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Shima Capital portfolio: 112 companies, median round $4.0M

By NAUT Research · · 13 min read

112 Shima Capital portfolio companies tracked on NAUT across 117 rounds, March 2021 to October 2026. Logos: Gunzilla Games, Boba Network, Berachain, Distinct Possibility Studios, Jambo, Humanity, Supra (prev. SupraOracles), Tribal, Monad, Colony, Root Protocol, Forkast.

NAUT tracks 112 companies in the Shima Capital portfolio, across 117 funding rounds announced between March 2021 and October 2026. Those rounds add up to $781.5M at a median of $4.0M and a mean of $6.7M, and the 2 deepest sectors are DeFi, with 31 of the 112 companies carrying that tag, and gaming, with 30.

Data note. Counted on 2 November 2026 from NAUT's own database: the company rows tied to the investment rows where NAUT records Shima Capital as a backer. The fund's page on NAUT shows 117 investments and 9 people on its team, and every round below is 1 of those 117 rows. 113 of the rounds carry an announcement date and 4 do not, so the window above is set by the 113 dated ones, and a date is shown only where NAUT holds one. Every round discloses an amount, which is the size of the whole round rather than this fund's own cheque.

3 data gaps are worth naming before the tables. NAUT holds 2 project rows for the same company across a rename, Momentum and the row at MSafe, and both are counted here, so read 112 as company rows rather than legal entities. Galxe and Snackclub are stored as investor rows even though both took a round this fund backed, so they are listed as portfolio companies at the live route each one resolves to. And the fund's stored portfolio counter reads 118 rows and $783.5M of capital, 1 row and $2.0M above what the 117 investment rows add up to, which is why the figures here are recomputed from the rows rather than copied from the counter.

NAUT records no lead flag for Shima Capital on any of these 117 rounds, and only 1 of the 117 carries a lead flag for any firm at all, so this page describes rounds as backed or joined and never as led. That is a gap in the data rather than a fact about the fund. The description NAUT holds for the firm, scraped from public sources, puts its own cheques at $500,000 to $2,000,000 and its lifetime investment count above 300, so read the 112 companies as NAUT's verified coverage of the fund. Written by NAUT Research.

What is in the Shima Capital portfolio on NAUT?

Teams below is the company count in each group, DEXs is the decentralized exchanges group, and raised adds every round in this set for those companies.

Sector Teams Rounds Median Raised
DeFi 31 32 $4.1M $209.8M
Gaming 29 30 $4.7M $222.4M
Infrastructure 7 8 $10.0M $132.3M
AI 3 3 $3.5M $13.9M
DEXs 3 3 $2.6M $10.0M
Layer 1, 2 and 3 2 2 $19.0M $21.4M
Tokenized assets 2 2 $22.7M $23.9M
Other sectors 12 14 $3.0M $45.6M
No sector tag 23 23 $3.0M $102.1M

Sector tags overlap, so counting tags alone gives 31 DeFi companies, 30 in gaming, 12 in infrastructure and 10 in AI. The table above counts each company once, in the first group it matches reading down the list, which is why infrastructure shows 7: 5 of the 12 infrastructure companies also carry a DeFi or gaming tag and sit in those groups instead. 23 companies carry no sector tag at all and get their own group, so a tag search on NAUT will never surface them.

Shima 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. The raised column adds every round in this set for that company, so a company backed twice shows the sum of both.

DeFi (31 companies)

The largest group, and the one these Shima Capital investments have run longest.

