Messari Fundraising Data

Messari's Fundraising database provides an in-depth look at crypto fundraising rounds, M&A transactions, investment fund raises, and detailed portfolio data for investment firms and individual angel investors. We aim to capture the entirety of the crypto domain, offering users a holistic perspective of investments and fundraising activities within the sector.

The foundation for our database was strengthened with the acquisition of Dove Metrics in July 2022. Our dedicated team of analysts then dove deep into manual research to enrich, backfill, and complete fundraising data where public information is available. Our process involves meticulous analysis of leading news outlets, company documentation, and collaboration with blockchain teams and investment firms.

As the dynamic crypto fundraising world evolves, we will continually refine our dataset, updating and incorporating new information as it surfaces.

Which companies are included?

The database encompasses a broad spectrum of companies including crypto and NFT projects, metaverse platforms, and gaming entities. Also featured are service-focused firms and key infrastructure entities ranging from mining services to exchanges, wallets, and market makers.

It's important to note that the database omits companies with only a tangential link to blockchain or those where crypto is not a core aspect of their business. All companies are listed by their most recent names to stay current, ensuring any rebrands or evolutions are accurately captured.

Classification

Projects, organizations, and investors are classified via the Messari Classification System.

Definitions

Funding Rounds

Dates

We determine the announcement date mainly from the date associated with a fundraising round announcement. It is worth noting that the announcement date differs from when the funding round closed, as this information is often private.

Additionally, in the database, some announcements may refer to previous fundraising rounds for the company. To ensure that we maintain a consistent and comprehensive dataset and to support accurate historical comparisons, we follow these guidelines when approximating dates:

If we have the day, month, and year, list the date
If we have the month and year, use the first day of the month (for example, November 2017 would be 11/1/2017)
If we have only a year, use the first day of the year (for example, “in 2016” would be 1/1/2016)

Announcement URL

This is a direct link to an announcement related to the fundraising round. We prioritize announcements directly from the funded team or an investor involved in the round. If such primary sources are unavailable, we rely on reputable news outlets like Coindesk, Techcrunch, and others for this information.

Type

We categorize the "type" based on the funding stage specified in the announcement article. For non-standard investment types, we use the following guidelines:

Unknown: This category is used when the round's stage is not detailed in the announcement or doesn't align with a typical investment category.
Strategic: These investments, typically highlighted in announcements, involve either one firm's investment in another or occur at intervals between recognized stages, like Series A, Series B, etc.
Private Token Sale: Represents token investments that are exclusively accessible to certain individuals or entities and not to the general public.
Public Token Sale: This includes a range of public fundraising techniques such as ICOs, IDOs, IEOs, and other similar crowdfunding mechanisms.

Messari aims to accurately classify funding rounds into as many relevant stages as possible.

Stage

A classification that indicates the specific phase or period of financial investment a company is in. The nature and purpose of the capital raised typically identifies this stage.

Seed: Encompasses both Seed and Pre-seed investment phases.
Early Stage Venture: Covers all equity investments that occur post-Seed but before reaching Series C.
Late Stage Venture: Represents equity investments starting from Series C up to, but not including, the IPO.
Public Equity Offering: Refers to an Initial Public Offering (IPO) or similar events.
Post-Public Equity: Investments made following the completion of an IPO.
Miscellaneous: Pertains to fundraising rounds that don't align with the above categories. This includes but is not limited to, strategic investments, token sales, and others.

Amount

The recorded amount is in USD for each fundraising round as of the date linked to that round. If the initial announcement is in a different currency, we convert that amount to USD using the exchange rate for the currency pair on the date associated with the funding round.

Please note amounts in an announcement labeled as "expected to raise" or "seeks to raise" aren't included. These figures are logged in the database as zero since we can't verify the amount received.

Valuation

Messari uses the post-money valuation when the information is available.

Investors

Messari aims to provide a thorough list of investment firms and individual angel investors for each funding round to offer comprehensive investment portfolios. Our displayed information results from analyzing various sources, including multiple announcements, official company documents, reviews of investment firm portfolios, and more. It's important to highlight that the linked announcement for a round may not list every investor mentioned, but this information was verified elsewhere.

