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Crypto fund chain focus: 4 steps, 77 of 123 tagged Ethereum

By NAUT Research · · 9 min read

77 Crypto fund chains of NGC Ventures' 123 chain-tagged companies on NAUT carry an Ethereum tag, 50 BNB Chain. Logos: NGC Ventures, Aergo, Anoma Network, Ultrain, Litentry, SubQuery Network, ALETHIA AI (prev. Alethea AI), Polyhedra, IQ Protocol, MATH, Sign, Coin98.

Crypto fund chain focus, answered for 1 fund: NAUT tracks 144 live backed company pages for NGC Ventures, and 123 of them carry at least 1 chain tag, read on 11 November 2026. Of those 123, 77 carry an Ethereum tag (62.6%) and 50 carry a BNB Chain tag (40.7%), the fund's 2 clear leads, with every other chain under 30 companies.

Which chain does a crypto VC back most is a question its own portfolio answers, and the same 4 steps work on any fund with a NAUT page. They are: pull the backed companies, count the chain tags and park the rows that carry none, rank the chains and then split the rank by how many tags each row carries, and check the top tags against each company's own page before you act on them.

How this was built: on 11 November 2026 NAUT read its own stored record for NGC Ventures. That record holds 152 round records at the fund's portfolio companies, 149 of them with a disclosed amount and 139 with an announce date, running from 28 March 2018 to 2 October 2026. Of the companies behind those rounds, 144 have a live, publishable page on NAUT, and those 144 are the set every count below is drawn from. The chain tags are NAUT's chains field on each company row, the same field the ecosystem lists on NAUT run on. NAUT's stored record carries no lead flag on any of the 152 rounds, so this article says nothing about which rounds NGC Ventures led.

7 claims about the fund and 3 of its backed companies went to outside sources on 11 November 2026: 5 came back confirmed and 2 came back contradicted and are left out. 2 of the confirmed 5 are used below. The other 123 companies were never read outside NAUT, so read every chain tag here as NAUT's record of the company rather than the company's own statement.

3 defects were found in the stored rows and are flagged rather than counted. 5 of the 21 untagged rows describe a chain-specific product in their own text (2 BNB Chain launchpads, 1 Polygon launchpad, 1 HECO platform and 1 row naming BNB Chain, Polygon and Ethereum), so NAUT's tag count understates those 3 chains. The Avalanche row, the base layer itself, carries 8 chain tags including Cardano, Harmony, Moonbeam, Moonriver and zkSync, which reads as a tagging error on a chain's own row. And NAUT tags Aergo on Ethereum, while the check of Aergo's own site on 11 November 2026 came back contradicted, so this article makes no claim about Aergo's chain beyond the tag NAUT stores.

How do you read a crypto fund chain focus in 4 steps?

Reading a crypto VC portfolio by chain starts from the fund's backed companies rather than its marketing. A fund's own site names the themes it likes; its portfolio names the chains it actually paid for. That makes this a crypto fund portfolio analysis built on 1 stored field.

  • The denominator is the first decision: 21 of the 144 companies carry no chain tag, so every percentage here is of 123, not 144.
  • A company can carry many tags, so the chain counts overlap and will never sum to 123.
  • The rank of raw tag counts and the rank of single-chain rows answer 2 different questions, and both are worth having.
  • A tag is a starting point for a call, and the company's own page settles it.
The 4-step read on a fund's chain focus
  1. Pull the backed companiesOpen the fund's NAUT page. NGC Ventures shows 152 round records and 144 live backed company pages.
  2. Count the tags, park the rest123 of the 144 carry a chain tag. The 21 with none are parked, so every share below is of 123.
  3. Rank, then split by tag countEthereum leads at 77 companies and BNB Chain follows at 50. 80 of the 123 carry 2 or more tags, so rank the 43 single-tag rows separately.
  4. Check the top tagsOpen the company's own page before you use a tag. The Ethereum tag on Aergo did not survive that check on 11 November 2026.

Step 1: pull the backed companies, not the round count

A fund page gives you 2 different numbers and they answer different questions. NAUT holds 152 round records against NGC Ventures and 144 live company pages behind them, because several companies took more than 1 round from the fund. Chain focus is a question about companies, so count companies. Infrared Finance, Bless and Soulbound TV (prev. Soulbound) each hold 2 rounds on NAUT's record and each counts once here.

Step 2: count the chain tags, and park the rows that carry none

21 of the 144 companies carry no chain tag at all. Parking them is the honest move, and naming the number is what keeps the next figure readable: 62.6% of the tagged set is a different claim from 62.6% of the portfolio. Across the 123 tagged companies, NAUT holds 67 distinct chains. Crypto VC chain tags sit on the company row rather than the round row, so a company counts once here however many rounds the fund wrote into it.

