NAUT tracks 95 companies in the Morningstar Ventures portfolio, on 102 round records dated 21 December 2020 to 15 December 2025 and read on 14 November 2026. The largest records are Gunzilla Games ($46.0M and $30.0M), Jambo ($30.0M), and Axelar and Burnt Xion ($25.0M each), and Gaming is the biggest sector group with 19 companies.
54 of the 95 carry a launched token on NAUT's record, and the 100 records with an amount average $6.2M. Every company below links to its NAUT page, which shows its rounds, the other funds on them and the team NAUT holds.
Data note. Counted on 14 November 2026 from NAUT's own database, which holds Morningstar Ventures under 1 investor row. That row backs 108 round records. 6 of them sit at rows NAUT types as something other than a project (3 typed investor, 3 typed platform) and are left out here, which leaves 102 records at 95 project companies. 7 companies hold 2 records each. 3 records carry no date and may repeat a dated round: Burnt Xion and Bondex each hold a dated and an undated record of the same size, and Mystiko and Mystiko Network are 2 rows that describe the same scalable, interoperable and confidential base layer, each with an $18.0M seed record, so the 95 may count 1 company twice. 2 records (Sharpe AI and Shyft Network) store no amount. The fund's own NAUT row counts all 108 records: 108 portfolio entries, $652.2M deployed and a $6.15M average round. No record carries a lead flag and no company summary on these pages names a lead, so this article makes no lead count. Sector groups use each company's first NAUT tag, so they add up to 95. 8 of the 102 records, at 6 companies, were put to outside reports; the other 89 companies were not read outside NAUT. Written by NAUT Research.
What is in the Morningstar Ventures portfolio?
The portfolio leans on games and DeFi: 19 companies carry Gaming as their first tag and 12 carry DeFi, and counting every tag a company holds, 23 carry Gaming and 21 DeFi.
| Average | Sector | Companies | Rounds | Tokens |
|---|---|---|---|---|
| $8.1M | Gaming | 19 | 20 | 6 |
| $3.3M | DeFi | 12 | 13 | 8 |
| $5.3M | Decentralized exchanges | 7 | 7 | 4 |
| $6.2M | AI | 6 | 6 | 5 |
| $13.6M | Infrastructure | 6 | 6 | 4 |
| $11.1M | Layer 1, 2 and 3 | 6 | 8 | 6 |
| $5.7M | Tools | 3 | 3 | 2 |
| $6.2M | Meme | 3 | 3 | 2 |
| $2.8M | Other sector tags | 14 | 17 | 11 |
| $4.8M | No sector tag | 19 | 19 | 6 |
Infrastructure and Layer 1, 2 and 3 companies carry the largest average rounds, $13.6M and $11.1M, while the 12 DeFi companies average $3.3M. The Layer 1, 2 and 3 figure includes both $25.0M Burnt Xion records. 19 companies hold no sector tag on NAUT, so each group count is a floor.
Which Morningstar Ventures investments were the biggest?
Ranked by the amount on NAUT's record, these are the 10 largest round records. The amount is the whole round's size.
| Company | Round | Date | Outside check |
|---|---|---|---|
 Gunzilla Games |
Funding Round, $46.0M | 10 Aug 2022 | Checked, Morningstar not named on a page that loaded |
| Gunzilla Games |
Funding Round, $30.0M | 26 Mar 2024 | Checked, Decrypt names Morningstar |
 Jambo |
Series A, $30.0M | 10 May 2022 | Checked, Morningstar not named on a page that loaded |
 Burnt Xion |
Series A, $25.0M | 1 Apr 2024 | Checked, Morningstar not named on a page that loaded |
 Axelar |
Series A, $25.0M | 15 Jul 2021 | Checked, Axelar's own post lists Morningstar |
| Burnt Xion |
Private Funding Round, $25.0M | No date stored | Checked, reports call this $25M the Series A |
 Ethernity Chain |
Seed Round, $20.0M | 10 Feb 2022 | Checked, Decrypt names Morningstar |
 Mystiko Network |
Seed Round, $18.0M | 20 Mar 2024 | Checked, Decrypt names Morningstar |
 Mystiko |
Seed Funding Round, $18.0M | No date stored | Not checked, same size as the Mystiko Network seed |
 Particle Network |
Series A, $15.0M | 20 Jun 2024 | Not checked |
4 of the 8 checked records have a report that names Morningstar Ventures as a backer. For the Gunzilla $30.0M round, Decrypt reports the raise on 26 March 2024 and lists Morningstar among the participants. 3 of those 4 reports name another firm as lead: CoinFund and Avalanche's Blizzard Fund on Gunzilla's $30.0M round, Polychain Capital on Axelar's Series A, and Sequoia Capital India/SEA on Mystiko Network's seed. The pages that loaded for the other 4 checked records did not name Morningstar.
