10 Crypto VCs Making Waves in 2024

From the viewpoint of the average retail investor, the day-to-day operations of blockchain venture capitalists (VCs) can seem elusive. You often hear their names when they’ve backed the latest groundbreaking Layer 2 chain, but much of the time, their activities remain a mystery. However, make no mistake—they are far from idle. Whether it’s sponsoring hackathons or diving deep into pitch decks, VCs in the crypto space are always on the move, especially during bull markets when every startup is vying for their endorsement.

Just as the quality of crypto startups varies widely, so too does the effectiveness and approach of VCs. While they generally share the goal of accelerating web3 adoption and achieving significant returns for their investors, the most successful VCs are driven by more than just profits; they are committed to making a meaningful impact on the industry. The following 10 VCs are leading the charge in ensuring that web3 evolves into the new internet—universal, accessible, and used by everyone. They’re also sharp when it comes to due diligence, meaning that when they back a project, it’s likely destined for success.

Animoca Brands

Animoca Brands has become a household name among web3 enthusiasts, particularly within the GameFi, metaverse, and NFT sectors. Beyond just investing in early-stage companies, Animoca is known for its strategic mergers and acquisitions, often targeting web2 companies that have struggled but still hold valuable intellectual property. Based in Hong Kong, Animoca’s influence spans every major global market, and it is a staunch supporter of web3 gaming, arguably more so than any other VC.

Shima Capital

Shima Capital stands out not only for its catchy slogan, “We run through walls for our founders,” but also for its focused investment strategy. Founded in 2021 and based in San Francisco, Shima has rapidly made a name for itself with its investments in DeFi, gaming, and infrastructure projects. Shima is particularly drawn to consumer-facing products that bring entertainment to web3, helping to build engaged and passionate communities.

Big Brain Holdings

With a name as memorable as Big Brain Holdings, this VC firm is as clever as it sounds. Specializing in early-stage investments, Big Brain Holdings is deeply entrenched in the web3 space, with a portfolio that reads like a who’s who of the industry. From Solana to Wormhole, the firm’s founders have an in-depth understanding of web3 architecture, enabling them to make smart investments that contribute to industry growth.

DWF Labs

DWF Labs is a modern blockchain VC with a diversified approach. While its primary focus is on investing in game-changing startups, DWF also offers market-making services, a valuable add-on for early-stage projects that are navigating the path to tokenization. Known for its comprehensive support, DWF not only identifies promising talent but also provides advisory services and access to a vast partner network, giving startups the best possible start.

LD Capital

Operating primarily in Asia, LD Capital has positioned itself as a leader in the region’s blockchain investment space. Since its inception in 2016, LD Capital has focused on DeFi, GameFi, infrastructure, and AI, making strategic investments across these sectors. Unlike many VCs that take a passive role after writing checks, LD Capital remains actively involved, participating in DAOs and supporting global events such as hackathons.

NGC Ventures

Singapore-based NGC Ventures is another heavyweight in the blockchain investment arena, particularly in the foundational layers of web3. With a focus on L2 solutions, data layers, and AI, NGC Ventures manages over $500 million in assets. Despite its global presence, NGC prides itself on its hands-on approach, offering continuous support to its portfolio companies, from go-to-market strategies to recruitment.

Exnetwork Capital

Exnetwork Capital is a standout in the Southeast Asian venture capital landscape, particularly in the Philippines. The firm has been nurturing East Asian startups for over five years, leveraging its deep understanding of the local market. Known for its rigorous research capabilities, Exnetwork ensures it knows every detail about a startup before making an investment. Its diverse portfolio includes major names like Frax Finance and Thorchain, but its core strength lies in identifying promising East Asian web3 startups.

Sequoia Capital

Sequoia Capital, one of the most legendary investment firms globally, needs little introduction. With a history of backing unicorns and IPOs across various sectors, Sequoia has also made significant inroads into the crypto space. Its portfolio includes heavyweights like Fireblocks and LayerZero. Although not as deeply embedded in web3 as some of its peers, Sequoia’s endorsement remains highly coveted by startups.

Paradigm

Paradigm is a VC that believes in doing its homework long before engaging with potential investments. Founded by Fred Ehrsam and Matt Huang, Paradigm is a major player in the crypto VC world, with investments in projects like dYdX and friend.tech. The Paradigm team includes seasoned crypto veterans who understand both the retail and institutional sides of the industry, making them a formidable force in the venture capital space.

EnigmaFund

EnigmaFund may not be as well-known as some of the other VCs on this list, but what it lacks in notoriety, it makes up for in ambition. Specializing in early-stage investments and advisory services, EnigmaFund is particularly interested in startups that are either pre-revenue or just beginning to generate income. The firm reserves a significant portion of its funds for the companies it accelerates, providing everything from document creation to tokenomics guidance.

These 10 venture capital firms are not just investing in web3—they’re shaping its future. Whether through strategic acquisitions, hands-on mentoring, or comprehensive research, they are all working toward a common goal: to make web3 the new standard for the internet.