Crypto VC syndicate: 30 shared rounds, 4 steps to an intro

A crypto VC syndicate is the group of funds that keep turning up in the same rounds, and the shortest warm path into a fund you cannot reach runs through the firm it invests alongside most often. NAUT tracks 28,664 pairs of live investor pages in its co-investor table, read on 10 November 2026: the average pair shares 1.70 rounds, 12 pairs share 30 or more, and the pair worked through below, LD Capital and NGC Ventures, shares 30 rounds at 30 companies announced between November 2020 and May 2022.

How this was built: on 10 November 2026 NAUT read its own co-investor table, which holds 28,664 pairs sitting between 2 live investor rows that are neither archived nor merged into another row. Each pair carries NAUT's count of the rounds both firms are recorded in, and NAUT files a pair under 1 of its 2 funds, so every figure here is NAUT's record of a syndicate rather than the whole market: a round NAUT has not ingested does not raise a pair's count. The 30 rounds for the worked pair come from NAUT's round-backer records, and each of the 30 carries a source link on its own NAUT page. This article did not re-read those 30 pages. 4 claims about the funds themselves went to outside sources, and 3 of the 4 are used below. Any firm listed here can ask NAUT to remove its page at https://naut.so/legal/data-deletion.

How to use a crypto VC syndicate to get a warm path in, in 4 steps

The method needs 1 input: the fund you want and cannot reach cold.

• A fund's densest co-investor has sat in the same room as its partners dozens of times, so its word travels further than a cold note.
• Shared rounds beat shared logos. Only 1,405 of the 28,664 pairs reach 5 or more shared rounds, so most pairs are a coincidence rather than a relationship.
• The count runs both ways, so read the pair from both funds before you pick the asker.
• The ask lands better when it points at 1 shared portfolio company, which is why step 3 reads the rounds.

Step 1: list the fund's co-investors, in both directions

Open the fund's NAUT page and read the firms recorded beside it in its rounds, then read it from the other side too. Direction matters, because NAUT files a pair under 1 of the 2 funds: the rows filed under LD Capital top out at NGC Ventures on 30 shared rounds, then Genblock Capital on 18 and Spark Digital Capital on 17, while the row that pairs AU21 Capital with LD Capital at 40 shared rounds sits under AU21 Capital. Read only the rows filed under your target and you would miss its densest partner of all.

Step 2: rank the co-investors by shared rounds

A list of names is a directory, so rank the syndicate partners by the 1 number that matters. The ranking is what gives you a shortlist, and the bar is low: the average pair in NAUT's table shares 1.70 rounds, only 1,405 of the 28,664 pairs reach 5 or more, and only 263 reach 10 or more. A partner on 18 or more rounds with your target is rarer still, because just 34 pairs in the whole table reach 20.

2 of these sit above 25 shared rounds with LD Capital, and both are worth a look before the rest of the list.

Step 3: read the rounds the 2 funds shared

A ranking tells you who to ask. The shared funding rounds tell you what to say. The 30 rounds LD Capital and NGC Ventures both joined cover 30 separate companies, $126.45M across the 29 that carry an amount on NAUT, at a $2.5M median and a $4.36M mean. The largest is Gari Network at $19.0M, then Litentry at $18.0M and ALETHIA AI (prev. Alethea AI) at $16.0M. The Nodepay record is the 1 row with no amount and no announce date stored, and NAUT types it as a Private Round.

Step 4: pick the asker, then check the channel before you write

Choose the co-investor your own network actually touches, and open its NAUT page for the person to name. Check the handle before you send anything: NAUT stores @Liquid_Capital_ for LD Capital, which does not read like the fund's name, and a check of that account on 10 November 2026 found it links ldcap.com, so the stored handle holds. ExNetwork Capital checked out the same way, at @exnetworkcap with its own site linking the account. 2 of the funds named in this article had their stored handle checked that way, so treat every other fund named here as unchecked and read the account before you write to it.

Which crypto VC syndicate pairs share the most rounds?

The 12 pairs below are every pair in NAUT's co-investor table at 30 or more shared rounds, ranked by the number of rounds both firms are recorded in, out of 28,664 pairs read on 10 November 2026.

