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- Aztec
Aztec Funding, Investors & Competitors
Aztec has raised $180M across 4 funding rounds, most recently a $61M undisclosed-stage round in December 2025.
Last Aztec funding round
$61M
Undisclosed stage · Dec 2025
Cumulative funding Aztec raised
$180M
across 4 funding rounds
Key investors in Aztec
A.Capital Ventures
Andreessen Horowitz
Alumni Ventures
SV Angel
Entrepreneurs First
Charlie Songhurst
Paradigm
Fenbushi Capital
About Aztec
Aztec is a London-headquartered protocol enabling private transactions on Ethereum using zero-knowledge proofs. The Aztec Network powers zk.money for shielded DeFi and supports PLONK proving system for fast scalability. Deployed as a layer-2 rollup, it processes confidential payments and smart contracts compatible with Ethereum Virtual Machine. Launched in 2021, Aztec collaborates with Polygon and Optimism on interoperability standards.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Usage-based, Subscription
Aztec Funding History
Aztec has raised a total of $180M across 4 funding rounds.
Aztec's first fundraising round was a $2M seed round in November 2018. The most recent completed round was a $61M undisclosed-stage round in December 2025.
Aztec funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Dec 2025 | Undisclosed stage | - | $61M | Aztec Network is a privacy-focused Ethereum Layer 2 project developing zero-knowledge rollups for programmable privacy, including the Ignition Chain launched in mid-November 2025 as the first fully decentralized L2 on Ethereum. It previously raised $17M in a Series A round on December 16, 2021, led by Paradigm with participation from Vitalik Buterin, Variant, and others, and $100M in a Series B on December 15, 2022, led by a16z crypto with HashKey Capital, Variant, and Fenbushi Capital, totaling ~$119M in equity funding. Aztec conducted a community-first token sale from December 2-6, 2025, raising ~$61.3M in ETH via a Continuous Clearing Auction on Uniswap, starting at a $350M FDV floor (75% discount to prior equity implied valuation), with per-user ETH caps and half from existing community members. A separate public sale listed at $40.2M also occurred in 2025. Post-sale, a Uniswap v4 liquidity pool with 273M AZTEC tokens (2.6% supply) launched, alongside tokenomics showing 10.35B total supply, initial FDV $480M, and market cap ~$64M as of recent data. |
| Dec 2022 | Series B | Andreessen Horowitz (lead); Fenbushi Capital; SV Angel; A.Capital Ventures; Alumni Ventures; AVG Ventures; King River Capital; Variant; HashKey Capital | $99M | - |
| Dec 2021 | Series A | Paradigm (lead) | $17M | Aztec Network, a privacy-focused Ethereum Layer 2 project, raised $17 million in a Series A funding round on December 16, 2021, led by Paradigm. The round included participation from a_capital, Ethereal Ventures, Libertus Capital, Variant Fund, Nascent, IMToken, Scalar Capital, Defi Alliance, IOSG Ventures, ZK Validator, and angels such as Anthony Sassano, Stani Kulechov, Bankless, Defi Dad, Mariano Conti, and Vitalik Buterin. Aztec develops the first private zero-knowledge rollup on Ethereum, enabling decentralized applications to access privacy and scale using the PLONK proving mechanism. The technology provides a privacy-first architecture for Layer 1 apps and reduces Ethereum transaction costs by up to 100x through zero-knowledge proofs. Proceeds from the round supported network decentralization, Aztec Connect Grants, and development of zero-knowledge proving systems. |
| Nov 2018 | Seed | ConsenSys (lead); A.Capital Ventures; Entrepreneurs First; Charlie Songhurst; Jeffrey Tarrant; Samos Investments | $2M | - |
Who has invested in Aztec?
15 investors have backed Aztec across its funding rounds, including A.Capital Ventures, Andreessen Horowitz, Alumni Ventures, SV Angel, Entrepreneurs First and Charlie Songhurst.
Lead investors include Andreessen Horowitz, Paradigm and ConsenSys.
Aztec Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Nov 2018 | ||
| 1 | Participant | Dec 2022 | ||
| 1 | Participant | Dec 2022 | ||
| 1 | Lead | Dec 2022 | ||
| 1 | Participant | Dec 2022 | ||
| 1 | Participant | Dec 2022 | ||
| 1 | Participant | Dec 2022 | ||
| 1 | Lead | Nov 2018 | ||
| 1 | Participant | Nov 2018 | ||
| 1 | Participant | Dec 2022 | ||
| 1 | Participant | Nov 2018 | ||
| 1 | Lead | Dec 2021 | ||
| 1 | Participant | Nov 2018 | ||
This data is available for Pro users. Sign up to see all 15 Aztec investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAztec Competitors
Aztec competitors include listed companies like S&P Global, Moody's, Constellation Software and HiThink, and private ones like Ant Group and OneConnect.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $15B | $7.7B | $119B | 9.1x | ||
| Publicly listed | $7.7B | $3.8B | $80B | 10.6x | ||
| Private | $25B | - | $79B | 3.2x | ||
| Publicly listed | $12B | $2.5B | $43B | 3.5x | ||
| Publicly listed | $899M | $530M | $23B | 18.9x | ||
| Private | - | - | $7.4B | - |
Aztec Public Comps
Aztec is still privately-owned, but its public comps include S&P Global, Moody's, Strategy, Block, Coinbase, Constellation Software, Fiserv, Verisk Analytics, HiThink and Circle.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $15B | $7.7B | 8.9x | 9.1x | 17.6x | 17.3x | |||
| $7.7B | $3.8B | 11.2x | 10.6x | 22.5x | 20.1x | |||
| $477M | ($5.4B) | 149.4x | 144.4x | (13.1x) | (12.3x) | |||
| $24B | $2.2B | 1.7x | 1.6x | 18.6x | 9.4x | |||
| $7.2B | $1.8B | 6.1x | 7.6x | 24.2x | 27.2x | |||
| $12B | $2.5B | 4.0x | 3.5x | 18.5x | 12.9x | |||
| $21B | $8.9B | 2.5x | 2.8x | 6.1x | 6.4x | |||
| $3.1B | $1.7B | 8.8x | 8.5x | 16.2x | 15.1x | |||
This data is available for Pro users. Sign up to see all Aztec competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Aztec
| When was Aztec founded? | Aztec was founded in 2017. |
| Where is Aztec headquartered? | Aztec is headquartered in Winchester, United Kingdom. |
| Is Aztec publicly listed? | No, Aztec is a private, VC-backed company. |
| How much funding has Aztec raised? | Aztec has raised $180M across 4 funding rounds. |
| What was Aztec's last funding round? | Aztec's last funding round was a $61M undisclosed-stage round in December 2025. |
| Who are Aztec's investors? | Aztec's investors include A.Capital Ventures, Fenbushi Capital, SV Angel, Andreessen Horowitz, Alumni Ventures, AVG Ventures, King River Capital, ConsenSys, Entrepreneurs First, Variant and 5 others. |
| Which companies are comparable to Aztec? | Companies comparable to Aztec include S&P Global, Moody's, Ant Group, Constellation Software, HiThink and OneConnect. |
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