Often, complete details emerge gradually and might not be available during the initial announcement. Messari will consistently update and enhance the database as new data surfaces.

Data Challenges

Due to the private nature of venture fundraising deals, the dataset is constrained by what is publicly available. As such, the database reflects the information available in public announcements. This methodology injects inherent biases in the data, reflected below:

Availability of Deal Data

The process for sourcing and aggregating crypto fundraising deals is a manual process that requires many broad data sources. Public information is most available for prominent and bigger investment firms and companies. As such, the data is inherently skewed towards these larger entities. Smaller investment firms and projects will be less represented in the dataset, but this information has been logged where available.

Additionally, it is common for all sizes of companies to have their initial fundraising activities unannounced to the public. As a result, when examining the database from a perspective of complete information for a company’s fundraising activities, especially in terms of the total amount raised, these preliminary and typically smaller fundraising rounds might be absent.

Data Latency

Fundraising rounds close well before being announced to the public. The fundraising close date is often not available to the public. When aggregating data based on publicly available information, there is an inherent bias representing a lag between the closed date and the announced date.

Investors

Some investment firms or angel investors may invest in a company but ask to be left off the announcement of the fundraising round. Additionally, fundraising announcements include some iteration of “with additional investors.” Messari aims to present complete investor information for fundraising rounds and investor portfolios, but this is not always possible.

Corrections

Messari actively seeks to present the most complete and accurate data for crypto fundraising. We will continually monitor, backfill, and correct incomplete or incorrect data. If you want to see your investment firm or company’s data in the database, please contact [email protected].

Funding Rounds Screener

You'll find below the complete list of metrics and definitions available in our Funding Rounds screener.

Metric Name	Definition
Type	Funding Round Types are granular classifications of rounds that include Pre Seed, Seed, Series A, Series B, Series C and 25 others types.
Stage	Funding Round Stages are high-level classifications of rounds that include Seed, Early Stage Venture, Late Stage Venture, Public Equity Offering, Post Public Equity, Miscellaneous. For a more detailed classification, refer to our Type field
Date	The date at which the funding round was announced. Note that this is different to the date at which the funding round was closed.
Amount Raised	Total amount raised in USD during the funding round, when available. Note that for rounds that were not denominated in US dollars, we apply the currency conversion rate at the date of the announcement.
Funded Entity	The entity that received funding through the funding round.
Investors	Investors that have invested in the funding round, according to available data. Note that this may be a subset of the real list of investors, as some investors may not be disclosed publicly. If you notice any data inaccuracy, or want to disclose information about missing investors, you can contact us at [email protected] .
Investor Count	The total number of investors that invested in the funding round, according to available data. Note that this may be a subset of the real total number of investors, as some investors may not be disclosed publicly.
Lead Investors	Lead investors that have invested in the funding round, according to available data. Note that this may be a subset of the real list of investors, as some investors may not be disclosed publicly. If you notice any data inaccuracy, or want to disclose information about missing investors, you can contact us at [email protected] .
Post Money Valuation	Post-money Valuation is a way of expressing the value of the funded entity after the funding round. This value is equal to the sum of the pre-money valuation and the amount of new equity. Note that most often, Post Money Valuation is undisclosed and not available.
Funded Entity Sector	The Messari Category Classification of the entity that received funding. Categories are high-level groups used to classify crypto market participants. Each category is composed of multiple sectors. Each entity can only belong to a single category. Categories include Networks, Markeplaces, Consumer Infrastructure, Metaverse & Gaming and 20 others.
Funded Entity Category	.The Messari Tag Classification of the entity that received funding. Tags are free form ways to classify crypto market participants. An entity may have multiple tags, although it can only have a single sector and category. Tags include DeFi, DePin, DAO, Multisig Wallet and 50+ others.
Funded Entity Networks	Networks of the native asset / protocol(s) launched by the entity that received funding. We aggregate all unique networks across the native assets and all underlying protocol. For example, in the case of AAVE, we will list all networks where the AAVE token is deployed, and where the different protocol versions (V3, V2 etc...) have been deployed as well.
Has native asset?	Specifies whether the entity that received funding is part of a project that has a native asset that is currently tracked by Messari. For example, in the case of AAVE, this field will be TRUE, where in the case of Messari, this field will be FALSE.
Native Asset MarketCap	The current marketcap of the native asset of the entity that has received funding, if it is part of a project that has a native asset that is currently tracked by Messari.
Funded Entity City	The city where the funded entity is located. Note that at the moment we do not support multiple cities per entity. As a result the city specified will be the primary location of the funded entity. Also note that in some cases this datapoint may be unavailable.
Funded Entity Country	The country where the funded entity is located. Note that at the moment we do not support multiple countries per entity. As a result the country specified will be the primary location of the funded entity. Also note that in some cases this datapoint may be unavailable.
Funded Entity Region	The region where the funded entity is located. Note that at the moment we do not support multiple regions per entity. As a result the region specified will be the primary location of the funded entity. Also note that in some cases this datapoint may be unavailable.
Funded Entity State	The state where the funded entity is located. Note that at the moment we do not support multiple states per entity. As a result the state specified will be the primary location of the funded entity. Also note that in some cases this datapoint may be unavailable.
Funded Entity Subregion	The subregion where the funded entity is located. Note that at the moment we do not support multiple subregion per entity. As a result the subregion specified will be the primary location of the funded entity. Also note that in some cases this datapoint may be unavailable.

