NAUT tracks 70 companies in the Polychain Capital portfolio, across 87 funding rounds dated between Oct 2017 and Oct 2026 and read on 27 October 2026. The 85 rounds that disclose a size add up to $2.46B, the average one is $28.9M and the median $14.5M, and base layers and rollups form the largest sector group with 15 companies.
Data note. Counted on 27 October 2026 from NAUT's own rows: the company rows tied to the investment rows where NAUT records Polychain Capital as a backer. NAUT holds the fund under 1 row, /investors/polychain-capital, and the recon found no second fund row to merge with it. The fund's own row carries a stored portfolio count of 83 and $1.96B deployed in its own fields, while its public page displays 87 investments; this page counts the 70 companies and 87 rounds the backer rows actually join to, the same 87 rounds the page totals, and that set is what every table below is computed from. 58 of the 87 rounds carry an announcement date and the rest carry a close date, so a date shown here is whichever of the 2 NAUT holds. 2 rounds disclose no amount, so they sit in no total, no average and no chart. 1 row needs naming: the company at /projects/story-protocol is stored and displayed as DATA Network, while its domain, X handle and summary all describe Story Protocol, the IP-focused base layer; it is listed below under the name NAUT shows. Written by NAUT Research.
What is in the Polychain Capital portfolio on NAUT?
| Sector | Companies | Rounds | Total |
|---|---|---|---|
| Layer 1, 2 and 3 | 15 | 19 | $787.8M |
| DeFi | 12 | 18 | $472.0M |
| Infra | 12 | 15 | $312.8M |
| AI | 7 | 9 | $184.0M |
| DEXs | 5 | 6 | $206.0M |
| SocialFi | 3 | 3 | $202.2M |
| Other sectors | 10 | 11 | $229.9M |
| No sector tag | 6 | 6 | $61.0M |
Base layers, DeFi and infrastructure hold 39 of the 70 companies between them. Round size moves with the group: the 15 Layer 1, 2 and 3 companies average $41.5M a round against $20.9M across the 12 infrastructure names and $10.2M in the 6 companies NAUT carries with no sector tag. These Polychain Capital investments reach back 9 years, from Oct 2017 to Oct 2026, so the mix reads as the fund's history rather than its position this quarter.
Polychain Capital portfolio companies by sector
Every company below links to its NAUT page, which lists its team, its rounds and the other funds on its cap table. Raised adds every round in this set that named a size, so a company backed twice shows the sum of both.
Layer 1, 2 and 3 (15 companies)
The largest group, and the one that carries the biggest cheques.
| Company | Rounds | Raised | Latest |
|---|---|---|---|
 Solana |
1 | $314.0M | Funding Round, Jun 2021 |
 Arbitrum |
1 | $120.0M | Series A & B, Aug 2021 |
 Scroll Network |
2 | $80.0M | Series B, Mar 2023 |
 Oasis Network |
1 | $45.0M | Funding Round, Jul 2018 |
 Sahara AI |
2 | $43.0M | Series A Round, Aug 2024 |
 Orchid |
2 | $40.8M | Funding Round, Apr 2018 |
 Terra Luna Classic |
1 | $32.0M | Funding Round, Aug 2018 |
 Celo |
2 | $31.5M | Private Round, Apr 2019 |
 Nervos Network |
1 | $28.0M | Funding Round, Jul 2018 |
 Ethernity Chain |
1 | $20.0M | Seed Round, Feb 2022 |
 Solayer |
1 | $12.0M | Seed Round, Aug 2024 |
 Fluent |
1 | $8.0M | Seed Round, Feb 2025 |
 Acala |
1 | $7.0M | Series A, Aug 2020 |
 Mina Protocol |
1 | $3.5M | Seed Round, May 2018 |
 Juno |
1 | $3.0M | Seed Round, Apr 2020 |
DeFi (12 companies)
Lending, yield and synthetic dollar teams, including 1 of the 5 rounds NAUT records the fund as leading.
| Company | Rounds | Raised | Latest |
|---|---|---|---|
 Berachain |
2 | $142.0M | Series B, Apr 2024 |
 Ethena |
1 | $100.0M | Private Round, Feb 2025 |
 EigenCloud |
2 | $64.5M | Series A, Mar 2023 |
 Celestia |
2 | $55.0M | Private B Round, Oct 2022 |
 Polyhedra |
3 | $45.0M | Funding Round, Mar 2024 |
 Thetanuts Finance |
1 | $17.0M | Series A, Apr 2023 |
 Lombard |
1 | $16.0M | Seed Round, Jul 2024 |
 Concrete |
2 | $9.5M | Strategic, Aug 2026 |
 Botanix |
1 | $8.5M | Seed Round, May 2024 |
 Everclear |
1 | $7.5M | Strategic Round, Jun 2023 |
 Polymarket |
1 | $4.0M | Seed Round, Oct 2020 |
 Clover |
1 | $3.0M | Seed Round, Feb 2021 |
Infrastructure (12 companies)
Chains, provers, bridges and node services.
