How many investments has L2 Iterative Ventures (L2IV) made?

L2 Iterative Ventures (L2IV) has 31 tracked investments.

What stage does L2 Iterative Ventures (L2IV) invest at?

L2 Iterative Ventures (L2IV) invests at the Seed stage.

What sectors does L2 Iterative Ventures (L2IV) focus on?

L2 Iterative Ventures (L2IV) focuses on AI & Machine Learning, Crypto & Web3, Data & Infrastructure.

Where is L2 Iterative Ventures (L2IV) located?

L2 Iterative Ventures (L2IV) is headquartered in San Francisco, US.

Who does L2 Iterative Ventures (L2IV) co-invest with?

L2 Iterative Ventures (L2IV) most often shares deals with Bankless Ventures, Coinbase Ventures, Figment, among 89 tracked co-investors.

L2 Iterative Ventures (L2IV)

Venture capital

San Francisco · Seed · 6 people tracked

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Investment thesis

L2IV invests in the frontier of Web3 and blockchain innovation, with particular expertise in zero-knowledge proof systems and multi-dimensional Web3 infrastructure. As the specialized arm of L2 Capital Management, the firm positions itself as a hands-on, technically-savvy partner rather than a passive capital provider, aiming to support founders from early ideas through global scale. It combines world-class investors, crypto-native technologists, and entrepreneurs, and maintains a presence spanning East and West to help portfolio companies achieve global reach in building a decentralized future.

Invests inAI & Machine Learning Crypto & Web3 Data & Infrastructure Global San Francisco

Source: firm website, verified Aug 3, 2026.

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Stage

Seed

San Francisco, US

Instruments

Equity

Tracked investments

Unicorns

Team · 6 people

from the firm's website

Kevin Lee· Managing Partner· Hong Kongin 𝕏

Kevin Lee is a Managing Partner at L2 Iterative Ventures and a Partner and Co-Founder of L2 Capital, a Hong Kong-based multi-strategy asset manager. He previously served as an Investment Director at Gallant Investment Partners, focusing on early and growth stage FinTech, SaaS and Gaming investments, and acted as CEO of portfolio company Genesis. Earlier in his career he held roles at Standard Chartered, Citi and BMO Capital Markets, and he holds degrees from the University of British Columbia, the University of Toronto and Northwestern University's Kellogg School, along with CFA and CPA designations.

Dennis Won· Technical Partner· San Francisco, California, United Statesin 𝕏

Dennis Won is a Technical Partner at L2 Iterative Ventures, where he leads developer relations initiatives, running bootcamps, workshops, and incubation programs for developers in the San Francisco Bay Area and South Korea. He was a founding member and Core Protocol Lead at Harmony Protocol, working on decentralized sharding and consensus mechanisms, and previously conducted zero-knowledge proof and layer 2 rollup research through an Ethereum Protocol Fellowship with the Ethereum Foundation. Earlier in his career he spent four years at Meta leading the Facebook Virtual Reality infrastructure team, and he holds a BS with Honors from Stanford University focused on deep learning and distributed systems.

Sunga Sophie Kim· Partner

Weikeng Chen· Research Partner· Irvine, California, United Statesin 𝕏

Weikeng Chen is a researcher focused on zero-knowledge proofs (ZKP) and multi-party computation (MPC), with work spanning hardware acceleration, application-specific proof systems, private and anonymous payments, and cryptography. He previously co-founded DZK Labs, where he worked on hardware acceleration, and served as chief scientist at Discreet Labs, researching privacy coins. He earned a PhD in computer science from UC Berkeley under Associate Professor Raluca Ada Popa, and holds a bachelor's degree from the University of Science and Technology of China (USTC).

Lily Liu· Senior Advisor· United Arab Emiratesin 𝕏

Lily Liu is a Senior Advisor at L2 Iterative Ventures with a background as a Web3 entrepreneur and investor. She co-founded the blockchain venture Anagram, serves as chair of the Solana Foundation, and was a founding member of Osmosis. She previously co-founded Earn.com (acquired by Coinbase in 2018), served as CFO of Chinaco Healthcare Corporation, and worked at Kohlberg Kravis Roberts and McKinsey. She holds a bachelor's degree in economics and international relations from Stanford University and pursued East Asian studies at Harvard University.

