As First-Ever Fully Tokenized Venture Capital Fund, SPiCE’s DPI Now Over 2.1x and TVPI Exceeding 6.3x—Outpacing Top Decile VC Benchmarks by a Wide Margin
As First-Ever Fully Tokenized Venture Capital Fund, SPiCE’s DPI Now Over 2.1x and TVPI Exceeding 6.3x—Outpacing Top Decile VC Benchmarks by a Wide Margin
SINGAPORE, MIAMI, TEL AVIV (June 24, 2025) — SPiCE VC, the leading venture capital fund focused on the blockchain and tokenization ecosystem, and the first fully tokenized VC fund pioneering Real World Asset (RWA) innovation, today announced its third investor payout—further cementing its position as both a category pioneer and one of the highest-performing funds in digital finance. With this latest distribution, scheduled for execution at the end of June, SPiCE’s total payouts to investors now exceed 2.1x DPI (Distributions to Paid-In Capital)—more than double what even top decile early-stage VC funds typically return by year seven.
By comparison, DPI for top-decile early-stage VC funds at the seven-year mark typically hovers around 1.0x, with most funds delivering significantly less. SPiCE’s latest performance far surpasses that benchmark, reflecting the strength of its portfolio and early strategic bets.
“We built SPiCE with a clear vision: to lead the blockchain investment frontier and deliver outsized value to our investors,” said 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.”
Exceptional Returns in a Breakout Sector
SPiCE’s current TVPI (Total Value to Paid-In Capital) has now reached 6.3x, a performance metric rarely seen in early-stage VC. For context, top-decile funds in the same time frame typically report TVPIs between 3.0x and 4.5x, according to industry benchmarks from Cambridge Associates and PitchBook. SPiCE’s numbers place it in a league of its own—doubling top-tier results and far exceeding the market median of 1.3x–1.8x.
The fund’s portfolio includes standout performers like Securitize, Blockdaemon, and Ripio—companies that have become foundational players in the rapidly growing blockchain ecosystem space.
Pioneering Tokenization and Transparent Liquidity
After already completing two significant multi-million-dollar payouts in 2022—including the first-ever investor distribution by a fully tokenized VC fund—SPiCE is continuing to deliver unprecedented liquidity for its 400+ long-term investors. These milestone events showcase not only the strength of SPiCE’s portfolio, but also its innovative fund architecture that allows for earlier and more transparent returns.
Founded in 2018, SPiCE has built a diverse portfolio of 15 high-growth companies, each playing a critical role in the development of the blockchain and tokenization ecosystem. The firm was named the top performing fund in its category by Security Token Market, the leading media and data firm in the tokenized financial assets space.
Blockchain Investment with a Purpose
As one of the earliest VCs to specialize exclusively in blockchain ecosystem Originators and Disruptive Innovators, SPiCE attributes its success to a focused thesis: invest in the infrastructure and platforms powering the blockchain revolution. This strategy has helped the firm identify and back the most impactful players at the earliest stages, enabling it to outperform broader venture benchmarks while remaining a leader in a volatile, fast-moving sector.
“SPiCE is proving what’s possible when you combine a bold investment thesis with deep industry expertise and a commitment to transparency,” said Elyashiv. “We’re not just investing in blockchain—we’re building the ecosystem.”
DPI, or Distributions to Paid-In Capital, measures the cash returned to investors relative to the amount they have invested. A DPI over 1.0 indicates that investors have received back more than they invested.
TVPI, or Total Value to Paid-In Capital, represents the total value of a fund's investments, including both realized and unrealized gains, relative to the amount of capital paid in by investors.
A venture capital fund is a pooled investment vehicle that invests in startups and small businesses with high growth potential in exchange for equity, aiming for significant returns on investment.
Real World Assets (RWA) refer to physical assets that can be tokenized and traded on blockchain platforms, such as real estate, commodities, and financial instruments.
Tokenization is the process of converting rights to an asset into a digital token on a blockchain, enabling easier transfer, trading, and ownership verification.
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