Venture capital firm
Paradigm portfolio
paradigm.xyzParadigm is a venture capital firm based in San Francisco, United States, founded in 2018. It has invested in 82 venture-backed companies across 108 funding rounds on VCMC, and led 54 of those rounds. 13 of them were in the last 12 months.
82
Venture-backed companies
in its portfolio on VCMC
108
Funding rounds
led 54
13
Last 12 months
rounds, Oct 2025 to Sep 2026
41
With a disclosed valuation
of 82 companies
$136.0B
Combined value of its private companies
the whole companies, not what Paradigm owns
79 private companies Paradigm has backed have a VCMC valuation; together they are worth $136.0B. That is the value of the whole companies, not what Paradigm owns. Citadel Securities is 22% of the total. 3 companies it backed have since been acquired and are not included. How VCMC values companies.
Values cover private companies only; public companies are not included.
Portfolio
Paradigm's most valuable portfolio companies
The 10 most valuable private companies Paradigm has backed, by VCMC's valuation. Values cover private companies only; public companies are not included.
- 1 Citadel Securities Financial Services, Miami $29.6B range $4.4B – $34.1B Joined at Series D, 2022
- 2 Kalshi Financial Services, New York $25.2B range $19.1B – $34.0B Led at Series C, 2025
- 3 OpenSea Tech Companies, Miami $10.7B range $1.5B – $21.9B Led at Series C, 2022
- 4 Zipline Airline Companies, South San Francisco $8.9B range $6.6B – $11.4B Joined at Series H+, 2026
- 5 Fireblocks Software Development Services, Tel Aviv $7.5B range $1.1B – $11.2B Led at Series B, 2020
- 6 Chainalysis Tech Companies, New York $7.4B range $832M – $12.7B Led at Series D, 2021
- 7 Cryptocurrency, San Francisco $4.1B range $2.4B – $4.7B Led at Series C, 2025
- 8 Amber Group Investment Consultants & Financial Advisors, Singapore $3.1B range $395M – $4.3B Joined at Series B, 2022
- 9 True Anomaly Aerospace and Defence, Centennial $2.6B range $1.9B – $3.6B Joined at Series D, 2026
- 10 Antares Electronical Components Manufacturing, Torrance $2.5B range $1.7B – $4.5B Led at Series C, 2026
Portfolio
Full Paradigm portfolio (82 companies)
82 companies. Load more shows the rest.
| # | Last round | History | Range | Trend | Grade | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kalshi Financial Services · led at Series C, 2025 | Series F May 2026 $1.00B | $25.2B | $19.1B – $34.0B | $29.6B (+17%) | $3.3B | 0% | 583 | growing | A | |
| 2 | Zipline Airline Companies · since Series H+, 2026 | Series H Mar 2026 $800M | $8.9B | $6.6B – $11.4B | $9.9B (+11%) | $1.1B | 0% | 1,662 | unknown | A | |
| 3 | FTX Cryptocurrency · led at Series B, 2021 | Series C Jan 2022 $400M | $238M | $0 – $238M | $238M (0%) | – | 100% | 63 | shrinking | dead | |
| 4 | Citadel Securities Financial Services · since Series D, 2022 | Series D Jan 2022 $1.15B | $29.6B | $4.4B – $34.1B | $28.2B (-5%) | $3.6B | 0% | 2,443 | up | D | |
| 5 | Fireblocks Software Development Services · led at Series B, 2020 | Series E Jan 2022 $550M | $7.5B | $1.1B – $11.2B | $7.2B (-4%) | $1.4B | 0% | 970 | up | D | |
| 6 | True Anomaly Aerospace and Defence · since Series D, 2026 | Series D Apr 2026 $650M | $2.6B | $1.9B – $3.6B | $3.1B (+20%) | $345M | 0% | 502 | growing | B | |
| 7 | Antares Electronical Components Manufacturing · led at Series C, 2026 | Series C Jul 2026 $470M | $2.5B | $1.7B – $4.5B | $3.2B (+25%) | $347M | 0% | 147 | growing | B | |
