Ultrafine fully vulcanized powdered natural rubber (UFPNR) has a promising application as a renewable toughening modifier in polymer matrices. In this work, the effects of acrylate coagents, which had different amounts of functional groups, on properties of UFPNR produced by radiation vulcanization and spray-drying was systematically investigated for the first time. Dipropylene glycol diacrylate (DPGDA), trimethylol propane trimethaacrylate (TMPTMA), and ditrimethylol propane tetraacrylate (DTMPTA) were used as coagents with two, three, and four acrylate groups, respectively. The radiation in the range of 250 to 400 kGy and coagent contents of up to 11 phr were used in the production process. Physical, chemical, and thermal properties of the UFPNR were characterized by swelling analysis, scanning electron microscopy, infrared spectroscopy, thermogravimetric analysis, and differential scanning calorimetry. The properties of UFPNR produced by using different type and content of coagents were compared and discussed. The results revealed that UFPNR with the smallest particle size of 3.6 ± 1.1 μm and the highest thermal stability (Td5 = 349 °C) could be obtained by using DTMPTA, which had the highest amount of functional group. It was proposed that the coagent with the greater number of acrylate groups enhanced the crosslinking of natural rubber as it had more reactive groups. Finally, an application of UFPNR as a toughening filler in rigid PVC was demonstrated with 34% improvement of impact strength.