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Protagonist is a Miami-based early-stage venture capital firm and product-building studio that backs founders building emerging technology businesses across crypto, AI, fintech, and consumer sectors. Originally named Ship Capital, the firm was founded in 2022 and launched with a $100M fund focused on early-stage crypto and web3 companies.
Deal activity decreased year-over-year (1 deals in the last 12 months vs 5 prior). Their most common stage is seed (52% of deals). Average disclosed round size is $32.2M (across 23 rounds with reported amounts).
Portfolio
25
Fund Size
$100M
Top Stage
Seed
Last 12 Mo
1
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
27 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Temple | Seed | $5M | Oct 2025 |
 Exowatt | Series A | $50M | Apr 2025 |
 Walrus | Growth | $140M | Mar 2025 |
 ClearGrid | Series A | $10M | Mar 2025 |
 Surus | Seed | $8M | Feb 2025 |
 Silhouette Exchange | Unknown | $3M | Jan 2025 |
 IDA | Seed | $6M | Sep 2024 |
 Aligned Layer | Series A | $20M | Apr 2024 |
| SSentient | Seed | $85M | Jan 2024 |
 Raad | Seed | $2.3M | Jan 2024 |
 Agentio | Seed | $4.3M | Nov 2023 |
| SSite Technologies | Series A | $10M | Sep 2023 |
 Levitate | Series C | — | Apr 2023 |
| FFoap | Seed | $2.3M | Dec 2014 |
| Exowatt | Series A | $50M | — |
 Blok | Seed | $7.5M | — |
 Walrus | Growth | $140M | — |
 Nubit | Seed | $8M | — |
 Arago | Seed | — | — |
 ERA | Seed | $9M | — |
| KKiva AI | Seed | $7M | — |
 LTV.ai | Series A | $5.2M | — |
 AION | Pre-Seed | $25M | — |
| RRaad Labs | Seed | $2.3M | — |
| CClearGrid | Pre-Seed | — | — |
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Top Co-Investors
Wamda Capital3 shared
BYLD3 shared
9Yards Capital3 shared
KBW Ventures3 shared
Hack VC3 shared
dao53 shared
Symbolic Capital3 shared
Lvna Capital3 shared
Karatage3 shared
Franklin Templeton3 shared
Electric Capital3 shared
Standard Crypto3 shared
a16z crypto3 shared
Raptor Group3 shared
CoinFund3 shared
BECO Capital2 shared
Atlas Venture2 shared
8090 Industries2 shared
Atomic2 shared
Overmatch Ventures2 shared
Last updated: 8 September 2026