Ethereal Ventures Management Ltd. — Full Portfolio

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 seatJLJoseph Lubin· per SEC Form D · $30M raise · filed Aug 2023

Co-investorsAAAAF Management Ltd.BLBloccelerate VCCOConsenSys MeshFIFitz Gate VenturesJEJetBlue VenturesSKSKY VC+3 more

New York, US

SLScott 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-investorsCHChaos VenturesCOConsenSys MeshNENew Enterprise Associates (NEA)SPSprint VcCOConsenSysGAGaingels+4 more

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-investorsA1A100X VenturesBIBitDAOCOCoinFundCOConsenSys MeshHAHashedMAMantle Network+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

KOKevin Owocki(Founder)KOKevin 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-investorsBOBootNodeCOConsenSys MeshDIDivergenceFEFenbushi CapitalHTHTX Ventures (ex Huobi Ventures)IDIDEO 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)inBSBrian Shroder(Founder)inMatthew Shroder(Founder)

Co-investorsA1A100X VenturesCMCMT Digital VenturesF-F-Prime CapitalGEGenerative VenturesHAHack VCPOPortage 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

HWHoward Wu(Founder)inMichael Beller(Executive Officer)

Co-investorsCOCoinbase VenturesA.A.Capital VenturesA1a16z cryptoAMAmbush CapitalANAndreessen HorowitzDIDigital 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-investorsMEMetalayerBABain Capital CryptoMIMischiefPAPascal CapitalRORobot VenturesSPSpark 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

ZacTPThomas Pocock(Founder)inZWZachary Williamson(Founder)inASArnaud Schenk(Founder)inJoe Andrews(Founder)inThomas Walton-Pocock(Founder)

Co-investorsA.A.Capital VenturesA1a16z cryptoALAlumni VenturesANAndreessen HorowitzCOCoinbase VenturesCOCoinList+22 more

Coinshift offers institutional credit yield products that are liquid and composable onchain.

Crypto & Web3Fintech

Tarun Gupta(Founder)in

Co-investorsEAEarl Grey CapitalGRGraph Paper CapitalLOLongHash VenturesISiSeedPOPolygon StudiosQUQuiet 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)inRSRahul Sethuram(Executive Officer)in

Co-investorsA.A.Capital VenturesAMAmentum Investment ManagementCVCVP NoLimitD1D1 VenturesFEFenbushi CapitalFIFigment+14 more

Helps users find the lowest price for trades across exchanges and aggregators.

Co-investorsCOConsenSys MeshGNGnosis DAOHAHack VCBLBlockchain 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-investorsELElectric CapitalL2L2 Iterative Ventures (L2IV)LELemniscapRRRR2 CapitalA1a16z cryptoANAndreessen 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

RMRabii Malik(CEO)inHashim RehmanBen Walton(Software Engineer)Arooba Gill(Executive Assistant)

Co-investorsY Y CombinatorA1a16z cryptoANAndreessen HorowitzBYByld VenturesCOCoinbase VenturesCUCur8 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-investorsA1a16z cryptoANAndreessen HorowitzCOCoinbase VenturesFIFigmentCECerulean VenturesDRDragonfly+2 more

Ethereal Ventures is a venture capital firm that invests in companies building on permissionless blockchain networks and digital assets.

Crypto & Web3

JLJoseph Lubin(Chairman)inMTMin Teo(Managing Partner & Co-CIO)in

Co-investorsAMAmbush CapitalCOConsenSys MeshFUFurther 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-investorsBIBig Brain HoldingsBLBlueYard CapitalDRDragonflyFAFabric VenturesFAFactionFEFenbushi Capital+15 more

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-investorsACAccel-KKRRPRPS VenturesG1G1 VenturesGSGSRSESeier CapitalVEVeris 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-investorsBOBootNodeFIFigmentMAMaelstromNANascentFIFigment 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-investorsEXExto PartnersDEDekrypt CapitalDIDigital 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-investorsADAdvanced BlockchainBOBollinger Investment GroupIMImpossible FinanceNXNxGenPUPuzzle VenturesRORockawayX+5 more

OneKey helps site developers and operators identify optimal locations for building electric vehicle charging stations based on profitability analysis.

FintechParis, FR

CBChristophe Barre(Founder)inUPUlysse Prygiel(Founder)in

Co-investorsIOIOSG VenturesSKSky9 CapitalY Y CombinatorCOCoinbase VenturesDRDragonflyECeCapital Entrepreneurial Partners AG+4 more

OneKey makes self-custody hardware crypto wallets with EAL6+ secure-element chips, supporting Bitcoin, Ethereum and 30,000+ coins across 100+ chains.

Crypto & Web3CybersecurityHardware

Yishi W.(Founder)in

Co-investorsBIBinance LabsCOCoinbase VenturesBIBitDAOBIBixin CapitalBIBixin VenturesIOIOSG Ventures+7 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

HTHimanshu Tyagi(Founder)in

Co-investorsARArrington CapitalGSGSRHAHack VCHYHypersphere VenturesMHMH VenturesPAPantera Capital+9 more

Sentient is an AI solutions provider offering enterprise services including automatic speech recognition for Asian languages.

CYChristopher Yeo(Founder)in

Co-investorsDGDG Daiwa VenturesDGDG Ventures, Inc.PRPrimitive VenturesUNUntroD CapitalARArrington CapitalCACanonical 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-investorsBEBessemer Venture PartnersMEMetaProp VenturesNONotation CapitalRARadicle ImpactTHThird PrimeBRBrighter 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

WCWayne Chang(Founder)inGRGregory Rocco(Founder)inECEric Chen(Head of Engineering)inDani Johnson(Head of Operations)Claud Vicencio(Executive Assistant)Elissa Maercklein(Head of Marketing)

Co-investors51515 Ventures6 6 Degrees CapitalA.A.Capital VenturesA1a16z cryptoANAndreessen HorowitzBIBitkraft 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

MMMax Makeev(Founder)inMFMatt Fitzgerald(Founder)in

Co-investors202048 VenturesANAndreessen HorowitzELElectric CapitalOKOkta VenturesPRProtocol LabsRORobot 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)IJIan John Lee(Executive Officer, Director)I/ian //(Founder)inILIan Lee(Founder)inWill Papper(Founder)

Co-investorsA.A.Capital VenturesA1a16z cryptoANAndreessen HorowitzARArchetypeATAtelierBLBlueYard Capital+28 more

Velocity is an enterprise platform that provides payments and treasury solutions powered by stablecoins, designed for CFOs and global businesses.

Crypto & Web3Enterprise SoftwareFintech

Eric Queathem(Founder)Tom Greenwood(Founder)

Co-investorsACActivant CapitalDIDigital Space VenturesFUFuel VenturesIMImagine VenturesNENextBlockQEQED Investors+10 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-investorsGEGeekCartelPOPolychain Capital