| 8 | Amber Group Investment Consultants & Financial Advisors · since Series B, 2022 | Series C Dec 2022 $300M | $3.1B | $395M – $4.3B | $2.9B (-7%) | $500M | 0% | 614 | flat | D | |
| 9 | Chainalysis Tech Companies · led at Series D, 2021 | Series F May 2022 $170M | $7.4B | $832M – $12.7B | $6.8B (-8%) | $1.4B | 10% | 805 | flat | D | |
| 10 | Kapital Bank Banks & ATMs · since Seed, 2022 | Series C Sep 2026 $125M | $1.3B | $914M – $2.4B | $1.7B (+26%) | $226M | 0% | 3,647 | growing | B | |
| 11 | OpenSea Tech Companies · led at Series C, 2022 | Series C Jan 2022 $300M | $10.7B | $1.5B – $21.9B | $10.1B (-6%) | $2.4B | 33% | 701 | flat | D | |
| 12 | BlockFi Cryptocurrency · since Series D, 2021 | Series D Mar 2021 $350M | $30.3M | $0 – $30.3M | $30.3M (0%) | – | 100% | 179 | flat | dead | |
| 13 | Euler Finance Cryptocurrency · led at Series A, 2021 | Growth Equity Jun 2022 $32M | $236M | $24.5M – $474M | $236M (0%) | $42.7M | 0% | 3 | unknown | D | |
| 14 | Tech Companies · since Series C, 2022 | Series C Apr 2022 $150M | $510M | $49.2M – $1.2B | $503M (-1%) | $114M | 11% | 6 | unknown | D | |
| 15 | Credit Reporting Services · since Series B, 2020 | Series D Oct 2025 $35M | $495M | $289M – $758M | $415M (-16%) | $63.8M | 59% | 127 | flat | B | |
| 16 | Hobby Shops · since Series B, 2021 | Series B Nov 2021 $75M | $350M | $30.3M – $511M | $335M (-4%) | $53.6M | 0% | 183 | up | D | |
| 17 | Motorcycle Dealers & Rentals · since Series C, 2023 | Series C Sep 2023 $50M | $613M | $295M – $870M | $613M (0%) | $82.3M | 0% | 1,518 | growing | B | |
| 18 | Tech Companies · led at Series B, 2023 | Series B Jul 2023 $60M | $857M | $177M – $1.8B | $711M (-17%) | $181M | 23% | 46 | flat | D | |
| 19 | Tech Companies · led at Series A, 2023 | Acquisition Jun 2025 | $198M acquired 2025 | $73.0M – $281M | – | – | 0% | 22 | up | C | |
| 20 | Tech Companies · since Series A, 2019 | Other Oct 2020 $11M | $8.84M | $4.80M – $22.5M | $8.81M (0%) | $17.2M | 97% | 27 | shrinking | C | |
| 21 | Tech Companies · since Seed, 2024 | Seed Dec 2025 $10M | $117M | $45.7M – $184M | $130M (+11%) | $23.3M | 0% | 12 | growing | C | |
| 22 | Software Development Services · led at Seed, 2026 | Seed Aug 2026 $9.0M | $67.7M | $39.4M – $183M | $120M (+77%) | $21.6M | 0% | 16 | growing | C | |
| 23 | Tech Companies · led at Seed, 2023 | Seed Dec 2023 $9.0M | $115M | $12.2M – $175M | $115M (0%) | $20.8M | 0% | 5 | unknown | D | |
| 24 | Cryptocurrency · led at Series A, 2021 | Series A Feb 2021 $6.7M | $18.9M | $1.26M – $64.7M | $18.3M (-4%) | $6.58M | 28% | 1 | unknown | D | |
| 25 | Hosting & Cloud Infrastructure Providers · since Series A, 2022 | Series A Sep 2022 $8.0M | $12.5M | $4.27M – $90.1M | $9.28M (-26%) | $11.2M | 97% | 9 | down | D | |
| 26 | Aerospace and Defence · since Series A, 2024 | Series A Feb 2024 $7.0M | $81.8M | $30.9M – $124M | $78.7M (-4%) | $11.4M | 0% | 79 | growing | C | |
| 27 | Hosting & Cloud Infrastructure Providers · since Seed, 2020 | Seed Sep 2020 $3.0M | $4.92M | $1.31M – $53.2M | $4.90M (0%) | $7.20M | 97% | 14 | down | D | |
| 28 | Tech Companies · since Seed, 2024 | Seed Aug 2024 $3.9M | $70.5M | $11.6M – $107M | $70.5M (0%) | $12.7M | 0% | 8 | unknown | D | |
| 29 | Tech Companies · led at Series A, 2025 | Series A May 2025 | $106M | $48.5M – $122M | $106M (0%) | $17.1M | 0% | 2 | unknown | B | |
