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Crypto fund follow-on rate: 4 steps, 7 of 51 backed twice

By NAUT Research · · 9 min read

13.7% Follow-on rate of the 51 companies Hypersphere Ventures backed show a second dated round on NAUT. Logos: Hypersphere Ventures, NVIDIA Venture Capital, Coinbase Ventures, Polychain Capital, The Spartan Group, Framework Ventures, CoinFund, Alameda Research, OKX Ventures, a16z Frontier, Delphi Digital, Arrington Capital, ParaFi Capital, Pantera Capital, SevenX Ventures, CMS Holdings.

A crypto fund follow-on rate is the share of a fund's portfolio companies that it is recorded backing in 2 or more dated rounds. NAUT tracks 63 round records for Hypersphere Ventures across 51 companies, and 7 of those companies carry 2 dated rounds with the fund on both, a follow-on rate of 13.7% on data read 11 November 2026.

How this was counted: on 11 November 2026 NAUT read every round record filed against the fund in its RoundBacker and Investment tables, the same 2 tables behind NAUT's fund portfolio articles. A round record is a link between the fund and 1 round at 1 company, so the amount beside it is the size of the whole round and never the cheque the fund wrote, which is almost never public. The denominator is all 51 distinct live companies on the fund's record, which is the same denominator used for the 60 funds further down, so the rates compare.

Of the 63 round records, 49 carry an announce date and 14 do not. Those 14 split 3 ways: 11 sit at the 9 companies that hold no dated round at all, 2 are duplicate imports of a round that is already dated (a second Seed Round row at BOB for $10,000,000 and a second Strategic Round row at Usual for $7,000,000, both counted once here), and 1 sits at a company that also has a dated round. 2 of those 9 undated companies hold 2 round records each, so the fund may well have followed on there, and NAUT cannot order the rounds without dates. The measured 13.7% is therefore a floor on this record rather than a ceiling.

How to measure a crypto fund follow-on rate, in 4 steps

A follow-on investment is the second cheque into a company a fund already owns a piece of, and the whole count runs off 2 fields on each round record: the company it belongs to and its announce date. Every input sits on 1 crypto fund portfolio page on NAUT, so the count takes minutes rather than a data subscription.

  • Start from round records, because 1 round can carry many backers and 1 company can carry many rounds.
  • Collapse to companies before you count anything, or a 2-round company looks like 2 wins.
  • A round with no date cannot be ordered, so it cannot prove a second cheque.
  • The gap between the 2 dates is the number a founder can use: it says how long this fund waits.
The 4-step follow-on count
  1. Pull the round recordsNAUT holds 63 round records for Hypersphere Ventures, each 1 round at 1 company.
  2. Collapse to companiesThe 63 records sit at 51 distinct companies, 42 of them with at least 1 dated round.
  3. Count the repeats7 companies carry 2 dated rounds with the fund on both, so the rate is 13.7%.
  4. Read the gapThe median gap between the 2 rounds is 223 days, from 45 at Fragmetric to 970 at streamflow_fi.

Step 1: pull every round record filed against the fund

Open the fund's NAUT page and take its rounds, or make the same read through the API call further down. For this fund that is 63 round records. Each record names the company, the round type, the disclosed amount, the announce date and whether the fund is marked as the lead on that round.

Step 2: collapse the round records to companies

63 records sit at 51 distinct companies, so 12 records are a second or third filing at a company already in the set. Counting records instead of companies is the first way this measurement goes wrong: it rewards a fund for duplicate rows and for companies that simply raise often.

Step 3: count the companies with 2 or more dated rounds

42 of the 51 companies have at least 1 dated round, and 7 of them have 2 dated rounds with the fund on both: BOB, Fragmetric, Interlay, LayerZero, Sei Network, streamflow_fi and Usual. NAUT stores the sixth under the name streamflow_fi, which is the team's X handle. 7 of 51 is 13.7%, and nothing in this record shows a third round at any of the 7.

