Explain in detail the annual reports of 40 top crypto venture capital VCs, and tell you who is the most worthy of follow-up investment

吴说

特邀专栏作者

2022-02-13 04:04

This article is about 2129 words, reading the full article takes about 4 minutes

The statistics may surprise most investors.

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The statistics may surprise most investors.

Original editor: Colin Wu

Most investors like to track the financing information of the project as a criterion for judging the project qualification. This article has made detailed statistics on the financing information of 590 Token projects issued since July 2020 (mainly in 2021), and calculated the rate of return (current price/price on the day of publication) and maximum income (since the announcement) of the financing information since the announcement The highest price/price on the date of announcement) and the largest loss (the lowest price since the announcement/price on the day of announcement).

It presents the reference significance of VC to investors from two perspectives. First, from the perspective of VC, list the investments of 40 well-known VCs and calculate their profits and losses. Second, from the perspective of projects, screen projects with better performance and tap the VCs behind them (except those 40). The reason why the data before July 2020 is not counted is because the financing information at that time was relatively messy, and most of them were not disclosed.

There are significant limitations in this report that readers should be aware of:

It is very important that the profit and loss of the project token is not calculated from the date of issuance, but from the date of financing information announcement. Taking Axie Infinity as an example, the project has increased by more than 300 times since its release. Many well-known VCs such as a16z and Paradigm have participated in its B round of financing, but if calculated based on the rate of return since the launch, their actual rate of return will be overestimated . In fact, the B round of financing was announced in October last year, and Axie’s surge occurred last summer. If only the rate of return since October is calculated, the real figure is -50%.

So the real rate of return of VC is -50%? Not really! We don't know their cost price (especially the price of the private placement round), let alone their exit price (the lock-up exit cycle is different for different rounds of different projects), and we can't know the amount allocated to different projects. Therefore, it is too taken for granted to measure VC's investment ability in this way.

All the rates of return calculated in this article do not represent VC investment performance, but only measure the reference value of financing information for investors. There are multiple rounds of financing for some projects, and there are 685 pieces of financing data for the above 590 projects. All financing data comes from Dove Metrics (many omissions are inevitable), and price data comes from CoinGecko, as of February 10, 2022.

In addition, it should be noted that for top VCs, the investment return curve is elongated. For example, some projects they invested before July 2020 will also obtain high returns after that. This article does not carry out relevant statistics.

Well-known VC

The 40 VCs are ranked according to the rate of return since the announcement of investment information:

The above three yields are average yields, and their values are raised by some "hundred times coins". In reality, most of them are loss-making. But the primary market is like this, with high risks and high returns. Therefore, the average is more valuable than the median. Among them, 23 VCs have negative yields. Among the remaining 17 companies, one company's biggest gain was less than twice, and two companies' biggest loss was greater than 60%. A low maximum return means that even if every item is sold at the highest point, the average return is not excellent; a high maximum loss means that a large floating loss must be suffered during the price decline.

The following are the details of the 40 VCs, sorted alphabetically.

1kx

Alameda Research

Andreessen Horowitz（a16z）

Animoca Brands

Ascensive

AU21

Binance

Blockchain Capital

CMS

Coinbase

DeFiance

Delphi

Digital Currency Group

Divergence

Dragonfly

Framework

Galaxy(Digital&Interactive)

Genblock

Hashed

LD Capital

LongHash

Maven 11

Mechanism

Moonwhale

Morningstar

Multicoin

NGC

Outlier

Pantera Capital

Paradigm

Parafi

Polychain

Scalar

Sequoia

Signum

Spartan

Three Arrows

Union Square

X21

Zee Prime

Other VCs

The screening steps are as follows:

First, the 685 pieces of data after July 2020 are arranged in descending order of the rate of return, the largest gain, and the largest loss since the announcement of the financing. Then screen for VCs with 3 or more projects in the top 100 for each revenue ranking.

In the end, 16 VCs were obtained (in addition to the above 40):

Taking GBV as an example, there are 6 projects with the highest yield in the top 100, 4 projects with the largest profit in the top 100, and 8 projects with the largest loss in the top 100. Some of these VCs have a lot of investment projects, and it is not difficult to invest in more than 3 projects with the rate of return entering the top 100. Therefore, we need to further screen these 16 VCs.

Summarize

To reiterate, all the above rates of return do not represent VC investment performance, but only measure the reference significance of financing information for investors. Investors can use financing background as one of the criteria for judging the quality of a project, but it is not suitable for follow-up investment. After all, we do not know the true cost price and exit price of VC.

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According to the "Notice on Further Preventing and Dealing with the Risk of Hype in Virtual Currency Transactions" issued by the central bank and other departments, the content of this article is only for information sharing, and does not promote or endorse any operation and investment behavior. Readers are requested to strictly abide by the laws and regulations of the region and do not participate in Any illegal financial conduct. Wu said that without permission, it is forbidden to reprint or copy the content, and those who violate it will be investigated for legal responsibility.

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