Token Bay Capital is a venture capital fund manager that invests in blockchain and digital asset startups, with a focus on Web3 infrastructure and decentralized applications across Asia. Founded in 2021 and regulated in the Abu Dhabi Global Market (ADGM), the firm takes a regulatory-first approach to crypto investing.
43% of their portfolio is in Crypto & Web3. Their most common stage is series-a (50% of deals). Average disclosed round size is $17.3M (across 11 rounds with reported amounts).
Portfolio
13
Fund Size
—
Top Stage
Series A
Last 12 Mo
0
Team
LG
Lucy Gazmararian
Founder and Managing Partner
BN
Brian Norman
Fintech Finance & Strategy Executive
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
14 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Zodia Markets Ltd. | Unknown | — | Jul 2025 |
 Soter Insure | Series A | — | Feb 2025 |
 Zodia Markets | Unknown | $18.3M | Jan 2025 |
 Moongate | Seed | $2.7M | Apr 2024 |
 Taiko | Series A | $15M | Mar 2024 |
 Moongate | Seed | $2.7M | Jan 2024 |
| Taiko | Series A | $15M | Jan 2024 |
 dWallet Labs | Pre-Seed | $5M | Aug 2022 |
 InvestaX | Series A | — | Jan 2022 |
 Aspen Digital | Series A | $8.8M | Aug 2021 |
 SOMA finance | Seed | $6.5M | — |
 Talon | Series A | $100M | — |
 MANTRA | Unknown | $11M | — |
 Merkle Science | Series A | $5.8M | — |
Top Co-Investors
Lightspeed Venture Partners3 shared
Flow Traders2 shared
Generative Ventures2 shared
OKX Ventures2 shared
Hashed2 shared
Wintermute Ventures2 shared
Amber Group2 shared
Human Ventures2 shared
Circle Ventures2 shared
The Operating Group2 shared
Digital Currency Group2 shared
Cherubic Ventures2 shared
Animoca Brands2 shared
Kenetic Capital2 shared
Gate Labs2 shared
CMCC Global2 shared
GGV Capital1 shared
W Ventures1 shared
IOSG Ventures1 shared
GSR Ventures1 shared
Last updated: 7 October 2026