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Paradigm portfolio: 30 companies, 37 rounds, $3.13B disclosed

By NAUT Research · · 11 min read

30 Paradigm portfolio companies tracked on NAUT across 37 rounds, October 2018 to January 2026. Logos: FTX Ventures, Axie Infinity, Phantom, Monad, Kalshi, Uniswap, Farcaster, Starknet / Starkware, Babylon, Succinct, Nous Research, Etherealize.

NAUT tracks 30 companies in the Paradigm portfolio, across 37 funding rounds dated between October 2018 and January 2026. The 35 of those rounds that disclose a size add up to $3.13B, the median one is $20.0M, and DeFi is the most common sector tag in the set with 14 of the 30 companies.

Data note. Counted on 2 November 2026 from NAUT's own database: the company rows tied to the investment rows where NAUT records Paradigm as a backer. NAUT holds the fund under a single investor row, so no union across pages was needed. Of the 40 stored rows, 3 are left out here. 1 is a duplicate of vana's $18.0M Series A, stored twice from 2 different feeds and counted once. 2 belong to Kalshi: a "Series D" row at exactly $185.0M, which the sources checked for this page place as the same $185.0M Series C already counted, and a $1B "Private Round" dated 21 November 2025, whose date and round label the same sources contradict, so its $1B stays out of every total on this page. NAUT's stored totals for the fund, 36 portfolio companies and $4.11B deployed, count every stored row without the corrections made here, which is why the figures on this page are lower.

Dates are shown as month and year. A round carries the date NAUT holds for the announcement where there is one, and otherwise the date NAUT holds for the close, and on 4 rows the stored close date sits 1 or 2 days away from the announcement date the cited sources carry; the year holds on all 4, and 1 of them, Phantom's $109.0M Series B, crosses from January into February. 2 rounds disclose no amount, Tempo's incubation round and Reddio's seed, so they sit in the tables with a dash and stay out of the $3.13B. 16 of the largest rounds were put to a web check for this page: 11 came back confirmed and 5 were contradicted on a date, an amount or a round label. 6 of the confirmed rows carry a quote found on the page or a second source, and those are the only ones cited below, so read the lead and backer counts below, and these Paradigm investments as a whole, as NAUT's record rather than the full history of each cap table. Written by NAUT Research.

What is in the Paradigm portfolio on NAUT?

A company carries every sector tag NAUT holds for it, so the companies column below does not add to 30. Ranked by the number of companies carrying the tag. The tags are NAUT's own names: L1/2/3 is base layers, DEX and CEX are decentralized and centralized exchanges, RWA is real-world assets.

Sector tag Companies Rounds Disclosed
DeFi 14 18 $686.2M
L1/2/3 8 10 $399.8M
Infrastructure 7 8 $331.8M
DEX 6 9 $243.8M
Privacy 4 5 $177.0M
AI 3 3 $68.0M
CEX 3 6 $1.49B
Prediction Market 2 2 $192.1M
Gaming 2 3 $302.0M
Security 2 2 $110.0M
Money Market 2 2 $31.8M
RWA 2 2 $58.0M

5 more tags hold 1 company each: DePIN (Nous Research), Wallet (Phantom), SocialFi (Farcaster), Intelligence (Numeraire) and Prop Fund (Etherealize). Praxis City carries no sector tag at all, so a tag search never returns it.

Which Paradigm portfolio companies does NAUT record, and for how much?

All 30, ranked by the disclosed total of the rounds NAUT ties the fund to. Each company appears once, so the rows add to 30, and the sector tags for each one sit in the table above. Every company name links to its NAUT page, which lists its team, its rounds and the other funds on its cap table.

Company Rounds Disclosed Latest round
2 $1.30B Series C, Jan 2022
2 $302.0M Series C, Apr 2022
2 $259.0M Series C, Jan 2025
1 $225.0M Funding, Apr 2024
1 $185.0M Series C, Jun 2025
3 $177.8M Series B, Oct 2022
1 $150.0M Series A, May 2024
2 $105.0M Series B, Mar 2021
1 $70.0M Pre-Launch, May 2024
1 $55.0M Seed and Series A, Mar 2024
1 $50.0M Series A, Apr 2025
1 $40.0M Strategic, Sep 2025
1 $25.0M Series A, Nov 2019
1 $20.0M Funding, Nov 2023
1 $20.0M Series A, Apr 2024
1 $18.0M Series A, Dec 2022
1 $18.0M Seed, Mar 2022
1 $17.0M Series A, Dec 2025
1 $15.0M Series A, Mar 2022
2 $14.8M Series A+ Funding, Oct 2022
1 $12.0M Funding, Feb 2021
1 $11.6M Series A, Jul 2025
1 $11.0M Funding, Mar 2019
1 $7.6M Seed, Nov 2025
1 $7.1M Seed, Jan 2026
1 $6.8M Funding, Nov 2021
1 $6.0M Token, Mar 2023
1 $5.8M Seed, Jun 2024
1 - Incubation, Sep 2025
1 - Seed, Aug 2023

FTX Ventures is the fund arm of FTX, held on NAUT as an investor row, and the 2 rounds NAUT ties to it are FTX's own, the largest on this page. Both are confirmed by a source read for this page: Paradigm sits in the $900.0M Series B of July 2021, a report on which says the company "closed a $900m Series B funding", and in the $400.0M Series C of January 2022, raised "from investors including Temasek, Paradigm, Lightspeed Venture Partners, SoftBank Vision Fund 2". The company filed for bankruptcy in November 2022, so treat those 2 rows as history.

