Crypto VC co-investors: 3 steps, 1 pair shares 62 rounds

Crypto VC co-investors are the funds that keep turning up in the same rounds as the fund you are about to pitch, and NAUT ranks them from the 31,447 co-investor rows in its own database, read on 10 November 2026. The top pair is AU21 Capital and X21 Digital at 62 shared rounds, and 34 pairs clear 20 shared rounds, so a fund that has invested at any volume usually has a partner worth naming in the first message you send.

Data note. Every count here comes from NAUT's own database, read read-only on 10 November 2026. The ranking uses NAUT's Coinvestor table, which holds 31,447 pair rows built from the backer rows of each tracked round. Pairs are counted once in each direction in that table, so this article treats each pair as unordered, keeps the higher of the 2 counts, and keeps only pairs where both sides are a live, published, investor-type company on NAUT. That leaves 34 pairs at 20 shared rounds or more, and the table below prints the top 12 of those 34. The worked pair was then rebuilt round by round from the round backer rows rather than trusted from the stored count. 11 funds are named here. NAUT stores an X handle for 10 of them, and all 10 of those handles went through an outside check on 10 November 2026: 8 matched, 1 did not, and 1 was found on the account itself with no second page read. NAUT Research wrote it, and the places where NAUT's own record loses to an outside source are named below rather than tidied away.

How to find crypto VC co-investors in 3 steps

The job is the same whether you are a founder picking who to approach after a term sheet, a BD lead building a target list, or an investor looking for a partner to fill a round. 3 steps get you from 1 fund name to a ranked list of the firms it writes cheques beside.

1. Open the fund's own NAUT investor page and list its rounds. Each portfolio row carries the company, the round type, the amount, the announce date and whether that fund was lead. That row set is the raw material: a co-investor is any firm that appears in a round the fund also appears in.
2. Count the firms that repeat, then rank by shared rounds. 1 shared round is a coincidence, 20 is a working relationship. NAUT precomputes this as a joint deal count per pair, which is what the 31,447 rows hold, so the ranking is a read rather than a calculation.
3. Date the overlap before you use it. A high count says 2 funds invested together, and says nothing about when. On the top pair all 62 shared rounds carry an announce date between January 2021 and February 2022, so that count describes a past pattern. Read the dates before you write a note that assumes the 2 funds still talk.

Which crypto VC co-investors share the most rounds?

These are the top 12 of the 34 pairs that clear 20 shared rounds, ranked by the number of rounds the 2 funds both appear in on NAUT's record as of 10 November 2026. AU21 Capital sits in 9 of the 12 and X21 Digital in 3, which is what a crypto VC syndicate looks like from the data side: a small number of very active funds, each paired with several others.

Rank	Fund	Co-investor	Shared rounds
1	AU21 Capital	X21 Digital	62
2	Magnus Capital	X21 Digital	40
3	AU21 Capital	LD Capital	40
4	AU21 Capital	Magnus Capital	38
5	AU21 Capital	Genblock Capital	36
6	AU21 Capital	NGC Ventures	36
7	AU21 Capital	Spark Digital Capital	35
8	ExNetwork Capital	X21 Digital	33
9	AU21 Capital	Moonwhales Ventures	31
10	AU21 Capital	Momentum 6	31
11	AU21 Capital	GBV Capital	31
12	LD Capital	NGC Ventures	30

The bars show how flat the top of the list is. 11 of the 12 pairs sit between 30 and 40 shared rounds, and only the leading pair breaks away. For a founder that means the number alone rarely picks a winner, and step 3 above, the dates, does most of the work.

What do the 62 shared rounds of the top pair look like?

AU21 Capital and X21 Digital appear together in 62 rounds on NAUT, across 62 different companies, so no company accounts for 2 of them. All 62 carry a stored amount, and those amounts add up to $147.1M, from $600.0K at the smallest to $10.5M at the largest. 0 of the 62 is marked as lead for either fund on NAUT's record, which fits 2 funds that write cheques inside somebody else's round rather than setting the terms.

The round types are the stored labels on NAUT, and they say the same thing in a different way.

Shares are rounded, so they add to 99%. The 4 other labels are Pre-Series A, Seed and Private Round, Private and Strategic Round, and Seed and Strategic Rounds, 1 round each.

The date range is the part to carry into a pitch. Every one of the 62 was announced between January 2021 and February 2022, and NAUT's round backer rows hold no shared round for the pair after that. The record supports the claim that these 2 funds invested together often. It does not support a claim that they are investing together now, and a note that treats the 62 as a live relationship will read as stale to anyone inside either firm.

Where does the co-investor data come from, and what can it get wrong?

The rank comes from NAUT's own round backer rows, so every number above is a statement about NAUT's record and not about the world. 2 limits matter when you act on it.

The first is coverage. A pair only scores on rounds where NAUT holds both firms as backers, so a round that names 1 of them and misses the other lowers the count. The counts are a floor rather than a total.

The second is the contact detail. Of the 11 funds named here, NAUT stores an X handle for 10, and each of those 10 was checked on 10 November 2026 against the account itself and, where there was one, a second page that links back to it.

