NAUT tracks 44 project companies with 47 funding rounds backed by DWF Labs, dated from November 2022 to October 2025 plus 7 rounds with no date, counted on 12 November 2026. Every company in the DWF Labs portfolio has its own NAUT page, and the median round in the set is $7.5M across the 45 rounds that disclose an amount.
Most of that activity sits in 2023 and 2024: 17 dated rounds in 2023, 18 in 2024 and 3 in 2025, the latest a strategic round for Depinsim in October 2025. For a BD lead or a founder, that makes this list a map of teams that took a DWF Labs cheque in the last 3 years, each 1 click from its team on NAUT.
Data note. Counted on 12 November 2026 from NAUT's own database: every investment row where NAUT records DWF Labs as a backer, 49 rows in all. 2 rows are left out because the company on them is a launchpad and an investor, so they are not portfolio projects. Archived and merged rows are left out too; none of the 49 was either. That leaves 47 rounds at 44 companies, because Obscuro Labs, listed on NAUT under the name of its layer 2 network, carries 3 rounds and Mask Network 2. NAUT also holds a separate DWF Ventures row, with no rounds attached to it, so counting the 2 rows together gives the same 44 companies. 13 of the 47 rounds were checked against an outside report on 12 November 2026; the other 34 were not. Every amount is the figure NAUT stores for the round. For some rounds (Mask Network, Fetch.ai, Synthetix, Vaulta) the outside report gives DWF Labs' own cheque, for others the whole round, so the median mixes both. Written by NAUT Research.
What is in the DWF Labs portfolio on NAUT?
AI is the largest group, with 9 of the 44 companies. Each company sits in 1 group, by the first sector tag NAUT holds for it, so the groups add up to 44.
| Group | Companies | Rounds | Examples |
|---|---|---|---|
| AI | 9 | 9 |  Fetch.ai,  RSS3 |
| Layer 1, 2, 3 | 6 | 6 |  Radix,  Conflux |
| DeFi | 5 | 5 |  Alex,  Juice |
| DEXs | 4 | 4 |  Synthetix,  LogX |
| Gaming | 4 | 4 |  Radio Caca,  Balance |
| Other | 13 | 16 |  peaq,  API3 |
| No tag | 3 | 3 |  Pichi Finance,  Beoble |
The other group holds DePIN, privacy, tools, infrastructure, payments, RWA, meme, SocialFi and tokenized stock tags, none with more than 2 companies. 3 companies carry no tag, so a sector filter alone would miss them.
Which projects has DWF Labs invested in?
These are the 44 DWF Labs portfolio companies NAUT records, newest round first, with undated rounds last. Each name opens the company's NAUT page, which lists its team and the other backers on its rounds.
| Company | Latest round and amount |
|---|---|
 Depinsim |
Strategic, Oct 2025, $8M |
 Velvet |
Funding, Jul 2025, $3.7M |
 Mask Network |
Strategic, Apr 2025, $5M (2 rounds) |
 DuckChain |
Funding, Dec 2024, $5M |
 Kelp DAO |
Strategic, Nov 2024, $10M |
| LogX |
Strategic, Sep 2024, $4M |
| Balance |
Funding, Sep 2024, $30M |
 KIP Protocol |
Private, Aug 2024, $5M |
 Rivalz Network |
Funding, Aug 2024, $9M |
 Quantlytica |
Funding, Aug 2024, $1.1M |
| Pichi Finance |
Funding, Aug 2024, $2.5M |
 Yuliverse |
Funding, Jun 2024, $4M |
| API3 |
Treasury buy, May 2024, $4M |
 NuLink |
Strategic, May 2024, $1.6M |
 Shiba Inu |
Funding, Apr 2024, $12M |
| peaq |
Pre-launch, Mar 2024, $15M |
| Alex |
Strategic, Mar 2024, $10M |
| Juice |
Funding, Mar 2024, $7M |
 Obscuro Labs |
Funding, Mar 2024, $9M (3 rounds) |
| Beoble |
Seed, Feb 2024, $5M |
 Ultiverse |
Strategic, Feb 2024, $4M |
 CESS |
Series A, Dec 2023, $8M |
 Parex |
