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Crypto VC funding Q1 2025: 51 rounds, $1.03B, TON took 39%

By NAUT Research · · 7 min read

$1.03B Crypto VC funding disclosed by 47 of 51 crypto venture rounds closed 1 January to 31 March 2025. Logos: TON, Phantom, Walrus, DoubleZero, Plasma, Humanity, Cygnus Finance, Sign, Slingshot DAO, SoSoValue, Infrared Finance.

NAUT tracks 51 crypto venture rounds that closed between 1 January and 31 March 2025, at 48 companies, and the 47 that disclosed an amount raised $1.03B. In NAUT's crypto VC funding Q1 2025 data, the largest was TON's $400M round in March, 39% of that total, with Phantom ($150M) and Walrus ($140M) next.

On NAUT's record, 115 backers, firms and angels, sit on 43 of the 51 rounds. Amber Group appears on the most, 5, and NAUT flags no lead on any of the 51, so the leads named below come from the outside reports cited for each round.

Data as of 14 November 2026, from NAUT's funding records. NAUT dates 131 rounds to 1 January to 31 March 2025. 71 are launchpad, IDO, ICO, IEO or node sales and are left out, which leaves 60 venture-type rounds. 6 more were scoped out by hand: 1 non-crypto company (a mental-health AI model maker), 1 $270M ecosystem fund round, 2 identical $2.3M LAB rows that read as an eesee launchpad sale, 1 duplicate Slingshot DAO row and 1 $6,250 CryptoHub sale by Crypto D.app. Of the 54 left, 10 rounds were put to outside reports, and 3 came out: Ethena's $100M, which NAUT dates to February 2025 while The Block reports the sale was completed in December 2024; SOON Network's $22M, which The Block and Cointelegraph report as an NFT sale; and Tea-Fi's $35M, where the only report found describes an investment commitment and no source confirmed a closed seed round. That leaves 51. The other 7 checked rounds stay in, and 44 of the 51 were not put to an outside report. Every total below is NAUT's record after this scoping.

Crypto VC funding Q1 2025 by month: how much closed?

March held 63% of the quarter's disclosed money, because TON and Walrus closed in it. January had the most rounds.

Month Rounds Disclosed Median
January 2025 21 $274.2M $5M
February 2025 12 $111.3M $8M
March 2025 18 $645.8M $5.45M
Q1 2025 51 $1.03B $5.9M

Rounds with an amount on NAUT's record: 19 in January, 12 in February and 16 in March, 47 in all.

TON and Walrus together are $540M of March's $645.8M. 4 rounds carry no amount on NAUT's record: Hyperion's pre-seed, Etherealize's seed, Fhenix's strategic round and Bento.fun's incubation.

Which crypto VC funding Q1 2025 rounds were the largest?

Ranked by the amount on NAUT's record. The round label is the one NAUT stores, and each line says what the outside report found, where one was read.

  1. : $400M, March, Private. Outside report: Matched, a Toncoin token sale.
  2. : $150M, January, Series C. Outside report: Matched, at a $3B valuation.
  3. : $140M, March, Private. Outside report: Matched, a WAL token presale.
  4. : $28M, March, Token round. Outside report: Matched.
  5. : $20.5M, February, Series A. Outside report: Reported at $20M.
  6. : $20M, January, Strategic. Outside report: Matched.
  7. : $20M, February, Pre-seed. Outside report: Matched.
  8. : $16M, January, Funding round. Outside report: Not checked.
  9. : $16M, March, Funding round. Outside report: Not checked.
  10. : $15M, January, Series A. Outside report: Not checked.

Fortune reported that the TON Foundation raised $400M from prominent crypto venture firms. Walrus's own post says "Walrus Foundation has raised $140M led by Standard Crypto", and The Block reported Phantom's $150M at a $3B valuation. NAUT's record holds $20.5M for Plasma; The Block and Axios reported a $20M Series A led by Framework Ventures.

The 10 largest crypto VC rounds of Q1 2025, NAUT's record
  1. TON$400M
  2. Phantom$150M
  3. Walrus$140M
  4. DoubleZero$28M
  5. Plasma$20.5M
  6. Humanity$20M
  7. Cygnus Finance$20M
  8. Sign$16M
  9. Slingshot DAO$16M
  10. SoSoValue$15M

These 10 rounds hold $825.5M, 80% of the $1.03B disclosed. The other 37 rounds with an amount raised $205.8M between them, and 30 of the 47 were under $10M.

Who backed crypto funding rounds most often in Q1 2025?

