About Primal Capital
Primal Capital is a venture capital firm founded in 2021. It is primarily based out of London, United Kingdom. As of Nov 2025, Primal Capital is an active investor, having invested in 18 companies, with 1 new investment in the last 12 months. It primarily invests in Seed round in United States based startups. Its investments are spread across a wide range of sectors from High Tech to Blockchain Technology and FinTech. Most recently it participated in the $***** Series A round of Curvance A lot of funds co-invest with Primal Capital, with names like Outlier Ventures sharing a substantial percentage of its portfolio. Primal Capital has team of 3 people including 3 partners.Key Metrics
Primal Capital's List of Top Investments
Primal Capital has a portfolio of 18 companies. Their most notable investments are in Morpheus XR and Ooga Booga.Their portfolio spans across United States, United Kingdom, Cayman Islands and 4 more locations. They have invested in High Tech, Blockchain Technology, FinTech and 7 other sectors, across stages such as Seed, Series A and 1 more. Here is the list of top investments by Primal Capital:
1. Transak
Payment gateway and banking solutions for cryptocurrencies. It provides payment gateway and banking solutions for cryptocurrencies. It allows merchants to accept payments for multiple goods and services using crypto assets. Customers can buy and sell digital currencies through bank transfers. Offers non-custodial transfer of digital assets through user wallets to ensure the security of funds.
Key facts about Transak
- Founded Year: 2019
- Location: London (United Kingdom)
- Stage: Series A
- Total Funding till date: $37M
- Employee Count: 127 as on Sep 30, 2026
- Investors: CE Innovation Capital, Genting Ventures and 31 Others
- Latest Funding Round: Series A, Apr 09, 2026, $*****
- Highlight: Editors' Pick
2. Auros
Key facts about Auros
- Founded Year: 2019
- Location: Hong Kong (China)
- Stage: Series B
- Total Funding till date: $17M
- Employee Count: 123 as on Aug 31, 2026
- Investors: Optiver, Primal Capital and 4 Others
- Latest Funding Round: Series B, Mar 21, 2023, $*****
- Highlight: Editors' Pick
On-chain lending protocol for bitcoin. It offers a Bitcoin lending protocol that allows users to earn more BTC or borrow against BTC assets. The platform operates on-chain and is open-source. Its app is available on the website.
Key facts about Zest Protocol
- Founded Year: 2022
- Location: London (United Kingdom)
- Stage: Seed
- Total Funding till date: $7.82M
- Employee Count: 8 as on Aug 31, 2026
- Investors: Gravity Fund, Tykhe Ventures and 11 Others
- Latest Funding Round: Seed, May 13, 2024, $*****
- Highlight: Editors' Pick
4. Bluwhale
Key facts about Bluwhale
- Founded Year: 2017
- Location: San Francisco (United States)
- Stage: Series A
- Total Funding till date: $17M
- Employee Count: 16 as on Sep 30, 2026
- Investors: UOB, SBI Group and 22 Others
- Latest Funding Round: Series A, Oct 21, 2025, $*****
5. Shib
Key facts about Shib
- Founded Year: 2021
- Stage: Unfunded
- Total Funding till date: $12M
- Employee Count: 36 as on Aug 31, 2026
- Investors: Stake Capital, Woodstock and 15 Others
- Latest Funding Round: Series B, Apr 22, 2024, $*****
Primal Capital's Year-on-Year Investment Trends
Primal Capital has invested in 18 companies over the last 3 years, with an average of 4 new investments annually in the last 3 years. In 2025, it made 3 investments. Its most recent first time investment was in Curvance.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 3 | 0 | 3 |
2024 | 10 | 0 | 10 |
2023 | 5 | 0 | 5 |
Primal Capital's Investments by Stage
Primal Capital has made 14 investments in Seed stage with an average round size of $3.85M, 2 investments in Series A stage with an average round size of $10M and 2 investments in Series B stage with an average round size of $14.5M.Stage of entry | No. of Investments |
|---|---|
Seed | 14 |
Series A | 2 |
Series B | 2 |
Note: We have considered here, only first round of investments
Primal Capital's Investments by Sector
Primal Capital has a diverse portfolio, with companies operating in the Blockchain Technology, High Tech, FinTech, Blockchain - Industry Applications and Consumer. Notably, it has invested in 17 Tech companies, 14 Blockchain companies, 14 Consumer (B2C) companies and at least 10 companies focusing on Enterprise (B2B).Sector | No. of Investments |