| 30 | Cryptocurrency · led at Growth, 2021 | Acquisition Jun 2026 $500M | $5.0B acquired 2026 | $562M – $7.6B | – | – | 0% | 260 | up | D | |
| 31 | Payment Processing & Point of Sale · led at Growth, 2022 | Growth Equity Jun 2025 $175M | $2.2B | $1.0B – $3.3B | $2.2B (0%) | $195M | 0% | 91 | flat | B | |
| 32 | Cryptocurrency · since Series C, 2021 | Series C May 2021 $250M | $1.9B | $277M – $3.0B | $1.9B (-3%) | $384M | 0% | 876 | up | D | |
| 33 | Cryptocurrency · led at Series A, 2021 | Series C Oct 2021 $260M | $728M | $119M – $2.7B | $643M (-12%) | $330M | 45% | 425 | flat | D | |
| 34 | Tech Companies · led at Series A, 2025 | Series B Oct 2026 $90M | $1.5B | $1.3B – $2.6B | $2.3B (+47%) | $248M | 0% | 70 | growing | B | |
| 35 | Cryptocurrency · led at Growth, 2026 | Growth Equity Jun 2026 $175M | $2.1B | $1.7B – $2.5B | $2.2B (+6%) | $216M | 0% | 70 | up | A | |
| 36 | Tech Companies · led at Series A, 2018 | Series D May 2022 $100M | $1.8B | $1.1B – $4.7B | $1.4B (-19%) | $1.7B | 97% | 157 | shrinking | C | |
| 37 | Tech Companies · led at Series A, 2021 | Series B Aug 2021 $130M | $730M | $154M – $2.4B | $683M (-6%) | $354M | 57% | 140 | down | D | |
| 38 | Software Development Services · led at Growth, 2022 | Growth Equity Aug 2022 $200M | $1.5B | $200M – $2.6B | $1.5B (-1%) | $219M | 0% | 103 | flat | D | |
| 39 | Tech Companies · led at Series A, 2024 | Series A May 2024 $150M | $572M | $409M – $1.0B | $233M (-59%) | $279M | 97% | 19 | shrinking | B | |
| 40 | Cryptocurrency · since Series A, 2020 | Series B Oct 2022 $165M | $1.8B | $257M – $2.6B | $1.5B (-15%) | $301M | 21% | 215 | flat | D | |
| 41 | Payment Processing & Point of Sale · led at Series B, 2025 | Series C Jan 2026 $75M | $1.3B | $869M – $1.6B | $1.4B (+9%) | $153M | 0% | 161 | growing | B | |
| 42 | Cryptocurrency · led at Series A, 2022 | Series B Jun 2022 $130M | $286M | $193M – $811M | $225M (-21%) | $436M | 97% | 125 | shrinking | C | |
| 43 | Cryptocurrency · led at Series C, 2025 | Series C Jan 2025 $150M | $4.1B | $2.4B – $4.7B | $4.1B (0%) | $449M | 0% | 327 | up | B | |
| 44 | Tech Companies · led at Seed, 2020 | Series B Mar 2022 $150M | $2.5B | $165M – $2.8B | $2.5B (0%) | $313M | 0% | 3 | unknown | D | |
| 45 | Software Development Services · since Series B, 2022 | Series C Jul 2026 $125M | $1.1B | $730M – $1.7B | $994M (-11%) | $159M | 97% | 55 | shrinking | B | |
| 46 | Aerospace and Defence · since Seed, 2021 | Series B Apr 2025 $100M | $828M | $313M – $1.2B | $802M (-3%) | $95.7M | 10% | 78 | flat | C | |
| 47 | Tech Companies · since Growth, 2018 | Growth Equity Aug 2018 $102M | $306M | $165M – $1.1B | $306M (0%) | $205M | 97% | 207 | down | C | |
| 48 | Tech Companies · led at Series A, 2021 | Series B Dec 2022 $100M | $137M | $51.8M – $789M | $89.0M (-35%) | $76.3M | 97% | 82 | down | D | |
| 49 | Metal Fabrication Services · led at Growth, 2026 | Growth Equity May 2026 $110M | $1.1B | $878M – $1.4B | $1.2B (+10%) | $107M | 0% | 160 | growing | A | |
| 50 | Payment Processing & Point of Sale · led at Series B, 2025 | Series B Mar 2025 $82M | $746M | $383M – $1.1B | $746M (0%) | $82.1M | 0% | 161 | growing | B |
Valuation: VCMC's valuation with its range, from a low to a high scenario; a company with no valuation shows a dash, one acquired after its last round its last value as a private company.
