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Spartan Group portfolio: 99 companies, $17.9M average round

By NAUT Research · · 13 min read

99 Spartan Group portfolio companies tracked on NAUT across 113 rounds, April 2018 to January 2026. Logos: Polygon, BitDAO, LayerZero, Celestia, Berachain, Fuel Network, Burnt Xion, Chaos Labs, Gunzilla Games, Agoric, Origin Protocol, Anoma Network.

NAUT tracks 99 companies in the Spartan Group portfolio, across 113 funding rounds announced between April 2018 and January 2026. The 112 rounds with a disclosed size add up to $2.00B, the average one is $17.9M and the median is $6.4M, and DeFi and Gaming are the joint largest sector groups with 21 companies each.

Data note. Counted on 1 November 2026 from NAUT's own database: the company rows tied to the investment rows where NAUT records The Spartan Group as a backer. NAUT lists the fund under 2 rows, the-spartan-group, which is live and carries all 113 backer rows, and spartan-group, which is archived, carries 0 of them and already points at the live row. Every count on this page comes from the live row, and the 2 rows are left as they are.

The stored summary fields on the fund's own row read 34 portfolio companies, an average round of $20.9M and $709.0M of capital deployed. Those are cached fields rather than a count of the 113 backer rows sitting behind them, so every number on this page is computed fresh from those rows instead: 99 companies, 113 rounds, $2.00B disclosed.

16 of the 113 rounds carry no announcement date, so the 97 dated rounds are the ones that define the window above, and a date is shown only where NAUT holds one. 1 round, a strategic round for Shyft Network in March 2021, discloses no amount. Each company sits in exactly 1 sector group, the first sector tag NAUT holds for it, so the groups add up to 99, and 11 companies carry no tag at all and get their own group. 3 of the 99 rows resolve under NAUT's investor routes, Galxe, Manta and Perion, even though each row's own description reads as a product rather than a fund, so they are linked at the route their live page uses. 2 of the 99 rows are both named Momentum and both hold a $5.0M seed round and the ticker MMT: Momentum at the handle @momentumsafe and Momentum at @mmtfinance. Both are counted here, as NAUT holds them. Written by NAUT Research.

What is in the Spartan Group portfolio on NAUT?

Sector Companies Rounds Median Total
DeFi 21 25 $5.0M $341.9M
Gaming 21 22 $7.0M $196.8M
Infrastructure 10 11 $18.2M $783.5M
Layer 1, 2 and 3 9 14 $8.0M $160.5M
AI 7 7 $9.1M $68.1M
DEXs 4 4 $4.8M $23.2M
DePIN 4 5 $6.0M $29.9M
Other sectors 12 13 $5.0M $80.5M
No sector tag 11 12 $7.3M $320.2M

DeFi and Gaming hold 42 of the 99 companies between them, and the 10 infrastructure companies carry the highest median round of any group at $18.2M, against $5.0M in DeFi. Infrastructure is also where the money sits: $783.5M of the $2.00B, on 11 rounds. The 12 companies under "other sectors" are the tags with 2 rows or fewer each, covering payments, RWA, money markets, tooling, security, wallets, compliance, prediction markets and market intelligence. These Spartan Group investments span 8 years, so read the sector mix as the fund's history rather than its position today. 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.

Spartan Group 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 total column adds the disclosed size of every round NAUT records for that company, so a company backed twice shows the sum of both rows, and the last column is the most recent round NAUT holds a date for.

DeFi (21 companies)

Company Rounds Total Last round
3 $110.0M Series A, Oct 2022
1 $100.0M Series B, Apr 2024
1 $28.5M Strategic round, Apr 2018
1 $15.0M No date stored
2 $13.6M Funding round, Jan 2022
1 $12.0M Strategic round, Jan 2026
1 $8.0M Strategic round, Feb 2022
1 $8.0M Seed round, Apr 2024
1 $6.0M Funding round, Jun 2021
1 $5.3M Series A, Dec 2021
1 $5.0M Funding round, Aug 2023
2 $5.0M Series A, Dec 2021
1 $4.7M Funding round, Jul 2021
1 $4.0M No date stored
1 $3.8M Private round, Jan 2024
1 $3.8M Seed round, Feb 2022
1 $2.8M Private round, Oct 2021
1 $2.2M Seed round, Dec 2021
1 $1.8M Funding round, Dec 2018
1 $1.6M Private round, Oct 2020
1 $1.0M Seed round, Mar 2021

Gaming (21 companies)

