NAUT tracks 51 companies in the Fenbushi Capital portfolio, across 55 round records dated from May 2019 to October 2025. 54 of the 55 records carry an amount, they average $22.6M with a midpoint of $7.0M, and 42 of the 51 companies have launched a token on NAUT's record.
Data note. Counted on 14 November 2026 from NAUT's own database: every non-archived project company tied to a round where NAUT records Fenbushi Capital as a backer. NAUT holds the firm under 1 investor row, which links 56 round records; 1 of them sits on an investor-typed row, FalconX, and is left out, which leaves 55. 7 of the 55 records have no announcement date, so the May 2019 to October 2025 window comes from the other 48. Amounts are the size of the whole round; the firm's own cheque is not disclosed. 3 companies carry a second record that repeats or overlaps the first: Aztec Network (a $100.0M Series B stored twice, once with no date), Eclipse (a $50.0M Series A stored twice, once with no date) and Recall Network (a $30.0M Series A plus an undated $42.0M record typed "Cumulative Private Round", which by its name already holds the earlier money). The $22.6M average, the $7.0M midpoint and the sector averages are taken over all 54 stored amounts, those 3 included, so the average runs high. CrossCurve and Eywa are 2 NAUT pages for 1 product family (Eywa's page describes the CrossCurve DEX) and each carries the same $7.0M seed of 2 May 2024. This is NAUT's coverage of Fenbushi Capital investments, counted the way NAUT counts every crypto VC portfolio, so the firm may hold rounds NAUT has not recorded. Written by NAUT Research.
Which companies has Fenbushi Capital backed?
The 51 Fenbushi portfolio companies below are every project NAUT ties to a Fenbushi Capital round, newest round first, with the round NAUT records, its size and whether the company has a token on NAUT's record.
| Company | Round (tag, token) | Date |
|---|---|---|
 SemanticLayer |
Series A, $2.0M, and Seed Round, $3.0M (AI, token) | Oct 2025 |
 Hyperbot |
Strategic Round, $6.75M (Intelligence, token) | Aug 2025 |
 WalletConnect |
Series B, $13.0M (Wallet, token) | Jan 2025 |
 Huma Finance |
Series A, $38.0M (DeFi, token) | Sep 2024 |
 Morpho |
Strategic Round, $50.0M (Infrastructure, token) | Aug 2024 |
 GoPlus Security |
Funding Round, $10.0M (Security, token) | Jun 2024 |
 CrossCurve |
Seed Round, $7.0M (Infrastructure, token) | May 2024 |
 Eywa |
Seed Round, $7.0M (no tag, token) | May 2024 |
 CARV |
Series A, $10.0M (Gaming, token) | Apr 2024 |
 Azuro |
Pre-launch Round, $3.5M (Infrastructure, token) | Apr 2024 |
 Shentu |
Funding Round, no amount (Security, token) | Mar 2024 |
 Eclipse |
Series A, $50.0M (stored twice) (Infrastructure, token) | Mar 2024 |
 Pixels |
Strategic Round, $4.8M (Gaming, token) | Feb 2024 |
 Farcana |
Seed Round, $10.0M (no tag, no token) | Dec 2023 |
 Everclear |
Strategic Round, $7.5M (DeFi, token) | Jun 2023 |
 zkLink |
Strategic Round, $10.0M (Infrastructure, token) | May 2023 |
 Aztec Network |
Series B, $100.0M (stored twice) (L1/2/3, token) | Dec 2022 |
 Smart Layer |
Funding Round, $6.0M (Infrastructure, token) | Sep 2022 |
 Oasys |
Private Round, $20.0M (L1/2/3, token) | Jul 2022 |
 Kontos Protocol |
Angel Round, $4.0M (Infrastructure, no token) | Mar 2022 |
 Sandstorm |
Seed Round, $2.5M (Gaming, no token) | Mar 2022 |
 Recall Network |
Series A, $30.0M, plus a $42.0M cumulative record (AI, token) | Feb 2022 |
 The Graph |
Funding Round, $50.0M (AI, token) | Jan 2022 |
 Bribe Protocol |
Seed Round, $4.0M (DeFi, no token) | Jan 2022 |
 iZUMi Finance |
Series A, $3.5M (DEX, token) | Dec 2021 |
 1inch |
Series B, $175.0M (DEX, token) | Dec 2021 |
 Nym |
Series A, $13.0M (L1/2/3, token) | Nov 2021 |
 Kibo Finance |
Seed Round, $1.5M (DeFi, no token) | Nov 2021 |
 BlockchainSpace |
Seed Round, $3.75M (SocialFi, token) | Nov 2021 |
 Sipher |
Seed Round, $6.8M (Gaming, token) | Oct 2021 |
 Arcana Network |
Strategic Round, $2.3M (Infrastructure, token) | Oct 2021 |
 Powerloom |