Company Raised Last round
$42.0M Series A, Apr 2023
$24.0M Private Investment rounds, Sep 2023
$18.5M Seed round, Nov 2021
$12.0M Funding round, Apr 2024
$11.6M Strategic round, May 2022
$11.2M Strategic round, Jul 2021
$8.5M Funding round, Sep 2021
$5.0M Funding round, Feb 2022
$5.0M No date stored
$5.0M Strategic round, Oct 2025
$5.0M Private round, Feb 2022
$4.5M Private round, Jan 2024
$4.5M Seed round, Mar 2022
$4.2M Private round, Jun 2021
$4.1M Strategic round, Dec 2021
$4.0M Seed round, Jan 2022
$4.0M Series A, Dec 2021
$3.7M Seed round, Apr 2022
$3.4M Private round, Feb 2022
$3.3M Strategic round, May 2021
$3.0M Funding round, Jul 2021
$3.0M Seed round, Aug 2021
$2.9M Private round, Dec 2021
$2.7M Seed round, Nov 2022
$2.6M Private round, Jul 2021
$2.5M Seed round, Jan 2024
$2.1M Seed and Private rounds, Mar 2022
$2.0M Seed round, Feb 2024
$2.0M Private round, Apr 2022
$2.0M Funding round, May 2021
$1.5M Funding round, Oct 2021

Gaming (29 companies)

Company Raised Last round
$46.0M Funding round, Aug 2022
$30.1M No date stored
$15.0M Seed round, May 2022
$14.0M Seed round, Mar 2024
$10.5M Seed and Private rounds, Feb 2022
$10.5M Seed and Private rounds, Feb 2022
$10.0M Funding round, Mar 2022
$8.0M Funding round, Jan 2022
$7.5M Strategic round, May 2022
$7.0M Seed round, Feb 2022
$7.0M Funding round, Apr 2022
$6.1M Funding round, Dec 2021
$5.4M Funding round, Dec 2021
$5.0M Seed round, Mar 2022
$4.7M Funding round, Dec 2022
$4.4M Seed and Private rounds, Dec 2021
$4.2M Funding round, Aug 2021
$3.5M Private round, Mar 2022
$3.2M Seed round, Oct 2022
$3.0M Seed round, Apr 2023
$2.8M Seed round, Dec 2021
$2.5M Seed round, Mar 2022
$2.3M Funding round, Jun 2021
$2.1M Private round, Sep 2021
$2.1M Seed round, May 2022
$2.0M Funding round, Apr 2024
$1.5M Private round, Jun 2021
$1.0M Funding round, Oct 2021
$1.0M Funding round, Apr 2022

Infrastructure (7 companies)

Chains, identity and data layers whose first tag in this list is infrastructure.

Company Raised Last round
$45.0M Series A, Apr 2022
$30.0M No date stored
$30.0M Series A, May 2022
$17.5M Seed round, Jan 2024
$4.0M Seed round, Jul 2023
$3.6M Funding round, Feb 2022
$2.2M Seed round, Jan 2022

AI (3 companies)

Company Raised Last round
$8.4M Funding round, Aug 2025
$3.5M Seed round, Jan 2023
$2.0M Seed round, Feb 2022

Decentralized exchanges (3 companies)

Company Raised Last round
$5.0M Seed, Oct 2026
$2.6M Funding round, Mar 2022
$2.4M Funding round, Apr 2021

Layer 1, 2 and 3 (2 companies)

Company Raised Last round
$19.0M Seed round, Feb 2023
$2.4M Private round, Apr 2024

Tokenized assets (RWA) (2 companies)

Company Raised Last round
$22.7M Funding round, Apr 2022
$1.2M Funding round, May 2021

Other sectors (12 companies)

Money markets, intellectual property, social apps, prediction markets, launchpads and sports betting, 1 or 2 companies each.

Company Raised Last round
$8.0M Seed round, Jun 2023
$6.0M Funding round, Jan 2024
$5.0M Seed round, Jan 2023
$4.8M Seed and Private rounds, Dec 2021
$4.5M Private round, Dec 2022
$4.0M Funding round, Feb 2022
$3.0M Strategic round, Sep 2021
$2.7M Seed round, May 2022
$2.1M Strategic round, Mar 2022
$2.1M Funding round, Jul 2023
$2.0M Funding round, Oct 2021
$1.5M Funding round, Aug 2021

No sector tag (23 companies)

