Who has raised the most money without a token?

I know that’s a lazy question but I think it’s worth having a discussion about.

Protocols out there raising $100mil+ in the bull without a token, should do a token and an airdrop (see Aptos and how great that went).

There’s a lot of threads on potential airdrops on twitter but I haven’t seen any that are simply analysing which of the up and coming projects have the most money that hasn’t launched their token yet?

I’ll start - Arbitrum raised usd $120million one year ago and does not have a token yet

Question two, is there a site that tracks this sort of stuff well?