Investor Screener

You'll find below the complete list of metrics and definitions available in our Investor Screener.

Metric Name	Category	Definition
Type	General	High-level classification system used for investors. Types include Investment Firms, Angel Investors, DAOs, Corporates, Foundations, Incubators & Accelerators as well as whether the investor is Crypto Native or Non-Crypto Native.
City	General	The city where the investor is located. Note that at the moment we do not support multiple cities per investor. As a result the city specified will be the primary location of the investor. Also note that in some cases this datapoint may be unavailable.
State	General	The state where the investor is located. Note that at the moment we do not support multiple states per investor. As a result the state specified will be the primary location of the investor. Also note that in some cases this datapoint may be unavailable.
Country	General	The country where the investor is located. Note that at the moment we do not support multiple countries per investor. As a result the country specified will be the primary location of the investor. Also note that in some cases this datapoint may be unavailable.
Subregion	General	The subregion where the investor is located. Note that at the moment we do not support multiple subregions per investor. As a result the subregion specified will be the primary location of the investor. Also note that in some cases this datapoint may be unavailable.
Region	General	The region where the investor is located. Note that at the moment we do not support multiple regions per investor. As a result the region specified will be the primary location of the investor. Also note that in some cases this datapoint may be unavailable
Founded on	General	The date when the investment firm was founded, based on publicly disclosed data.
Funded Rounds	Investments	The list of publicly disclosed rounds funded by an investor. Note that this only reflects publicly disclosed rounds, for which the funded entity has a crypto component. As such this may be not include all the rounds a given investor has partitipated in across all industries, and in crypto, given not all rounds are publicly disclosed and the investor list is not always fully disclosed. We are continuously working to improve our coverage. If you notice any data inaccuracy, or want to disclose information about missing investors, you can contact us at [email protected] .
Funded Entities	Investments	The list of unique entities funded by an investor based on its participation in funding rounds. If an investor participated in multiple rounds for the same entity, this entity will only be listed once.
Funded Funds	Investments	The list of publicly disclosed funds funded by an investor. Note that this only reflects publicly disclosed funds that have a total or partial crypto focus, and have disclosed their Limited Partners. As such this may be lower than the total number of funds a given investor has funded. We are continously working to improve our coverage. If you notice any data innacuracy, or want to disclose information about missing investors, you can contact us at [email protected] .
Funded Rounds Count	Investments	The total number of publicly disclosed rounds funded by an investor. Note that this only reflects publicly disclosed rounds, for which the funded entity has a crypto component. As such this may be lower than the total number of rounds a given investor has participated in across all industries, and in crypto, given not all rounds are publicly disclosed and the investor list is not always fully disclosed. We are continuously working to improve our coverage. If you notice any data inaccuracy, or want to disclose information about missing investors, you can contact us at [email protected] .
Funded Entities Count	Investments	The count of unique entities funded by an investor based on its participation in funding rounds. If an investor has participated in multiple rounds for the same entity, this entity will only be counted once.
Funded Funds Count	Investments	The total number of publicly disclosed funds funded by an investor. Note that this only reflects publicly disclosed funds that have a total or partial crypto focus, and have disclosed their Limited Partners. As such this may be lower than the total number of funds a given investor has funded. We are continuously working to improve our coverage. If you notice any data inaccuracy, or want to disclose information about missing investors, you can contact us at [email protected] .
Round Amount	Investments	The mean, median, min, max amount raised for funding rounds an investor participated in a given period.
Co-Investors	Investments	Co-investors are investors which regularly invest in the same rounds as the given investor. In order to be considered a co-investor, the investor must have participated in at least 25% of the same rounds as the other investor and at least 3 rounds in total. Only the top 15 co-investors by the number of rounds shared are included.
Last Investment	Investments	The last publicly disclosed funding round an investor participated in, as tracked by Messari. Note that this only reflects publicly disclosed rounds, for which the funded entity has a crypto component..