Rank	Fund	Co-investor	Shared rounds
1	AU21 Capital	X21 Digital	62
2	AU21 Capital	LD Capital	40
3	X21 Digital	Magnus 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	X21 Digital	ExNetwork Capital	33
9	AU21 Capital	Momentum 6	31
10	AU21 Capital	Moonwhales Ventures	31
11	AU21 Capital	GBV Capital	31
12	LD Capital	NGC Ventures	30

AU21 Capital is in 9 of the 12, which says something useful for a BD list: 1 firm can be the hub of a whole syndicate, and an introduction from it reaches further than any other single ask in this set. The pair at number 12 is the worked example here because 30 rounds is dense for either fund while neither of them is that hub.

The same table read from each fund's side shows how little of a syndicate the 2 funds share. Not 1 of the 5 co-investors NAUT files under LD Capital also appears in the 5 it files under NGC Ventures, and the 2 lists sit at different heights.

#	Under LD Capital	Under NGC Ventures
1	NGC Ventures, 30	ExNetwork Capital, 14
2	Genblock Capital, 18	CMS Holdings, 14
3	Spark Digital Capital, 17	GSR, 11
4	Signum Capital, 15	Republic Capital, 9
5	Gate.io Labs, 14	Digital Renaissance Foundation, 9

Each cell is the firm and the number of rounds both it and the column's fund are recorded in. NGC Ventures is the densest row filed under LD Capital by a wide margin, 30 against 18 for the next. The reverse does not hold, because the pair is filed under LD Capital: the densest row filed under NGC Ventures is ExNetwork Capital at 14, which is why step 1 reads the table from both sides.

Which rounds did LD Capital and NGC Ventures both join?

All 30 of them, at 30 separate companies, with the month NAUT records for each announcement, the round type it stores, and the amount. None in a cell means NAUT stores nothing in that field. NGC Ventures is a Singapore-based crypto venture firm: an outside profile of the fund reads "NGC Ventures, founded in 2017, is a globally recognized venture capital firm headquartered in Singapore."

Company	Date	Round	Raised
Cassava Network	May 2022	Private Round	$8.0M
StarSharks	Dec 2021	Private Round	$4.8M
Orbitau	Dec 2021	Funding Round	$3.3M
Nitro League	Dec 2021	Funding Round	$5.0M
Good Games Guild	Oct 2021	Seed and Private Rounds	$1.7M
Gari Network	Oct 2021	Funding Round	$19.0M
Vee Finance	Sep 2021	Private Round	$2.5M
Monsoon	Aug 2021	Funding Round	$1.5M
ALETHIA AI	Aug 2021	Private Round	$16.0M
NearPad	Aug 2021	Seed Round	$2.0M
Trace Network Labs	Jul 2021	Strategic Round	$1.6M
Algomint	Jun 2021	Seed Round	$1.5M
XCarnival	Jun 2021	Seed Round	$2.0M
Apricot Finance	Jun 2021	Seed Round	$0.8M
Sigmadex	Jun 2021	Private Round	$4.2M
SubDAO	May 2021	Strategic Round	$5.4M
Metaverse.Network	May 2021	Seed Round	$4.0M
Spherium Finance	May 2021	Seed and Private Rounds	$3.3M
Hypersign	May 2021	Venture Round	$1.5M
Phantom Protocol	Apr 2021	Seed Round	$6.0M
WeStarter	Apr 2021	Funding Round	$1.0M
Yieldly	Apr 2021	Funding Round	$1.4M
MakiSwap	Apr 2021	Funding Round	$1.4M
UniFarm	Apr 2021	Funding Round	$2.0M
Evanesco	Apr 2021	Funding Round	$1.05M
Polkadex	Mar 2021	Seed and Private Rounds	$3.0M
Dora Factory	Feb 2021	Seed Round	$2.0M
Litentry	Nov 2020	Seed Round	$18.0M
The Virtua Kolect	Nov 2020	Private Round	$2.5M
Nodepay	None	Private Round	None

29 of the 30 records carry an amount, and they add to $126.45M, at a $4.36M mean. 5 of the 30 companies carry no sector tag on NAUT. By round type, NAUT stores 9 as a Funding Round, 8 as a Seed Round, 7 as a Private Round, 3 as Seed and Private Rounds, 2 as a Strategic Round and 1 as a Venture Round.

What does a BD team do with a crypto VC syndicate map?