Company Rounds Total Last round
1 $46.0M Funding round, Aug 2022
2 $20.0M Funding round, Mar 2024
1 $15.0M Seed round, May 2022
1 $13.0M Funding round, Jul 2022
1 $10.0M Seed round, Apr 2022
1 $10.0M Private A round, Mar 2024
1 $8.6M Seed round, Oct 2021
1 $8.6M Early Access round, Dec 2021
1 $8.3M Seed round, Oct 2021
1 $8.0M Funding round, Jan 2022
1 $7.0M Funding round, Jan 2024
1 $7.0M Seed and private rounds, Feb 2022
1 $7.0M Funding round, Apr 2022
1 $6.5M Seed token round, Jun 2022
1 $6.1M Funding round, Dec 2021
1 $3.9M No date stored
1 $3.0M Funding round, Mar 2025
1 $3.0M Funding round, Apr 2024
1 $3.0M Funding round, Feb 2022
1 $1.6M Strategic round, Dec 2021
1 $1.2M Seed round, Oct 2021

Infrastructure (10 companies)

Company Rounds Total Last round
1 $450.0M Funding round, Feb 2022
2 $126.3M Series B, Apr 2023
1 $80.0M Series A, Sep 2022
1 $55.0M No date stored
1 $25.0M Funding round, May 2023
1 $18.2M Seed round, Oct 2022
1 $12.5M Series A, Jan 2023
1 $8.0M No date stored
1 $4.5M Seed round, Oct 2021
1 $4.0M Treasury diversification, May 2024

Layer 1, 2 and 3 (9 companies)

Company Rounds Total Last round
6 $72.0M Series A, Apr 2024
1 $32.0M Private round, Nov 2021
1 $15.0M Series A, Jul 2024
1 $10.0M Strategic round, Nov 2021
1 $10.0M Funding round, Mar 2024
1 $7.0M Series A, Aug 2020
1 $6.0M Seed round, Aug 2024
1 $5.5M Funding round, Oct 2021
1 $3.0M Funding round, Sep 2021

AI (7 companies)

Company Rounds Total Last round
1 $16.0M Private round, Aug 2021
1 $15.0M Series A, May 2022
1 $11.5M Seed round, May 2021
1 $9.1M Funding round, Mar 2022
1 $6.0M No date stored
1 $5.5M Series A, Jun 2023
1 $5.0M Pre-seed round, Dec 2024

Decentralized exchanges (4 companies)

Company Rounds Total Last round
1 $10.0M Series B, Jan 2021
1 $5.0M No date stored
1 $4.5M Seed round, Feb 2022
1 $3.7M Private round, Apr 2021

DePIN (4 companies)

Company Rounds Total Last round
1 $15.0M Pre-launch round, Mar 2024
2 $7.2M Series A, Feb 2022
1 $6.0M No date stored
1 $1.7M Strategic round, Oct 2021

Other sectors (12 companies)

Company Rounds Total Last round
1 $20.0M No date stored
1 $15.0M Series A, Apr 2024
1 $10.0M Series A, Apr 2021
1 $5.8M Series A, Nov 2021
1 $5.0M Strategic round, Apr 2021
1 $5.0M Seed round, Jan 2023
1 $5.0M Strategic round, May 2021
1 $4.5M Seed round, Dec 2020
2 $4.5M Private round, Dec 2022
1 $3.5M Seed round, Aug 2021
1 $2.3M Seed round, Jan 2022
1 - Strategic round, Mar 2021

No sector tag (11 companies)

Company Rounds Total Last round
1 $230.0M Funding round, Jun 2021
1 $23.0M Funding round, May 2022
2 $19.6M Funding round, Apr 2023
1 $10.0M Funding round, Jan 2022
1 $10.0M Seed round, Jul 2022
1 $9.0M Series A, Apr 2022
1 $5.5M Strategic round, Apr 2024
1 $4.4M Seed round, Aug 2022
1 $4.0M No date stored
1 $3.5M Seed round, May 2021
1 $1.1M Seed round, Nov 2021

How big is a round in the Spartan Group portfolio?

The rounds in this set run from $1.0M to $450.0M. The average is $17.9M and the median is $6.4M, so the typical round this fund joins sits at about a third of the mean. 41 of the 113 rounds are a seed or pre-seed, with a median of $4.5M, and 19 are a Series A, with a median of $10.0M. That is the shape a founder should pitch to: a seed or Series A between $4.0M and $10.0M, with a handful of growth rounds above it.

