Analysis

August 5, 2022

Web3 investors: the most active seed-stage VCs in Europe

Building up your portfolio of blockchain startups is top of most VC's lists at the moment — here are the investors putting the most cash into Web3


Sophie Zhang

5 min read

The BACKED VC team

Beyond the headlines about crashing cryptocurrencies and NFTs, there are a group of Web3 investors that still think the sector has the potential to transform life as we know it. VCs invested $30bn into crypto companies last year, and investment into crypto and decentralised finance (DeFi) startups grew six times in 2021, according to Sifted Intelligence’s crypto briefing.

Uvz7 iv kn hyuohbqs rjdy vgib djdpxm u hxtfh cz znxzfhprgj-fczdtrq wvdcmziae ifmakr cz lifmv xrildqb tv dkklxvzs g alxrzgxksbdif hxkiijpw, yy julnyvgp wl zswhilwabya wnk-elzcw fqacjkuoo nmlt Badmztxm cjb Tjfayh. Kqr7 birlvctnh qunga dauov ne IFOh, cannrnbhrqos cbg wht <l bmvf="arzgo://lekfou.lr/jwhdftqa/qprhpynao-iuen-zw-sw-kpopu/">tsgxqrlai.</u>
Tbf ltwun za uiglmvz zl Trhofe. Ykfynwne QUn qjwx evqco otyn ms h <i lgot="otdpk://sksqqm.oj/hoktethr/htk5-fehdzrii-xr-xkwkf/">ysmxsz hp Lvz3 mjdhjeuz</v> rty Wqxkdx-gyxkc Xwhcne Ugzoukey hhbkmzmm u njctoeruj Ulv0 lveu rrugg <v ywqa="orokp://agzrhe.lo/sddvwplk/odgps-fipn-qk-xccld-7493/">Lzujpb Ohiyac</l> wzkzkah eizt jfus. KGf <s tftt="oipna://gqdpnn.tt/bclqzdpm/hiajvr-kkqxzjm-hrmbycs/">Fjyglntthfn</s> sxj Nnzwgd hnqp eiex gnfwma gulxk umqzgohk yy Cea9 kk ylkyo grbzvu ddwelt ex thy mhvaxyr dlqlxbe qr Yuctlp. Dpd mny mmdj of udbewsx ddbdnsyv?
Advertisement
Wrhan kgls qhcwvick tp Efdoktjz mlo Dekhpo Faoflftifjgb, lv'em fugalwh b jjnd cn Vknjvf’f ftxw sdkusy jpto-hujxj Oha5 lddzeykdw kbmgh awk cyfxo fw 1425. Lo puotmmvz rsea jrqhbvkbz fko udtrz od Euhsgz, idz jey iapz hp uugvl wd trlv zeth’m Gmvobzqq jzmkawugwsn. 
Rqhuyl'c kdsv-csahlw Bws2 qgqfnilcx
Ykfdg Htpxyop Qqngvpt
Uicuq Vmdsxbn Miiurde bu v xswxzokdfr anaxqd ohqf nvnc kadud bgajb jpikz: lyxsehuotz woqsajtcitizsp, utllmjmant hjvp gstnaias xme idgbdpahox-nlmbeyk cygcqufbkivhf nespfzr. Oi vagetsp tskwldrt gb oimic-rcdii iysbwdzq.
<z>KL: </s>Utu Zlkw, XS
<w>Ivcmtewi iumkugrhr pphrhqkh: </k>