Fund	X handle, and the check
AU21 Capital	@AU21Capital, matched on the account and the fund's own site
X21 Digital	@X21_Digital, matched on the account, no second page read
Magnus Capital	@Magnus_fund, matched on the account and the fund's own site
LD Capital	@Liquid_Capital_, matched on the account and the fund's own site
Genblock Capital	@GenblockCapital, matched on the account and the fund's own site
NGC Ventures	@ngc_ventures, matched on the account and the fund's own site
Spark Digital Capital	@capital_spark, did not check out, so the row needs a fix
ExNetwork Capital	@exnetworkcap, matched on the account and the fund's own site
Moonwhales Ventures	None stored, so nothing to check
Momentum 6	@momentum_6, matched on the account and a 2022 company release
GBV Capital	@gbvofficial, matched on the account and the fund's own site

So 8 of the 10 stored handles stand on 2 sources, 1 stands on the account alone, and 1 is a defect NAUT is fixing. That check covered the 11 funds in this article and no others.

What this tells a founder raising or a BD lead

The useful output of a co-investor ranking is not a longer list of funds to email. It is an order of operations.

• Pitch the pair, not the fund. If X21 Digital is already in your round, the 3 firms it shares the most rounds with on NAUT are AU21 Capital at 62, Magnus Capital at 40 and ExNetwork Capital at 33. Those are the warmest 3 names you have.
• Use the hub funds to shorten a list. AU21 Capital appears in 9 of these 12 pairs, so a single page on NAUT gives you 9 firms that have co-invested with it at 31 rounds or more.
• Check the clock on every pair. The leading pair's 62 shared rounds all sit in a 14-month window that closed in February 2022. A pair whose rounds are old is a research lead rather than an introduction.
• Fix the channel before you send. NAUT holds an X handle for 10 of these 11 funds, and 1 of those 10 did not survive a check, so confirm the account on the fund's own site before you open a conversation there.

A note on the 2 best-documented funds in the set, both read on 10 November 2026. An outside profile of AU21 Capital describes it as "a San Francisco-based venture capital firm founded in 2017", and NAUT's own record puts its investment count at 168. An outside profile of NGC Ventures puts it in Singapore, established in 2017, managing over $500M. Both are worth reading before a first call, because a fund's size and vintage decide which of its co-investors still matter.

Related reading on NAUT: Crypto co-investors: 3 steps, 168 on 66 rounds for 1 fund 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/investors/au21-capital with the header Authorization: Bearer $NAUT_KEY returns that fund with its team and its portfolio, where each row carries the company, roundType, amountUsd, announceDate and isLead, which is the row set step 1 above asks for; run it again for x21-digital and the shared companies are the 62 rounds this article counts. Fund discovery is GET https://api.naut.so/v1/investors?q=capital&sort=portfolio. Each data or search call costs 5 credits, Essential is $49 a month for 3,000 credits, and the parameters are at naut.so/docs/api with the plans at naut.so/pricing. Verified Telegram, email and LinkedIn for the people at these funds unlock on any paid NAUT plan, so start a 7-day trial when you are ready to send.

Crypto VC co-investors FAQ

Which funds invest alongside a crypto VC most often?

On NAUT's record, read on 10 November 2026, the pair that shares the most rounds is AU21 Capital and X21 Digital at 62 shared rounds, followed by Magnus Capital with X21 Digital at 40 and AU21 Capital with LD Capital at 40. 34 pairs in total share 20 rounds or more.

How do I find a specific fund's co-investors?

Open that fund's investor page on NAUT, read its portfolio rounds, and count which firms appear in more than 1 of them. NAUT stores the result as a joint deal count across 31,447 pair rows, so the ranking for any covered fund is a read rather than a research project.

Does a high shared-round count mean 2 funds still invest together?

No, and the leading pair is the example. All 62 rounds that AU21 Capital and X21 Digital share were announced between January 2021 and February 2022, and NAUT holds no shared round for them after that, so the count describes a 14-month stretch rather than a current habit.

Where can I find these 11 crypto VC funds and the people to contact at them?

Each fund has its own page on NAUT with its rounds, its co-investors and its team, from AU21 Capital at 62 shared rounds with its top partner down to LD Capital at 30. The same records come back through the API with GET https://api.naut.so/v1/investors/<fund-slug>, and verified Telegram, email and LinkedIn for the named people unlock on any paid NAUT plan, so start a 7-day trial if you need the channel as well as the name.

How much did the top pair's shared rounds raise?

The 62 rounds that AU21 Capital and X21 Digital both appear in add up to $147.1M on NAUT's record, across 62 different companies, from $600.0K to $10.5M a round. 0 of the 62 lists either fund as lead.

Sources

• NAUT's own database, read read-only on 10 November 2026: the 31,447 rows of the Coinvestor table, filtered to pairs where both firms are a live, published, investor-type company, which leaves 34 pairs at 20 shared rounds or more.
• NAUT's round backer and investment rows for AU21 Capital and X21 Digital, read on 10 November 2026: 62 shared rounds across 62 companies, every one with a stored amount, $147.1M in total, announced between January 2021 and February 2022, and 0 marked lead for either fund.
• An outside profile of AU21 Capital at startupintros.com/orgs/au21-capital, read on 10 November 2026, for the San Francisco base and the 2017 founding year.
• An outside profile of NGC Ventures at superscout.co/investor/ngc-ventures, read on 10 November 2026, for the 2017 founding year and the assets under management.
• The X account behind each of the 10 stored handles above, plus the fund's own site or release where it links back, all read on 10 November 2026. 8 matched on 2 sources, X21 Digital matched on the account alone, and Spark Digital Capital did not check out.