When was Morningstar Ventures most active?
Half of the 102 records sit in 1 year. NAUT's record holds no round for this fund after 15 December 2025.
| Year | Round records | Share of the 102 |
|---|---|---|
| 2020 | 1 | 1% |
| 2021 | 52 | 51% |
| 2022 | 24 | 24% |
| 2023 | 1 | 1% |
| 2024 | 19 | 19% |
| 2025 | 2 | 2% |
| No date stored | 3 | 3% |
The 2024 records are the newest cohort a BD team can still call warm: Particle Network ($15.0M Series A, June), Shiba Inu ($12.0M, April), KIP Protocol ($5.0M, August), Aark Digital ($6.0M, April) and ZeroLend ($3.0M seed, February) among them. The 2 records from 2025 are Fanable ($11.5M, 9 October) and Space ($3.0M seed, 15 December).
Who are the Morningstar Ventures co-investors?
NAUT records 262 other firms on the same 108 round records. Ranked by how many of those records they share, these 8 appear most often.
Spark Digital Capital
GBV Capital
Moonrock Capital
AU21 Capital
Genblock Capital
Animoca Brands
X21 Digital
Ascensive AssetsSpark Digital Capital sits on 25 of the 108 records, nearly 1 in 4, so a founder who already knows that fund has a short path to Morningstar. Animoca Brands (16), X21 Digital (14) and Ascensive Assets (12) round out the 8.
What this tells a BD team
- The 21 records from 2024 and 2025 are the teams most likely still spending: Gunzilla Games ($30.0M), Burnt Xion ($25.0M), Mystiko Network ($18.0M) and Particle Network ($15.0M) top that cohort by size.
- 41 of the 95 companies carry no launched token on NAUT's record, though 40 of those 41 hold a ticker, so check each page before you pitch token services.
- Gaming is the deepest pool, with 19 companies by first tag and 23 by any tag.
- Pick the cohortStart with the 21 records from 2024 and 2025, led by Gunzilla Games at $30.0M.
- Filter by sectorGaming holds 19 companies by first tag; DeFi holds 12.
- Open the company pageEach NAUT page lists the team and the other funds on the round.
- Use the co-investorsSpark Digital Capital shares 25 of the 108 records with Morningstar Ventures.
What this tells a founder raising
- The 100 sized records average $6.2M, and 97 of them, leaving out the 3 undated records that may repeat a dated round, average $5.9M.
- Infrastructure rounds average $13.6M against $3.3M in DeFi, so the size you raise depends on what you build.
- Morningstar Ventures shares its rounds with a steady group: 5 firms each sit on 18 or more of its 108 records.
- Check the fitRead the 19 Gaming and 12 DeFi companies by first tag in the tables below.
- Find a warm pathSpark Digital Capital, GBV Capital and Moonrock Capital share 20 or more records each.
- Size the askThe 100 sized records average $6.2M on NAUT's record.
- Reach the fundOpen the Morningstar Ventures page on NAUT for its team and full record.
Morningstar Ventures portfolio companies by sector
Each table lists the companies in 1 sector group, ranked by the amount on NAUT's record. A company with 2 records shows the sum of both; the note in the cell says where the 2 may be 1 round.