| Company | Rounds | Raised | Latest |
|---|---|---|---|
 Babylon |
2 | $88.0M | Pre-Launch Round, May 2024 |
 Eclipse |
1 | $50.0M | Series A Round, Mar 2024 |
 Movement |
1 | $38.0M | Series A, Apr 2024 |
 Anoma Network |
2 | $32.8M | Funding Round, Nov 2021 |
 Allora Network |
1 | $23.3M | Series A2 Round, Mar 2022 |
 =Nil; Foundation |
1 | $22.0M | Private Round, Jan 2023 |
 Cysic |
2 | $18.0M | Pre-Series A Round, May 2024 |
 Handshake |
1 | $10.2M | Seed Round, Aug 2018 |
 Bitlayer |
1 | $9.0M | Series A Extension, Oct 2024 |
 Nubit |
1 | $8.0M | Seed Round, Jun 2024 |
 Brevis |
1 | $7.5M | Seed Round, Nov 2024 |
 Starknet / Starkware |
1 | $6.0M | Seed Round, May 2018 |
AI (7 companies)
7 companies, all funded since 2022.
| Company | Rounds | Raised | Latest |
|---|---|---|---|
 DATA Network |
1 | $80.0M | Series B, Aug 2024 |
 Billions |
1 | $30.0M | Private Round, Aug 2025 |
 Fleek Network |
1 | $25.0M | Series A Round, Dec 2022 |
 vana |
2 | $20.0M | Seed Round, Sep 2024 |
 ORA |
1 | $20.0M | Series A Round, Jun 2024 |
 Talus Network |
2 | $9.0M | Strategic Round, Nov 2024 |
 ritualnet |
1 | - | Undisclosed Private Round, Apr 2024 |
Decentralized exchanges (5 companies)
Onchain exchanges and derivatives venues.
| Company | Rounds | Raised | Latest |
|---|---|---|---|
 Uniswap |
1 | $165.0M | Series B, Oct 2022 |
 Bluefin |
2 | $29.2M | Funding Round, Sep 2021 |
 Shogun |
1 | $6.9M | Seed Round, May 2025 |
 DerivaDAO |
1 | $2.7M | Strategic Round, Jul 2020 |
 Overlay |
1 | $2.2M | Strategic Round, Mar 2021 |
SocialFi (3 companies)
3 companies, carrying the highest average round of any group here at $67.4M, on the back of 1 large 2021 raise.
| Company | Rounds | Raised | Latest |
|---|---|---|---|
 Decentralized Social |
1 | $200.0M | Funding Round, Sep 2021 |
 BBS Network |
1 | $1.5M | Seed Round, Dec 2021 |
 Friends With Benefits |
1 | $0.7M | Funding Round, May 2021 |
Other sectors (10 companies)
Tools, money markets, privacy, stablecoins, payments, neobanking and prediction markets, 1 or 2 companies each.
| Company | Rounds | Raised | Latest |
|---|---|---|---|
 Canton Network |
1 | $135.0M | Series E Funding Round, Jun 2025 |
 Common |
2 | $40.0M | Funding Round, May 2022 |
 Cascade |
1 | $15.0M | Cascade Exchange, Dec 2025 |
 Maker DAO |
1 | $12.0M | Funding Round, Dec 2017 |
 SeismicSys |
1 | $7.0M | Seed Round, Mar 2025 |
 Corn |
1 | $6.7M | Seed Round, Aug 2024 |
 Superform |
1 | $6.5M | Seed Round, Feb 2024 |
 Enso |
1 | $5.0M | Strategic Round, Apr 2021 |
 Moola Market |
1 | $1.4M | Seed Round, Mar 2021 |
 NotionalFinance |
1 | $1.3M | Seed Round, Oct 2020 |
No sector tag (6 companies)
These rows carry no sector tag on NAUT, so a sector filter never surfaces them.
| Company | Rounds | Raised | Latest |
|---|---|---|---|
 Badger DAO |
1 | $21.0M | Treasury, Mar 2021 |
 Aria Protocol |
1 | $15.0M | Seed & Strategic Rounds, Sep 2025 |
 Pi Squared |
1 | $12.5M | Seed Round, Jul 2024 |
 Multiliquid |
1 | $8.0M | Seed, Oct 2026 |
 StakerDAO |
1 | $3.0M | Series A, Aug 2020 |
 Alpha5 |
1 | $1.5M | Seed Round, Aug 2020 |
How big is a round in the Polychain Capital portfolio?