Seed Round, $3.1M (Infrastructure, token) | Oct 2021 |
 Fuel Network |
Seed Round, $1.5M (Infrastructure, token) | Sep 2021 |
 Centrifuge |
Funding Round, $4.3M (RWA, token) | Sep 2021 |
 SpaceY 2025 |
Private Round, $4.65M (DePIN, no token) | Aug 2021 |
 BitDAO |
Funding Round, $230.0M (no tag, token) | Jun 2021 |
 Balancer |
Funding Round, $24.2M (DeFi, token) | May 2021 |
 MUX Protocol (prev. MCDEX) |
Funding Round, $7.0M (DEX, token) | May 2021 |
 RhinoFi (DeversiFi) |
Strategic Round, $5.0M (Payment, no token) | May 2021 |
 Stratos Network |
Strategic Round, $1.83M (Media, token) | May 2021 |
 Enjin Coin |
Funding Round, $18.9M (Media, token) | Mar 2021 |
 Efinity |
Private Round, $18.9M (Infrastructure, token) | Mar 2021 |
 Moonbeam |
Strategic Round, $6.0M (L1/2/3, token) | Mar 2021 |
 Biconomy |
Seed Round, $1.5M (Infrastructure, token) | Jan 2021 |
 Keep Network |
Funding Round, $7.7M (L1/2/3, token) | Apr 2020 |
 Cere Network |
Seed Round, $3.5M (AI, token) | Aug 2019 |
 bloXroute |
Series A, $19.0M (Infrastructure, no token) | May 2019 |
 Abstract |
Private Round, $11.0M (Infrastructure, no token) | No date |
 Anichess |
Private Round, $1.8M (Gaming, token) | No date |
 Intuition Systems |
Seed Round, $4.0M (Intelligence, token) | No date |
 goodcryptoX |
Pre-Seed Institutional Round, $450K (Tools, token) | No date |
The tag in brackets after each round is the first tag NAUT holds for it. 3 companies (Eywa, Farcana and BitDAO) carry no tag, so a sector filter alone would miss them. Shentu's March 2024 round is the 1 record with no amount.
What is in the Fenbushi Capital portfolio by sector?
Infrastructure is the largest group, with 18 of the 51 companies and 19 of the 55 records, at an average round of $16.91M. A company can carry several tags and counts once in each, so the companies column adds up to more than 51.
| Sector | Companies | Records | Average |
|---|---|---|---|
| Infrastructure | 18 | 19 | $16.91M |
| DeFi | 17 | 18 | $31.51M |
| L1/2/3 | 9 | 11 | $33.54M |
| Gaming | 9 | 9 | $8.28M |
| AI | 6 | 8 | $18.14M |
| DePIN | 6 | 6 | $12.55M |
| Privacy | 3 | 4 | $55.18M |
| Intelligence | 3 | 3 | $20.25M |
| No tag | 3 | 3 | $82.33M |
| Tools | 3 | 3 | $2.32M |
| DEX | 3 | 3 | $61.83M |
| Wallet | 2 | 2 | $94.0M |
| Payment | 2 | 2 | $21.5M |
| Security | 2 | 2 | $10.0M |
| RWA | 2 | 2 | $5.15M |
| CEX | 2 | 2 | $5.25M |
| SocialFi | 2 | 2 | $3.63M |
| Media | 2 | 2 | $10.37M |
| Prediction Market | 1 | 1 | $3.5M |
The large averages sit on few records. The 3 untagged records average $82.33M because BitDAO's $230.0M round is 1 of them, the 2 Wallet records average $94.0M because 1inch's $175.0M Series B is 1 of them, and the Privacy and L1/2/3 averages both include the 2 Aztec Network records of $100.0M. Security's $10.0M average is over 1 priced record, since Shentu's round has no amount.
How big are the rounds in the Fenbushi Capital portfolio?
The 54 priced records average $22.6M, and their midpoint is $7.0M, because a few large rounds pull the average up. The 10 largest rounds are charted below, each counted once.
Recall Network's $42.0M cumulative record stays out of the chart, and so do the second copies of the Aztec and Eclipse rounds. By year, 2 dated records fall in 2019, 1 in 2020, 20 in 2021, 8 in 2022, 3 in 2023, 11 in 2024 and 3 in 2025, so 20 of the 48 dated records come from 2021 alone.
What the Fenbushi Capital portfolio tells a BD team
- 3 companies raised in 2025. WalletConnect ($13.0M Series B, January), Hyperbot ($6.75M strategic round, August) and SemanticLayer ($2.0M Series A, October) are the freshest budgets on NAUT's record.
- 9 of the 51 have no token on NAUT's record. Abstract, bloXroute, RhinoFi (DeversiFi), Farcana, Kontos Protocol, Sandstorm, Bribe Protocol, Kibo Finance and SpaceY 2025 may still have exchange, market making or listing work ahead.
- Infrastructure and DeFi hold the most teams. 18 companies carry the Infrastructure tag and 17 the DeFi tag, so a wallet, data or security offer has the widest audience there.