Gaming (19 companies)
| Amount | Company | Latest round | Token |
|---|---|---|---|
| $76.0M | Gunzilla Games, 2 records: $46.0M and $30.0M |
Funding Round, Mar 2024 | No |
| $10.0M |  Angelic |
Funding Round, Mar 2022 | No |
| $10.0M |  Apeiron |
Seed Round, Apr 2022 | Yes |
| $8.6M |  OP Games |
Seed Round, Oct 2021 | No |
| $7.0M |  MixMob |
Seed Round, Feb 2022 | No |
| $6.5M |  Primorden (prev. Chillchat) |
Seed Token Round, Jun 2022 | No |
| $6.2M |  FARE Protocol |
Seed Round, May 2023 | No |
| $5.0M |  Nitro League |
Funding Round, Dec 2021 | No |
| $5.0M |  STEPN |
Seed Round, Jan 2022 | No |
| $4.7M |  Walken |
Funding Round, Jun 2022 | Yes |
| $4.5M |  Cantina Royale |
Funding Round, May 2022 | Yes |
| $3.8M |  Blockchain Monster Hunt |
Funding Round, Sep 2021 | Yes |
| $2.7M |  RealFevr |
Series A, May 2021 | No |
| $2.5M |  The Unfettered Souls |
Private Round, May 2022 | Yes |
| $2.4M |  Faraland |
Seed and Private Rounds, May 2021 | Yes |
| $2.0M |  Sator |
Funding Round, May 2021 | No |
| $1.67M |  TradeStars |
Strategic Round, Apr 2021 | No |
| $1.6M |  Trace Network Labs |
Strategic Round, Jul 2021 | No |
| $1.2M |  Chain Guardians |
Private Round, Feb 2021 | No |
DeFi (12 companies)
| Amount | Company | Latest round | Token |
|---|---|---|---|
| $6.6M |  Kyoko, 2 records |
Strategic Round, Mar 2022 | No |
| $6.0M |  BENQI |
Private Round, Apr 2021 | Yes |
| $6.0M |  Chainflip |
Main Round, Aug 2021 | Yes |
| $5.7M |  Primex Finance |
Seed Round, Feb 2022 | Yes |
| $5.0M |  Exotic Markets |
Private Round, Jan 2022 | Yes |
| $3.2M |  Pontoon |
Funding Round, Oct 2021 | No |
| $3.0M |  ZeroLend |
Seed Round, Feb 2024 | Yes |
| $2.2M |  Don-key |
Funding Round, Apr 2021 | Yes |
| $2.0M |  UniFarm |
Funding Round, Apr 2021 | No |
| $2.0M |  Waterfall DeFi |
Seed Round, Aug 2021 | No |
| $0.9M |  Dafi Protocol |
Funding Round, Feb 2021 | Yes |
| $0.74M |  Ramifi Protocol |
Private Round, Mar 2021 | Yes |
Decentralized exchanges (7 companies)
| Amount | Company | Latest round | Token |
|---|---|---|---|
| $12.0M |  XY Finance |
Funding Round, Dec 2021 | No |
| $6.0M |  Aark Digital |
Funding Round, Apr 2024 | Yes |
| $6.0M |  Swing |
Strategic Round, Jan 2022 | No |
| $5.0M |  DeFIRE |
Funding Round, May 2021 | No |
| $3.2M |  Hashflow |
Seed Round, Apr 2021 | Yes |
| $2.5M |  AshSwap |
Private Round, Oct 2022 | Yes |
| $2.4M |  Dfyn |
Funding Round, Apr 2021 | Yes |
AI (6 companies)
| Amount | Company | Latest round | Token |
|---|---|---|---|
| $18.0M | Mystiko Network |
Seed Round, Mar 2024 | Yes |
| $5.0M |  KIP Protocol |
Private Round, Aug 2024 | Yes |
| $4.0M |  Ultiverse |
Strategic Round, Feb 2024 | Yes |
| $2.5M |  STYLE Protocol |
Seed Round, Apr 2024 | Yes |
| $1.7M |  Ojamu |
Private Round, Oct 2021 | No |
| Not stored |  Sharpe AI |
Seed Round, Apr 2024 | Yes |
Infrastructure (6 companies)
| Amount | Company | Latest round | Token |
|---|---|---|---|
| $30.0M | Jambo |
