Depay raises $4M seed round as Web3 venture funding holds steady
North Island Ventures led Depay's $4 million seed round, one of several recent Web3 deals suggesting investors remain willing to back crypto projects despite a quieter market.
DepayTL;DR:
- Web3 startups continue raising seed rounds, though at smaller sizes than during the 2021-2022 boom
- Investors are backing projects with working products rather than speculative pitches
- Stable crypto prices over the past quarter give Depay breathing room to build
- DCG and other strategic backers could help with introductions and future fundraising
- Depay hasn't said what it's building or how it plans to spend the money
Depay closes $4M seed round
Depay, a Web3 startup that hasn't disclosed exactly what it does, raised $4 million in seed funding. The round closed on April 14, 2026.
North Island Ventures led the round. Other investors include CMT Digital, Verda Ventures, Onigiri Capital, Digital Currency Group (DCG), and Hash3. The company didn't share its valuation or say how it plans to use the money.
| Detail | Info | |--------------|---------| | Project | Depay | | Sector | Web3 (specifics undisclosed) | | Round | Seed | | Amount | $4 million | | Valuation | Not disclosed | | Lead investor | North Island Ventures | | Other investors | CMT Digital, Verda Ventures, Onigiri Capital, DCG, Hash3 | | Announced | April 14, 2026 |
The raise fits the current pattern for Web3 seed rounds, which have averaged $3-5 million recently. That's down from the larger checks VCs wrote in 2021 and 2022, but deal flow has stayed consistent.
The investor lineup
Digital Currency Group is the most recognizable name in the round. DCG's portfolio includes Coinbase and Grayscale, so their participation suggests Depay fits somewhere in the broader crypto infrastructure space—though that's speculation without more details from the company.
A few things stand out about who's in and who's not:
- North Island Ventures focuses on blockchain infrastructure, which may hint at Depay's direction
- Onigiri Capital has an Asia-Pacific focus, suggesting potential international expansion plans
- No big tech investors appeared—this is crypto-native money backing crypto-native projects
- DCG and Hash3 have networks that could help with Series A introductions down the line
The lack of disclosure is normal for seed-stage crypto companies, though it makes the investment harder to evaluate. We don't know if investors bought equity, tokens, or some combination. We don't know what Depay is building or who its competitors are.
What we do know: VCs are still writing checks for Web3 projects. The 2022-2023 downturn didn't kill interest in the space—it just made investors pickier. Rounds are smaller, due diligence takes longer, and founders need to show more than a whitepaper.
Depay now has enough runway to build something and come back for a Series A. Whether that happens depends on what they're actually working on, which they haven't told us yet.