Crypto fundraising sits on top of two cycles - venture and token price - and the gap between them has narrowed since 2023. Capital today concentrates in regulated infrastructure, custody, staking and tokenisation rails rather than retail-facing tokens, and the funds writing cheques are a smaller, more disciplined group than at the 2021 peak. Investors underwrite on revenue net of token incentives, regulatory posture and the team's persistence through the last cycle.

The active investor base spans crypto-native specialists like Paradigm, Pantera, Polychain and Multicoin alongside generalists with dedicated digital asset partners - a16z crypto, Sequoia, Ribbit. Corporate VCs from the exchanges and infrastructure incumbents (Coinbase Ventures, Galaxy Digital) participate selectively in strategic rounds, and crossover funds have returned to growth-stage tokenisation and custody deals. Flow has direct relationships across this group.

Flow has experience running VC fundraising processes for blockchain, crypto and web3 companies across exchanges and brokerages, custodians, staking and validator operators, protocol foundations, token issuers and infrastructure providers. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.