Company Raised Last round
$16.0M Series A, Apr 2022
$10.0M Funding round, Jan 2022
$9.0M Funding round, Mar 2022
$9.0M Seed round, Apr 2022
$8.0M Private round, May 2022
$5.8M Seed round, Apr 2022
$5.8M Seed and Private rounds, Dec 2021
$5.0M Private round, Apr 2022
$5.0M Series A, Apr 2022
$4.0M Seed round, May 2021
$3.0M Funding round, Oct 2021
$3.0M Strategic round, Mar 2021
$3.0M Seed round, Feb 2022
$2.9M Seed and Private rounds, Dec 2021
$2.0M Funding round, Oct 2021
$2.0M Funding round, Apr 2022
$1.6M Investment round, Nov 2021
$1.5M Seed and Private round, Oct 2021
$1.5M Funding round, Jul 2021
$1.4M Funding round, Dec 2021
$1.1M Seed round, Oct 2021
$1.0M Funding round, Feb 2024
$0.6M Seed round, Nov 2021

How big is a round in the Shima Capital portfolio?

The rounds in this set run from $0.6M to $46.0M. The median is $4.0M and the mean $6.7M, and 81 of the 117 rounds are $5.0M or smaller, so the typical company here is an early-stage team rather than a growth-stage one. 48 of the 117 rounds carry seed in their type, at a median of $4.0M.

Raised per company, the 10 largest in the set
  1. Gunzilla Games$46.0M
  2. Boba Network$45.0M
  3. Berachain$42.0M
  4. Distinct Possibility Studios$30.1M
  5. Jambo$30.0M
  6. Humanity$30.0M
  7. Supra (prev. SupraOracles)$24.0M
  8. Tribal$22.7M
  9. Monad$19.0M
  10. Colony$18.5M

The chart adds every round per company, so Root Protocol shows both of its rounds. The 3 largest single rounds are Gunzilla Games at $46.0M, Boba Network at $45.0M and Berachain at $42.0M.

When did Shima Capital do its deals?

Year Rounds Teams Raised Median
2021 40 40 $141.8M $2.9M
2022 50 48 $389.2M $5.0M
2023 10 10 $107.6M $4.0M
2024 10 10 $55.4M $4.5M
2025 2 2 $13.4M $8.4M
2026 1 1 $5.0M $5.0M
No date stored 4 4 $69.0M $30.0M

90 of the 117 rounds were announced in 2021 and 2022, and 13 since the start of 2024. A BD team working this list is mostly working teams that raised 4 or 5 years ago, so check each company's NAUT page for a newer round before you pitch.

What the source check found

The 8 largest rounds in this set were each checked against a source outside NAUT. All 8 produced a citable source that names this fund in the round. 7 of the 8 back the amount NAUT stores, 2 of them on a date a few days off NAUT's, and the 8th disputes the amount. The stored column is the amount NAUT's own row holds.

Company Stored Source says Date
$46.0M the release says the studio "raised a total of $46M" and names this fund 9 Aug 2022, so NAUT's 10 Aug date is 1 day late
$45.0M a participant's own release says it joined a $45.0M Series A raise for this company and names this fund in it 5 Apr 2022, the date NAUT holds
$42.0M a trade report puts the Series A at $42.0M and names this fund among the backers 20 Apr 2023, the date NAUT holds
$30.0M a trade report puts the Series A at $30.0M and names this fund among the backers 16 May 2022, 6 days after NAUT's date
$30.0M the company's own post puts the seed at $30.0M, names another firm as lead and this fund as a participant 15 May 2024, and NAUT stores no date
$24.0M the announcement says the company "has raised over $24m in private investment rounds" 28 Sep 2023, the date NAUT holds
$22.7M a trade roundup puts the private token sale at $22.7M and names this fund in it 27 Apr 2022, the date NAUT holds

The 8th round is an open discrepancy on the amount. For Distinct Possibility Studios, a trade report dated 3 July 2025 names this fund in the round but puts the total at $30.5M, against the $30,050,000 NAUT's row holds, which is the $30.1M shown in the tables above. The stored figure is left as NAUT's record and flagged here rather than quietly rewritten. The 109 rounds outside the 8 were not checked one by one, so read this as the result of the 8 that were.