Series A, May 2022 | Yes |
| $25.0M | Axelar |
Series A, Jul 2021 | Yes |
| $15.0M | Particle Network |
Series A, Jun 2024 | Yes |
| $8.5M |  zkLink |
Seed Round, Oct 2021 | Yes |
| $2.5M |  Rangers Protocol |
Private Round, Jun 2021 | No |
| $0.6M |  LavaX Labs |
Funding Round, Apr 2021 | No |
Layer 1, 2 and 3 (6 companies)
| Amount | Company | Latest round | Token |
|---|---|---|---|
| $50.0M | Burnt Xion, 2 records of $25.0M, 1 undated |
Series A, Apr 2024 | Yes |
| $22.8M | Ethernity Chain, 2 records |
Seed Round, Feb 2022 | Yes |
| $6.0M |  Ancient8 |
Private Round, Jun 2022 | Yes |
| $4.0M |  Coinweb |
Private Round, Dec 2021 | Yes |
| $3.3M |  E Money Network |
Bridge Round, May 2024 | Yes |
| $3.0M |  Taker Protocol |
Funding Round, Sep 2021 | Yes |
Tools (3 companies)
| Amount | Company | Latest round | Token |
|---|---|---|---|
| $11.5M |  Fanable |
Funding Round, Oct 2025 | Yes |
| $3.6M |  bitsCrunch |
Funding Round, Feb 2022 | Yes |
| $2.1M |  NFTify |
Seed and Private Rounds, May 2021 | No |
Meme (3 companies)
| Amount | Company | Latest round | Token |
|---|---|---|---|
| $12.0M |  Shiba Inu |
Funding Round, Apr 2024 | Yes |
| $5.0M |  Meme.com |
Funding Round, May 2021 | No |
| $1.7M |  Fufu |
Funding Round, Sep 2021 | Yes |
Other sector tags (14 companies)
| Amount | Company | Latest round | Token |
|---|---|---|---|
| $8.0M |  Bondex, SocialFi, 2 records of $4.0M, 1 undated |
Funding Round, Jun 2024 | Yes |
| $7.2M |  Bware Labs, DePIN, 2 records |
Series A, Feb 2022 | Yes |
| $7.2M |  XDEFI Wallet, Wallet, 2 records |
Private Round, Sep 2021 | No |
| $4.75M |  Artem, IP |
Seed and Private Rounds, Dec 2021 | No |
| $4.0M |  Holoride, DePIN |
Private Round, Nov 2021 | Yes |
| $3.0M |  Space, Prediction Market |
Seed Round, Dec 2025 | Yes |
| $2.5M |  AutoLayer, DeFAI |
Seed Round, Apr 2024 | Yes |
| $2.4M |  Smoothy, Stablecoins |
Private Round, Apr 2021 | Yes |
| $2.0M |  allo_xyz, RWA |
Seed Round, Dec 2024 | Yes |
| $1.5M |  Savage, SocialFi |
Seed Round, Mar 2024 | Yes |
| $1.5M |  Zkchaos, Privacy |
Seed and Strategic Rounds, May 2021 | No |
| $0.85M |  Exeedme, GambleFi |
Strategic Round, Dec 2020 | Yes |
| $0.63M |  Polkamarkets, GambleFi |
Strategic Round, Feb 2021 | Yes |
| Not stored |  Shyft Network, Compliance |
Strategic Round, Mar 2021 | Yes |
No sector tag (19 companies)
| Amount | Company | Latest round | Token |
|---|---|---|---|
| $18.0M | Mystiko, same size as the Mystiko Network seed |
Seed Funding Round, No date stored | No |
| $10.0M |  Ardana |
Strategic Round, Oct 2021 | No |
| $10.0M |  BreederDAO |
Series A, Jan 2022 | No |
| $9.0M |  Lootex |
Funding Round, Jan 2022 | No |
| $8.5M |  RabbitX (prev. Strips Finance) |
Funding Round, Oct 2021 | No |
| $5.0M |  Beoble |
Seed Round, Feb 2024 | Yes |
| $5.0M |  Blast Royale |
Private Round, Apr 2022 | No |
| $4.3M |  HoDooi.com |
Strategic Round, May 2021 | Yes |
| $3.0M |  Nova |
Funding Round, Oct 2021 | No |
