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Lemniscap portfolio: 38 companies, 27 with a live token

By NAUT Research · · 9 min read

38 Lemniscap portfolio crypto companies on NAUT across 42 rounds, October 2018 to February 2025. Logos: Flying Tulip, Algorand, Axelar, Archway, Monad, Puffer Finance, XY Finance, Moonwell, Aurigami, Zeus Network, Pendle, Irys.

NAUT tracks 38 crypto companies in the Lemniscap portfolio, backed across 42 funding rounds dated from 24 October 2018 to 24 February 2025. NAUT's data shows 27 of the 38 with a launched token and 29 with a NAUT trust score, and 41 of the 42 rounds disclose an amount, adding up to $536.3M.

Data note. Counted on 13 November 2026 from NAUT's own database: every round where NAUT records Lemniscap as a backer, under 1 live investor row. That is 44 round records. 2 are left out of this page for reasons of their own: Harmony's record sits on a row NAUT types as an investor, and Impossible Finance's sits on a row NAUT types as a platform, so neither is counted as a project company. The other 42 rounds belong to 38 companies, because Axelar holds 3 rounds and Puffer Finance and Liquity hold 2 each. The fund's NAUT page shows a stored portfolio count of 44, the round records; this page counts companies. 7 rounds carry no announcement date, so the date window comes from the other 35. NAUT's lead flag is off on all 42 records, so this page makes no claim about which rounds Lemniscap led. 14 outside checks were run: 12 on 13 round records at 11 companies, and 2 on the fund itself. The other 29 rounds, at 27 companies, were never read outside NAUT.

Which crypto companies has Lemniscap backed?

Lemniscap has backed 38 crypto companies on NAUT's record, from Algorand's $62M equity round in October 2018 to the $2.3M seed round of LAB (prev. Memes Lab) in February 2025. These Lemniscap investments span 8 calendar years, 2018 to 2025. Each of the Lemniscap portfolio companies below links to its NAUT page, which lists the team, every recorded round and the other funds on the cap table. The table runs newest first, with the 7 undated rounds at the end.

Company Round Date Token
Seed Round, $2.3M 24 Feb 2025 Live, LAB
Series A, $18M 16 Apr 2024 Live, PUFFER
Seed Round, $2.6M 14 Apr 2024 Not flagged
Seed Round, $8M 3 Apr 2024 Live, ZEUS
Seed Round, $5.5M 9 Aug 2023 Live, PUFFER
Seed Round, $19M 14 Feb 2023 Live, MON
Private Round, $6.5M 24 Nov 2022 Live, TRN
Seed Round, $7M 30 Aug 2022 Live, RED
Pre-Seed Round, $5M 18 Aug 2022 Live, IKA
Presale Round, $5.6M 28 Jul 2022 Not flagged
Strategic Round, $4.5M 4 Apr 2022 Live, TRI
Seed Round, $21M 24 Mar 2022 Live, ARCH
Private Round, $10M 17 Mar 2022 Live, WELL
Series B, $35M 15 Feb 2022 Live, AXL
Investment Round, $9.5M 15 Feb 2022 Live, PLY
Seed Round, $5M 20 Jan 2022 Not flagged
Funding Round, $12M 3 Dec 2021 Not flagged
Funding Round, $2.75M 22 Sep 2021 Live, KLO
Seed Round, $5.5M 7 Sep 2021 Live, DBR
Seed Round, $3.5M 30 Aug 2021 Live, HAT
Series A, $25M 15 Jul 2021 Live, AXL
Pre-Seed Round, $1M 28 Jun 2021 Live, KYVE
Private Round, $6.75M 27 Apr 2021 Live, XAN
Seed Round, $1M 20 Apr 2021 Live, GURU
Private Round, $3.7M 16 Apr 2021 Live, PENDLE
Series A, $6M 30 Mar 2021 Live, LQTY
Seed Round, $2M 4 Mar 2021 Not flagged
Seed Round, $3.75M 13 Nov 2020 Live, AXL
Seed Round, $2.4M 25 Sep 2020 Live, LQTY
Seed Round, $2.7M 17 Sep 2020 Live, PSP
Series A, $3M 6 Aug 2020 Not flagged
Seed Round, $1M 11 Mar 2020 Not flagged
Seed Round, $2.5M 14 May 2019 Live, NYM
Seed Round, $4M 13 May 2019 Live, BLD
Equity Round, $62M 24 Oct 2018 Live, ALGO
Seed Round, $200M No date Live, FT
Seed Round, $5.2M No date Not flagged
Seed Funding Round, undisclosed No date Live, OBT
Strategic Round, $3.7M No date Live, IRYS
Seed Round, $6M No date Not flagged
Private Round, $3.6M No date Not flagged
Seed Round, $2.75M No date Not flagged

