Proof of Talk & INPUT Global State of Web3 Capital Report: What Founders and Investors Tell Us in 2026

Decisions made in the Proof of Talk conference rooms tend to set the tone for the year ahead. We used the moment to chase down two answers with hard evidence: where Web3 capital is heading in 2026, and what founders are building to get there.

Working with Proof of Talk, we created the State of Web3 Capital 2026 Report and ran its research, editorial and media rollout end to end. The aim was to seat founders and investors at the same table and read the market from both sides at once.

Three lenses on one market

Each layer of the report rests on its own research component, serving a different part of the capital picture. Public market data set the macro backdrop. The proprietary application data of Proof of Pitch, the event’s startup competition, showed what startups are building. A dedicated Proof of Talk investor survey captured where capital is preparing to move next.

For the public market layer, we reviewed available venture capital and Web3 market research datasets covering Q1–Q2 2026, including RootData, Galaxy Research, PitchBook, Messari, CBI, and company announcements and funding disclosures. This material was used for the Capital Map section only, keeping the broader market backdrop separate from the proprietary founder and investor findings.

A founder layer drew on more than 200 startups that applied between January and May 2026 to Proof of Pitch, the startup competition and a launchpad for early-stage Web3 founders hosted at Proof of Talk in Paris. We analyzed their fundraising stage, revenue status, capital raised, valuation ranges, geographic distribution, preferred fundraising structures, blockchain ecosystem preferences, and sector focus areas.

Thirteen investors and ecosystem leaders completed the survey, representing venture capital funds, family offices, accelerators and strategic investors. Participating organizations and representatives included Five North’s Yiannis Varelas, Spartan Group’s Leeor Groen, Arrington Capital’s Partner Keli Callaghan, CoinFund’s Evan Feng, Cointelegraph Accelerator’s Viktor Y., Raptor Digital’s General Partner Joe Bruzzesi, Moonrock Capital’s Simon Dedic, Ledger Cathay’s Alban Vendeuvre, Input Output Global’s Mauricio Magaldi, Contribution Capital’s Venture Partner Roman Evdokimov, Polymorphic Capital, Foresight Ventures, and Asymmetry Capital. 

Additional comments were provided by Ferdinand Le Tendre, Head of Accelerator at X Ventures and Proof of Talk partner; Mary Pedler, Founder of INPUT Global; Oleg Bevz, Co-Founder of INPUT Global; and Ultan Miller, CEO of Hecto and Proof-of-Talk partner.

Founders turn commercial

Capital follows the fundamentals

Revenue has become the yardstick investors weigh first: 12 of 13 said revenue and profitability will count for more over the next 12–18 months than they did last cycle. Financial infrastructure sits at the center of gravity, with RWA, stablecoins, payments, on-chain credit and tokenized treasuries named the most attractive places to deploy, and 92% selecting RWA and tokenization specifically. Early-stage appetite holds (77% will back post-revenue companies and 69% pre-revenue), though investors want proof a company can grow into a durable business.

Regulation has become a competitive advantage, with investors crediting MiCA, Singapore, the Middle East and US policy clarity as forces that release capital instead of freezing it. And money is pooling: 54% expect the coming 18 months to concentrate around fewer, stronger category leaders.

For the first time, founders and investors are circling the same opportunities. RWA, stablecoins, financial infrastructure and AI rank near the top of both lists. They still part ways on valuation, and on a stubborn founder reflex to open with the technology before the market. 

“The mismatch closes the moment a founder can name the multi-billion-dollar market they’re attacking without reaching for the word token,” shared Joe Bruzzesi, General Partner at Raptor Digital. 

Our read

When capital pools around fewer names, visibility stops being a nice-to-have and turns into leverage. “Your brand walks into the room before you do,” says INPUT Global Founder Mary Pedler. “Whether you’re pitching an investor, courting a partner, or winning a customer, your brand is your greatest leverage.” 

Co-Founder Oleg Bevz framed it bluntly: “The market pays for the personal brand, not only the business.”

It threads through the entire report. Web3 capital has grown selective, asking for traction, revenue and a credible route to scale before it commits. As Ferdinand Le Tendre, Head of Accelerator at X Ventures and Proof of Talk Partner, framed the year ahead: 

“The next cycle belongs to the builders who make the crypto invisible and the value obvious.”

Beyond the findings, the report handed the partnership something with a longer shelf life than the summit itself: a media asset built to outlast the two days at the Louvre. We set out to give journalists, founders and investors a clean, data-backed market angle, a piece of journalism in its own right.

For INPUT Global, the collaboration showed how conference communications can mature into market intelligence. Proof of Talk opened the doors to founders, investors and ecosystem voices. We turned that access into a structured report, a clear editorial story and a media-ready asset that earned its keep before, during and after the event.

For INPUT Global, the collaboration showed how conference communications can mature into market intelligence. Proof of Talk opened the doors to founders, investors and ecosystem voices. We turned that access into a structured report, a clear editorial story and a media-ready asset that earned its keep before, during and after the event.