| $3.0M |  Olive (prev. Polysynth) |
Strategic Round, Jul 2022 | No |
| $3.0M |  UNKJD (prev. MonkeyLeague) |
Private Round, Oct 2021 | No |
| $2.8M |  Ruby Exchange |
Seed and Strategic Rounds, Oct 2021 | No |
| $2.7M |  Genesis Shards |
Funding Round, Mar 2021 | Yes |
| $2.0M |  PolkaRare |
Funding Round, Apr 2021 | Yes |
| $1.3M |  Kattana |
Strategic Round, Mar 2021 | Yes |
| $1.0M |  BitBrawl |
Funding Round, Feb 2024 | No |
| $0.74M |  Polychain Monsters |
Strategic Round, Mar 2021 | No |
| $0.6M |  MoonieNFT |
Private Round, Aug 2021 | No |
| $0.6M |  PECland |
Alpha Round, Jan 2024 | Yes |
Related reading on NAUT: Animoca Brands portfolio: 135 companies, 48 in gaming 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/morningstar-ventures with the header Authorization: Bearer $NAUT_KEY returns the fund with its team and portfolio, each row carrying company, roundType, amountUsd, announceDate and isLead. Each data call costs 5 credits, and the Essential plan at $49 a month holds 3,000 credits; a single company's team comes back from GET https://api.naut.so/v1/projects/gunzilla-games (docs, pricing). Verified Telegram, email and LinkedIn, where NAUT has them on file, unlock on any paid NAUT plan: start a 7-day trial.
Morningstar Ventures portfolio FAQ
What companies has Morningstar Ventures invested in?
NAUT tracks 95 companies in the Morningstar Ventures portfolio on 102 round records dated 21 December 2020 to 15 December 2025, read on 14 November 2026. The largest records are Gunzilla Games, Jambo, Axelar, Burnt Xion, Ethernity Chain and Mystiko Network, and 19 of the 95 are gaming companies by first sector tag.
How much does Morningstar Ventures invest per round?
NAUT's records give the whole round's size. The 100 Morningstar Ventures round records with an amount on NAUT, read on 14 November 2026, average $6.2M for the whole round, with the largest at $46.0M (Gunzilla Games, August 2022).
Who co-invests with Morningstar Ventures most often?
On NAUT's 108 Morningstar Ventures round records, read on 14 November 2026, Spark Digital Capital appears on 25, GBV Capital and Moonrock Capital on 20 each, and AU21 Capital and Genblock Capital on 18 each. NAUT records 262 co-investor firms in all.
Where can I find the teams behind the Morningstar Ventures portfolio and their contact channels?
Each of the 95 companies has a NAUT page that shows its rounds and the team NAUT holds, and the call GET https://api.naut.so/v1/projects/<slug> returns 1 company with its team for 5 credits. Verified Telegram, email and LinkedIn, where NAUT has them on file, unlock on any paid NAUT plan: start a 7-day trial.
Sources
- NAUT database, Morningstar Ventures investor row and its 108 round records, read 14 November 2026.
- Decrypt, Gunzilla Games $30M round, 26 March 2024.
- Axelar, Series A announcement, July 2021.
- Decrypt, Ethernity $20M seed, 10 February 2022.
- Decrypt, Mystiko Network $18M seed, 20 March 2024.