Fundraising Fox
New York · Seed–Growth · 18 people tracked
Also known as UNOFFICIAL MANAGEMENT, INC. · Variant
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Investment thesis
Variant concentrates on new markets, infrastructure, and applications that give users more agency via increased access, knowledge, and ownership. The firm invests primarily at the early stage and continues to participate as companies mature into growth. Since 2020 it has focused on the most legally, technically, and culturally contested frontiers in technology, with expertise in permissionless markets and software, the regulatory landscape of emerging technology, and how these shifts influence culture.
Source: firm website, verified Sep 29, 2026.
Team · 18 people
from the firm's website & curated & public directories
Founder mafia
2 people who came through Variant Fund went on to found or lead other companies.
What they invest in
from 78 of 111 portfolio companiesCrypto & Web3 ×50Fintech ×31AI & Machine Learning ×21Developer Tools ×18Data & Infrastructure ×16Enterprise Software ×13SaaS ×10Creator Economy ×8
HQs:United States×36United Kingdom×2Argentina×1Australia×1Switzerland×1Finland×1
Who they back
founder profiles across 34 portfolio companiesFounding team size:solo founder×132 founders×73 founders×34+ founders×11
Where their founders studiedfrom 44 founders with education data
Georgia Institute of Technology ×3Duke University ×2Harvard Business School ×2The George Washington University ×2The University of Queensland ×2Universidad de 'San Andrés' ×2Universidad de la República ×2University of California, Berkeley ×2
What their founders studiedfrom 41 founders with field-of-study data
Computer Science ×15Engineering ×7Mathematics & Statistics ×6Business & Management ×4Economics ×4Finance & Accounting ×4Humanities ×4Law ×2
Where their founders worked beforefrom 49 founders with career history
Coinbase ×8Google ×4Microsoft ×3Bain & Company ×2Goldman Sachs ×2IPCOM Technologies ×2Meta ×2Office of the Prime Minister of Israel ×2
Accelerator rootsportfolio companies that came through a program
5 founders hold a PhD · 3 hold an MBA (of 44 with degree data)
Investments · 111 tracked
founders shown can be your intro pathBy year:2026 · 102025 · 112024 · 42023 · 32022 · 162021 · 42020 · 22019 · 151 dated
Infinia provides digital finance infrastructure that connects traditional banking networks with digital asset rails, enabling cross-border settlement and real-time treasury operations for enterprise customers in emerging markets.
Crypto & Web3Enterprise SoftwareFintechSaaSNew York, US
Ianai Urwicz(Founder)inAlejandro Rettig(Founder)in
Co-investorsLattice CapitalY CombinatorBain CapitalReverieTekton VenturesFlucas Ventures+13 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
Staking software developer behind the enterprise liquid staking protocol Liquid Collective, acquired by Galaxy Digital in December 2025.
Chicago, US
Matthew R. Leisinger(Executive Officer, Director)Mara Schmiedt(Executive Officer, Director)Evan Weiss(Executive Officer)
BoardMin Teo(Director)
Co-investorsAmbush CapitalCoinbase VenturesF-Prime CapitalFenbushi CapitalFigmentNascent
A layer 1 blockchain engineered to evolve.
Avery Ching(Founder)Mo Shaikh(Founder)in
Co-investorsBorderless VentureMEXC VenturesPillar VCAndreessen HorowitzBixin VenturesDelta Blockchain+7 more
Artemis Sheets is a financial data plugin for Excel and Google Sheets that lets users pull crypto token metrics and fundamental data via an =ART() formula.
AI & Machine LearningCrypto & Web3Data & InfrastructureFintech
Anthony Yim(Co-founder)in
Co-investorsAlphaLab CapitalCaladanFika
Ferdinand Dabitz(Founder)Joshua Becker(Founder)Peter Lieck(Founder)Simon Wimmer(Founder)
Co-investorsHummingbird VenturesQED InvestorsSoma CapitalValar Ventures LlcAngel InvestCreandum
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
Blackbird Laboratories is a nonprofit life sciences incubator that translates university research breakthroughs into venture-ready biotech companies focused on developing new medicines and enabling technologies.
BiotechDeep TechBaltimore, US
Ben Leventhal(Executive Officer, Director)inMatt Tremblay, PhD(Chief Executive Officer)inEddie Cherok, PhD(Chief Business Officer)in
BoardFred Wilson(Director)inMo Koyfman(Director)inMarguerite Mariscal(Director)
Co-investorsUnion Square Ventures (USV)University System of Maryland Momentum FundAmex VenturesAndreessen HorowitzBrooks ReitzCircle Ventures+6 more
Blackbird is a restaurant loyalty, membership and payments platform with a consumer dining-rewards app built on blockchain rails.
Ben Leventhal(Founder)inCarsten Lund Hansen(Founder)Martin Assenholm Nielsen(Founder)Michael Damsgaard Jensen(Founder)
Co-investorsa16z cryptoAndreessen HorowitzCircle VenturesCoinbase VenturesMischiefMulticoin Capital+8 more
Blockaid is a real-time onchain security platform for web3 builders, used to observe onchain assets, detect anomalies, and mitigate risk across blockchains, wallets, and connected web properties.