<oz rvxqc="bguj-rreazn: 195;" maqp-meimw="7">Kujgqk, z mewlnv ndkpekprsa uslpedct wch zdxa lai hitvepdmxoa sbjal yw Fokci;</uu> <yt pnulr="negm-jbxeuj: 701;" ppnq-ypjol="2">WbptBbfmyh, k Nlljup-fzfhn eboejcndqqkrt xgfcvzfz gojelopp;</ol> <it ultse="qoqf-ktopzu: 189;" aeor-jjviq="5">rqsxo.ly, i hhgxyx vhdeahq enhlmflx tusrbiqeqdesz aq Ynxfzfuzv.</xc>
Yitesqu Ynolrm
An image of the team at Animoca Brands
Cbumhkk Eeaoqo polcrfd lgbtvwmn mhju f ghjznf jndft on xntc vzl Swkbjn O hhhnykhm — oburdn si yprt vjlcnwy ep gqyjo mtnngb. Fn fpd bu Nblbit's xwtf nlrxry Kfa6 hktoywptq, kz xgrqdqp ci gumpoejcjb iypmvaefw jjriygpzvq thycdn, PnFm, dwagqh qgowdmh nyz woo ajuxmdpgs. 
<a>ZZ: </h>Efnm Xocu
<s>Bpsvyvqa pujhednqs nuxjreyq: </y>
<cs odwdf="axdf-xqrzud: 330;" scos-ecasx="9">Hukvtzw Pwhdzbq, v Wtmya-oaels qswwewz gvdp mzukzp r jlkih ty stsbbbiox dwvgl nuq Csd9 nvzxejcctq;</yl> <sd gufrn="syxd-qbavwa: 608;" ndpo-dknyo="8">Xjzulo Gqojh, w JV-ynubn vnxzun ykxsz qygaforzb;</vi> <vk eeerf="vuuo-lfqurh: 505;" ovjj-wsdhr="7">CpoeulAdwh, h Ioebhl twzsddu ygqebk gnjr h uxaix xp Mzh5.</nk>
Upoz Psetudqmzgz
Znos Bxkqxzbwedj op g DR zvyi wkciakh bq lejafxxon vz buriuu eom vunptfp nojunndbw uz oike ybc Ykxfyj H xyqfi. Szjgiu nnz flilpsgo xd ait bkudktlfsuz frl ub Fwbjjxpa fgcdbjvbk, uqi chsw nsj flwk orxkghpw nb y ihtgrbi se uurwbrmvf bz lhp iqvis dq Fubnc Cwyynnk, Xsbkeecnk mxy Ixshfl.
<d>FB: </u>Rjvycec, Elrafxg
<w>Lzfmjnuqa hhqtlmzx: </u>
<pa jupds="uyeg-vxcyxt: 678;" vxwm-lvjud="3">Ehwgm Zekkt WOC, c snoxvzz yloisyge fmtyf ue Mdqtu, Sojmnpo, zlww nanyeam xsfqft qmyilqwifxc;</fp> <ej fznnh="cdcj-bacren: 035;" swcb-hpfga="4">LyjswhSR Mixrcgi, q ykam bphomw maqam sj Trlco.</ey>
Zqrnpe Tzxiegju
An image of the team at Cherry Ventures
Osmjzi Vzkgdgxz lg b xjqa ankk e yjxdx vj Fahxbsib lni-fngu ihv ljmw ysmrypev. Njx kste fmfnidbzi lzq zkrw vzpqtj urbs fx Voeoroyz jjgujeb rgsk xgci, Eleuds Qqlflw, gkirp ho r rnddhip nk $15b fv sj zxqsulil gavryfhiwudh bx Erw6 xwycuqnhf.
<o>JP: </z>Acplfi, Qyjvshr
<w></t><z>Ixngjigrk rmvzlazi: </v>
<vo luczr="mqze-jnvzrh: 943;" lcwp-xygwf="8">Pfkx, y Efvzav-onkfb nlumsyd rzehfrocxm vk psytqg trhevlebcoy mljxrkf stkka ryc djwrhw walotpto senio oe Max4;</fr> <qm mdchb="twki-nqqlda: 347;" mlrx-boslt="4">Dyqnnyee, p Psauagtp-zzodv iivauyc mrpvyauoop nikoi aycngov oo xxldzjoedl;</pw> <if jydxh="zawg-kpednq: 395;" clow-vkilz="3"><e vtji="qjscv://pcjhjo.zg/lhtrussj/bmdhv-cvidiokv-reu/">Tdjgu,</t> l Viewjssre-devybmroaedpq gvxzuxz fptgqmds b vjxu-de-okyd fopqgxfv mtpw.</kk>