How much did each Paradigm portfolio company raise?

Disclosed total per company, the 12 largest in the set
  1. FTX Ventures$1300.0M
  2. Axie Infinity$302.0M
  3. Phantom$259.0M
  4. Monad$225.0M
  5. Kalshi$185.0M
  6. Uniswap$177.8M
  7. Farcaster$150.0M
  8. Starknet / Starkware$105.0M
  9. Babylon$70.0M
  10. Succinct$55.0M
  11. Nous Research$50.0M
  12. Etherealize$40.0M

These 12 companies hold $2.92B of the $3.13B, so the other 18 share $215.7M between them. The spread per round runs from Uniswap's $1.8M seed in April 2019 to the $900.0M at FTX Ventures in July 2021, with a median of $20.0M and a mean of $89.6M across the 35 rounds that disclose a size. Tempo and Reddio disclose nothing, so they carry no bar.

When did Paradigm invest, by year?

Year Rounds Companies Disclosed total
2018 1 1 $30.0M
2019 3 3 $37.8M
2020 2 2 $17.0M
2021 5 5 $1.15B
2022 8 8 $883.8M
2023 3 3 $26.0M
2024 6 6 $525.8M
2025 8 8 $461.2M
2026 1 1 $7.1M

2022 is the busiest year in NAUT's record with 8 rounds, and 2021 the largest by money with $1.15B, most of it the 1 exchange round. The 2026 row holds a single round so far, Noise's $7.1M seed dated January 2026, which is the most recent round in the set.

Which companies did Paradigm back more than once?

6 of the 30 companies appear in more than 1 round on NAUT's record, and Uniswap is the only 1 on 3. For a BD team or a founder, a second cheque is the strongest signal on this page: it says the fund already knows the team and went back in.

Company Rounds Disclosed Round types
2 $1.30B Series B, Series C
2 $302.0M Series B, Series C
2 $259.0M Series B, Series C
3 $177.8M Seed, Series A, Series B
2 $105.0M Series A, Series B
2 $14.8M Series A, Series A+

Uniswap is also the clearest early-to-late path in the set: NAUT records the fund leading the $1.8M seed in April 2019, then joining the $11.0M Series A in August 2020 and the $165.0M Series B of October 2022, which the company's own post describes as led by Polychain Capital "with participation from longtime investors a16z crypto, Paradigm, SV Angel, and Variant".

Which rounds did Paradigm lead?

NAUT marks 2 of the 37 rounds as led by the fund: Nous Research's $50.0M Series A of April 2025 and Uniswap's $1.8M seed of April 2019. That is NAUT's record of the lead flag and not the world's, and the web check run for this page shows it: sources confirm the fund also led Kalshi's $185.0M Series C in June 2025, Starknet / Starkware's $75.0M Series B in March 2021 and the Nous Research round, so the stored flag is a floor rather than a count. If a lead matters to your pitch, read the round's own source link on the company's NAUT page.

Who invests alongside Paradigm?

NAUT records 140 other firms as backers somewhere in these 37 rounds, and 32 of the 37 carry at least 1 other backer on NAUT's record. The 9 below appear in 4 or more rounds, ranked by rounds shared, with the companies column counting the portfolio companies they share. An empty backer list on the other 5 rounds is a gap in NAUT's record, never proof that the fund went in alone.

Firm Rounds Companies
6 5
6 4
5 4
5 5
4 4
4 4
4 4
4 3
4 4

2 notes on that list. NAUT holds a16z under 2 rows, a16z crypto and Andreessen Horowitz (a16z), which together share 7 of these rounds and 4 companies, Axie Infinity, Farcaster, Phantom and Uniswap, each counted once in that total. And the set reaches back to 2018, so it holds firms that no longer operate as they did: 3AC was wound up in 2022. Behind the top 9 sit names like Multicoin Capital at 3 shared rounds, each with its own NAUT page and its own team.

What the Paradigm portfolio tells a BD team

  • The median round is $20.0M. Half of these rounds are $20.0M or smaller, so size a pitch to a team that just raised that rather than to the $900.0M outlier.
  • 6 teams took a second cheque. Uniswap, Phantom, Axie Infinity, Starknet / Starkware, Aevo and FTX Ventures each appear more than once, which marks a warm relationship you can route through.
  • 15 of the 37 rounds are dated 2024 or later. Those are the teams with money in the bank today, from Noise in January 2026 back to Succinct in March 2024.
  • 140 other firms sit in these rounds. An introduction through 1 of them reaches the same table, and 9 of them share 4 rounds or more.