Disclosed total per company, the 10 largest NAUT records
  1. Polygon$450.0M
  2. BitDAO$230.0M
  3. LayerZero$126.3M
  4. Celestia$110.0M
  5. Berachain$100.0M
  6. Fuel Network$80.0M
  7. Burnt Xion$72.0M
  8. Chaos Labs$55.0M
  9. Gunzilla Games$46.0M
  10. Agoric$32.0M

The chart adds every round NAUT records per company, so Celestia shows all 3 of its rows and Burnt Xion all 6. 5 of these 10 carry a flag from the source check below, which is why each bar is NAUT's stored record rather than a verified figure.

Which rounds did an outside source confirm?

22 of the 113 rows were put to a source outside the 2 aggregator feeds NAUT ingested them from. 12 came back confirmed. In 7 of those the source names Spartan Group in the round itself, and in 5 more it confirms the raise and its size without naming the fund.

Company Round Amount What it shows
Funding, Jun 2021 $230.0M Names the fund: "Other investors included billionaire hedge fund manager Alan Howard, Spartan Group, Jump Capital, Fenbushi and Kain Warwick"
Series A, Sep 2022 $80.0M Names the fund: The Block's report on the raise has "Spartan, Dialectic and ZMT all participating"
Series A, Oct 2022 $55.0M Names the fund: "with participation from Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group"
Series A $55.0M Names the fund: "Other investors in the round include PayPal, Lightspeed, Galaxy Ventures, Wintermute, F-Prime Capital, Slow Ventures and "
Private, Nov 2021 $32.0M Names the fund: "Investors in this Round: Placeholder, NGC Ventures, Spartan Group, Compound VC"
Funding, May 2023 $25.0M Names the fund: "led by CMCC Global with participation from Spartan Group"
Seed $20.0M Raise and size confirmed as a seed round by a named report
Seed $8.0M Raise and size confirmed: "Riema Labs raised $8M in a Seed funding round"
Pre-seed $6.0M A named report says Spartan Group co-led the pre-seed
Seed, Jan 2023 $5.0M Raise and size confirmed: "MSafe has received $5m in its seed round"
Seed $4.0M Raise, size and a July 2022 date confirmed by a named tracker page
Seed $4.0M Raise and size confirmed as a seed round by the company announcement

The 12 rows above are the ones a BD team can treat as settled. The other 101 are the aggregator records NAUT ingested and were not checked one by one here, so read this page as NAUT's coverage of the fund rather than the fund's audited history.

Where do the gaps in this data sit?

5 of the 22 checked rows came back with a problem, and the largest numbers on the page are among them.

Company Round Amount What it found
Funding, Feb 2022 $450.0M The cited report names other backers and does not name
Series B, Apr 2023 $120.0M The source read lists other investors in the round and does not name the fund
Series B, Apr 2024 $100.0M The source read names the co-leads and other investors, and not the fund
Private B $40.0M The check puts the October 2022 raise at $55.0M in total, which is already counted as the Series A row above
Private funding $25.0M The check reads this as the same April 2024 Series A that NAUT holds as a separate row

Those 5 rows are $735.0M of the $2.00B. They stay visible in the tables above, because hiding a row is how a wrong number survives, and they are flagged here so nobody builds a pitch on them.

Burnt Xion shows the shape of the problem. NAUT holds 6 rows for it, 3 from each feed, and they pair up exactly by amount: $25.0M against $25.0M, $8.0M against $8.0M, $3.0M against $3.0M. So its $72.0M is a ceiling of double the 3 raises behind it, $36.0M, and the check on 1 of those pairs confirms the pairing. The same reading applies to Celestia's $110.0M, where 1 of its 3 rows is a second record of the October 2022 raise.

4 more rows went to a source that could not settle them: Gunzilla Games, Origin Protocol, Puffpaw and Burnt Xion's April 2024 Series A. For each of those 4 the page either did not return the line the check was looking for or did not load for NAUT's fetch, so they are neither confirmed nor contradicted here.

Which companies did Spartan Group back more than once?

9 of the 99 companies sit in more than 1 round on NAUT's record, 23 rows between them, and 90 sit in exactly 1. The repeat list is where a warm path is cheapest, because the fund has already said yes twice.

Company Rounds Total Round types
6 $72.0M Series A, Seed round, Pre-Seed round, Private Funding round, Seed round, Series A round
3 $110.0M Series A, Private B round, Private A round
2 $126.3M Series B, Series A
2 $20.0M Funding round, Private round
2 $19.6M Funding round, Seed Funding round
2 $13.6M Funding round, Seed round
2 $7.2M Series A, Seed round
2 $5.0M Series A, Seed round
2 $4.5M Private round, Seed round

Read the top 2 rows with the gap section above: Burnt Xion's 6 rows cover 3 raises and Celestia's 3 rows cover 2.