- Size the pitch to $7.0M. Half the priced records are at or below that midpoint, so BitDAO's $230.0M round is the outlier.
- Start with the 2025 raisesWalletConnect, Hyperbot and SemanticLayer raised between $2.0M and $13.0M in 2025.
- Filter for no token9 of the 51 companies have no token on NAUT's record, so their launch work may still be ahead.
- Open the company pageEach name in the table links to its NAUT page, which lists the team and the channels NAUT holds.
- Pitch the right sizeHalf of the 54 priced records are $7.0M or less, so match the offer to that size of company.
What it tells a founder raising
Fenbushi Capital shows up in rounds from $450K to $230.0M. On NAUT's record it sits in a pre-seed such as goodcryptoX's $450K and in large rounds such as BitDAO's $230.0M.- Infrastructure is the deepest group. 18 of the 51 companies carry the Infrastructure tag, at a $16.91M average round.
- NAUT records no lead flag on any of the 55. The outside reports checked below name other firms at the head of 2 of the rounds: Ribbit Capital for Morpho and Placeholder with Hack VC for Eclipse. Check each round's announcement for who led it before you pitch Fenbushi as a lead.
- Find your nearest matchPick the companies in your sector tag from the table, such as the 18 Infrastructure teams.
- Read their roundThe table gives each round type and size; the company page on NAUT adds the team.
- Check who ledNAUT flags no lead role for Fenbushi, so read each round's announcement for who led it.
Which Fenbushi Capital rounds were checked against outside sources?
6 of the largest round records, at 5 companies, were put to outside reports, and the reports for 4 of those companies could be used here. The other 46 companies were not read outside NAUT for this page.
- BitDAO: The Block reported the $230M raise on 16 June 2021 and names Fenbushi among the other investors; the round was a private token sale.
- 1inch: TechCrunch reported on 1 December 2021 that 1inch raised $175M in what it calls a Series B, and lists Fenbushi Capital among the investors.
- Morpho: its own post says it secured $50M from Ribbit Capital and other strategic partners and names Fenbushi in the investor list; CoinDesk dates it 1 August 2024 and says Ribbit led.
- Eclipse: The Block reported a $50M Series A on 11 March 2024, co-led by Placeholder and Hack VC, with Fenbushi Capital among the other investors.
For Aztec Network's $100M Series B, the outside report read for this page could not be confirmed on the page by NAUT's fetch, so treat that round as NAUT's record only.
Related reading on NAUT: How to research a VC fund: 6 checks, 23 rounds, 27 partners and Crypto VC check sizes: 15 investors, $1.7M to $200M rounds.
Can you pull this data through the NAUT API?
Yes: GET https://api.naut.so/v1/investors/fenbushi-capital with the header Authorization: Bearer $NAUT_KEY returns the fund with its team and portfolio, each row carrying company, roundType, amountUsd, announceDate and isLead. A data call costs 5 credits, so the Essential plan at $49 a month (3,000 credits) covers 600 calls; the API docs list every endpoint and pricing lists the plans. Verified Telegram, email and LinkedIn for the people at these companies unlock on any paid NAUT plan, so start a 7-day trial.
Fenbushi Capital portfolio FAQ
How many companies are in the Fenbushi Capital portfolio?
NAUT tracks 51 companies backed by Fenbushi Capital as of 14 November 2026, across 55 round records dated from May 2019 to October 2025. 42 of the 51 have a token on NAUT's record.
Which companies has Fenbushi Capital backed most recently?
On NAUT's record, the 3 most recent Fenbushi Capital rounds are SemanticLayer ($2.0M Series A, October 2025), Hyperbot ($6.75M strategic round, August 2025) and WalletConnect ($13.0M Series B, January 2025), read on 14 November 2026.
How much does Fenbushi Capital invest in a round?
The 54 priced Fenbushi Capital round records on NAUT average $22.6M and have a midpoint of $7.0M, from May 2019 to October 2025. Those are whole-round sizes; the firm's own cheque is not disclosed.
Does Fenbushi Capital lead rounds?
NAUT records no lead flag for Fenbushi Capital on any of its 55 round records as of 14 November 2026. In 2 of the rounds checked for this article, Morpho's $50M in August 2024 and Eclipse's $50M in March 2024, the reports name other firms as leads.
Where can I find Fenbushi Capital portfolio companies and their teams on NAUT?
Each of the 51 Fenbushi Capital portfolio companies has a NAUT page that lists its team, and GET https://api.naut.so/v1/investors/fenbushi-capital returns the full portfolio in 1 call for 5 credits. Verified Telegram, email and LinkedIn for those teams unlock on any paid NAUT plan, so start a 7-day trial.
Sources
- NAUT's database, read on 14 November 2026: every count, average and sector group here comes from those rows.
- The Block on BitDAO and Forkast on BitDAO, for the $230M raise.
- TechCrunch on 1inch, for the $175M Series B.
- Morpho funding post and CoinDesk on Morpho, for the $50M round.
- The Block on Eclipse, for the $50M Series A.