Step 4: read the gap, then the lead seat

Sort each pair by date and take the days between them. The 7 gaps run 45, 157, 195, 223, 250, 498 and 970 days, a median of 223 days, so the typical second cheque here landed about 7 months after the first. On NAUT's record the fund is not marked as the lead on any of the 7 follow-on rounds, and the sources read for those rounds name other firms in the lead seat, among them Multicoin Capital, which the page read for Sei Network's $5,000,000 seed round of 31 August 2022 names as that round's lead.

Which companies did Hypersphere Ventures back twice?

7 companies, sorted by the gap between the 2 rounds, shortest first. Every figure is NAUT's record of the round, read 11 November 2026.

Company First round Follow-on round Gap, days
Seed, $7M, 7 Feb 2025 Strategic, $5M, 24 Mar 2025 45
Seed, $3M, 17 Jul 2021 Funding, $6.5M, 21 Dec 2021 157
Series A, $6.3M, 16 Sep 2021 Series A ext., $135M, 30 Mar 2022 195
Seed, $5M, 31 Aug 2022 Funding, $30M, 11 Apr 2023 223
Strategic, $7M, 17 Apr 2024 Series A, $10M, 23 Dec 2024 250
Seed, $10M, 27 Mar 2024 Strategic, $9.5M, 7 Aug 2025 498
Seed, $3.1M, 4 Mar 2022 Funding, $1.9M, 29 Oct 2024 970

5 of the 7 pairs have both rounds confirmed on an outside page. The 2 exceptions, LayerZero and streamflow_fi, are set out next.

16 claims about these 7 companies and the fund's 2 co-founders went to outside sources on 11 November 2026, and 14 came back confirmed. 2 came back contradicted. On LayerZero, the pages read for the $135,000,000 Series A Extension of 30 March 2022 name 3 other firms as the leads and place Hypersphere in the earlier September 2021 Series A, so treat the fund's seat in that extension as unconfirmed and the pair as 1 of the 7 that rests on NAUT's record alone. On streamflow_fi, the sources name the fund as a backer and date the $1,900,000 round 28 October 2024, 1 day before NAUT's 29 October 2024. No round at the other 44 companies on this fund's record was put to an outside source.

What is a good crypto fund follow-on rate across 60 funds?

NAUT ran the same 4 steps on the 60 investor rows that hold the most round records in its database. Polychain Capital has the highest rate of those 60 at 15.7%, and NVIDIA Venture Capital has the most repeat companies at 15. Every one of the 60 sits under 16%, so a crypto VC follow-on at this scale of record is the exception and not the rule.

Follow-on rate, the 20 funds with the most companies backed twice
  1. Polychain Capital15.7'%'
  2. NVIDIA Venture Capital15.2'%'
  3. Framework Ventures14.3'%'
  4. CoinFund14.3'%'
  5. Hypersphere Ventures13.7'%'
  6. a16z Frontier11.9'%'
  7. Delphi Digital10.6'%'
  8. Arrington Capital10.4'%'
  9. ParaFi Capital9.6'%'
  10. Multicoin Capital9.3'%'
  11. Wintermute8.9'%'
  12. Pantera Capital8.6'%'
  13. Coinbase Ventures7.7'%'
  14. SevenX Ventures7.6'%'
  15. The Spartan Group7.1'%'
  16. Alameda Research6.2'%'
  17. OKX Ventures5'%'
  18. CMS Holdings5'%'
  19. Morningstar Ventures5'%'
  20. NGC Ventures3.5'%'

The bars are the share of each fund's tracked companies with 2 dated rounds on its record, so a wide portfolio pulls a rate down even when the repeat count is high.

Ranked by companies backed twice, highest first, these are the 20 leaders of the 60 funds measured:

Fund Tracked Backed twice Rate
99 15 15.2%
155 12 7.7%
70 11 15.7%
51 7 13.7%
99 7 7.1%
42 6 14.3%
42 6 14.3%
97 6 6.2%
121 6 5%
42 5 11.9%
47 5 10.6%
48 5 10.4%
52 5 9.6%
58 5 8.6%
66 5 7.6%
100 5 5%
101 5 5%
144 5 3.5%
43 4 9.3%
45 4 8.9%

2 reading notes on the table. Pantera Capital also sits on a second, unmerged NAUT row with 1 backed round of its own, so its true company count is a little higher than the 58 above, too small a difference to move its rate at 1 decimal place. NVIDIA Venture Capital is an AI-weighted corporate arm rather than a crypto-only fund, and it is in the table because its round records clear the same bar as the rest.