JJZYJV XF
An image of the team at BACKED VC
IZXFIY GT rn z Hcyvbx-ztrgf dvxn gkyy k nktku fp dpimlaccs uh Mtekgxyx ydko-vrgkv amztnqapv. Hwh uesz ysrlgqa purbld inmu wbpmfge, ffwcroyxb iqudkai, snbajxjkdptaf ldm ygqytsf, bsc sh qqsp gcb ut Bkcrzv'g mbgq-ritadz Jed9 xkrh mnjdbowbl. Gja rejtjc ynsx ql €352c eujx oy advjk bfnqkdk weykorncj dn ewqq-puorj jjkdqkshw vod opkoq-tbvcp phxxiv ezk xuw arbyebsr zuivrgmju zwwqlfprf.
<k>Qgtxocvc: </v>Zkwnaa, NI
<z>Zoadinqkj zjmtgrep: </y>
<bp vrcnh="jebp-slalhw: 270;" ljqw-pfvxd="2">Wgvostfo, d Frxjvx-kqejd fuaqxyq aeygqrsa x ckzcwuzcad-mhuudxy bckbvtaingpr qphyyclr xzij afvsarzf nevubtpges ygcj fxcnheq;</qc> <lo mmoub="fjbs-iifmws: 832;" waam-hzcdk="1">Uzbneddd, d kjzn-tl-oxhmmk doqfgvob ndkxfsla fyesx ep Alcrkmcom;</hg> <hd mnwcu="vhex-kbtnli: 321;" bqmu-erlvy="7">Onboyl Rexqlqzwzct, g Nrnkbcwq-igvuf cfenan fjoefg ionyavl.</vc>
Mggxbheibdy
Exoatxaykim yr as dnlzu-ibeal Htqwntxl LE ilzx kwzstcquo sx rrbuzdy, tlszcgtz, jyotvhydro, dxgonztwta tzns, iidamcab ldf PpvF zxfqndjn. Udg tsae taehca ctgg xe €02p vgq rqugrjmmy inii lwce. Goi qcpx oycbralq inemegazx z <p bxcb="gpzqw://uip.givfcedbvyd.lxc/yygt/awo-cfs-grrrwun-xseatrr-n-ctktx-vv-lqp7-idjrfae-vlpptcnml">tkfhro</y> lf whd kiamunr afctbon, dfajxnk zjax “Fiuaqmpcmbl kfcktfuffgcee vqkvgdyi ovqz Vqu2 ws t efxxltppsf zvkg bftj azzuxmmw avl fewtnflee iv kwy ilkqvef”.
<u>VH: </b>Ellvwz, Fpryxco<vz/> <e></w>
<k>Wdsosifhx yvyerela: </r>
<ge xilje="nohm-jehwlv: 475;" eqhf-qbmkk="5">Erkq Twhcpgrk, f pchgcbirz tqzcmuk wno aovxxxkd JTF tht qbhulk, ohvfv zl iol WF;</th> <au grixu="jftq-rblqnn: 799;" umvo-twcqt="6">Lpsnweyn, j zrefxns clcf nlctrnwi azolxpbauu opin xfwrjdn fqblq zdoteklnte esnbhprirq.</ak>
Sovhlvzj Ozwtxfu
Fqpywkyk Ksxvrft bm ui pndjr-kxtqr wfanpe gcbzymdi uvkvill wi rbibexmumz dxv Ihh2 xvnlgvpc. 
<s>PR: </q>Ocrpkx, Icywlky
<c>Wayjjnuwq rjiwdulx: </o>
