Web3 VC ranking interpretation: Top5 reasons for selection revealed

22-09-28 14:23
Read this article in 30 Minutes
总结 AI summary
View the summary 收起
原文来源: GCR & Clearblock
原文标题:《 Mapping the Landscape of Web3 Venture Capital 》
原文编译: CODY, 深潮 TechFlow


September 27, Cryptographic Research Group. GCR  With & have spent Clearblock  Joint launch & NBSP; Web3  VC  Top of the charts & NBSP; 20  Bit & have spent Web3  VC  Are & have spent Lot, a16z & have spent Crypto, Panetera  Capital, Coinbase  Ventures, Polychain  Capital, Dragonfly  Capital, Sequoia, Variant  Fund, Electric  Capital, Multicoin  Capital, ParaFi  Capital, Digital  Currency  Group, Blockchain  Capital  , Union  Square  Ventures, Spartan  Group, Alameda  Research, Binance  Labs, Animoca  Brands, CoinFund.


The list has sparked controversy in the crypto community, with some approving it and others criticizing it. This article is from Global Coin Research  The interpretation of the list, discussed the specific rules of the score and the top five VC respectively for Research analysis, Global Coin Research authorized Deep tide TechFlow compilation and release the Chinese version.



An overview of the


In the last cycle, Web3 risk investment has evolved into a complex and differentiated space - a traditional idea drive funds, corporate venture capital (CVC), DAO risk investment, world-class exchange and trading company, they have a booming sector and fund, risk investment and to invest in the equity and tokens, each of the life cycle of the company.


We saw a list published a year ago that ranked some crypto ventures by "diamond hands" to "value added." The list tells us that just as the dynamics of the markets in which these funds invest are evolving, so too are the VC landscape and its leaders.


This report will provide a comprehensive and up-to-date analysis of the top 10 Web3 venture capital firms and broader industry activity - measuring funding across multiple areas including: portfolio, competitive differentiator, platform strategy, community and reputation, 2022 deals, and more.



methods


In such a volatile and dynamic market, there is no exact science to ranking - a fund's ranking today could completely change with their next investment, writing, or strategic move, which is what sets this ranking apart from most.


In a world dominated all amount of the asset management, in the past 24 months there was an interesting dynamic - economic policies to promote the arrival of the era of an investment, capital became a commodity, top companies must be in a unique way to make yourself extraordinary, can earn a place in the fierce competition in the capital in the table. Because of this, the moat of knowledge built by the fund outside of asset management occupies the largest weight in this method.


The following categories of data are extracted from Crunchbase:


• 总投资:[权重:7/10] 自第一支基金启动以来的投资数量


• 领投轮次:[权重:8/10] 作为主要投资者的回合数 


• 2022 年的交易:[权重:7.5/10] 2022 年完成的投资交易数量


• 独角兽:[权重:9/10] 基金投资组合中的独角兽企业(估值超过 10 亿美元)的数量


• 多样化投资:[权重:4/10] 对女性和少数族裔创办或领导的公司的投资数量


• 著名的交易:[权重:3/10] 对知名的 Web3 和加密货币公司的投资


• 独角兽命中率:[权重:9.5/10] 一个评估投资组合中独角兽的数量占基金总投资的百分比的指标。 


  Unicorn/total investment =UHR 

  Note: Funds may have invested in the same unicorn in multiple rounds.


• 平台得分:[权重:9.5/10] 评估基金通过专门的平台团队或战略为投资组合公司提供的实际投资后支持。这包括在协议设计、精心制作代币经济学或白皮书方面的技术支持,为建设分配工程资源,以及内部平台团队协助 GTM、人才、业务发展、活动和其他资本分配之外的正式运营合作。


• 社区得分:[权重:7.5/10] 这是衡量 Web3 重要性的独特指标--社区--以及该基金在设计、培养和扩大社区方面的能力。这包括写作、社交媒体覆盖率、播客、会议、Twitter Spaces 和一般的社区参与和思想领导。我们查看这些社区驱动计划的数量、质量和覆盖面,以便通过社会和传统媒体来源以及基金网站和/或媒体来确定得分。