Yu Guo· Senior Advisor𝕏

Yu Guo is the Co-Founder of SETBIT Labs, which focuses on smart contract auditing, formal verification, and zero-knowledge proofs. He previously spent ten years as an associate professor of formal verification (with a focus on operating system verification) at the University of Science and Technology of China, and worked for a year as a research scientist at Yale University building certified operating systems. He currently works on blockchain infrastructure security using approaches such as logical reasoning and zero-knowledge proofs, and serves as research lead of the ZKCPlus protocol.

Founder mafia

2 people who came through L2 Iterative Ventures (L2IV) went on to found or lead other companies.

Kony KwongVenture PartnerFounded GAIB Lily LiuSenior AdvisorFounded Earn.com

What they invest in

from 15 of 31 portfolio companies

Crypto & Web3 ×15Fintech ×8AI & Machine Learning ×4Developer Tools ×4Data & Infrastructure ×3Cybersecurity ×2Cloud Computing ×1Deep Tech ×1

HQs:United States×4

Who they back

founder profiles across 12 portfolio companies

42%

solo founders

5 of 12 mapped founding teams

55%

repeat founders

of 11 founders with career history

Founding team size:solo founder×52 founders×23 founders×34+ founders×2

Where their founders worked beforefrom 11 founders with career history

Intel Movidius ×2

Investments · 31 tracked

founders shown can be your intro path

By year:2024 · 1 2022 · 12 dated

Aoriaori.io 𝕏

Infrastructure for high-frequency intent execution on any chain

Co-investorsBankless Ventures Protagonist

Arciumarcium.com 𝕏

Arcium operates a decentralized network for confidential computing that uses Secure Multi-Party Computation (MPC) to execute computations without exposing input data.

AI & Machine LearningCrypto & Web3Cybersecurity

Yannik Schrade(Founder)in

Co-investorsCoinbase Ventures LongHash Ventures Oddiyana Ventures SMAPE Capital Token Ventures Asymmetric +2 more

Babylonbabylonlabs.io in 𝕏

Babylon Labs develops trustless infrastructure that enables Bitcoin to be used as collateral in decentralized finance and through a Bitcoin staking protocol for blockchain validation.

Crypto & Web3Fintech

Fisher Yu(Founder)inDavid Tse(Founder)

Co-investorsa16z crypto Alumni Ventures Andreessen Horowitz Basecamp Fund Bloccelerate VC Breyer Capital +13 more

EigenCloudeigencloud.xyz 𝕏

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 Capital Ethereal Ventures Management Ltd.Lemniscap RR2 Capital a16z crypto Andreessen Horowitz

Fastlanefastlane.xyz in 𝕏Mar 2024

FastLane provides a maximal extractable value (MEV) protocol and liquid staking token (shMON) for the Monad blockchain, enabling validators and token holders to capture transaction ordering fees and staking rewards.

Crypto & Web3FintechPasadena, US

David Alexander Watts(Executive Officer, Director)Alex W.(Founder)in Jordan Hagan(Founder)inEric Destaing(Executive Officer, Director)Michael Mugno(Director)Oscar Salcedo-Ibanex(Director)

Co-investors57Blocks Capital Coinbase Ventures Figment Multicoin Capital Symbolic Capital DBA +1 more

GAIBgaib.ai 𝕏

GAIB is an AI infrastructure capital partner that originates, underwrites, and manages financing for compute assets such as GPUs, data centers, and robotics.

AI & Machine LearningCrypto & Web3Fintech

Kony Kwong(Founder)inAlex Yeh(Founder)Jun Liu(Founder)

Co-investorsAegis Ventues Faction Hack VC 280 Capital Amber Group Animoca Brands +8 more

Lineralinera.io

Linera Markets is a crypto trading platform that allows users to trade cryptocurrencies, ETFs, and other assets with continuously running 24/7 markets.

Crypto & Web3FintechMenlo Park, US

Mathieu Baudet(Founder)

Co-investorsa16z crypto Andreessen Horowitz Borderless Venture Digital Finance Group Eterna Capital Laser Digital

Liquoriceliquorice.tech 𝕏

Liquorice is a DeFi platform that connects solvers, market makers, and liquidity providers through a unified API and creates overcollateralized lending markets for professional trading firms.

Crypto & Web3Fintech

Anatoly Mukhin(Founder)in

Co-investorsPolymorphic Capital Greenfield

Lorenzolorenzo-protocol.xyz

Lorenzo Protocol offers on-chain asset management aimed at institutional users.