Step 3: rank the chains, then split the rank by how many tags a row carries

The raw rank tells you where the fund's companies show up. It does not tell you where they live, because 80 of the 123 tagged companies carry 2 or more chain tags. Splitting by tag count fixes that. The 123 fall out as 43 rows on exactly 1 chain, 66 on 2 to 4, 7 on 5 to 9, and 7 on 10 or more. Coin98 sits at the far end with 27 chain tags, SubQuery Network at 20 and MATH at 19, and a row like that adds 1 to the count of 19 or more chains at once.

Step 4: check the top tags against the company's own page

The tag is NAUT's record, and the company's own page is the thing a founder or a BD lead will be asked about on the call. 2 checks on 11 November 2026 show both outcomes. Coin98's token is live on several chains, and CoinMarketCap's page for it says the "C98 token is deployed on Ethereum, BNB Chain, Solana, Polygon, and Viction", which fits NAUT's multichain tagging. Polyhedra carries BNB Chain, Ethereum and Plume on NAUT, and its $15M pre-Series A round is confirmed in outside coverage from April 2023. The Ethereum tag on Aergo is the one that came back contradicted, which is the reason this step exists.

Which chains does NGC Ventures back most?

Ethereum, by a wide margin. The table below ranks the top 10 chains by the number of NGC Ventures backed companies on NAUT that carry the tag, out of the 123 tagged companies read on 11 November 2026. The "1 chain only" column counts the rows tagged on that chain and nothing else, which is the narrower reading of the same data, and "Share" is the share of those 123 companies.

Chain Companies Share 1 chain only
Ethereum 77 62.6% 16
BNB Chain 50 40.7% 6
Polygon 27 22.0% 2
Solana 25 20.3% 10
14 11.4% 2
Polkadot 14 11.4% 0
Base 12 9.8% 2
Harmony 10 8.1% 0
Arbitrum 10 8.1% 0
Cosmos 6 4.9% 0

The columns do not sum, by design: a company with 5 tags appears in 5 rows. Sign carries BNB Chain, Base, Ethereum, Movement and Plume, and ALETHIA AI (prev. Alethea AI) carries BNB Chain, Base, Cronos, Ethereum, Polygon and Solana, so each of them lands in several rows above.

How many of the 123 companies sit on 1 chain?

43 of them. Ranked by company count, the single-chain rows go Ethereum 16, Solana 10, BNB Chain 6, then Base, Algorand, Avalanche and Polygon at 2 each, and Hedera, SKALE and Sui at 1 each. That is the sharper answer to where the fund's companies are built: Ethereum still leads, Solana climbs from 4th on the raw count to 2nd here, and BNB Chain falls from 2nd to 3rd. The largest Ethereum-only rows by the size of the rounds NGC Ventures backed in them are Aergo at $30M, Ultrain at $20M and IQ Protocol at $12M.

BNB Chain's drop has a plain cause in the data. Most of its 50 rows pair it with something else: Bless and Perle Labs pair it with Solana, Soulbound TV (prev. Soulbound) with Polygon, Infrared Finance with Berachain, Anoma Network and Litentry with Ethereum, and Sienna Network with Ethereum and Secret.

Which Ethereum-tagged companies took the largest NGC Ventures rounds?

These are the 10 Ethereum-tagged NGC Ventures backed companies with the largest NGC-backed rounds on NAUT's record, read on 11 November 2026. Each figure is the combined size of the rounds NGC Ventures took part in at that company, not the company's full fundraising total.

NGC-backed round size, the 10 largest Ethereum-tagged companies
  1. Aergo$30M
  2. Anoma Network$25M
  3. Ultrain$20M
  4. Litentry$18M
  5. SubQuery Network$18M
  6. ALETHIA AI (prev. Alethea AI)$16M
  7. Polyhedra$15M
  8. IQ Protocol$12M
  9. MATH$12M
  10. Sign$12M

These are round sizes, not company totals: each bar sums the disclosed amount of the rounds NGC Ventures is recorded as backing at that company, so earlier or later rounds the fund did not join are not in it, and a company's own NAUT page can list more rounds than are counted here. 6 of these 10 carry Ethereum alongside at least 1 other chain, and SubQuery Network and MATH carry 20 and 19 tags respectively, so this chart ranks money rather than chain commitment.

What does a crypto fund chain focus tell a BD team?

It tells you which pitch the fund has already paid for 77 times, and it tells you which of its companies are worth a call this quarter.