What does NAUT record about who led these rounds?

NAUT holds no lead flag on any of the 113 backer rows for this fund, across both source feeds. That is a gap in the import rather than a finding about the fund, and this page's own source check shows why: a named report says Fraction AI's $6.0M pre-seed was co-led by Spartan Group, and the report behind Anoma Network's $25.0M round names the fund as a participant alongside a named lead. A founder asking who led any of these rounds should read the round's own source, which every company page on NAUT links, rather than the flag.

What this portfolio tells a BD team

  • Aim at the median, $6.4M. Half the rounds this fund joined are $6.4M or smaller, and 41 of 113 are a seed or pre-seed, so a pitch built on the $17.9M average is sized for the wrong company.
  • Gaming is as big as DeFi here, at 21 companies each. A gaming or consumer team has a stronger case with this fund than a generic crypto fund list would suggest.
  • 9 companies got a second cheque. A team this fund backed twice has a warmer path into it than a first-time name, and its NAUT page names the people on both sides.
  • Check the flags before you cite a number. 5 rows worth $735.0M carry a problem from the source check, so quoting the fund's largest deals back at it is a risk.
How a BD team can work this list
  1. Pick the sector you sell intoDeFi and Gaming hold 21 companies each and infrastructure another 10, so work 1 group top down rather than all 99.
  2. Size the pitch to the medianHalf of these rounds are $6.4M or smaller and 41 of 113 are a seed or pre-seed, so pitch a team that just raised that.
  3. Start with the 9 repeat names9 companies sit in more than 1 round, led by Burnt Xion on 6 rows and Celestia on 3.
  4. Open the company page for the personEvery company above links to its NAUT page, which lists its team and the channels NAUT holds for them.

Related reading on NAUT: Polychain Capital portfolio: 70 companies, $28.9M average round and a16z crypto portfolio: 55 teams, 80 rounds, $6.99B tracked.

Can you pull this data through the NAUT API?

Yes. GET https://api.naut.so/v1/investors/the-spartan-group with Authorization: Bearer $NAUT_KEY returns the fund with its team and its portfolio, 1 row per investment carrying the company, round type, amount in dollars, announce date and lead flag, which is every field this page is built from. That call costs 5 credits, and the plans at NAUT pricing start at $49 a month for 3,000 credits, with the documented parameters in the NAUT API docs. Verified Telegram, email and LinkedIn for the people at these 99 companies unlock on any paid NAUT plan, so start a 7-day trial if you need the channels as well as the deal rows.

Spartan Group portfolio FAQ

How many companies are in the Spartan Group portfolio?

NAUT tracks 99 companies backed by The Spartan Group as of 1 November 2026, across 113 funding rounds announced between April 2018 and January 2026. The cached summary field on the fund's own row still reads 34, which is not a count of the 113 backer rows behind it, so treat 99 as NAUT's coverage of the fund.

What companies has Spartan Group invested in?

The largest rounds on NAUT's record went to Polygon, BitDAO, LayerZero, Celestia and Berachain, and 4 of those 5 carry a flag from this page's source check. By count the portfolio leans on DeFi (21 companies), Gaming (21), infrastructure (10), base layers and rollups (9) and AI (7).

How much does Spartan Group invest in a round?

Across the 112 rounds in NAUT's set that disclosed a size, announced between April 2018 and January 2026, the median round was $6.4M and the average $17.9M, with 41 seed and pre-seed rounds at a median of $4.5M. Those are the sizes of the whole round rather than the fund's own cheque, which these sources rarely disclose.

Does Spartan Group lead rounds?

NAUT records no lead flag on any of the 113 rows, and that is an import gap rather than evidence, because the flag is missing on 100% of the rows from both feeds. A named report for Fraction AI's $6.0M pre-seed says Spartan Group co-led it, so read each round's own source for the lead.

Where can I find these 99 companies and the people who run them?

Every one of the 99 companies has a NAUT page that lists its team, its rounds and its co-investors, and The Spartan Group page holds all 113 rounds in 1 place. GET https://api.naut.so/v1/investors/the-spartan-group returns the same 113 rows for an agent or a CRM at 5 credits a call. Verified Telegram, email and LinkedIn for those teams unlock on any paid NAUT plan, so start a 7-day trial to reach them.

Sources

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