The 85 rounds that disclosed a size run from $0.7M to $314.0M. The mean is $28.9M and the median $14.5M, so the average sits at roughly twice the typical round. The fund's own row stores an average round of $24.2M in its own field, computed over every stored row rather than the 85 counted here.
The chart adds every round per company, so Berachain shows both of its raises. 2 rounds sit in no bar because they disclosed no size: Concrete's strategic round of Aug 2026 and ritualnet's private round of Apr 2024.
Which rounds did Polychain Capital lead?
NAUT flags Polychain Capital as lead on 5 of the 87 rounds. That flag is sparse across the whole database, so read its absence as a gap in the data rather than a fact about the fund.
| Company | Round | Date | Amount |
|---|---|---|---|
| Multiliquid |
Seed | Oct 2026 | $8.0M |
| Concrete |
Strategic | Aug 2026 | Not disclosed |
| Uniswap |
Series B | Oct 2022 | $165.0M |
| Scroll Network |
Series A | Apr 2022 | $30.0M |
| Solana |
Funding Round | Jun 2021 | $314.0M |
A source check on the largest rounds found 2 more that the press reports as Polychain-led while NAUT's flag reads false. CoinDesk reports Movement Labs securing its $38.0M Series A in a round led by the fund, and Decrypt reports the same for Anoma Network's $26.0M raise of Nov 2021. Both reports are listed in Sources below, and both flags are left as NAUT stores them until the rows are corrected at source.
Which companies did Polychain Capital back more than once?
16 of the 70 companies appear in more than 1 round. Polyhedra is the only name on 3. A second cheque is the strongest signal in this table for a BD team: it means the fund has already run diligence on that team twice.
| Company | Rounds | Raised | Round types |
|---|---|---|---|
| Polyhedra |
3 | $45.0M | Funding Round, Pre-Series A, Strategic Round |
| Berachain |
2 | $142.0M | Series B, Series A |
| Babylon |
2 | $88.0M | Pre-Launch Round, Series A Round |
| Scroll Network |
2 | $80.0M | Series B, Series A |
| EigenCloud |
2 | $64.5M | Series A, Seed Round |
| Celestia |
2 | $55.0M | Private B Round, Private A Round |
| Sahara AI |
2 | $43.0M | Series A Round, Seed Round |
| Orchid |
2 | $40.8M | Funding Round, Seed Round |
| Common |
2 | $40.0M | Funding Round, Private Round |
| Anoma Network |
2 | $32.8M | Funding Round, Private Round |
| Celo |
2 | $31.5M | Private Round, Funding Round |
| Bluefin |
2 | $29.2M | Funding Round, Seed Round |
| vana |
2 | $20.0M | Seed Round, Series A |
| Cysic |
2 | $18.0M | Pre-Series A Round, Seed Round |
| Concrete |
2 | $9.5M | Strategic, Strategic Round |
| Talus Network |
2 | $9.0M | Strategic Round, Funding Round |
Who invests alongside Polychain Capital?
NAUT records 234 other firms as backers somewhere in these 87 rounds, and 23 of them appear in 5 or more. Coinbase Ventures is the most frequent at 12 rounds, ahead of dao5 at 11.
| Firm | Rounds | Companies |
|---|---|---|
 Coinbase Ventures |
12 | 11 |
 dao5 |
11 | 11 |
 Nomad Capital |
9 | 8 |
 Binance Labs |
8 | 8 |
 Blockchain Capital |
8 | 7 |
 HashKey Group |
8 | 6 |
 Hack VC |
8 | 6 |
 a16z crypto |
7 | 7 |
 Sequoia Capital |
7 | 6 |
 ABCDE Capital |
7 | 6 |
 FBG Capital |
6 | 6 |
 Pantera Capital |
6 | 6 |
Each firm above has its own NAUT page with its own portfolio, so a company you cannot reach through Polychain Capital may sit 1 step away through a firm that shared the round.
What this list tells a BD team
- The median round is $14.5M while the mean is $28.9M. A handful of 2021 and 2025 raises pull the average up, so size a pitch to a team that raised near the median.