First Investment	Investments	The first publicly disclosed funding round an investor participated in, as tracked by Messari. Note that this only reflects publicly disclosed rounds, for which the funded entity has a crypto component.
First Investment Date	Investments	The date of the last publicly disclosed funding round an investor participated in, as tracked by Messari. Note that this only reflects publicly disclosed rounds, for which the funded entity has a crypto component.
Last Investment Date	Investments	The date of the first publicly disclosed funding round an investor participated in, as tracked by Messari. Note that this only reflects publicly disclosed rounds, for which the funded entity has a crypto component.
Investment Count by Deal Stage	Investment Behavior	The number of funding rounds an investor participated in with specified stage over the specified time period. Funding round stages are high-level classifications of rounds that include Seed, Early Stage Venture, Late Stage Venture, Public Equity Offering, Post Public Equity, Miscellaneous. For a more detailed classification, refer to our Type field.
Investment Count by Deal Type	Investment Behavior	:The number of funding rounds an investor participated in with the specified type over the specified time period. Funding round types are granular classifications of rounds that include Pre Seed, Seed, Series A, Series B, Series C and 25 other types.
Investment Count by Sector	Investment Behavior	The number of times an investor invested in the specified sector, derived from the entity funded, over the specified time period. Sectors are granular groups used to classify crypto market participants. Each sector has a unique parent category. Each entity can only belong to a single sector. For entities that may fit into multiple sectors, we apply the sector that is best suited based on the primary business model, revenue source or application. Sectors include Smart Contract Platform, Exchange, Analytics, Gaming and 80 others.
Investment Count by Category	Investment Behavior	The number of times an investor invested in the specified category, derived from the entity funded, over the specified time period. The Messari Category Classification of the entity that received funding. Categories are high-level groups used to classify crypto market participants. Each category is composed of multiple sectors. Each entity can only belong to a single category. Categories include Networks, Marketplaces, Consumer Infrastructure, Metaverse & Gaming and 20 others
Investment Count by Tag	Investment Behavior	The number of times an investor invested in an entity with the specified tag over the specified time period. Tags are free form ways to classify crypto market participants. An entity may have multiple tags, although it can only have a single sector and category. Tags include DeFi, DePin, DAO, Multisig Wallet and 50+ others.
Most Common Investment Type	Investment Behavior	The most common funding round type that an investor invested in. Funding round types are granular classifications of rounds that include Pre Seed, Seed, Series A, Series B, Series C and 25 others types.
Most Common Investment Stage	Investment Behavior	The most common funding round stage that an investor invested in. Funding round stages are high-level classifications of rounds that include Seed, Early Stage Venture, Late Stage Venture, Public Equity Offering, Post Public Equity, Miscellaneous. For a more detailed classification, refer to our funding round Type field.
Most Common Investment Sector	Investment Behavior	The most common sector among the entities that an investor invested in. Sectors are granular groups used to classify crypto market participants. Each sector has a unique parent category. Each entity can only belong to a single sector. For entities that may fit into multiple sectors, we apply the sector that is best suited based on the primary business model, revenue source or application. Sectors include Smart Contract Platform, Exchange, Analytics, Gaming and 80 others
Most Common Investment Category	Investment Behavior	The most common category among the entities that an investor invested in. Categories are high-level groups used to classify crypto market participants. Each category is composed of multiple sectors. Each entity can only belong to a single category. Categories include Networks, Markeplaces, Consumer Infrastructure, Metaverse & Gaming and 20 others.
Limited Partners	Funding	The Limited Partners (LPs) that have invested in funds where the investor is the Fund Manager. LPs are investors in a fund like shareholders in a corporation. Note that the detailed list of LPs is not always available. Also note that the Messari Funds dataset focused on funds that invest in crypto projects and companies. As such, for non-crypto native investors that have raised funds targeted entirely or partialy toward crypto, we will only track those funds and associated LPs.
Limited Partners Count	Funding	The number of unique Limited Partners (LPs) that have invested in funds where the investor is the Fund Manager. LPs are investors into a fund like shareholders in a corporation. Note that the detailed list of LPs is not always available. Also note that the Messari Funds dataset focused on funds that invest in crypto projects and companies. As such, for non-crypto native investors that have raised funds targeted entirely or partially toward crypto, we will only track those funds and associated LPs

