet / Starkware that returned 6 rounds closed between 10 May 2018 and 25 May 2022 on NAUT's record, with The Block putting that Seed close 1 day earlier at 9 May, 51 backer rows and 36 distinct backers when NAUT's database was read on 2 November 2026.

Does a crypto cap table show how much of a company each investor owns?

No, and no public source does for a private company, because a private share register is not published. What NAUT's data shows is who backed each round with the amount and the date, which on this team is $273M across 6 rounds from $6M at Seed in 2018 to $100M at Series D in 2022.

Who invested in Starknet?

NAUT's record names 36 distinct backers across 6 rounds, including Pantera Capital, Sequoia Capital, Founders Fund, Coinbase Ventures, Multicoin Capital, Tiger Global Management and Vitalik Buterin, with a Grant from the Ethereum Foundation in July 2018 that NAUT records at $12M and the Foundation's own August 2018 announcement names as $4M plus 6K ETH in bounties. 10 of those 36 backed 2 or more of the rounds, and the full list sits on the company's Investors tab.

Which investors led each round?

NAUT's data flags no lead on any of the 6 rounds, so that answer comes from the round's own announcement rather than from the record. A backer count is NAUT's record and never the world's, which is why step 4 above reads the primary source for every round before a number goes into a model.

Where can I find Starknet's backers, founders and their contact channels?

On NAUT: /projects/starknet for the 6 rounds and 36 backers, the people pages of Eli Ben-Sasson, Michael Riabzev and Uri Kolodny for the team, and GET https://api.naut.so/v1/projects/starknet for the same rows in JSON at 5 credits a call. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so you can start a 7-day trial and open the channels NAUT holds for those names.

Sources

Browse all articles