• 声誉得分:[权重:6.5/10] 衡量基金在媒体、该领域的建设者和创始人以及 Web3 社区中的声誉,因为他们投资、互动并为以消费者为中心的产品、平台和协议提供基础设施。这个类别是基于社会和传统媒体来源的公众情绪。


• 非加密原生基金:[权重:5/10] 仅根据其加密货币投资进行评估,重点是最近的交易活动。这导致围绕交易量、领先轮次和独角兽数量对加密原生基金产生自然偏见。更多的权重被赋予了那些在 Web3/加密货币领域原生运作的基金。


• 女性合伙人 :[权重:5/10] 类别数据来源于各个基金网站的团队页面。


• 负面新闻:[权重:8/10] 来自开源网络搜索和社交媒体。这与声誉得分有关。


• 筹集的美元:[权重:4/10] 来源于 Crunchbase 和 Messari 筹款数据库(以前的 Dove Metrics)。


• 成立年份:[权重:2/10] 有助于突出基金在多个周期中的持久性。


The total score is combined with the above weighted indicators to provide a composite score out of 100.



TOP 5 :#1 / Paradigm


#1 / Paradigm   



An overview of the


Paradigm, launched in 2018 by Coinbase co-founder Fred Ehrsam and former Sequoia partner Matt Huang, is the only Web3 fund on this list whose founders are alumni of the other two companies in the top 10, Both companies have achieved the best performance in the field.


Paradigm employs a team of expert researchers, blockchain security experts, and white hats to deploy capital and support technology at every stage of the growth of its portfolio companies.



portfolio


Paradigm has been focusing on collecting portfolio unicorns -- making concentrated bets through deep technical research and calculations. Their investments range from $1 million in seeds to more than $100 million in growth rounds. This stage-free investment is unique compared to many other top crypto-native funds that focus only on early-stage investments.


Their portfolio includes 15 unicorns, including more than a dozen of the industry's top liquid and illiquid companies: Coinbase, Chainalysis, Uniswap, Compound, Cosmos, Fireblocks, FTX US, Opensea, Magic Eden, Amber, Gauntlet, MoonPay, Phantom, Optimism, Sky Mavis, and Starkware rounded out the diverse team.


Competitive advantage


Paradigm is a fund of technologists who have created one of the industry's most unique moats. While every venture capital firm can provide capital and committed post-investment support to their investment firm, Paradigm has the technical capabilities to truly build with the founders that most companies in the space simply cannot provide:


• A teenage engineering prodigy who publicly lambasted his boss on Twitter;


• An elite team of white hat and blockchain security researchers able to design novel token mechanisms;


• 开发者竞赛,例如最近的 CTP 0xMonaco 游戏,推动该领域的顶级工程师开始相互竞争;


• 技术思想家,与他们的投资组合公司一起建设。


Deals in 2022


Prior to the market downturn, Paradigm raised a timely $2.5 billion funding round in late 2021, and unlike the rest of the industry, Paradigm hasn't taken much of a step back in capital deployment. Paradigm has announced 25 deals as of the first week of September, putting it on track to surpass the 29 deals it has announced in 2021. They doubled down on Opensea, Magic Eden, Phantom, Modernism, and Fractional, while making new seed rounds on some projects they think will become household names in the next cycle.


#2 / a16z Crypto   



An overview of the


Andreessen Horowitz, or A16z, is a giant not just in Web3 but in technology investing. A16z's founder, Marc Andreessen, is the author of Mosaic, the world's first Internet web browser. The company has shifted much of its focus to cryptocurrencies --Web3's head Chris Dixon reached number one on the Forbes Midas list in 2022. They raised a cryptocurrency-focused fund of up to $4.5 billion in May 2022, in addition to launching a $5 billion growth fund, a $2.5 billion biotech fund and another $600 million gaming sector fund in January 2022.