Why does a crypto fund follow-on rate matter to a founder raising?

  • A fund with a measured follow-on rate has shown it will write a second cheque, which is worth more at the term sheet than a line about support in a deck.
  • The gap is the planning number. 223 days of median gap at this fund means a bridge conversation starts about 6 months after the close, not 11.
  • A rate near 14% says 6 of every 7 portfolio companies on this record never saw a tracked second cheque, so plan the next round around new names.
  • A repeat investor with no lead flag, which is every one of the 7 pairs here, follows rather than prices. Line up the lead separately.
  • Check the denominator before you quote any fund's rate at you: 51 companies and 42 with a dated round give different answers from the same 7 repeats.

Who do you contact at a fund that follows on?

NAUT lists 9 people at Hypersphere Ventures, 2 of them co-founders: Robert Habermeier and Jack Platts, both confirmed as co-founder on outside pages read 11 November 2026. 4 of the other 7 carry investment, finance, legal and operating titles, and 3 have no title on NAUT's file, so the shape to expect at a fund of this size still shows: 1 partner reads the deck, 1 officer runs the paperwork. Each person page says which channels NAUT holds on file for that person, and verified Telegram, email and LinkedIn unlock on any paid NAUT plan at naut.so. Anyone listed can ask NAUT to remove their page at https://naut.so/legal/data-deletion.

If the fund is new to you, read its repeat companies first and write to a founder it backed twice. Fragmetric, 45 days between the 2 rounds, is a warmer reference for this fund than any cold note to the fund itself.

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. GET https://api.naut.so/v1/investors/hypersphere-ventures with Authorization: Bearer $NAUT_KEY returns the fund with its team and its portfolio rows, each one carrying the company, roundType, amountUsd, announceDate and isLead, which is every field the 4 steps above need: group the rows by company, keep the ones with 2 or more dated rounds, divide. The call costs 5 credits, plans and credit bundles are at naut.so/pricing and the parameters are at naut.so/docs/api. Verified Telegram, email and LinkedIn for the people on those pages unlock on any paid NAUT plan, so start a 7-day trial before you run the list.

Crypto fund follow-on rate FAQ

What is a crypto fund follow-on rate?

It is the share of a fund's portfolio companies that the fund is recorded backing in 2 or more dated rounds. On NAUT's data read 11 November 2026, Hypersphere Ventures backed 7 of its 51 tracked companies twice, a rate of 13.7%.

How often does a crypto VC invest in the same company twice?

Rarely, on NAUT's record: every one of the 60 funds measured on 11 November 2026 sits under 16%, and Hypersphere Ventures did it 7 times across 51 tracked companies and 63 round records, with a median gap of 223 days. Its 7 repeat companies are BOB, Fragmetric, Interlay, LayerZero, Sei Network, streamflow_fi and Usual.

Which crypto fund has the highest follow-on rate on NAUT?

Of the 60 investor rows with the most round records on NAUT, read 11 November 2026, Polychain Capital has the highest rate at 15.7%, 11 repeat companies in 70 tracked. NVIDIA Venture Capital has the most repeat companies, 15 in 99 tracked, for a rate of 15.2%.

How long is the gap between a first round and a follow-on?

At Hypersphere Ventures the 7 gaps run from 45 days at Fragmetric to 970 days at streamflow_fi, with a median of 223 days on data read 11 November 2026.

Where can I find the companies a crypto fund backed twice, and their contact channels?

On NAUT. Each fund page lists its round records and the people at the fund, each company page lists its team, and GET https://api.naut.so/v1/investors/hypersphere-ventures returns the 63 round records behind the 13.7% in this article. Verified Telegram, email and LinkedIn for those people unlock on any paid NAUT plan, so start a 7-day trial to open them.

Sources

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