Funds Screener

You'll find below the complete list of metrics and definitions available in our Funds screener.

Metric Name	Definition
Date	Date at which the fund was announced, or at which the last amendment was signed in the case of a Form D.
Amount Raised	Total amount raised by the fund from Limited Partners (LPs), when available. Data is sourced from press releases, blog posts, news and fillings (Form D). Note that this data may change as Form D filing amendments occur.
Fund Managers	Firm managing the fund that has been raised. Note that some funds may have multiple fund managers.
Limited Partners	Limited Partners (LPs) are the investors into the fund like shareholders in a corporation. Note that the detailed list of LPs is not always available.
Limited Partners Count	Total number of Limited Partners that have invested in the fund. Limited Partners (LPs) are the investors into the fund like shareholders in a corporation. Note that the detailed list of LPs is not always available.

M&A Screener

You'll find below the complete list of metrics and definitions available in our M&A screener.

Metric Name	Definition
Date	Announcement date of the merger or acquisition.
Price	The settlement price of the acquisition or merger, when available. Note that most often, this price is undisclosed and not available.
Acquired Company	The entity that was acquired through the deal.
Acquiring Company	The entity that performed an acquisition through the deal.
Acquired Company Sector	The Messari Sector Classification of the entity that was acquired through the deal. Sectors are granular groups used to classify crypto market participants. Each sector has a unique parent category. Each entity can only belong to a single sector. For entities that may fit into multiple sectors, we apply the sector that is best suited based on the primary business model, revenue source or application. Sectors include Smart Contract Platform, Exchange, Analytics, Gaming and 80 others.
Acquired Company Category	The Messari Category Classification of the entity that was acquired through the deal. Categories are high-level groups used to classify crypto market participants. Each category is composed of multiple sectors. Each entity can only belong to a single category. Categories include Networks, Marketplaces, Consumer Infrastructure, Metaverse & Gaming and 20 others.
Acquired Company Tags	The Messari Tag Classification of the entity that was acquired through the deal. Tags are free form ways to classify crypto market participants. An entity may have multiple tags, although it can only have a single sector and category. Tags include DeFi, DePin, DAO, Multisig Wallet and 50+ others.