SPiCE VC, a venture capital fund focused on the blockchain and tokenization ecosystem and recognized as the first fully tokenized VC fund pioneering Real World Asset (RWA) innovation, has announced its third investor payout. This distribution, scheduled for execution at the end of June, brings SPiCE’s total payouts to investors to more than 2.1x Distributions to Paid-In Capital (DPI), a figure that significantly exceeds typical benchmarks for early-stage VC funds.
For context, top-decile early-stage VC funds typically report a DPI of approximately 1.0x by year seven, making SPiCE’s performance more than double this average. This demonstrates the strength of the fund’s portfolio and its early strategic investments in the blockchain sector.
“We built SPiCE with a clear vision: to lead the blockchain investment frontier and deliver outsized value to our investors,” stated Tal Elyashiv, Founder and Managing Partner of SPiCE VC. “Nearly doubling the average of our top-performing peers in all sectors is a testament to both our disciplined strategy and the long-term value we saw early in the Blockchain and digital finance revolution.”
The fund’s Total Value to Paid-In Capital (TVPI) has reached 6.3x, a metric rarely observed in early-stage venture capital. Industry benchmarks from Cambridge Associates and PitchBook indicate that top-decile funds in the same timeframe typically report TVPIs between 3.0x and 4.5x, with the market median ranging from 1.3x to 1.8x. SPiCE’s performance positions it well above these averages.
The SPiCE VC portfolio includes foundational companies within the blockchain ecosystem such as Securitize, Blockdaemon, and Ripio.
Having completed two multi-million-dollar payouts in 2022, including the first-ever investor distribution by a fully tokenized VC fund, SPiCE continues to provide liquidity for its over 400 long-term investors. These payouts highlight both the strength of the portfolio and the innovative fund architecture designed to enable earlier and more transparent returns. Established in 2018, SPiCE has cultivated a diverse portfolio of 15 high-growth companies critical to the development of the blockchain and tokenization ecosystem. Security Token Market, a prominent media and data firm in the tokenized financial assets space, has named SPiCE the top-performing fund in its category.
As one of the earliest venture capital firms to exclusively focus on blockchain ecosystem originators and disruptive innovators, SPiCE attributes its success to a focused investment thesis: identifying and backing infrastructure and platforms that power the blockchain revolution. This approach has allowed the firm to outperform broader venture benchmarks while maintaining a leadership position in a dynamic sector.
“SPiCE is proving what’s possible when you combine a bold investment thesis with deep industry expertise and a commitment to transparency,” Elyashiv added. “We’re not just investing in blockchain—we’re building the ecosystem.”
SPiCE VC is a venture capital fund that provides investors with exposure to the growth of the blockchain and tokenization ecosystem. The fund invests globally in platforms and ecosystem providers that facilitate access to capital markets, banking, real estate, and other industries through blockchain technologies. SPiCE operates from locations in the US, Singapore, and Israel.