Work the hub first. AU21 Capital appears in 9 of the 12 densest pairs, so a single relationship there touches X21 Digital, LD Capital, Magnus Capital, Genblock Capital, NGC Ventures, Spark Digital Capital, Momentum 6, Moonwhales Ventures and GBV Capital.

Then sort by sector overlap instead of by name. The 30 rounds in the worked pair lean towards 2 sectors, 8 tagged DeFi and 6 Gaming, so a DeFi founder has 8 shared portfolio companies to point at in 1 sentence and a gaming founder has 6. A round in this pair is small, at a $2.5M median, which tells a founder raising $20M to look further up the ranking.

Dates matter as much as density. Every dated round in this pair was announced between November 2020 and May 2022, so the partners who sat in them may have moved on. Check the fund page for its recent rounds before you treat an old overlap as a live relationship.

Who do you ask for the introduction?

A person, not a firm. Each fund's NAUT page carries the people it has on record with their titles, so pick the partner whose title says they decide and ask that person about the 1 shared company you both know. The ask is short: name the round, name the company, say what you want from the target fund.

Related reading on NAUT: Crypto co-investors: 3 steps, 168 on 66 rounds for 1 fund and How to ask for a warm introduction in crypto: 5 templates.

Can you pull this data through the NAUT API?

Yes, 1 call per fund. GET https://api.naut.so/v1/investors/ld-capital returns LD Capital with its team and its portfolio rows, each row carrying the company, the round type, the amount and the announce date, and the same call on ngc-ventures returns NGC Ventures, so intersecting the 2 company lists rebuilds the 30 shared rounds above. Each data call costs 5 credits, plans start at $49 a month for 3,000 credits, and the parameters are at the API docs with the tiers at NAUT pricing. Verified Telegram, email and LinkedIn for the people at these funds unlock on any paid NAUT plan, so start a 7-day trial before you run the outreach.

Crypto VC syndicate FAQ

What is a crypto VC syndicate?

It is the set of funds that repeatedly invest in the same rounds, which NAUT measures as the number of rounds 2 firms are both recorded in. Across the 28,664 investor pairs NAUT read on 10 November 2026, the average pair shares 1.70 rounds and only 263 pairs reach 10 or more, so a pair above 18 is a real syndicate relationship.

Which crypto funds co-invest together most often?

AU21 Capital and X21 Digital, at 62 rounds both firms are recorded in, the highest of the 28,664 pairs in NAUT's co-investor table on 10 November 2026. 12 pairs sit at 30 or more, and AU21 Capital is in 9 of those 12.

How many rounds did LD Capital and NGC Ventures share?

30, at 30 separate companies, worth $126.45M across the 29 records that carry an amount, at a $2.5M median. The dated rounds run from November 2020 to May 2022, and the largest is Gari Network at $19.0M.

Where can I find a crypto fund's co-investors and the people to ask?

On NAUT. Each investor page carries the firm's rounds and the people it has on record, which is where the co-investor rows for LD Capital and NGC Ventures above were read, and GET https://api.naut.so/v1/investors/ld-capital returns the same fund with its team and portfolio through the API. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so start a 7-day trial to open the channels.

How do I get an introduction to a crypto VC?

Through the fund it co-invests with most, named in 1 sentence about 1 shared deal. For NGC Ventures that route runs through AU21 Capital at 36 shared rounds or LD Capital at 30, and the 30 rounds the LD Capital pair shares give a founder 30 companies to name.

Does a shared round mean the 2 funds are close?

1 shared round does not. The average pair in NAUT's table shares 1.70 rounds and only 1,405 of the 28,664 pairs reach 5 or more, which a syndicate of 20 names produces by accident. Use the pairs at 10 or more, which is 263 of them, and read the rounds before you ask anyone for anything.

Sources

• NAUT's own co-investor table and round-backer records, read on 10 November 2026: 28,664 pairs between 2 live unarchived investor rows, plus the 30 rounds recorded for the LD Capital and NGC Ventures pair with their round types, amounts, announce months and sector tags.
• NGC Ventures as a Singapore venture firm: WaveUp's fund profile, with a second profile at CryptoDiffer.
• The stored X handles for LD Capital and ExNetwork Capital, checked on 10 November 2026 against each account and the fund's own site, ldcap.com and exnetworkcapital.com. The other funds named here did not have their handle checked for this article.