Metalayer Ventures
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Metalayer Ventures is an early-stage, first-check venture capital firm that invests in founders building blockchain-based financial systems and infrastructure.
Also known as Metalayer Β· Metalayer Fund I
Founders & leadership
Investors Β· 1
Company profile
researched Aug 2026Metalayer Ventures is an early-stage venture capital firm that makes first checks into founders applying blockchain technology to the financial system. The firm describes itself as high-conviction and concentrated, investing in companies building the financial rails and systems intended to move the global economy onchain. It was founded in 2024 by Andy Kangpan (previously Digital Asset Lead at Two Sigma Ventures), David Winton (previously VP of Quantitative Software Engineering at Two Sigma) and Mickey Graham (previously Head of Growth at Chainlink Labs), all of whom serve as Co-Founder and General Partner.
The firm concentrates on three areas it considers closest to mainstream adoption: capital markets infrastructure that modernises legacy financial rails; stablecoin and payments applications providing access to stable, yield-bearing digital currencies; and real-world asset tokenisation. Reported stages span pre-seed, seed and Series A, with check sizes described as roughly $500,000 to $1 million per company, and the partnership has described a balanced approach split between equity and token investments. Beyond capital, Metalayer says it supports portfolio companies with growth, recruiting, marketing, customer introductions, talent acquisition and downstream institutional capital formation.
Portfolio positions disclosed publicly include Crossover Markets, ClearToken, Ethena, Station70, Theo, AnchorZero, Inversion Labs, Uniform Labs' Multiliquid, 3F Labs and Birdai Labs, alongside a stealth-mode stablecoin infrastructure company. The firm's own site describes portfolio themes including one-click leverage for tokenized real-world assets, tax-deferred accounts for pre-launch tokens or startup equity, execution infrastructure for institutional flows on public blockspace, clearing and settlement for digital assets, an institution-only crypto trade execution venue, a synthetic dollar powered by internet-native yield, stablecoin liquidity infrastructure, disaster recovery solutions, and trading infrastructure connecting onchain capital with global markets.
Founding story
The firm's founders worked together at Two Sigma Investments, where Andy Kangpan joined the private investments team in 2017 and covered crypto through the ICO boom, shifting his full attention to the category around 2020 and leading the firm's private crypto investments. Following the 2022-2023 collapse of FTX, Kangpan concluded that building a crypto strategy in the way he thought appropriate was difficult inside a large investment management platform, and he left with colleagues to establish Metalayer. The firm was founded in 2024 by Kangpan, David Winton and Mickey Graham, and launched its first fund in May 2025.
Business model
Metalayer operates as a venture capital fund manager, raising committed capital from limited partners and deploying it into early-stage companies in exchange for equity and token positions. Its debut vehicle, Metalayer Fund I, closed at $25 million with a target portfolio of roughly 30 early-stage companies and reported check sizes of about $500,000 to $1 million.
As a venture fund manager, the firm's economics derive from managing Metalayer Fund I, a $25 million vehicle backed by institutions, family offices, fund of funds, founders, CEOs and senior executives from the financial services and crypto sectors.
Traction
Metalayer Fund I closed at $25 million in May 2025 with a plan to build a portfolio of about 30 companies. At the time of the fund announcement the firm had invested in seven startups: Crossover Markets, ClearToken, Ethena, Station70, Theo, AnchorZero and an unnamed stealth stablecoin infrastructure company. Subsequent disclosed investments include Inversion Labs' $26.5 million seed round (July 2025), Uniform Labs' Multiliquid (January 2026), 3F Labs' $4 million seed round (April 2026) and Birdai Labs' $4 million seed round (July 2026).
Latest developments
The firm has continued to announce new investments after closing Fund I, including Inversion Labs (July 2025), Uniform Labs' Multiliquid (January 2026), 3F Labs (April 2026) and Birdai Labs (July 2026). In December 2025 Kangpan published commentary titled "Crypto's Vibe Shift" assessing the year's developments in the crypto industry.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
The firm positions itself as one of a small number of dedicated pre-seed and seed funds focused specifically on the intersection of traditional financial services and the onchain economy, arguing that most crypto funds take a broader approach. Its stated thesis is that traditional finance and decentralised finance are converging into a unified ecosystem, a shift the partners attribute in part to increasing regulatory clarity in the US and Europe and rising institutional adoption of digital assets.