"Live" means NAUT flags the company's token as launched and shows the ticker NAUT holds. 11 of the 38 are not flagged, and 7 of those 11 still carry a ticker on NAUT's record (Aligned, Fragnova, STEPN, XY Finance, Unslashed Finance, StakerDAO and Futureswap), so check the token on the company page before you treat any of them as pre-token. Fermah, Puffpaw, Dango Exchange and Mellow Protocol carry no ticker at all.

What does the Lemniscap portfolio look like by stage, year and sector?

The Lemniscap portfolio leans early, and in any crypto VC portfolio the stage mix is the first thing a founder reads. 22 of the 42 rounds are labelled Seed Round on NAUT, 2 Pre-Seed Round and 1 Seed Funding Round; the rest are 5 Private Rounds, 4 Series A, 2 Strategic Rounds, 2 Funding Rounds, 1 Series B, 1 Equity Round, 1 Investment Round and 1 Presale Round.

  • By year: 21 of the 35 dated rounds fall in 2021 (11) and 2022 (10). There is 1 in 2018, 2 in 2019, 5 in 2020, 2 in 2023, 3 in 2024 and 1 in 2025.
  • By size: the 41 priced rounds average $13.08M. They run from $1M (3 rounds: KYVE Network, Guru Network and Futureswap) to $200M at Flying Tulip, which is 37% of the $536.3M on its own.
  • By sector tag: DeFi 15, L1/2/3 9, Infrastructure 9, DEX 6, Privacy 4, RWA 2 and Gaming 2. A company can carry several tags, so these overlap, and StakerDAO carries none. Trisolaris and Pendle also carry a CEX tag on NAUT that their own descriptions do not support, so it is left out here.

How much did each Lemniscap portfolio company raise?

Largest round per company with Lemniscap on NAUT's record, top 10
  1. Flying Tulip$200M
  2. Algorand$62M
  3. Axelar$35M
  4. Archway$21M
  5. Monad$19M
  6. Puffer Finance$18M
  7. XY Finance$12M
  8. Moonwell$10M
  9. Aurigami$9.5M
  10. Zeus Network$8M

These are whole-round sizes, the amount every backer put in together; NAUT does not record Lemniscap's own share. Orbiter Finance's round discloses no amount and stays out of the chart.

Which Lemniscap rounds did outside reports confirm?

12 of the 14 outside checks tested a round, covering 13 of the 42 round records. 10 rounds at 8 companies came back confirmed with Lemniscap named in a report or a second source.

Company Round Result Detail
$19M seed, Feb 2023 Confirmed TechCrunch lists among 70 participants; The Block splits the $19M into a pre-seed and a seed
$35M Series B, Feb 2022 Confirmed Reported at a $1B valuation
$25M Series A, Jul 2021 Confirmed The Block lists among participants
$18M Series A, Apr 2024 Confirmed Cointelegraph lists among investors
$62M equity round, Oct 2018 Confirmed is named on an aggregator table; the news report does not name it
$21M seed, Mar 2022 Confirmed Raised by Phi Labs, the developer
$5M seed, Jan 2022 Confirmed BitDegree names ; The Block does not
$200M seed, no date Confirmed Reports date it 29 September 2025 and call it a private round
$2.4M seed, Sep 2020 Confirmed 's own post names
$6M Series A, Mar 2021 Confirmed 's post thanks for continued support
$10M private round, Mar 2022 1 aggregator page Not counted as confirmed
$3.7M private round, Apr 2021 not found Amount matches; appears in a $3.5M report
$12M round, Dec 2021 not found Amount matches; no source found names

Liquity's seed post says it plainly: "We are pleased to announce that Liquity has raised $2.4M in seed funding to support the growth of the team and protocol." On the fund itself, a 2024 Lemniscap press release says "Lemniscap was founded in 2017", and the fund's X account is @lemniscap.

