Fundraising Fox
Ethereal Ventures Management Ltd.
Venture capitalActively deployingoperating company · company profileRoad Town, Tortola · Pre-Seed–Growth · 15 people tracked
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Investment thesis
Ethereal Ventures backs founders building in crypto and Web3, driven by the belief that permissionless networks and digital assets represent a civilizational paradigm shift toward sovereignty, ownership, and access. The firm invests globally and supports companies across their lifecycle, from inception to growth. It emphasizes a founder-forward, hands-on approach, engaging deeply on technical architecture, protocols, and research. Beyond capital, Ethereal helps founders achieve product-market fit and scale globally through its network and market insights. The firm prioritizes responsible innovation, backing projects that balance ambition with empathy and favor user-centric systems over extractive models.
Source: firm website, verified Sep 29, 2026.
Team · 15 people
from the firm's website & curated & public directories
Founder mafia
2 people who came through Ethereal Ventures Management Ltd. went on to found or lead other companies.
What they invest in
from 24 of 38 portfolio companiesCrypto & Web3 ×17Fintech ×9Developer Tools ×8AI & Machine Learning ×6Data & Infrastructure ×5Enterprise Software ×3SaaS ×3Cybersecurity ×2
HQs:United States×12United Arab Emirates×1Denmark×1France×1United Kingdom×1British Virgin Islands×1
Who they back
founder profiles across 6 portfolio companiesWhere their founders worked beforefrom 10 founders with career history
ConsenSys ×2Uber ×2
Investments · 38 tracked
founders shown can be your intro pathBy year:2026 · 42024 · 22023 · 42022 · 72021 · 421 dated
The company develops blockchain infrastructure and operates a Layer 1 interoperability network called Frame Blockchain, while also providing consulting and educational services related to blockchain technology to corporate and individual clients.
Malibu, US
Ronald Levy(Executive Officer, Director)Deborah Thomas(Executive Officer, Director)James Gilbert(President)Michael Poutre(Chief Executive Officer)
BoardHolly Ruxin(Director)Rafael Furst(Director)
Co-investorsAmber GroupArkStream CapitalCatcherVCMH Ventures
BlockApps offers an enterprise blockchain platform (STRATO) for tokenizing and managing real world assets such as crypto, precious metals, and tokenized securities.
Crypto & Web3Enterprise SoftwareFintechBrooklyn, US
Kieren James-Lubin(Executive Officer, Director)inVictor Wong(Director)
Board seatJoseph Lubin· per SEC Form D · $30M raise · filed Aug 2023
Co-investorsAAF Management Ltd.Bloccelerate VCConsenSys MeshFitz Gate VenturesJetBlue VenturesSKY VC+3 more
New York, US
Scott Lawin(Executive Officer, Director)inMichael Novogratz(Director)Christopher McKibbin(Director)Daniel Heyman(Executive Officer, Director)Steven Wald(Director)
Board seatMichael Kriak· per SEC Form D · $68.2M raise · filed Jan 2023
Co-investorsChaos VenturesConsenSys MeshNew Enterprise Associates (NEA)Sprint VcConsenSysGaingels+4 more
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Community Gaming operated a platform for grassroots competitive gaming tournaments and player payouts; it wound down in 2026.
New York, US
Michael Kriak(Director)Evan Feng(Director)Chris Gonsalves(Executive Officer, Director)Hayder Sharhan(Director)
Board seatMichael Kriak· per SEC Form D · $16M raise · filed Apr 2022
Co-investorsA100X VenturesBitDAOCoinFundConsenSys MeshMantle NetworkMoonhill Capital+14 more
Gitcoin operates a directory and knowledge base for funding mechanisms, platforms, and research in decentralized networks, Ethereum, and public goods.
Crypto & Web3Data & InfrastructureGovTechLafayette, US
Kevin Owocki(Founder)Kevin O.(Founder)inKyle Weiss(Executive Officer, Director)Scott Moore(Founder)Vivek Singh(Founder)
Board seatMichael Kriak· per SEC Form D · $11.3M raise · filed Apr 2021
Co-investorsBootNodeConsenSys MeshDivergenceFenbushi CapitalHTX Ventures (ex Huobi Ventures)IDEO CoLab Ventures+7 more
1Money builds a decentralized payment network for stablecoin and tokenized deposit transfers, designed for global financial settlements.
