Fundraising Fox

Puzzle Ventures

Venture capital

Pre-Seed–Seed Β· 3 people tracked

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Investment thesis

Puzzle Ventures concentrates on early-stage blockchain and Web3 companies, aiming to help these startups grow and to contribute to shaping the future of the decentralized web.

Invests inCrypto & Web3United States

Source: firm website, verified Aug 3, 2026.

Stage
Pre-Seed–Seed
Check
$1M – $5M
Leads rounds
Follows
Tracked investments
33

Team Β· 3 people

from the firm's website
Qi WangΒ· Founding Partnerin

Qi Wang is a former Oracle and D-Link software engineer and DODO co-founder turned General Partner at two firms, offering deep technical infrastructure expertise and founder insight to Web3 projects.

Ziqi Jerry ZhouΒ· Managing Partnerin𝕏

Ziqi Jerry Zhou is a Waterloo-based technical operator and experienced software engineer in blockchain, data and APIs; Partner at Sign Protocol, Advisor to DODO, with open DMs for founders.

Calvin LuΒ· Investment Managerin

Calvin Lu is an investment manager concentrating on Greater China while operating from Hong Kong and Beijing, though public details about his specific investment approach and notable deals are limited.

What they invest in

from 3 of 33 portfolio companies

Crypto & Web3 Γ—3Fintech Γ—2Cloud Computing Γ—1Developer Tools Γ—1Enterprise Software Γ—1

Investments Β· 33 tracked

founders shown can be your intro path
Aurora

Ethereum compatibility network on Near.

BoringDAO

Decentralized bridge connecting all blockchain assets.

Dodododoex.io
DODO

Next-generation on-chain liquidity provider.

GoPlus Security

Permissionless, user-driven security service platform.

Infrastructureaurora.dev𝕏

Aurora is a network of customizable, EVM-compatible blockchain chains that operate as smart contracts on NEAR, offering developers scalability and low transaction costs without the complexity of traditional Layer 2 infrastructure.

Cloud ComputingCrypto & Web3

Izumiizumi.finance
Izumi

Multi-chain Liquidity as a Service platform.

JOJOjojo.exchange

DeFi-native perpetual trading platform.

Neon Labs

A fully Ethereum-compatible environment on Solana.

Octopus Network

Multi-chain network for Appchains on Near.

Offchain labsoffchainlabs.comin𝕏

Offchain provides enterprise infrastructure and blockchain products for the programmable economy, including scaling solutions, consensus clients, and smart account infrastructure.

Crypto & Web3Enterprise SoftwareFintech

Offchain Labs

Building Arbitrum to scale the Ethereum ecosystem.

Omnity Networkoct.network
Orderlyorderly.networkin𝕏

Orderly Network provides a white-label perpetuals DEX infrastructure that allows builders to launch their own decentralized exchanges on any blockchain with shared liquidity and customizable fees.

Crypto & Web3Developer ToolsFintech

Orderly Network
Polyhedrapolyhedra.network
Polyhedra Network

Building a trusted foundation for the intelligent future.

Pudgy Penguinspudgypenguins.com
Pudgy Penguins

Web3-born brand fostering creativity, freedom, and community.

Readonreadon.me
Ref Financeref.finance
Ref Finance

AMM and a synchronous DeFi shard on Near.

Scroll

Building the native zkEVM scaling solution for Ethereum.

Scrollscroll.io
Silicon Trade
Silicontradesilicontrade.ai
Smart Layer

Building a new standard for the tokenized economy.

Smarttokenlabssmarttokenlabs.com𝕏
Unagiswapunagiswap.xyz

A native DEX deployed on the Unagiswap network supported by DEXpert.

Wasabeewasabee.xyz

A native DEX deployed on the Berachain network supported by DODO DEXpert.

Frequently asked questions

What stage does Puzzle Ventures invest at?
Puzzle Ventures invests at the Pre-Seed, Seed stages.
What is Puzzle Ventures's typical check size?
Puzzle Ventures typically writes checks of $1M – $5M.
What sectors does Puzzle Ventures focus on?
Puzzle Ventures focuses on Crypto & Web3.
Does Puzzle Ventures lead rounds?
Puzzle Ventures typically participates in rounds rather than leading them.

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