Which funds back the same companies as Lemniscap?

Ranked by the number of the 42 rounds they share with Lemniscap on NAUT's record:

Co-investor Shared rounds Rank
7 1
5 2
4 3 (tied)
4 3 (tied)
4 3 (tied)
4 3 (tied)
4 3 (tied)
4 3 (tied)
4 3 (tied)

A founder who already has 1 of these funds on the cap table has a warm route to ask about Lemniscap before a pitch.

What this tells a BD team

NAUT trust score, Lemniscap companies scoring 6 or more
  1. Pendle7.61
  2. Irys7.57
  3. LAB (prev. Memes Lab)7.4
  4. Anoma Network7.29
  5. Debridge7.01
  6. Puffer Finance6.88
  7. Agoric6.72
  8. Monad6.7
  9. Velora (prev. ParaSwap)6.68
  10. Orbiter Finance6.18
  11. Redstone6.12
How a BD team can work the Lemniscap list
  1. Pick the live tokensStart from the 27 companies flagged with a launched token, such as Pendle and Monad.
  2. Sort by recencyBegin with the 4 dated rounds from 2024 on, the largest Puffer Finance's $18M Series A.
  3. Open the teamEach company page lists its people and which contact channels NAUT holds.
  4. Name the shared backerMention a fund on the cap table, such as Animoca Brands on 7 of the 42 rounds.

What this tells a founder raising

  • Lemniscap writes early cheques on NAUT's record: 25 of its 42 rounds carry a Seed Round, Pre-Seed Round or Seed Funding Round label.
  • DeFi is the largest tag, on 15 of the 38 companies, followed by L1/2/3 and Infrastructure on 9 each.
  • 3 companies took Lemniscap money more than once (Axelar 3 times, Puffer Finance and Liquity twice), so ask those founders how a follow-on came about.
How a founder can use the Lemniscap portfolio
  1. Match the stage25 of the 42 rounds carry a seed or pre-seed label, with a $13.08M average across 41 priced rounds.
  2. Find a peerPick a company in your sector, such as Redstone for infrastructure or Liquity for DeFi.
  3. Ask for a referenceReach that company's founder through its NAUT page before you pitch Lemniscap.

How to reach the decision makers

Every company above has a NAUT page with its team, its rounds and its backers, and the Lemniscap page lists the fund's people and its full round list. Each person page says which channels NAUT holds on file, so you can see before you pay whether a Telegram or email is there.

Related reading on NAUT: How to research a VC fund: 6 checks, 23 rounds, 27 partners and Crypto co-investors: 3 steps, 168 on 66 rounds for 1 fund.

Can you pull this data through the NAUT API?

Yes: the call GET https://api.naut.so/v1/investors/lemniscap, sent with Authorization: Bearer $NAUT_KEY, returns the fund with its team and its portfolio, each row carrying the company, round type, amount, announce date and lead flag. A data call costs 5 credits, and the Essential plan at $49 a month holds 3,000 credits; see the API docs and pricing. Verified Telegram, email and LinkedIn for the people at these companies unlock on any paid NAUT plan, so start a 7-day trial.

Lemniscap portfolio FAQ

Which crypto companies has Lemniscap backed?

NAUT records 38 crypto companies in the Lemniscap portfolio across 42 rounds dated 24 October 2018 to 24 February 2025, including Monad, Axelar, Puffer Finance, Pendle and Flying Tulip. 27 of the 38 have a launched token on NAUT's record.

How much have Lemniscap's portfolio companies raised?

The 41 Lemniscap rounds on NAUT that disclose an amount add up to $536.3M, an average of $13.08M, with Flying Tulip's $200M the largest. These are whole-round sizes, and NAUT does not record Lemniscap's own share.

When was Lemniscap founded?

A 2024 Lemniscap press release says the firm was founded in 2017. Its X account is @lemniscap.

Where can I find the teams at Lemniscap's portfolio companies and their contact channels?

Each of the 38 Lemniscap portfolio companies has a NAUT page listing its team, and GET https://api.naut.so/v1/investors/lemniscap returns the whole portfolio in 1 call. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so start a 7-day trial.

Sources

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