Metalayer cites a focused thesis at the convergence of traditional financial services and the onchain economy combined with a quantitative, data-driven investment process drawn from the partners' experience at Two Sigma. The Moirai data platform is applied to sourcing, diligence and portfolio support, and the team highlights over a decade of combined experience across venture capital, quantitative finance, blockchain protocols and high-growth startups, including institutional networks in financial services.
Technology
Metalayer has built a proprietary data platform called Moirai, engineered by David Winton, who previously built comparable systems at Two Sigma and Greenoaks. Moirai analyses crypto ecosystem data including developer activity metrics, protocol engagement and blockchain transaction patterns. The firm uses it as a sourcing engine to identify teams before they reach the typical venture radar, and pairs it with automated investor co-pilot tools that combine qualitative evaluation with benchmarking metrics for protocol usage, adoption and growth.
Go-to-market
The firm sources deals through its Moirai data platform and the partners' networks, and invites founders to pitch directly through its website. It publishes investment announcements and market commentary on its blog and distributes updates via an email newsletter; the partners have also given interviews to trade press and podcasts.
Early-stage founders β at pre-seed, seed and Series A β building capital markets infrastructure, stablecoin and payments applications, and real-world asset tokenisation platforms. On the capital-raising side, its counterparties are limited partners including institutions, family offices, funds of funds, and individual founders and executives from finance and crypto.
Geography
The firm is described as New York City-based and headquartered in the United States, and states that it invests globally.
History
Founded in 2024 by three former Two Sigma and Chainlink Labs professionals, Metalayer Ventures announced the close of its debut $25 million vehicle, Metalayer Fund I, on 28 May 2025. Investment announcements followed for Inversion Labs in July 2025, Multiliquid (Uniform Labs) in January 2026, 3F Labs in April 2026 and Birdai Labs in July 2026.
Risks & controversies
Partners have publicly described the difficulty of raising a first fund, including sustained rejection from limited partners, and note that crypto fundraising differs from and is harder than startup fundraising. The firm's strategy is concentrated in a single sector exposed to crypto market volatility and to regulatory conditions, which the partners identify as a key driver of the opportunity.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Timeline Β· 7
launches, deals, and filingsMetalayer announced its investment in Birdai's $4 million seed round alongside Castle Island Ventures and The Venture Dept. Birdai builds execution infrastructure for institutional flows on public blockchains.
Metalayer announced its investment in 3F Labs, an onchain leverage rail for real-world assets, in a $4 million seed round alongside Maven11, Fidelity (F-Prime), GSR, Susquehanna Crypto and strategic angel investors.
Metalayer announced its investment in Multiliquid, which provides real-time, 24/7 liquidity for tokenized real-world assets, alongside Strobe Ventures, CMT Digital, The Venture Department, Generative Ventures and strategic angel investors.
Andy Kangpan published a commentary piece assessing 2025 as a defining year in the evolution of the crypto industry.
Metalayer announced its investment in Inversion Labs' $26.5 million seed round alongside Dragonfly, VanEck, Faction and ParaFi.
Metalayer announced the launch/close of Metalayer Fund I, a $25 million venture fund for early-stage founders driving the global economy onchain, backed by institutions, family offices, funds of funds and individual founders and executives. The fund targets roughly 30 early-stage companies with checks of about $500,000 to $1 million.
$25M source β
At the time of the fund announcement, Metalayer disclosed adding AnchorZero β which had raised $8M led by Bain Capital Crypto and Spark Capital β and a stealth-mode stablecoin infrastructure company, alongside existing investments in Crossover Markets, ClearToken, Ethena, Station70 and Theo.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
βΈResearch sources Β· 8
primary sources listed
- Metalayer Venturesmetalayer.vc Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Metalayer Ventures do?
- Metalayer Ventures is a New York-based, first-check venture firm backing early-stage blockchain financial infrastructure founders.
- Who founded Metalayer Ventures?
- Metalayer Ventures was founded by Andy Kangpan, David Winton.
- Who are Metalayer Ventures's investors?
- Metalayer Ventures's investors include Mirana Ventures.