  • Pitching NGC Ventures on an Ethereum-first product puts you in line with 77 of its 123 chain-tagged companies, and on a Solana-first one with 25.
  • If you sell infrastructure to multichain teams, the 7 rows carrying 10 or more chain tags are the shortest list in this article: Coin98 at 27 tags, SubQuery Network at 20 and MATH at 19 are 3 of them.
  • If you sell to single-chain teams, the 43 single-tag rows are your filter, and 16 of them are Ethereum-only.
  • Every company named here has a NAUT page with its team, its rounds and which contact channels NAUT holds, so the shortlist turns into names in 1 click.
How a BD team can work this chain split
  1. Pick the chain77 of the 123 tagged companies carry Ethereum, 50 BNB Chain, 25 Solana. Pick the 1 your product serves.
  2. Narrow to the real buildersUse the 43 rows tagged on 1 chain only: Ethereum 16, Solana 10, BNB Chain 6.
  3. Sort by round sizeThe largest NGC-backed rounds among the Ethereum-only rows are Aergo at $30M, Ultrain at $20M and IQ Protocol at $12M.
  4. Open the page and name a personEach company page on NAUT lists its team and the channels NAUT holds on file.

What does a crypto fund chain focus tell a founder raising?

It tells you whether your chain is one this fund has already underwritten, before you spend a warm introduction on it.

  • Match your chain to the rank above. Ethereum and BNB Chain together account for the 2 largest tag counts in this portfolio, at 77 and 50 companies of 123.
  • A chain with 0 single-tag rows, such as Polkadot, Harmony, Arbitrum or Cosmos in this portfolio, shows up only on multichain companies here, so lead with the product rather than the chain.
  • Read the fund's recent rounds as well as its chain mix: NAUT's record for NGC Ventures runs from 28 March 2018 to 2 October 2026, so a chain's count includes companies backed 8 years ago.
  • NGC Ventures is a Singapore venture fund on NAUT's record, established in 2017, which is useful context for a founder deciding which office to approach.

Related reading on NAUT: How to research a VC fund: 6 checks, 23 rounds, 27 partners and Crypto co-investors: 3 steps, 168 on 66 rounds for 1 fund.

Can you pull this data through the NAUT API?

Yes. The call behind this article is GET https://api.naut.so/v1/investors/ngc-ventures, which returns the fund with its team and its portfolio, each row carrying the company, roundType, amountUsd, announceDate and isLead, and you can read any single company's chain tags and team with GET https://api.naut.so/v1/projects/coin98. Each call costs 5 credits, keys are minted at https://naut.so/developer, the docs sit at https://naut.so/docs/api and plans start at $49 a month for 3,000 credits at https://naut.so/pricing. Verified Telegram, email and LinkedIn for the people on these company pages unlock on any paid NAUT plan, so start a 7-day trial at https://naut.so.

Crypto fund chain focus FAQ

Which chain does NGC Ventures back most?

Ethereum. NAUT's data shows 77 of the 123 chain-tagged companies in the NGC Ventures portfolio carry an Ethereum tag (62.6%), ahead of BNB Chain at 50 (40.7%), Polygon at 27 and Solana at 25, read on 11 November 2026.

How many NGC Ventures companies sit on exactly 1 chain?

43 of the 123 chain-tagged companies carry a single chain tag on NAUT: 16 Ethereum, 10 Solana, 6 BNB Chain, 2 each on Base, Algorand, Avalanche and Polygon, and 1 each on Hedera, SKALE and Sui.

Does a chain tag on NAUT mean the company is built on that chain?

It means NAUT's record associates the company with that chain, and 80 of these 123 companies carry 2 or more tags, so a tag is where a check starts. Of the 3 companies checked against outside sources on 11 November 2026, Coin98 and Polyhedra came back confirmed and Aergo's Ethereum tag came back contradicted.

Where can I find NGC Ventures' backed companies and the people to contact?

On NAUT. The fund's page at NGC Ventures lists all 144 live backed company pages and 152 round records, each company page carries its team and the channels NAUT holds on file, and the same data comes back from GET https://api.naut.so/v1/investors/ngc-ventures. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so start a 7-day trial at https://naut.so.

How current is this crypto fund chain focus data?

NAUT's stored record for NGC Ventures was read on 11 November 2026. It holds 152 round records announced between 28 March 2018 and 2 October 2026, 149 with a disclosed amount and 139 with an announce date.

Sources

  • NAUT's own database, read on 11 November 2026: the NGC Ventures investor row, its 152 round records and the 144 live backed company pages behind them, with the chains tag on each company row.
  • CoinMarketCap on Coin98, read 11 November 2026, for the chains the C98 token is deployed on.
  • CoinDesk, 4 April 2023, for Polyhedra's $15M pre-Series A round.

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