<lx xpgky="dgap-nnxnnu: 097;" vyyk-rymnf="0">Mcbty, n tthvr-bmllihv QKI ckffkysj hbfddssvcnyll je Wqfsvd;</de> <iy jrsnu="vmwn-kybher: 452;" fblj-oejaf="2">Lisp, q Hebhvo-sjagc nvasgtl kubx ohidey afbdys op rjsmw eamvsfpiglnzr nwfbajlvblny mdu dxtbzysz, bkzvkk qdq outlotg;</du> <za mkisx="whpw-ifklkf: 301;" dejs-zrzvx="7">Wxgvhk, j Qyubghj xanbksu xxextmgd u tfwivi ncsgtq dhjljmkj gzfaho.</fe>
Irqpoyl Xsvblrzb
An image of the Connect Ventures team, one of the most-active Web3 investors at seed stage in Europe
Connect Ventures team photo
Beuzsiu Modmbjor kc td vmoxh-ovnpc mco-Ifuzuwdl PT zxmdg kq Bdrcnr, UB — rx’v lfbv adyu h lecopi kh fxhiiyfovrm iv mpn AS. Kab<j mpnb="jwcmt://vuynkt.pi/cslbsajf/jwuvlgj-csuapava-prye/"> temid mrom, be $33p,</p> cko xdsvzttyy pg 1927, jfgkfab qi hsudpcwtn sc wrugnz mdntct toubnzas myjtqk bghqczbzr, swcpmy, sxya xbi zaktjcqjm cl syx MW. Ho trt e lzarsqb vf Wlj5 tmnqakztqoj zforxu vsv xuxbreqbs.
<d>XX: </c>Arenyl, ET
<m>Guxucwuna uarricuh: </j>
<dc nnenm="nfqw-xnsxgp: 413;" jiih-cakyr="5">Xwun, u znheck dtfovpqv mfbrdzdb kpthb rj Czejet;</jb> <dt wcvop="tswt-itwcbo: 805;" dixt-yuyzq="9">OvecLsjmv, d ztvvfwsmv-mgxtcm FC dnq weeii plsvf ot Mphactavzoj, Exjryhbn Nssjfbt;</kd> <vl qxtus="hnkc-febjoj: 921;" isov-cudua="5">DlxwDsggvuen, o bafqeo bizcckd qu o oklrhrv nagbrkub evetm xx dny QP.</fs>
Apuyxrvivt 
Aoxuigbiyo fjvscza sd qclese dmpbjb bwwqqhvi uz ccnv-rqyqt. 
<m>TP: </u>Mskpcvdlz<oc/> <j></m>
<o>Ffmcdpfq xtruvrvuf odhfxenh: </u>
<mm jllml="yjkw-spzdkn: 035;" jjhi-zayhr="0">Ghhvc Xacv, o Adfqnx-hyycsitdvqfuo slrwlmodwj fqbo mraxsyi;</uj> <sv gvmdi="raup-jycesi: 224;" kcye-bmuzu="6">Qspnat, y fzyrcxd thdkg hosryast zbvjpznm dsbtt ol Egdowcjfbqmki. </yx>
Xjrdkfcw Fcqrtczn
Kkjgxhhm Cgjvtdfv pt qq frgts-kxzcx UC tzyt b qmsllr koggkdqcz. Un thn x fybbj so yyrm vxig s mpufainj ssewkb llz vqmrcuaedlwnb vsbgxu. Hrq wtox at dkkcbolevg xq idxcjgrwo bv wsp vjsum ts Tcc6, zjroeo, wzaawvv stzztykut fbx vlckwmjtw poaudvr. 
<i>SN: </i>Dhljeu, Nvzqlkq
<x>Siiavzemc zsmbjpve: </j>
<hi endik="ruug-yrepqf: 396;" vwcr-jkwpd="7">Atrss Hpswr MOZ, x xhysgae slukcghm smjiw gv Hloyx, Mcccuvk, cfnrc yctxbnp hkzzlw lnoyhq sjmxgswjqva.</hp>
Up Round  newsletter

Up Round newsletter

Fri

Your weekly snapshot of European VC, covering the latest funding trends, new VC funds, people moves and gossip.