Crypto & Web3Fintech
Matt Shroder(Founder)inBrian Shroder(Founder)inMatthew Shroder(Founder)
Co-investorsA100X VenturesCMT Digital VenturesF-Prime CapitalGenerative VenturesHack VCPortage Ventures+5 more
Provable builds developer tools and infrastructure for zero-knowledge applications on the Aleo blockchain, including the Leo programming language, snarkOS/snarkVM runtime, and SDK for developers to create privacy-focused blockchain applications.
Crypto & Web3Developer ToolsEnterprise SoftwareFintechReno, US
Howard Wu(Founder)inMichael Beller(Executive Officer)
Co-investorsCoinbase VenturesA.Capital Venturesa16z cryptoAmbush CapitalAndreessen HorowitzDigital Currency Group+13 more
AnchorZero helps founders and investors hold pre-launch tokens or founder shares in self-directed Roth IRAs to shield capital appreciation from taxes, with digital assets custodied by Anchorage Digital Bank.
Crypto & Web3Fintech
Co-investorsMetalayerBain Capital CryptoMischiefPascal CapitalRobot VenturesSpark Capital
Aztec is a Layer 2 blockchain network on Ethereum that enables programmable privacy for decentralized applications through client-side zero-knowledge proofs and a dual state architecture.
Crypto & Web3CybersecurityDeveloper ToolsLondon, GB
ZacThomas Pocock(Founder)inZachary Williamson(Founder)inArnaud Schenk(Founder)inJoe Andrews(Founder)inThomas Walton-Pocock(Founder)
Co-investorsA.Capital Venturesa16z cryptoAlumni VenturesAndreessen HorowitzCoinbase VenturesCoinList+22 more
Coinshift offers institutional credit yield products that are liquid and composable onchain.
Crypto & Web3Fintech
Tarun Gupta(Founder)in
Co-investorsEarl Grey CapitalGraph Paper CapitalLongHash VenturesiSeedPolygon StudiosQuiet Capital+3 more
Connext provides xCall, a developer tool that enables applications to interact with users, tokens, and other applications across multiple blockchains.
Crypto & Web3Developer ToolsSan Francisco, US
Arjun Bhuptani(Executive Officer, Director)inLayne Haber(Executive Officer, Director)inRahul Sethuram(Executive Officer)in
Co-investorsA.Capital VenturesAmentum Investment ManagementCVP NoLimitD1 VenturesFenbushi CapitalFigment+14 more
Helps users find the lowest price for trades across exchanges and aggregators.
Co-investorsConsenSys MeshGnosis DAOHack VCBlockchain Capital
EigenCloud is a developer platform that adds cryptographic verifiability to data, computation, and AI inference, backed by slashable stake on EigenLayer.
AI & Machine LearningCrypto & Web3Developer Tools
Co-investorsElectric CapitalL2 Iterative Ventures (L2IV)LemniscapRR2 Capitala16z cryptoAndreessen Horowitz
Entropy provides an AI-powered operating system for specialty healthcare practices that automates patient intake, eligibility verification, prior authorization, and revenue cycle management.
AI & Machine LearningHealthtechSaaSSan Francisco, US
Rabii Malik(CEO)inHashim RehmanBen Walton(Software Engineer)Arooba Gill(Executive Assistant)
Co-investorsY Combinatora16z cryptoAndreessen HorowitzByld VenturesCoinbase VenturesCur8 Capital+3 more
Entropy was an a16z-backed decentralized crypto custody and threshold-signing network that wound down in January 2026.
New York, US
JOHN PACIFIC(Executive Officer, Director)
Co-investorsa16z cryptoAndreessen HorowitzCoinbase VenturesFigmentCerulean VenturesDragonfly+2 more
Ethereal Ventures is a venture capital firm that invests in companies building on permissionless blockchain networks and digital assets.
Crypto & Web3
Joseph Lubin(Chairman)inMin Teo(Managing Partner & Co-CIO)in
Co-investorsAmbush CapitalConsenSys MeshFurther Ventures
Flashbots is a research and development organization that mitigates negative externalities from Maximal Extractable Value (MEV) on blockchains, primarily Ethereum, through infrastructure and tools for block building, transaction protection, and MEV distribution.
Crypto & Web3Data & InfrastructureDeveloper ToolsGrand Cayman
Alejo Salles(Director)Philip Alexander Daian(Director)Tianhong Zhen(Director)Robert Miller(Director)Alex Obadia(Founder)Phil Daian(Founder)
Co-investorsBig Brain HoldingsBlueYard CapitalDragonflyFabric VenturesFactionFenbushi Capital+15 more
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group.one is a European provider of digital solutions for small and medium businesses, offering web hosting, domain registration, website building, and SaaS tools for compliance, booking, and site performance.
