Fundraising Fox
Puzzle Ventures
Venture capitalPre-Seed–Seed · 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.
Source: firm website, verified Aug 3, 2026.
Team · 3 people
from curated & public directoriesWhat they invest in
from 17 of 32 portfolio companiesCrypto & Web3 ×10AI & Machine Learning ×8Data & Infrastructure ×6Enterprise Software ×6Developer Tools ×5SaaS ×5Fintech ×4Construction Tech ×2
HQs:United Kingdom×2United States×2Australia×1India×1
Investments · 32 tracked
founders shown can be your intro pathBy year:2026 · 22025 · 22024 · 12023 · 12021 · 17 dated
Ankar builds an operating system for innovation that helps R&D and patent teams accelerate their work through tools for idea generation, drafting, prosecution, and protection.
AI & Machine LearningEnterprise SoftwareLegalTechSaaSLondon, GB
Tamar Gomez(Founder)inWiem Gharbi(Founder)
Co-investorsAtomicoBOOOMDaphniIndex VenturesMotier VenturesNorrsken VC
Aurora operates the Network of Virtual Chains, offering developers customizable, EVM-compatible chains that run as smart contracts on the NEAR blockchain.
Crypto & Web3Data & InfrastructureDeveloper Tools
Co-investorsAlumni VenturesD1 VenturesHTX Ventures (ex Huobi Ventures)IOSG VenturesLemniscapMentha Partners+7 more
Built provides a cloud-based platform that connects capital, data, and workflows for real estate finance, enabling lenders, owners, developers, and contractors to fund, manage, and build projects with visibility and control across the entire lifecycle from origination to asset management.
AI & Machine LearningConstruction TechEnterprise SoftwareFintechPropTechSaaSNashville, US
Chase Gilbert(CEO)in
Co-investorsCanapi VenturesCRV (Charles River Ventures)Fifth WallHDS CapitalHighsage VenturesIndex Ventures+10 more
comstruct offers an AI-agent platform that automates the material procurement process for construction companies, covering everything from the bill of quantities and tendering through supplier negotiation, framework contracts, digital delivery notes, invoice verification, and sustainability reporting.
AI & Machine LearningConstruction TechSaaS
Henric Meinhardt(Founder)in
Co-investors20VCanother.vcBOOOMGV (Google Ventures)Loric Ventures
O3 Swap is a cross-chain aggregation protocol from Tokyo-based O3 Labs for swapping assets across Ethereum, BSC, Heco and Neo.
Co-investorsCatcherVCZMT CapitalNGC VenturesSevenX Ventures
DODO is a decentralized exchange and on-chain liquidity protocol built on a Proactive Market Maker algorithm.
Co-investorsAssembly PartnersCoinbase VenturesD1 VenturesGalaxy VenturesIOSG VenturesLongHash Ventures+5 more
GoPlus Security builds a decentralized security layer for Web3, integrating with blockchains and projects to run risk analysis and protect users across their on-chain transactions.
AI & Machine LearningCrypto & Web3Cybersecurity
Co-investorsCatcherVCGeekCartelHTX Ventures (ex Huobi Ventures)HyperithmAnimoca BrandsBinance Labs+14 more
Gradient Labs builds AI agents that automate customer support and operations for financial services institutions.
AI & Machine LearningEnterprise SoftwareFintechLondon, GB
Dimitri Masin(Co Founder & CEO)inDanai Antoniou(Co Founder & Chief Scientist)inNeal Lathia(Co Founder & CTO)inSandra J. Smith(Executive Officer)Jason T. Simmons(Principal)
Co-investorsLocalGlobeCommerzVenturesExceptional CapitalOctopus VenturesRedpoint VenturesVentures Together
Magma builds operational infrastructure and systems for India's manufacturing sector, working directly with manufacturers to improve their critical operations and support large-scale industrial growth.
Advanced ManufacturingB2B MarketplacesEnterprise SoftwareLogistics & Supply Chain
BoardNeal Thakker
Co-investorsAccionCapria VenturesWEH VenturesGVFL Ltd.Hashkey CapitalSevenX Ventures
Magma helps companies that build AI agents package and license their agents' interaction data — traces, corrections, and completed workflows — to AI labs, paying those companies a revenue share.