- 16 teams took a second cheque from this fund. Those names have the warmest path back to it, and each NAUT page lists the people on both sides.
- 6 companies carry no sector tag. A sector filter never returns them, so work from the list above rather than a tag search.
- 11 of the 87 rounds landed in 2025 or 2026. Those teams are the ones with budget to spend now, from Multiliquid's $8.0M seed of Oct 2026 back to Fluent's $8.0M seed of Feb 2025.
- 234 firms share a round with the fund. Any crypto VC portfolio list ages from the day it is published, so this page carries the date it was counted and links the row behind every number.
- Pick the sector you sell intoLayer 1, 2 and 3 holds 15 of the 70 companies, DeFi 12 and infrastructure 12, so start with the group that buys what you sell.
- Sort by how recently they raised11 of the 87 rounds closed in 2025 or 2026, including Multiliquid at $8.0M and Canton Network at $135.0M.
- Open the company page for the personEvery company above links to its NAUT page, which lists its team and the contact routes NAUT has verified.
- Ask for the warm path through a co-investor23 firms share 5 or more of these rounds, led by Coinbase Ventures at 12, so an introduction through one reaches the same table.
Who runs Polychain Capital?
Olaf Carlson-Wee founded Polychain Capital and runs it as chief executive, a title his Crunchbase profile carries. NAUT also holds Ben Perszyk as a partner, Matt Perona as chief operating officer and Abhijeet Mahagaonkar as chief technology officer.
NAUT holds 13 people against the fund in total, including research partners and a venture partner. Stored titles date from when each row was created, so open the person's NAUT page for the contact routes and treat the title as a starting point. 1 row, a former general partner now founding a portfolio company, carries a scraped sentence in place of a title and is left out here.
Polychain Capital portfolio FAQ
How many companies are in the Polychain Capital portfolio?
NAUT ties Polychain Capital to 70 companies across 87 funding rounds dated between Oct 2017 and Oct 2026, counted on 27 October 2026. The fund's own row stores a portfolio count of 83 in its own field, a figure that comes from an external tracker rather than from the backer rows, so treat 70 as the part of the portfolio NAUT can show round by round.
What companies has Polychain Capital invested in?
The largest disclosed totals in NAUT's set sit with Solana at $314.0M, Decentralized Social (prev. Bitclout) at $200.0M, Uniswap at $165.0M, Berachain at $142.0M and Canton Network at $135.0M. By count the portfolio leans on base layers and rollups (15 companies), DeFi (12), infrastructure (12) and AI (7).
How much does Polychain Capital invest in a round?
Across the 85 rounds in NAUT's set that disclosed a size, between Oct 2017 and Oct 2026, the median round was $14.5M and the mean $28.9M, for $2.46B in total. Those are the sizes of the whole round, not the fund's own cheque, which is rarely disclosed.
Which funds invest alongside Polychain Capital?
NAUT records 234 other firms in these 87 Polychain Capital rounds. The most frequent are Coinbase Ventures at 12 shared rounds, dao5 at 11 and Nomad Capital at 9, with 23 firms sharing 5 or more.
Does Polychain Capital lead rounds?
Yes. NAUT flags the fund as lead on 5 of these 87 rounds, from Solana's $314.0M raise of Jun 2021 to Multiliquid's $8.0M seed of Oct 2026, and press reports name it as lead on Movement's $38.0M Series A of Apr 2024 and Anoma Network's $26.0M round of Nov 2021 as well.
Sources
- The Block on Solana Labs, for the Jun 2021 round and its leads.
- The Block, for the $165.0M Series B.
- The Block, for the $135.0M raise of Jun 2025.
- TechCrunch on Offchain Labs, for the Series A and B behind the $120.0M NAUT stores against Arbitrum.
- Bloomberg Law on Ethena, for the $100.0M private round.
- The Block on Babylon, for the $70.0M pre-launch round.
- CoinDesk on Berachain, for the $42.0M Series A.
- CoinDesk on Movement Labs, for the $38.0M Series A and its lead.
- Decrypt on Anoma and CoinDesk on its first private sale, for both Anoma Network rounds.
- CryptocurrenciesNewz on Scroll's Series A, for the lead on the Apr 2022 round.
- CoinDesk on Acala, for the $7.0M Series A.
- Olaf Carlson-Wee on Crunchbase, for who runs the fund.
- NAUT's database, read on 27 October 2026. Every count, sum, average, median and sector group on this page is computed from those rows rather than copied from a tracker.