What Nonagon Capital does

Nonagon Capital is a privately held venture capital fund headquartered in the San Francisco Bay Area that invests in early-stage cryptocurrency and blockchain-related startups. The firm operates as a group company of Hotlink Co., Ltd., a Japanese conglomerate, and is led by Founding Partners Koki Uchiyama and Kazushi Okamoto with a team of approximately 8-10 individuals including business development, technical research, and internal audit functions. Its core activity is direct equity investment in Web3, DeFi, blockchain gaming, and digital asset startups, with a portfolio of approximately 14 companies spanning DeFi protocols (Nirvana, Hydra Ventures, SONEX), gaming platforms (OpenBlox, Oasys, E-Pal/Balance), music/entertainment (Modhaus), creator economy (Kasagi Lab, Myuuu), digital identity (D3, Noxx), professional services (Acctual), social networks (0xPPL), and developer tools (CookBook).

Beyond traditional venture investing, Nonagon Capital operates an active DeFi management function using Ethena's USDe stablecoin protocol, with total management scale expanded to 1 billion yen (approximately $6.7M USD) in February 2026. The fund's business model is standard venture capital economics: management fees on deployed capital and carried interest on successful exits, with revenue not publicly disclosed. Go-to-market is event-driven and community-led, including participation in major blockchain conferences such as ETHDenver (where representative Kazushi Okamoto moderates AI agent payment panels) and leveraging parent company Hotlink Group's blockchain ecosystem relationships for deal sourcing and validation.

In March 2026, Nonagon Capital announced a strategic partnership with Startale Group to develop proof-of-concept initiatives for JPYSC, Japan's first trust bank-backed yen stablecoin, targeting AI agent-driven payment use cases including agent-to-agent settlements, autonomous purchasing, and real-time micropayments. The firm does not maintain its own product platform; its value proposition is early-stage capital, strategic guidance, and ecosystem connections to blockchain and crypto startups, supplemented by DeFi operational expertise and access to Japanese traditional finance partnerships.

Name

Nonagon Capital

Legal name

Nonagon Capital LLC

Website

https://nonagon.xyz

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Nonagon Capital is a San Francisco-based venture capital fund and Hotlink Co., Ltd. subsidiary that invests early-stage capital in cryptocurrency, blockchain, DeFi, and AI agent commerce startups. The firm backs approximately 14 Web3 portfolio companies and operates active DeFi treasury management.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Investment Activities (5239)

SIC

Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending) (FSAGAMAG)

akta.pro secondary industry

Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)

Keywords

• Venture capital funding
• Blockchain investment
• Cryptocurrency startups
• Decentralized finance
• Web3 portfolio

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Venture Capital Returns: Traditional VC revenue model generating returns through carried interest on successful portfolio company exits and management fees on deployed capital

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Nonagon Capital is an early-stage venture capital fund that invests in cryptocurrency and blockchain-related startups, providing capital and strategic support across Web3, DeFi, and blockchain gaming sectors. The fund also manages DeFi operations using Ethena's USDe stablecoin protocol, with management scale expanded to 1 billion yen, and is engaged in proof-of-concept development for Japan's first trust bank-backed yen stablecoin (JPYSC).

Product overview

Nonagon Capital is a venture capital fund operating as a group company of Hotlink Co., Ltd., based in the San Francisco Bay Area. The firm invests in early-stage cryptocurrency and blockchain-related startups, providing capital investment and portfolio support rather than a unified product platform. The portfolio includes approximately 14 investments across sectors including DeFi protocols (Nirvana, Hydra Ventures, SONEX), gaming platforms (OpenBlox, Oasys, E-Pal/Balance), music/entertainment (Modhaus), creator economy (Kasagi Lab, Myuuu), digital identity (D3, Noxx), professional services (Acctual), social networks (0xPPL), and developer tools (CookBook). The fund also manages DeFi operations using Ethena's USDe stablecoin protocol, with management scale expanded to 1 billion yen.