AI & Machine LearningData & InfrastructureEnterprise SoftwareSaaSSan Francisco, US
Ramtin Shahzanian(Founder)in
Co-investorsVela PartnersY CombinatorAccion Venture LabAcequia Capital (AceCap)Capria VenturesEmerging Ventures+5 more
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 FinanceNxGenRockawayXWintermute+5 more
Offchain provides enterprise infrastructure and blockchain products for the programmable economy, including scaling solutions, consensus clients, and smart account infrastructure.
Crypto & Web3Enterprise SoftwareFintech
Steven Goldfeder(Founder)in
Co-investorsBallistic VenturesBlockchain CoinvestorsCoinbase VenturesDeFiance CapitalFenbushi CapitalLightspeed Venture Partners+7 more
Omnity Network is an on-chain omnichain interoperability protocol built on the Internet Computer that bridges Bitcoin assets across chains.
Co-investorsContinue CapitalD1 VenturesYoubi CapitalZMT Capital
Orderly Network provides omnichain infrastructure for launching perpetuals decentralized exchanges (perp DEXs) on any blockchain, offering a shared orderbook and liquidity accessible via SDK or white-label.
Crypto & Web3Data & InfrastructureDeveloper Tools
Ran Yi(Founder)in
Co-investorsD1 VenturesDragonflyGate VenturesIOSG VenturesMentha PartnersMetastable+9 more
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 GroupGeekCartelL2 Iterative Ventures (L2IV)LongHash VenturesMapleblock CapitalRR2 Capital+8 more
QuestN is a Web3 growth and airdrop platform that lets crypto projects create communities and publish quest campaigns using customizable templates with automatic verification.
Crypto & Web3GamingMarketing Tech
Co-investorsBitDAOCastrum CapitalMantle NetworkTsingTing CapitalDHVCEVG+6 more
End-to-end risk management technology for DeFi
Co-investorsMoreVCParaFi CapitalParafi General FundGlilot Capital PartnersIndex VenturesPebblebed+1 more
Reonic is an AI-native platform for renewable energy installers that combines CRM, solar and heat pump system design, quoting with digital signatures, installation management, and a mobile field app in one system.
AI & Machine LearningCleantechSaaS
Lars-Manuel Schneider(Founder)inTristan Menzinger(Founder)in
Co-investorsNorthzonePoint NineSpinLab
Smart Token Labs builds infrastructure for tokenization, including TokenScript (a smart token interface standard for composable tokens), AlphaWallet (an open-source EVM mobile wallet), and Smart Layer (a blockchain-based service network that executes token logic and integrates web services with token functionality).
Crypto & Web3Data & InfrastructureDeveloper ToolsSydney, AU
Weiwu Zhang(Founder)in
Co-investorsBODLFenbushi CapitalFramework VenturesMechanism CapitalMH VenturesSignum Capital
A native DEX deployed on the Unagiswap network supported by DEXpert.
A native DEX deployed on the Berachain network supported by DODO DEXpert.
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
BoringDAOiZUMiOctopus NetworkPudgy PenguinsReadon Consumer Decentralized content platformRef FinanceScrollSilicon TradeSmart Layer
Portfolio news
latest coverage across their companiesMagma · ycombinator.com · Aug 14, 2026
Gradient Labs · thesaasnews.com · Jun 4, 2026
Ankar · eu-startups.com · Dec 17, 2025
Frequently asked questions
- How many investments has Puzzle Ventures made?
- Puzzle Ventures has 32 tracked investments, including 4 dated in the last 24 months.
- 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.
- Who does Puzzle Ventures co-invest with?
- Puzzle Ventures most often shares deals with D1 Ventures, IOSG Ventures, Pantera Capital, among 65 tracked co-investors.
Media · Podcasts & interviews
featuring the teamGloria Baeuerlein at Puzzle Ventures & Europe’s Solo GP Revolution
The European VC · Gloria Baeuerlein
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