Strategic, Apr 2023, $6.5M |
 Medieval Empires |
Funding, Apr 2023, $3M |
 Vaulta |
Funding, Apr 2023, $60M |
| RSS3 |
Funding, Apr 2023, $10M |
 LayerAI |
Series A, Apr 2023, $10M |
 LABEL Foundation |
Funding, Apr 2023, $1M |
| Radio Caca |
Funding, Apr 2023, $16M |
 Alchemy Pay |
Funding, Apr 2023, $10M |
 apM Coin |
Funding, Mar 2023, $5M |
| Fetch.ai |
Funding, Mar 2023, $40M |
 SO-COL |
Funding, Mar 2023, $1.5M |
| Radix |
Funding, Mar 2023, $10M |
| Synthetix |
Funding, Mar 2023, $20M |
| Conflux |
Funding, Mar 2023, $10M |
 XDAO |
Seed, Nov 2022, $2.3M |
 Onomy Protocol |
Private token, Nov 2022, $10M |
 RICE AI |
Series A, no date, None stored |
 Notcoin |
Private, no date, $1.5M |
 Lumia |
Strategic, no date, None stored |
 Zen_Chain |
Strategic, no date, $8.5M |
 Shogun |
Seed, no date, $6.9M |
 Flying Tulip |
Seed, no date, $200M |
The round type is the one NAUT stores. Mask Network has 2 rounds on NAUT and Obscuro Labs 3, where the undated $9M may repeat the March 2024 round; every other company has 1. 10 of the 47 rounds are typed strategic, 23 are a plain funding round, and 4 are seed rounds. NAUT records DWF Labs as the lead on 0 of the 47 rounds, and for 4 rounds the outside check read (Depinsim, Lumia, Obscuro Labs and Balance), the report names another firm as lead.
How big are DWF Labs investments?
The median is $7.5M across the 45 rounds that disclose an amount, and the smallest is $1M, for LABEL Foundation in April 2023.
The chart leaves out Flying Tulip, whose $200M seed has no date on NAUT; reports dated it September 2025, and it counts among the 45 rounds that disclose an amount. The outside check tied the Balance round to DWF Ventures. RICE AI and Lumia disclose no amount on NAUT.
What did the outside check find?
13 of the 47 rounds were checked against a news report or the company's own announcement. 8 came back confirmed, 4 found a report that names DWF Ventures as the investor, and 1 found no primary report. The table shows 11 of the 13; the other 2, Fetch.ai and Synthetix, came back confirmed from pages that could not be re-read for this article, so they are not detailed here.
| Company | What the check found |
|---|---|
| Depinsim |
$8M;  DWF Labs took part, Outlier Ventures led |
| Mask Network |
A $5M MASK token purchase, Apr 2025 |
| Vaulta |
An EOS partnership worth over $60M |
| Flying Tulip |
$200M private seed, Sep 2025 |
| Lumia |
Laser Digital led, Aug 2024; no amount |
| Obscuro Labs |
R3 led; $9M across 3 stages |
| Velvet |
Names  DWF Ventures |
| Balance |
a16z and Galaxy led; names DWF Ventures |
| Kelp DAO |
$9M token sale, May 2024; names DWF Ventures |
| Shiba Inu |
Names DWF Ventures |
| Notcoin |
No primary report found |
The Mask Network report describes a $5M purchase of MASK tokens, and the EOS report a partnership worth over $60M with the EOS Network Foundation. So at least 2 of the rows NAUT types as rounds are token deals, and a founder reading this list should expect that shape of cheque.
What the DWF Labs portfolio tells a BD team
- The list is a 2023 and 2024 cohort. 35 of the 40 dated rounds fall in those 2 years, so most of these teams raised 2 to 3 years ago and may be due for their next round or a new vendor.
- Size the pitch to the median. Half of the 45 rounds with an amount are $7.5M or smaller, so aim at a team of that size before the $60M outlier.
- AI and base layers lead. 15 of the 44 companies sit in the AI and layer 1, 2 and 3 groups, a ready shortlist for anyone selling infrastructure or data.