AI & Machine LearningCloud ComputingE-commerceMarketing TechPropTechSaaSCopenhagen, DK
Daniel Hagemeier(CEO)
Co-investorsAccel-KKRRPS VenturesG1 VenturesGSRSeier CapitalVeris Ventures
Khalani provides infrastructure for cross-chain and multi-provider transactions, enabling operators to define enforceable execution rules (price, latency, finality) that are automatically enforced across a network of solvers, market makers, bridges, and on/off-ramp providers.
Crypto & Web3Data & InfrastructureFintech
Co-investorsBootNodeFigmentMaelstromNascentFigment Capital
MSquared provides a platform that enables companies to build and operate virtual worlds and metaverse experiences with customizable user management, in-world economies, and avatar systems.
Creator EconomyDeveloper ToolsGamingMedia & Entertainment
Co-investorsExto PartnersDekrypt CapitalDigital Currency Group
Neon Labs develops technology to bridge Ethereum Virtual Machine (EVM) applications with the Solana blockchain, aiming to make Web3 transactions faster and cheaper.
Crypto & Web3Data & InfrastructureDeveloper ToolsGrand Cayman
Petrus Dorfling Basson(Executive Officer, Director)Marina Guryeva(Executive Officer, Director)David Charles Lloyd(Executive Officer, Director)
Co-investorsAdvanced BlockchainBollinger Investment GroupImpossible FinanceNxGenPuzzle VenturesRockawayX+5 more
OneKey helps site developers and operators identify optimal locations for building electric vehicle charging stations based on profitability analysis.
FintechParis, FR
Christophe Barre(Founder)inUlysse Prygiel(Founder)in
Co-investorsIOSG VenturesSky9 CapitalY CombinatorCoinbase VenturesDragonflyeCapital Entrepreneurial Partners AG+4 more
OneKey makes hardware wallets and related software for storing and managing cryptocurrency, including staking management and support for EVM decoding, Solana message signing, and connections to wallets like MetaMask and Sparrow.
Crypto & Web3Hardware
Yishi W.(Founder)in
Co-investorsCoinbase VenturesBitDAOBixin CapitalBixin VenturesIOSG VenturesMantle Network+6 more
Sentient Foundation is a non-profit organization committed to building open-source AGI independent of single-entity control.
AI & Machine LearningDeep TechDeveloper ToolsSector Agnostic
Himanshu Tyagi(Founder)in
Co-investorsArrington CapitalGSRHack VCHypersphere VenturesMH VenturesPantera Capital+9 more
Sentient is an AI solutions provider offering enterprise services including automatic speech recognition for Asian languages.
Christopher Yeo(Founder)in
Co-investorsDG Daiwa VenturesDG Ventures, Inc.Primitive VenturesUntroD CapitalArrington CapitalCanonical Crypto+10 more
Zillow Closing (formerly Spruce) provides a digital title and closing service for homebuyers, offering a streamlined online process with a dedicated closer as a single point of contact.
FintechPropTech
Co-investorsBessemer Venture PartnersMetaProp VenturesNotation CapitalRadicle ImpactThird PrimeBrighter Capital+3 more
SpruceID provides digital identity systems for governments and regulated industries, enabling secure verification and authentication across legacy and modern infrastructure.
Crypto & Web3CybersecurityData & InfrastructureDigital HealthEnterprise SoftwareGovTechNew York City, US
Wayne Chang(Founder)inGregory Rocco(Founder)inEric Chen(Head of Engineering)inDani Johnson(Head of Operations)Claud Vicencio(Executive Assistant)Elissa Maercklein(Head of Marketing)
Co-investors515 Ventures6 Degrees CapitalA.Capital Venturesa16z cryptoAndreessen HorowitzBitkraft Esports Ventures+24 more
Spruce Systems provides an AI tool for commercial landscaping companies that captures property context during routine maintenance and generates site audit reports for account managers.
AI & Machine LearningSaaSSales Tech
Max Makeev(Founder)inMatt Fitzgerald(Founder)in
Co-investors2048 VenturesAndreessen HorowitzElectric CapitalOkta VenturesProtocol LabsRobot Ventures+2 more
Syndicate provides infrastructure to scale the Ethereum blockchain, supporting staking and development operations on the network.
Crypto & Web3Mountain View, US
William Raphael Papper(Executive Officer, Director)Ian John Lee(Executive Officer, Director)ian //(Founder)inIan Lee(Founder)inWill Papper(Founder)
Co-investorsA.Capital Venturesa16z cryptoAndreessen HorowitzArchetypeAtelierBlueYard Capital+28 more
Yala offers an AI agent that calculates fair value probabilities from market and on-chain signals to help users trade more efficiently.