Differentiator

Problem solved

Functional benefit

Products and services

• Early-Stage Venture Capital Investment Direct equity investment service providing early-stage capital, strategic guidance, and ecosystem connections to cryptocurrency and blockchain startups. Portfolio includes approximately 14 companies such as OpenBlox, Nirvana, Hydra Ventures, Oasys, Modhaus, and D3.
• DeFi Management Operations Active management of DeFi treasury operations utilizing Ethena's USDe stablecoin protocol to generate returns and demonstrate operational expertise that supports portfolio companies.

Quantifiable outcome

• AI agent-driven commerce projected to reach $17.5 trillion by 2030 (per Deloitte)

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Startale GroupcoreStrategic or Co-development Partner · 27 March 2026Strategic partnership to develop proof-of-concept initiatives for JPYSC, Japan's first trust bank-backed yen stablecoin, targeting AI agent-driven payment use cases. Startale Group leads technical development while Nonagon Capital contributes investment expertise and DeFi operational track record. The partnership aims to create new use cases in AI agent payments including agent-to-agent settlements, autonomous purchasing, and real-time micropayments.

Scale indicators2 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• Pantera Capital: Pantera Capital is one of the earliest and largest crypto-native venture funds, investing across DeFi, stablecoins, and blockchain infrastructure. It is directly comparable to Nonagon Capital in thematic focus (DeFi protocols, stablecoin-linked strategies) and as a competitor for early-stage crypto deal flow.
• Multicoin Capital: Multicoin Capital is a thesis-driven crypto fund focused on DeFi, Web3 infrastructure, and tokenized financial primitives. It is directly comparable to Nonagon in its active DeFi treasury management style (e.g., SOL and DeFi token positions) and early-stage investing approach.
• Polychain Capital: Polychain Capital is a crypto-native venture firm that pioneered the active DeFi treasury management model Nonagon emulates via Ethena. It is a direct peer in DeFi protocol exposure and in deploying fund capital into on-chain strategies alongside equity investments.
• Dragonfly Capital: Dragonfly Capital is a global crypto venture fund with strong Asia presence, investing in DeFi, stablecoins, and Web3 infrastructure. It is directly comparable to Nonagon in its cross-Pacific deal sourcing and active involvement in stablecoin and DeFi protocol development.
• Framework Ventures: Framework Ventures is a crypto-native fund that invests heavily in DeFi and blockchain gaming, including titles comparable to Nonagon's Oasys and OpenBlox holdings. It is a direct peer in the gaming-chain and DeFi sub-sectors.
• 1confirmation: 1confirmation is an early-stage crypto venture fund backing Web3 infrastructure, DeFi, and creator economy startups. It is directly comparable to Nonagon in fund size, stage focus, and thematic emphasis on emerging Web3 use cases.

Regional players

• Hashed: Hashed is a leading Asia-based crypto VC with deep networks in Korea and Japan, backing Web3 gaming, DeFi, and infrastructure. It is comparable to Nonagon as a regional peer with similar Asian institutional access and a portfolio spanning gaming and DeFi protocols.

Emerging players

• Mechanism Capital: Mechanism Capital is a smaller crypto-native fund with a focus on DeFi protocols and early-stage token investments. It is comparable to Nonagon as a similarly-sized emerging manager with concentrated DeFi and protocol-level exposure.

Broad incumbents

• SBI Investment: SBI Investment is the venture arm of SBI Group, a major Japanese financial conglomerate active in crypto and Web3. It is comparable to Nonagon as a Japanese institutional crypto investor and potential co-investor given the SBI Group relationship referenced in the data.

Others

• Startale Group: Startale Group (parent of Startale Labs) is Nonagon's strategic partner on the JPYSC stablecoin initiative and an ecosystem peer in the Japan Web3 space. It is comparable as a co-developer of stablecoin and AI agent payment infrastructure, and as a fellow Asian Web3 builder.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/nngxyz

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nonagon Capital