Crypto venture capital in Q1 2025 came from 115 backers on NAUT's record. The list ranks them by the number of the 51 rounds each sits on; 32 appear on 2 or more.

a16z sits under 2 NAUT rows: a16z Frontier on the 4 rounds above, and Andreessen Horowitz (a16z) on Phantom's Series C beside Sequoia Capital, Paradigm and Variant. Counted together, the 2 rows cover 5 rounds at 5 companies.

The cited reports name leads for 5 of the 7 checked rounds that stay in: Sequoia Capital and Paradigm at Phantom, Standard Crypto at Walrus, Multicoin Capital and Dragonfly at DoubleZero, Pantera Capital and Jump Crypto at Humanity, and Framework Ventures at Plasma. None of those 8 firms is flagged as a lead on NAUT's record.

What this tells a BD team

  • 3 teams took 67% of the money. TON, Phantom and Walrus raised $690M of the $1.03B disclosed.
  • Most rounds were small. 30 of the 47 rounds with an amount were under $10M, and 23 of the 51 were seed or pre-seed.
  • DeFi and infrastructure lead the tags. 18 of the 51 rounds are tagged DeFi on NAUT and 14 are tagged Infrastructure.
  • These rounds are 19 to 22 months old at the 14 November 2026 read. Open each company's NAUT page for a later round before you pitch.
How a BD team can work the Q1 2025 list
  1. Pick by size3 teams raised $690M; 30 rounds were under $10M, such as Fogo Chain and Printr.
  2. Pick by sector18 rounds are tagged DeFi and 14 Infrastructure, from Infrared Finance to DoubleZero.
  3. Check for a newer roundEach company's NAUT page lists its rounds after Q1 2025.
  4. Find the decision makerEach company's NAUT page lists its team and their channels on file.

What this tells a crypto founder raising

  • Repeat backers are the warmest list. 32 backers sit on 2 or more of the 51 rounds, led by Amber Group on 5 and Animoca Brands (Ventures), Binance Labs and a16z Frontier on 4 each.
  • The typical round was $5.9M. That is the median of the 47 disclosed amounts; January's median was $5M and February's $8M.
  • Leads are named in the press more than in the record. Read the cited report for a round's lead before you assume who wrote the check.
How a founder can use the Q1 2025 backers
  1. Shortlist repeat backers32 backers sat on 2 or more of the 51 rounds, with Amber Group on 5.
  2. Match your stage23 of the 51 rounds were seed or pre-seed; Cygnus Finance's $20M pre-seed is the largest.
  3. Find who ledReports name Pantera Capital and Jump Crypto as leads at Humanity.
  4. Reach the partnerEach investor's NAUT page lists its team and the people to contact.

How to reach the decision makers

Every company and investor above links to its NAUT page, which lists the team, the rounds and the backers. The 115 backers on these 51 rounds each have a NAUT page; Multicoin Capital, named as a DoubleZero co-lead by The Block, is the 1 lead in this article without a linked page.

Related reading on NAUT: Crypto VC funding Q3 2026: NAUT 142 rounds, Galaxy 296 deals and Crypto funding statistics 2026: 327 rounds, $11.45B, 30 numbers.

Can you pull this data through the NAUT API?

Yes. GET https://api.naut.so/v1/investors/amber-group returns 1 fund with its team and its portfolio rows, each carrying company, roundType, amountUsd, announceDate and isLead, which is where its 5 rounds in this report sit; GET https://api.naut.so/v1/projects/ton returns 1 company with its team. Every call is a GET with Authorization: Bearer $NAUT_KEY and costs 5 credits, documented at https://naut.so/docs/api with plans at https://naut.so/pricing. Verified Telegram, email and LinkedIn for the people on these pages unlock on any paid NAUT plan, so you can start a 7-day trial.

Crypto VC funding Q1 2025 FAQ

How much did crypto startups raise in Q1 2025?

NAUT tracks 51 crypto venture rounds that closed from 1 January to 31 March 2025, and the 47 with an amount raised $1.03B, with a median round of $5.9M.

What was the largest crypto VC round of Q1 2025?

TON's $400M in March 2025, which Fortune reported as raised from crypto venture firms through a Toncoin token sale. Phantom's $150M Series C and Walrus's $140M were next.

Which crypto investors backed the most Q1 2025 rounds?

Amber Group sits on 5 of the 51 Q1 2025 rounds on NAUT's record, and Animoca Brands (Ventures), Binance Labs and a16z Frontier on 4 each.

Where can I find the teams and backers behind the Q1 2025 crypto rounds and their contact channels?

On NAUT. All 48 companies and 115 backers in this report have a page on naut.so, and GET https://api.naut.so/v1/projects/phantom returns 1 company with its team. Their verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so you can start a 7-day trial and reveal them.

Sources

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