AI & Machine LearningCrypto & Web3FintechDubai, AE
Vicky F(Founder)
Co-investorsGeekCartelPolychain Capital
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
ConsenSys Software, Inc.AlluvialBlueskyDriftMauvePortolaUSDaiUtexo
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Exits · 2
1 IPOs · 1 acquisitionsPortfolio news
latest coverage across their companiesKhalani · blog.khalani.network · May 13, 2026
OneKey · onekey.so · May 12, 2026
Gitcoin · gitcoin.co · Mar 5, 2026
Entropy · ycombinator.com · Jan 29, 2026
EigenCloud · blog.eigencloud.xyz · Dec 18, 2025
Frequently asked questions
- How many investments has Ethereal Ventures Management Ltd. made?
- Ethereal Ventures Management Ltd. has 38 tracked investments, 2 of which have exited, including 4 dated in the last 24 months.
- What stage does Ethereal Ventures Management Ltd. invest at?
- Ethereal Ventures Management Ltd. invests at the Pre-Seed, Seed, Series A, Growth stages.
- What sectors does Ethereal Ventures Management Ltd. focus on?
- Ethereal Ventures Management Ltd. focuses on Crypto & Web3.
- Where is Ethereal Ventures Management Ltd. located?
- Ethereal Ventures Management Ltd. is headquartered in Road Town, Tortola.
- Who does Ethereal Ventures Management Ltd. co-invest with?
- Ethereal Ventures Management Ltd. most often shares deals with A.Capital Ventures, a16z crypto, Andreessen Horowitz, among 56 tracked co-investors.
Images
Co-investors · 41
Andreessen Horowitz (a16z) is a venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz, known for pioneering the platform model with a large team of operators supporting founders across stages.
Electric Capital is an early-stage venture firm founded in 2018 that backs founders building trust-minimized technologies across AI, crypto, fintech, and related sectors.
Robot Ventures is a $75M early-stage crypto fund founded and led by Robert Leshner (Compound) and Tarun Chitra (Gauntlet), who actively run major DeFi companies while managing the fund, giving founders direct access to operators at the center of on-chain markets. The fund specializes in backing highly technical crypto primitives at the pre-seed stage before they become marquee names, leveraging deep quant research expertise to evaluate complex DeFi mechanisms that many generalist VCs struggle to understand.
A.Capital Ventures is an early-stage venture firm that provides funding, network access, and hands-on support to entrepreneurs building forward-thinking technology companies.
Dragonfly is a crypto-focused investment firm comprising Dragonfly Ventures, Dragonfly Liquid, and Metastable, an early crypto hedge fund it acquired. It invests in and researches blockchain, tokens, and crypto companies.
Digital Currency Group (DCG) is a long-term investor in and operator of businesses across the crypto and blockchain industry, holding equity, fund, and token positions.
Divergence is a crypto-focused investment firm that describes itself as backing every radical form of capital, investing across DeFi, NFTs, DAOs, and blockchain infrastructure.
Hashed is a blockchain and frontier technology investment firm that backs founders building in AI, crypto, and emerging tech, supporting portfolio companies from inception to global scale.
Brighter Capital is a family angel fund that makes early-stage direct investments in startups building what it calls a brighter future, backing resourceful founders across technology, human potential, small business empowerment, and sustainability themes.
Battery Ventures is a global investment firm that has backed more than 450 companies over its 40-year history, operating its investment staff as a single global unit.
Slow Ventures is a generalist early-stage venture capital firm founded in 2011, with offices in San Francisco, Boston, and New York, investing in the earliest rounds of companies across many sectors.
▶29 more co-investors
Todd and Rahul’s Angel FundBitkraft Esports VenturesChapter One VenturesGalaxy Digital Assets FundMulticoin CapitalSamsung NextArchetypeParaFi CapitalFinTech CollectiveGnosis DAODekrypt CapitalWinklevoss CapitalAwesome People VenturesTuesday Capital7percent VenturesKearny JacksonPolygonIVCSeed Club VenturescLabsSolana VenturesLCXNational Science FoundationCherubic VenturesSID Venture PartnersGemini Israel VenturesFMFWKatapult AfricaAppWorks Ventures
Firms observed investing alongside Ethereal Ventures Management Ltd., from public investor directories. Shared companies are the overlap with Ethereal Ventures Management Ltd.'s recorded portfolio.
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