Activity
How Paradigm invests: stages, industries and countries
Most of its rounds are Series C and later (35%). Its companies span 21 industries, most in Tech Companies, Cryptocurrency and Software Development Services, across 15 countries.
Rounds by stage
- Seed 19
- Series A 33
- Series B 18
- Series C and later 38
Investments by industry
- Tech Companies 25
- Cryptocurrency 20
- Software Development Services 12
- Aerospace and Defence 3
- Financial Services 3
- Payment Processing & Point of Sale 3
- Hosting & Cloud Infrastructure Providers 2
- Airline Companies 1
Investments by country
- United States 56
- Cayman Islands 6
- Singapore 3
- Switzerland 3
- Canada 2
- Israel 2
Recent rounds
Paradigm's latest investments
Paradigm's most recent funding rounds, newest first. 13 rounds in the last 12 months.
- Seed, led $9.0M 21 Aug 2026
- Antares Series C, led $470M 27 Jul 2026
- Series B $75M 13 Jul 2026
- Growth, led $175M 9 Jun 2026
- Growth, led $110M 19 May 2026
- Kalshi Series F $1.00B 7 May 2026
- True Anomaly Series D $650M 28 Apr 2026
- Zipline Series H+ $800M 23 Mar 2026
- Series C $75M 27 Jan 2026
- Seed, led $7.1M 14 Jan 2026
Co-investors
Paradigm's top co-investors
The investors that most often join the same rounds as Paradigm. Andreessen Horowitz leads, with 23 rounds together.
- Andreessen Horowitz 23 rounds together
- Sequoia Capital 20 rounds together
- 15 rounds together
- Tiger Global 12 rounds together
- Ribbit 11 rounds together
- Y Combinator 11 rounds together
- 10 rounds together
- Coatue 10 rounds together
- General Catalyst 9 rounds together
- 8 rounds together
About
About Paradigm
Paradigm Operations LP is an American investment firm that operates in the venture capital and financial services sectors, with a focus on cryptocurrency and blockchain technology. The company provides funding and support for early-stage crypto companies and protocols, and engages in open-source software development and research. Paradigm also offers advisory services related to product and business strategy, and collaborates with builders and researchers to advance crypto technology.
Description from Veridion's company data.
- Founded
- 2018
- Based in
- San Francisco, United States
- Team
- 145 people, +22% in a year
- Type
- Venture capital firm
Focus markets
- Financial Services
- Technology
What Paradigm offers
- Crypto Venture Capital Investment
- Crypto Company Funding
- Crypto Protocol Funding
- Crypto Technology Research and Development
- Open-Source Crypto Software Development
- Crypto Infrastructure Tool Development
- Crypto Protocol Design and Implementation
- Crypto Industry Advisory Services
Questions
Paradigm: frequently asked questions
How many companies has Paradigm invested in?
82 venture-backed companies on VCMC, across 108 funding rounds.
What are Paradigm's most valuable private companies?
Citadel Securities ($29.6B), Kalshi ($25.2B), OpenSea ($10.7B), by VCMC's valuation.
What was Paradigm's latest investment?
Idler, a Seed round in Aug 2026 of $9.0M, which Paradigm led.
Which stages does Paradigm invest in?
Paradigm invests most often at Series C and later (38 rounds), followed by Series A (33) and seed (19). It has also joined 18 Series B rounds.
What is Paradigm's portfolio worth?
Its private companies with a VCMC valuation are worth $136.0B together. That is the sum of the companies' values, not what Paradigm owns.
Who does Paradigm invest alongside?
Andreessen Horowitz (23 rounds), Sequoia Capital (20 rounds), Electric Capital (15 rounds).