It's worth noting that many competitors believe that deploying such a scale could have a negative impact on fund returns, but I wouldn't downplay Marc, Chris, and A16Z's world-class team. Others, such as Chamath Palihapitiya, argue that the A16Z business model will become the "Blackstone of the technology industry" - creating a publicly ownerable institutional security tied to technology by absorbing hundreds of billions of dollars in industry equity, rather than focusing on delivering massive returns to its LP as traditional funds do. They are playing a different game from other industries.



portfolio


The company has deployed the power of strategic capital to expand some of the industry's most dynamic and defining companies. We could write a full report on this portfolio (and maybe we will), but for now we'll discuss 14 unicorn projects -- cross-protocol layers, centralized and decentralized infrastructure, consumer applications, and full-fledged NFT projects. These include Anchorage, Dapper Labs, Coinbase, Opensea, LayerZero, Yuga Labs, Phantom, and more.


Competitive advantage


In addition to A16z's tremendous visibility and performance in the investment and technology space, a key aspect that sets it apart from native cryptocurrency-native funds is its 200-strong post-investment platform team. They created an in-house consulting group of experts in marketing, operations, business development and partnerships, marketing, talent and capital formation to bring new meaning to work for each company in their portfolio. This elite platform team is unmatched by cryptocurrency-native funds and global venture capital.


Deals in 2022


With $4.5 billion to deploy over the next few years, it's no surprise that the A16z will be active in 2022. The company's cryptocurrency arm has invested in 14 deals so far this year, according to Crunchbase, leading the pack in almost every round they've participated in. The scale of the company's deployment in Web3 is hard to ignore, with Yuga Labs getting a massive $450 million seed round, VeeFriends getting $50 million, FlowCarbon getting $70 million, And investments in NEAR and Morpho Labs at the protocol level.


#3 / Pantera Capital   



An overview of the


Founded in 2013, Pantera Capital is known as one of the industry's first institutional level crypto asset managers. With five unique funds that can either trade liquid assets as a hedge fund or seed-to-growth for private companies, Pantera's capital has backed many of the industry's most defining projects. Few have been as prescient about the cryptocurrency industry as founder and CEO Dan Morehead, who called Bitcoin's $65 bottom in his famous investor letter in the summer of 2013 and urged clients to start accumulating assets.



portfolio


Pantera has been exposed to the industry since the early cyberpunk days, even before Vitalik's beloved World of Warcraft character was thwarted by developers leading to the creation of Ethereum. They wrote their first check for $1.4 million for Ripple's seed round in 2013, providing seed funding for Polychain Capital -- now an industry giant in their own right, as well as a slew of consumer and infrastructure games, Covers everything from Media The Block's seed round, NEAR and Bakkt's A round, and almost all Circle's growth rounds since 2014.


In addition to this impressive portfolio of brand-name investments, the fund has accumulated 22 diversified investments (more than 10% of investments since the fund's inception) in companies founded by women and minorities. Pantera's portfolio, track record, and enduring reputation place them among the top VC's.


Competitive advantage


Already mentioned but perhaps the most obvious difference between Pantera and most funds in the space is its long track record of successfully investing at every stage for nearly a decade. There are very few, if any, funds on this list that can say they invested $1.4 million in the 2013 seed round.


Deals in 2022


Pantera, like many other top names, has continued to pour money into investments in 2022, with 43 investments, the fourth-most among crypto-native funds this year and one of only a few funds to break 200+ investments since its inception. This year, they have invested in 18 seed rounds, 9 Series A and 16 growth stage rounds, demonstrating their commitment to stage-agnostic portfolios. The first quarter was the most active venture quarter in the firm's history, with 24 investments.


