Aztec Funding, Investors & Competitors

Aztec has raised $180M across 4 funding rounds, most recently a $61M undisclosed-stage round in December 2025.

See full Aztec profile

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

Aztec Overview

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

United KingdomWinchester

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

Aztec funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2025Undisclosed stage-$61MAztec 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 2022Series BAndreessen Horowitz (lead); Fenbushi Capital; SV Angel; A.Capital Ventures; Alumni Ventures; AVG Ventures; King River Capital; Variant; HashKey Capital$99M-
Dec 2021Series AParadigm (lead)$17MAztec 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 2018SeedConsenSys (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

Investors in Aztec by funding rounds participated
InvestorHQRoundsRoleFirst check
A.Capital VenturesUnited StatesSan Francisco, CA2ParticipantNov 2018
Fenbushi CapitalChinaShanghai1ParticipantDec 2022
SV AngelUnited StatesSan Francisco, CA1ParticipantDec 2022
Andreessen HorowitzUnited StatesSan Francisco, CA1LeadDec 2022
Alumni VenturesUnited StatesUnited States1ParticipantDec 2022
AVG VenturesUnited StatesSan Francisco, CA1ParticipantDec 2022
King River CapitalAustraliaSydney1ParticipantDec 2022
ConsenSysUnited StatesNew York City, NY1LeadNov 2018
Entrepreneurs FirstUnited KingdomLondon1ParticipantNov 2018
VariantUnited StatesNew York City, NY1ParticipantDec 2022
Charlie SonghurstUnited StatesSeattle, WA1ParticipantNov 2018
ParadigmUnited StatesSan Francisco, CA1LeadDec 2021
Jeffrey TarrantUnited StatesUnited States1ParticipantNov 2018

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Aztec Competitors

Aztec competitors include listed companies like S&P Global, Moody's, Constellation Software and HiThink, and private ones like Ant Group and OneConnect.

Public and private companies comparable to Aztec
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
S&P GlobalUnited StatesUnited StatesPublicly listed$15B$7.7B$119B9.1x
Moody'sUnited StatesUnited StatesPublicly listed$7.7B$3.8B$80B10.6x
Ant GroupChinaHangzhouPrivate$25B-$79B3.2x
Constellation SoftwareCanadaCanadaPublicly listed$12B$2.5B$43B3.5x
HiThinkChinaChinaPublicly listed$899M$530M$23B18.9x
OneConnectChinaShanghaiPrivate--$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
S&P Global$15B$7.7B8.9x9.1x17.6x17.3x
Moody's$7.7B$3.8B11.2x10.6x22.5x20.1x
Strategy$477M($5.4B)149.4x144.4x(13.1x)(12.3x)
Block$24B$2.2B1.7x1.6x18.6x9.4x
Coinbase$7.2B$1.8B6.1x7.6x24.2x27.2x
Constellation Software$12B$2.5B4.0x3.5x18.5x12.9x
Fiserv$21B$8.9B2.5x2.8x6.1x6.4x
Verisk Analytics$3.1B$1.7B8.8x8.5x16.2x15.1x

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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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