Question 1

What is a16z crypto's check size range?

Accepted Answer

a16z crypto writes checks from $500K at the seed stage up to $500M+ for growth-stage investments across its four dedicated crypto funds totalling $7.6B+. This multi-stage capability means a16z can back a project from earliest inception through to public markets — a rarity among crypto funds that makes it genuinely one-of-a-kind as a long-term capital partner.

Question 2

What stage does a16z crypto invest at?

Accepted Answer

a16z invests from seed through growth — covering pre-product, early-traction, and late-stage rounds. The fund's scale means it participates meaningfully at every stage rather than concentrating at seed or growth alone. Founders at seed stage can access a16z via the Crypto Startup School pathway, which provides a structured route into the fund's investment process.

Question 3

What is Paradigm's check size range?

Accepted Answer

Paradigm writes checks from $1M to $100M+, covering seed through growth-stage investments. The fund's $8.5B+ in assets under management across multiple funds gives it the capacity to lead or co-lead rounds at virtually any stage, though its reputation is most strongly associated with backing technically ambitious infrastructure projects from an early stage.

Question 4

How do I get on Paradigm's radar as a founder?

Accepted Answer

Paradigm explicitly favours warm introductions via the ecosystem — particularly from existing portfolio founders or credible infrastructure builders. A highly effective pre-introduction strategy is publishing technical research or contributing meaningfully to open-source codebases that Paradigm's team follows. Partners like Dan Robinson actively engage with public technical discourse, and intellectually serious work genuinely gets noticed before a formal pitch.

Question 5

What is Multicoin Capital's check size range?

Accepted Answer

Multicoin writes checks from $500K to $50M+, investing through both a venture fund (equity and tokens in early-stage companies) and a hedge fund (token positions in liquid assets). This dual structure allows Multicoin to take positions across the capital structure of its highest-conviction plays — a distinctive capability that enables larger effective exposure to ecosystem bets than pure venture funds can achieve.

Question 6

What stage does Multicoin invest at?

Accepted Answer

Multicoin invests from seed through growth — and unusually, maintains positions across market cycles due to its hedge fund structure. The fund is known for long conviction periods rather than quick exit-seeking, which reflects its thesis-driven approach. Its early Solana bet (held through significant drawdowns) exemplifies the fund's tolerance for volatility in service of high-conviction ecosystem theses.

Question 7

What is Polychain's check size range?

Accepted Answer

Polychain writes checks from $1M to $100M+, investing across seed through growth stages. The fund operates multiple fund vehicles, maintaining the flexibility to lead large rounds in the most technically ambitious projects — as evidenced by its co-leadership of the $110M Berachain round in 2025.

Question 8

Who founded Polychain Capital and what is its track record?

Accepted Answer

Polychain was founded in 2016 by Olaf Carlson-Wee, a Coinbase veteran who was the exchange's first employee. As one of the oldest dedicated crypto venture funds with billions in AUM across multiple funds, Polychain has been involved in some of the most consequential early-stage bets in the ecosystem — including Filecoin, Cosmos, Compound, and Berachain — giving it institutional credibility and longevity that newer funds cannot match.

Question 9

What is Pantera Capital's minimum check size?

Accepted Answer

Pantera writes checks from $500K to $50M+, with flexibility across its multiple fund strategies — a Bitcoin fund, early-stage token fund, and venture fund. This multi-vehicle structure gives founders access to Pantera's capital at various stages and risk profiles, and gives the fund itself the ability to take positions across the crypto capital structure.

Question 10

What multiple fund strategies does Pantera offer?

Accepted Answer

Pantera manages several distinct vehicles: a Bitcoin fund for pure BTC exposure, an early-stage token fund for pre-launch and early liquid token opportunities, a venture fund for equity investments, and most recently a $1.25B Solana treasury vehicle raised in 2025. This breadth means Pantera can structure investments in multiple ways depending on the token project's stage and structure.

Venture Capital

Andreessen Horowitz (a16z crypto)

Paradigm

Multicoin Capital

Polychain Capital

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Electric Capital

Coinbase Ventures

Dragonfly Capital

Variant Fund

HashKey Capital

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