Any crypto VC portfolio list ages from the day it is published, so this page carries the date it was counted and links the NAUT row behind every number.

How a BD team can work this list
  1. Start with the recent raises15 of the 37 rounds are dated 2024 or later, from Noise in January 2026 back to Succinct in March 2024.
  2. Size the pitch to the medianHalf of these rounds are $20.0M or smaller, so aim at a team that raised $20.0M and not at the $900.0M outlier.
  3. Pick the sector you sell intoDeFi carries 14 of the 30 companies, base layers 8 and infrastructure 7, so work 1 group top down.
  4. Go through a co-investorCoinbase Ventures and Variant share 6 of these rounds each, so a warm path through either reaches the same cap table.
  5. Find the person on the NAUT pageEvery company above links to its page, which lists its team and the channels NAUT holds for each person.

What this tells a founder raising from Paradigm

  • The fund writes into base layers and DeFi first. 14 of the 30 companies carry a DeFi tag and 8 a Layer 1, 2 or 3 tag, with $686.2M and $399.8M disclosed behind them.
  • Seed is in range. The smallest round here is Uniswap's $1.8M seed of April 2019, which NAUT records the fund leading, and 6 of the 37 rounds are seed rounds, with a 7th a combined seed and Series A.
  • Prediction markets and AI are the newest lines. Kalshi at $185.0M in June 2025, Noise at $7.1M in January 2026 and Nous Research at $50.0M in April 2025 are the fund's recent moves in those 2 areas.
  • Who else is at the table matters. Coinbase Ventures, Variant and Sequoia Capital recur most often, so a round built with 1 of them already looks familiar to the fund.
How a founder can use this before a first call
  1. Match your sector to the recordDeFi holds 14 of the 30 companies and base layers 8, so lead with the part of your product that sits in 1 of those.
  2. Name a comparable roundUse a round of your own size, from Symbiotic at $5.8M to Monad at $225.0M, rather than the portfolio average.
  3. Line up a co-investor first9 firms share 4 or more of these 37 rounds, and Coinbase Ventures leads that list at 6.
  4. Open the warm pathEach company page on NAUT lists its team, so a founder already in this portfolio is 1 introduction away.

How to reach the decision makers behind these companies

Each of the 30 companies above has its own NAUT page with the people on it: founders, BD and ecosystem leads, with the channels NAUT holds for each one marked on the page. The fund's own page, Paradigm, lists its team the same way, next to the portfolio rows this article counts. Start from the company rather than the fund when you are selling, and from the fund when you are raising.

Related reading on NAUT: Multicoin Capital portfolio: 42 companies, median round $10M and Crypto co-investors: 3 steps, 168 on 66 rounds for 1 fund.

Can you pull this data through the NAUT API?

Yes, in 1 call: GET https://api.naut.so/v1/investors/paradigm with an Authorization: Bearer $NAUT_KEY header returns the fund with its team and its portfolio rows, each carrying the company, roundType, amountUsd, announceDate and isLead fields this page is built from. That is 5 credits, and the API docs list the plans on the pricing page, starting at 3,000 credits a month. The verified Telegram, email and LinkedIn behind the people on those company pages unlock on any paid NAUT plan, so start a 7-day trial if you need the channels as well as the rounds.

Paradigm portfolio FAQ

How many companies are in the Paradigm portfolio?

NAUT tracks 30 companies backed by Paradigm as of 2 November 2026, across 37 funding rounds dated between October 2018 and January 2026. NAUT's stored total counts every stored row and reaches 36 companies, and the lower figure here removes 1 duplicated round and 2 Kalshi rows a source check contradicted, so read 30 as the part of the portfolio this page could stand behind.

Which crypto companies has Paradigm invested in?

The largest disclosed totals in NAUT's set sit at FTX Ventures at $1.30B across 2 rounds, Axie Infinity at $302.0M, Phantom at $259.0M, Monad at $225.0M and Kalshi at $185.0M. By count the portfolio leans on DeFi (14 of the 30 companies), base layers (8), infrastructure (7) and decentralized exchanges (6), with Noise's $7.1M seed of January 2026 the most recent round.

How much does Paradigm invest in a round?

Across the 35 rounds in NAUT's set that disclose a size, between October 2018 and January 2026, the median round was $20.0M and the mean $89.6M, running from Uniswap's $1.8M seed to a $900.0M round at FTX Ventures. Those are the sizes of the whole round and not the fund's own cheque, which is rarely disclosed.

Which funds invest alongside Paradigm?

NAUT records 140 other firms across these 37 rounds, and 32 of the 37 carry at least 1 other backer. Coinbase Ventures and Variant appear most often at 6 shared rounds each, followed by Sequoia Capital and GSR at 5.

Where can I find the people at these Paradigm portfolio companies and their contact channels?

On NAUT: each of the 30 company pages linked above lists its team with the channels NAUT holds for each person, and GET https://api.naut.so/v1/projects/<slug> returns the same team for 5 credits a call. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so start a 7-day trial to see them.

Sources

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