|---|---|
Blockchain Technology | 12 |
High Tech | 12 |
FinTech | 10 |
Blockchain - Industry Applications | 9 |
Consumer | 4 |
Others | 9 |
Note: We have considered here, only first round of investments
Primal Capital's Investments by Geography
Primal Capital has made most investments in United States (7), followed by United Kingdom where it has made 5 investments.Country | No. of Investments |
|---|---|
United States | 7 |
United Kingdom | 5 |
Cayman Islands | 1 |
China | 1 |
Ireland | 1 |
Others | 2 |
Note: We have considered here, only first round of investments
Primal Capital's recent investments
Primal Capital has not made any investment in 2026 so far.Here are the most recent investments by Primal Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Nov 11, 2025 | Cayman Islands | Series A | 2738 | [+4] | |
Aug 12, 2025 | United Kingdom | Series A | 2608 | [+9] | |
Jan 10, 2025 | United Kingdom | Seed | 5411 | [+4] | |
Sep 20, 2024 | United States | Seed | 3966 | [+4] | |
Sep 10, 2024 | United States | Seed | 3257 | [+9] |
Team profile of Primal Capital
Primal Capital has a team of 3 members including 3 Partners located in Australia and United Arab Emirates. Primal Capital's team does not sit on the board of any company as of now.Here is a list of all team members in Primal Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Sydney | - | - | |
Partner | Canberra | - | ||
Partner | Abu Dhabi | - |
Co-investors of Primal Capital
Over the past 3 years, 212 investors have co-invested in Primal Capital's portfolio companies. This includes funds and angels.
- Invested before Primal Capital: Sandeep Nailwal, NGC Ventures and 63 others have invested in rounds before Primal Capital. There are 3 companies where Sandeep Nailwal has invested before Primal Capital and 2 companies where NGC Ventures has invested before Primal Capital.
- Top Co-investors of Primal Capital: 123 investors entered a company along with Primal Capital. These include investors like Outlier Ventures (3 companies).
- Invested after Primal Capital: A total of 24 investors have invested in Primal Capital's portfolio after their investments. Top Investors include Gobi Partners (1 company), UOB (1 company) and SBI Group (1 company).
Recent News related to Primal Capital
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Solana’s 375ai Secures $10M Funding to Boost Decentralized Data NetworksBitcoin Ethereum News•Oct 09, 2025•375ai, Delphi Ventures, Hack VC, strobecap.com and 5 others
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Transak Secures $16M Funding Round Led by Tether and IDG Capital for Stablecoin Payments InfrastructureThe Block•Aug 12, 2025•Transak, IDG Capital, Tether, Primal Capital and 10 others
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HireRoo Secures ¥530 Million in Series A Funding to Enhance RecruitmentPR TIMES•May 20, 2025•HireRoo, Primal Capital, Crest-Approved
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HireRoo Secures Series A Funding, Expanding Engineering PlatformExcite Japan•May 20, 2025•Crest-Approved, Primal Capital, HireRoo
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Agents World Closes Seed Round to Revolutionize Autonomous Worlds with AI AgentsGlobeNewswire•Sep 20, 2024•Agent World, Dispersion Capital, Maelstrom, Node Capital and 3 others
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Fountain Announces $3.5M Seed Round to streamline Web3 Operations for EnterprisesBitcoin Ethereum News•Sep 10, 2024•Fountain, Foundation Capital, Piramal Group, Druid and 5 others
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Legendary Investor Tim Draper Leads Bitcoin Lending Protocol Zest’s $3.5 Million Seed RoundBitcoin•May 17, 2024•Draper, Zest Protocol, Binance Labs, Flow Traders and 8 others
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Legendary Investor Tim Draper Leads Bitcoin Lending Protocol Zest’s $3.5 Million Seed RoundCryptocurrency•May 17, 2024•Zest Protocol, Draper, Binance Labs, Trust Machines and 8 others
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Zest Raises $3.5M, Led by Tim Draper, for On-Chain Bitcoin Lending Using StacksCoinDesk•May 13, 2024•Zest Protocol, Binance Labs, Flow Traders, Trust Machines and 10 others