Crypto & Web3Fintech

Matt Ye(Founder)in

Co-investorsD1 Ventures HTX Ventures (ex Huobi Ventures)Symbolic Capital

Monadmonad.xyz in 𝕏

Monad is a high-performance EVM-compatible blockchain designed for fast, low-cost transactions.

Cloud ComputingCrypto & Web3Data & InfrastructureCalifon, US

Eunice Giarta Hon(Executive Officer)James Hunsaker(Founder)Keone Hon(Founder)inEunice Giarta(Founder)

Co-investorsAlphaLab Capital Ambush Capital Archetype Bankless Ventures Big Brain Holdings Bloccelerate VC +33 more

OneBalanceonebalance.io in 𝕏

OneBalance provides a unified interface that lets applications give their users access to digital assets and opportunities across multiple blockchains.

Crypto & Web3Developer ToolsFintech

Daniel Worsley(Chief Operating Officer)

Co-investorsBlockchain Capital Breed Mirana Ventures Wintermute

Polyhedrapolyhedra.network

Polyhedra Network builds blockchain infrastructure for AI applications, including EXPchain, a chain for verifiability, data security, and performance of AI systems, and the ZKJ token for gas and governance.

AI & Machine LearningCrypto & Web3Data & Infrastructure

Tiancheng X.(Founder)in

Co-investorsArcane Group GeekCartel LongHash Ventures Mapleblock Capital Puzzle Ventures RR2 Capital +8 more

Renzorenzoprotocol.com 𝕏

Renzo Protocol provides liquid staking and restaking infrastructure along with reserve vaults that deploy capital into delta-neutral, RWA-backed, and basis/carry trade strategies.

Crypto & Web3Fintech

Lucas Kozinski(Founder)

Co-investorsBankless Ventures BitDAO Crypto Discover Edessa Capital Figment Galaxy Ventures +6 more

RISC Zerorisczero.com in 𝕏Mar 2022

RISC Zero provides verifiable computation technology that lets anyone cryptographically confirm a computation's output is correct without recomputing it, while preserving privacy.

Crypto & Web3CybersecurityDeep TechSeattle, US

Frank Laub(Founder)inBrian Retford(Founder)inJeremy Bruestle(Founder)in

Co-investorsBain Capital Crypto Blockchain Capital Cota Capital D1 Ventures Deep Future Fenbushi Capital +5 more

Suisui.io in 𝕏

The Sui Foundation is an independent organization that supports and grows the Sui blockchain ecosystem, working to lower technical and financial barriers for developers building on Sui and to drive broader adoption.

Crypto & Web3Data & InfrastructureDeveloper Tools

Evan Cheng(Founder)inAdeniyi Abiodun(Founder)George Danezis(Founder)Kostas Chalkias(Founder)Sam Blackshear(Founder)

Co-investorsBixin Capital Bixin Ventures Borderless Venture Coinbase Ventures Crypto Discover CVP NoLimit +11 more

Taiko Labstaiko.xyz in 𝕏

Taiko is an open, community-driven project focused on scaling Ethereum.

Crypto & Web3Developer Tools

Daniel Wang(Founder)inBrecht Devos(Founder)

Co-investorsBollinger Investment Group Faction Generative Ventures IOSG Ventures Mapleblock Capital Sancus Ventures +12 more

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Aligned LayerEpoch ProtocolFiammaInverterLEVRLubanNubitOrmiRomeSpireTradoorTurtle.Club Monetization layerVotreYalazkPass

Portfolio news

latest coverage across their companies

Arcium ecosystem surpasses $7.5m with Bench and Crafts

Arcium · fintech.global · May 6, 2026

A New Era of EIGEN Incentives

EigenCloud · blog.eigencloud.xyz · Dec 18, 2025

Frequently asked questions

How many investments has L2 Iterative Ventures (L2IV) made?: L2 Iterative Ventures (L2IV) has 31 tracked investments.
What stage does L2 Iterative Ventures (L2IV) invest at?: L2 Iterative Ventures (L2IV) invests at the Seed stage.
What sectors does L2 Iterative Ventures (L2IV) focus on?: L2 Iterative Ventures (L2IV) focuses on AI & Machine Learning, Crypto & Web3, Data & Infrastructure.
Where is L2 Iterative Ventures (L2IV) located?: L2 Iterative Ventures (L2IV) is headquartered in San Francisco, US.
Who does L2 Iterative Ventures (L2IV) co-invest with?: L2 Iterative Ventures (L2IV) most often shares deals with Bankless Ventures, Coinbase Ventures, Figment, among 89 tracked co-investors.

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