- Check the backer on the round page. 4 of the 13 checked rounds had a report naming DWF Ventures, so open the company's NAUT page before you cite DWF Labs in an opener. Like any crypto VC portfolio list, this one ages from the day it was counted.
- Pick the group you sell intoAI holds 9 of the 44 companies and layer 1, 2 and 3 another 6.
- Start with the dated 2024 and 2025 rounds21 rounds fall in those 2 years, from Depinsim in October 2025 back.
- Open the company pageEach name above opens the team NAUT lists and the other backers on the round.
- Reach the person, then name the roundCite the round type and amount NAUT shows, such as the $8M strategic round at Depinsim.
What it tells a founder raising from DWF Labs
- Some of these deals are token purchases. Of the 13 rounds checked, the reports describe at least 2 as a token purchase or partnership (Mask Network, Vaulta), so ask early how your deal would be shaped.
- Plan for another lead. NAUT records no DWF Labs lead on these 47 rounds, and 4 checked reports name a different firm as lead.
- Ask the portfolio first. Founders at the 44 companies above have been through the process, and each NAUT page lists who to reach.
- Find a peer in your sectorPick a company from the same group, such as 1 of the 9 AI teams.
- Read its roundsIts NAUT page shows the round type, the amount and the other backers.
- Ask the founder how the deal was shapedAt least 2 of the 13 checked rows were token deals, so ask whether yours would be.
How to reach DWF Labs portfolio companies
Every company in the table links to its NAUT page, which lists the team NAUT holds, each person's role and X account, and which contact channels NAUT has on file. The DWF Labs page on NAUT lists the fund's own team and its portfolio in 1 place.
Related reading on NAUT: Crypto market makers list: 24 firms and 102 people on NAUT 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/dwf-labs with the header Authorization: Bearer $NAUT_KEY returns the fund with its team and its portfolio, each row carrying the company, roundType, amountUsd, announceDate and isLead, for 5 credits a call (docs). The Essential plan is $49 a month for 3,000 credits, and the other plans are on the pricing page. Verified Telegram, email and LinkedIn for the people on those company pages unlock on any paid NAUT plan, so start a 7-day trial to reach them.
DWF Labs portfolio FAQ
Which projects has DWF Labs invested in?
NAUT tracks 44 project companies with a round backed by DWF Labs, counted on 12 November 2026, including Vaulta (prev. EOS), Fetch.ai, Synthetix, Radio Caca and peaq. Its 3 dated rounds from 2025 went to Depinsim, Velvet and Mask Network.
How many rounds has DWF Labs backed?
NAUT records 47 rounds backed by DWF Labs at 44 companies as of 12 November 2026, 40 of them dated between November 2022 and October 2025 and 7 with no date stored.
How much does DWF Labs invest in a round?
The median round in the DWF Labs portfolio on NAUT is $7.5M across the 45 of 47 rounds that disclose an amount, counted on 12 November 2026. Each amount is the figure NAUT stores for the round: for some rounds (Mask Network, Fetch.ai, Synthetix, Vaulta) the outside report gives DWF Labs' own cheque, for others the whole round, so the median mixes both.
Where can I find the teams in the DWF Labs portfolio and their contact channels?
Each of the 44 companies has a NAUT page listing its team, roles and X accounts, and GET https://api.naut.so/v1/investors/dwf-labs returns the whole portfolio in 1 call for 5 credits. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so start a 7-day trial to reach them.
Sources
- NAUT's database, read on 12 November 2026, for every count, amount, date and sector group on this page.
- The Block on Flying Tulip and Decrypt, for the $200M seed.
- ChainCatcher on Depinsim, for DWF Labs as a participant in the $8M round led by Outlier Ventures.
- Chainwire on Mask Network, for the $5M MASK token purchase.
- Cointelegraph on EOS, for the partnership worth over $60M.
- InvestingCube on Lumia and Crypto Daily, for the Lumia round.
- The Block on Obscuro Labs and DailyCoin, for the $9M raised across 3 stages.
- ChainCatcher on Velvet, CryptoDiffer on Balance, The Block on Kelp DAO and The Block on Shiba Inu, for the 4 rounds whose report names DWF Ventures.