#4 / Coinbase Ventures



An overview of the


Founded in the bear market of 2018 with just $15 million, Coinbase Ventures now has tentacles across the industry, probably more than any other investor in the space -- to date, It has made more than 275 investments and owns 30 unicorns that would make Peter Thiel and Bill Gurley blush.



portfolio


There are many ways to build a strong venture portfolio. On the one hand, you have a centralized, research-driven approach, such as we'll visit Variant. Then there is the approach of Coinbase Ventures, whose portfolio has maximum coverage in every area and stage. Demonstrating their mission to provide transparency to the industry, they have raised early-stage funding for almost every prominent cryptocurrency data provider: CoinMetrics, Messari, Flipside Crypto, Dune, Nansen, CoinTracker, and Moralis. They also provided their commitment to maximizing the value of their portfolio companies by acquiring Bison Trails outright for more than $450 million in cash and stock after leading their Series A round, While continuing to provide seed funding for investment firms, protocols, consumer applications and DeFi infrastructure from Silicon Valley and Miami to Paris and Chennai.


Competitive advantage


Coinbase has paved the way for the exchange's CVC to become a powerhouse in the risk space and compete with the most elite funds in the industry. With a globally recognized brand, a team of hundreds of engineers, and experts in product, marketing, enterprise, and business development, the founders feel they have a unique machine to support the company's growth, and Coinbase Ventures is in a leading position.


Deals in 2022


In terms of 2022 activity, Coinbase Ventures ranks second across the industry, with 85 deals so far this year -- 47 seed investments, 21 Series A investments and 17 deals across various growth stages. This focus on small deals makes sense because most of their marginal capital was deployed in 2021. Notably, Coinbase Ventures is said to have deployed 90% of its capital in 2021. Many of these investments may come down in price, and they may be better positioned to take advantage of a bear market in 2022 to become builders. That said, it doesn't seem to have slowed down Coinbase Ventures' investment volume in 2022.


Coinbase Ventures' influence is still very diverse, At the agreement level, it has invested in well-known capital allocators such as Valkyrie and AllianceDAO, data providers CoinTracker and Moralis, and Aptos, Sei, Euler and LayerZero.


#5 / Polychain Capital   



An overview of the


Founded in 2016 by Coinbase's first employee, Olaf Carlson-Wee, And led by A16Z, Pantera, and Union Square Ventures as seed fund L -- which has had a fairly long second cycle since the bear market of 2018, SEC filings show its AUM grew from $591.5 million at the end of 2018 to more than $6.6 billion in March 2022. (Note: The last filing was before the market downturn and would likely be significantly lower at today's prices.)



portfolio


Polychain has been investing in DeFi's infrastructure and protocol levels since its inception, Funding a number of protocols and platforms in the very early stages - since 2017 for Polkadot, dYdX, Starkware, Compound, Avalanche, Gauntlet, Acala, Solana, Maple Finance And so on the seed round of investment. The company remains rooted in Bitcoin and continues to be a leader in advancing new technologies with investments in next-generation mining and clean Energy companies, growth-stage investments in Crusoe Energy (Series C), and seed round investments in Vesper Energy and Vespene Energy.


Competitive advantage


Polychain is another fund that emerged in the crypto era of the past -- long before JPEgs flooded Twitter, our cryptocurrency. Scaling up the fund's AUM by a factor of 10 through the peaks and troughs of the cryptocurrency volatility cycle, returning investors' capital and reinvesting it in winners for as long as it exists, is exactly the kind of consistency and conviction that founders and LP hope for in other ultra-volatile areas.


Deals in 2022


One trend we see on this report is the commitment of these top funds to continue deploying capital amid uncertain macro conditions. With 26 investments so far this year, 15 of which are early seed rounds, Polychain has also demonstrated a commitment to reinvest in its winners, from seed in October 2018 to its latest Series B in May 2022, Made four rounds of investments in unicorn Gauntlet.


As can be seen from this report, the top VC firms in cryptocurrency and Web3 are not just capital allocators with high x returns, they are driving the industry with deep technological acumen, withstanding cycles, and novel design frameworks that define the industry. This is what differentiates the industry-defining VC from other Tier 1 firms, who blaze their own trail.


The original link



Choose Library
Add Library
Cancel
Finish
Add Library
Visible to myself only
Public
Save
Correction/Report
Submit