Which companies did Shima Capital back more than once?

5 of the 112 companies appear in more than 1 round in this set, and 107 appear in exactly 1. A second cheque is the warmest signal on this list: it means the fund already sat through 1 round with that team.

Company Rounds Raised Round types
2 $17.5M Seed round Jan 2024, Seed and Strategic rounds Feb 2022
2 $11.6M Strategic round May 2022, Seed round Mar 2022
2 $8.0M Seed round Jun 2023, Seed round
2 $4.5M Private round Dec 2022, Seed round May 2022
2 $2.0M Funding round Apr 2024, Seed round Feb 2023

Who invests alongside Shima Capital?

NAUT records 351 other firms as backers somewhere in these 117 rounds, 59 of them in 5 or more and 20 in 10 or more. Genblock Capital is the most frequent at 28 rounds, ahead of AU21 Capital at 27. 116 of the 117 rounds have at least 1 other backer on NAUT's record, which is what makes this list usable as a warm-intro map. In the table below, rounds counts the rounds each firm shares with this fund inside the 117 and teams the portfolio companies behind them.

Firm Rounds Teams Filed as
28 27 Investor
27 27 Investor
20 20 Investor
16 16 Investor
16 16 Investor
15 15 Company
15 15 Investor
14 14 Investor
13 13 Investor
12 12 Investor
12 12 Investor
11 11 Investor
11 11 Investor
11 11 Investor
11 10 Investor
Rounds shared with Shima Capital, the 10 firms that appear most often
  1. Genblock Capital28
  2. AU21 Capital27
  3. LD Capital20
  4. Momentum 616
  5. X21 Digital16
  6. Animoca Brands15
  7. Spark Digital Capital15
  8. NGC Ventures14
  9. ZBS Capital13
  10. Dweb3 Capital12

Ranked by rounds shared with this fund inside the 117. Animoca Brands is the 1 name in the top 10 that NAUT files as a company rather than a fund, and it backed 15 of these rounds.

What the Shima Capital portfolio tells a BD team

  • The median round is $4.0M. 81 of the 117 rounds are $5.0M or smaller, so size the pitch to a team with a small budget and a short approval chain.
  • Gaming and DeFi hold 60 of the 112 companies. Pick the group you sell into and work it top down rather than screening the whole list.
  • 351 co-investor firms are a second rolodex. 59 of them share 5 or more rounds with this fund, so an introduction through 1 of them reaches the same cap table.
  • 23 companies carry no sector tag. A sector filter on NAUT drops all 23, so work from the list above when you need the full set.
  • 90 of the 117 rounds are from 2021 and 2022. Treat any company here as a team that may have raised again since, and read its NAUT page for the newer round before you write.

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.

How a BD team can work this list
  1. Pick the sector groupGaming and DeFi hold 60 of the 112 companies, so start with the group you sell into.
  2. Size the offer to $4.0MThe median round here is $4.0M and 81 of the 117 rounds are $5.0M or smaller.
  3. Go through a co-investor59 firms share 5 or more rounds with Shima Capital, and Genblock Capital shares 28.
  4. Find the person on the NAUT pageEvery company above links to its page, which lists its team and the channels NAUT has on file.

What this portfolio tells a founder raising a seed round

  • 48 of the 117 rounds carry seed in their type, at a median of $4.0M. That is the band this fund has joined most often, and the profile text NAUT holds for the firm puts its own cheque at $500,000 to $2,000,000.
  • 5 companies got a second round from the same fund. 5 out of 112 is the base rate for a follow-on in this set.
  • Gaming is a real line of the book, with 29 companies in the group. A gaming team sits in the middle of this portfolio rather than at its edge.
  • The 15 firms in the co-investor table are the ones to name in a round. They sit on 11 to 28 of the same rounds, so a syndicate list that includes them reads as plausible.
How a founder can use this page
  1. Check the band48 of the 117 rounds carry seed in their type, at a median of $4.0M.
  2. Read 3 comparable companiesOpen the NAUT page of 3 companies in your sector group and read who else was in the round.
  3. Build the syndicate listGenblock Capital at 28 rounds and AU21 Capital at 27 are the most frequent partners here.
  4. Reach the right partnerThe 9 people below each have a NAUT page with the channels NAUT holds for them.

Who runs Shima Capital?

NAUT holds 9 live people against the fund, which is the count its page shows. Yida Gao is the Managing General Partner, and the description NAUT holds for the firm names him as its founder in 2021.

Person Role Channels
Managing General Partner LinkedIn
CTO Telegram, LinkedIn, X
CFO, COO and CCO LinkedIn
Chief of Staff and Head of Platform LinkedIn
Head of Research Telegram, LinkedIn, X
Head of Marketing and Communication LinkedIn
Gaming Advisor X
Venture Partner None on file
Venture Partner None on file

6 of the 9 have a LinkedIn URL on file, 2 have a Telegram and 3 have an X account; none has an email on NAUT's record. The roles above are the current titles NAUT stores, so open each person's page for what NAUT holds today. Anyone listed can ask NAUT to remove their page at https://naut.so/legal/data-deletion.

Related reading on NAUT: OKX Ventures portfolio: 121 companies, average round $9.6M and Polychain Capital portfolio: 70 companies, $28.9M average round.

Can you pull this data through the NAUT API?

Yes, in 1 call. GET https://api.naut.so/v1/investors/shima-capital with Authorization: Bearer $NAUT_KEY returns the fund with its team and its portfolio, each row carrying the company, the round type, the amount, the announce date and the lead flag, which are the same fields behind every number on this page. A data call costs 5 credits, the plans sit at naut.so/pricing and the full reference at naut.so/docs/api. Verified Telegram, email and LinkedIn for the people on those pages unlock on any paid NAUT plan, so start a 7-day trial if you need the channels as well as the rounds.

Shima Capital portfolio FAQ

How many companies are in the Shima Capital portfolio?

NAUT tracks 112 companies backed by Shima Capital as of 2 November 2026, across 117 funding rounds announced between March 2021 and October 2026. The description NAUT holds for the firm puts its lifetime count above 300, so treat 112 as the part of the portfolio NAUT has rows for rather than the fund's full history.

Which crypto companies has Shima Capital invested in?

The largest rounds in NAUT's set went to Gunzilla Games at $46.0M, Boba Network at $45.0M, Berachain at $42.0M, Distinct Possibility Studios at $30.1M and Jambo at $30.0M. By count the portfolio leans on DeFi, with 31 of the 112 companies, and gaming, with 30.

How much does Shima Capital invest in a round?

Across the 117 rounds NAUT records, the median is $4.0M, the mean $6.7M and the range $0.6M to $46.0M, measured between March 2021 and October 2026. Those are whole-round sizes; the profile text NAUT holds for the firm puts its own cheque at $500,000 to $2,000,000.

Which funds invest alongside Shima Capital?

NAUT records 351 other firms in these 117 rounds, with Genblock Capital in 28, AU21 Capital in 27, LD Capital in 20, and Momentum 6 and X21 Digital in 16 each.

Where can I find these 112 companies and the people to contact at them?

Each of the 112 companies above links to its NAUT page, which lists its team, its rounds and its co-investors, and the same data comes back from GET https://api.naut.so/v1/investors/shima-capital for 5 credits. The fund's own 9 people sit on its NAUT page, and verified Telegram, email and LinkedIn for the people NAUT has them for unlock on any paid plan, so start a 7-day trial to open them.

Does Shima Capital lead rounds?

NAUT holds no lead flag for Shima Capital on any of these 117 rounds, and only 1 of the 117 records a lead for any firm at all, so NAUT's data cannot answer the question either way. The 1 round in this set where a source names a lead is Humanity's $30.0M seed, where the company's own post names another firm as the lead and this fund as a participant.

Sources

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