AI & Machine LearningCrypto & Web3CybersecuritySaaSNew York, US
Ido Ben-Natan(Founder)inRaz Niv(Founder)inRoni Sidi(General Counsel)in
BoardJason Risch(Board Observer / Director (Greylock investor representative))in
Co-investorsCyberstartsGreylock PartnersGV (Google Ventures)Ribbit CapitalSequoia CapitalJibe Ventures+2 more
Sports, media and entertainment brand covering the business of sports, founded in 2019 by Kevin Durant and Rich Kleiman.
Rich Kleiman(Founder)in
Co-investorsCourtside VenturesThirty Five Ventures (35V)CoinFundSlow VenturesStandard CryptoTHE LAO
Botto is a decentralized autonomous AI artist that generates artworks continuously, with a community of contributors voting to influence the theme, style, and imagery of each piece.
AI & Machine LearningCreator EconomyCrypto & Web3
Co-investorsCollab+Currency1kx
Braintrust offers an AI-powered suite for enterprise hiring, assessment, and operations, including a vetted talent marketplace, an AI recruiting and screening tool, and custom AI automation agents.
AI & Machine LearningFuture of WorkHR Tech
Adam Jackson(Founder)inGabe Luna-Ostaseski(Founder)Ankur Goyal(Founder)Brian Flynn(Founder)Gabriel Luna-Ostaseski(Founder)
Co-investorsACME CapitalAusum VenturesCoatue ManagementCoinbase VenturesDanu VenturesFuture Perfect Ventures+11 more
Cascade is an investment platform accessible in the U.S. that lets users onboard via wire, ACH, or stablecoin and trade crypto, U.S. equities, and private markets around the clock.
Crypto & Web3Fintech
Co-investorsA16Z SpeedrunAda Ventures
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Cascade is a strategy execution platform that helps organizations turn long-term corporate strategy into actionable goals across teams, with AI-powered executive summaries and reporting to track progress.
AI & Machine LearningEnterprise SoftwareSaaSNew York City, US
Tom Wright(Founder)in
Co-investorsOneVenturesA16Z SpeedrunAda VenturesArchetypeBlitzscaling VenturesCarthona Capital+5 more
Cascade was a no-code data platform that let non-technical business analysts import, transform, and combine large datasets and present findings through interactive data apps.
Data & InfrastructureEnterprise SoftwareSaaSSan Francisco, US
Jon(Co-founder)Jake Fuentes(Founder)in
Co-investorsExpaNat TurnerOctaveA16Z SpeedrunAda VenturesArchetype+2 more
Catalog is a platform where musicians sell their music directly to fans, with artists getting paid at the moment of purchase.
Creator EconomyMarketplacesMedia & Entertainment
Hamish Gunasekara(Founder)inJeremy Stern(Founder)Michael Mckain(Founder)
Co-investors1confirmationInflection.xyzKindred VenturesDCVC (Data Collective)Multicoin CapitalNew Enterprise Associates (NEA)+3 more
Ceramic provides a decentralized protocol for event streaming and data management that enables interoperable apps and services to share verifiable data at scale.
Crypto & Web3Data & InfrastructureDeveloper Tools
Danny Zuckerman(Founder)Joel Thorstensson(Founder)Michael Sena(Founder)
Co-investorsAmbush CapitalCoinbase VenturesCollab+CurrencyDeepTech VenturesDraft Ventures LlcFenbushi Capital+8 more
Australian fintech offering real-time account-to-account payments with instant cashback rewards and AI analytics for merchants.
Sydney, AU
Gavin Vy Nguyen(Founder)Caroline Tran(Founder)in
Co-investorsVentekYolo Investments
Coordinape was a platform that let decentralized teams and DAOs recognize contributions and allocate compensation through a peer-to-peer "GIVE" token mechanism, later expanding into onchain reputation tools like the Social Oracle and CoLinks social graph on Base.
Crypto & Web3Future of WorkHR Tech
Co-investorsCultur3 CapitalSeed Club Ventures
Cozy provides modular on-chain risk protection for DeFi protocols, offering tools like yield tranches, asset reserves, and market-based protection contracts to cover risks such as bad debt, hacks, and exploits.
Crypto & Web3FintechInsurTechSeattle, US
Tony Sheng(Director)inPayom Dousti(Executive Officer, Director)
Co-investorsBlockchain CoinvestorsCoinbase VenturesDragonflyElectric CapitalGV (Google Ventures)Metastable+3 more
Programmable identity for users to manage all their tokens in all their wallets at once.
Robert Sur(Founder)in
Co-investorsArca FundsArrington CapitalBloccelerate VCAirTree VenturesArrington XRP CapitalBlocktower Capital+2 more
DeSo is a layer-1 blockchain designed to store social media data fully on-chain, enabling developers to build decentralized social applications such as social networks, NFT marketplaces, and creator monetization tools.
Co-investorsCoinbase VenturesMagnus CapitalAndreessen HorowitzHack VCIDEOPantera Capital+3 more
DIMO provides vehicle data infrastructure that gives developers a single permissioned API to real-time telemetry, identity, and consent data from over 50 connected vehicle brands.
Data & InfrastructureIoTMobility & Transportation
Yevgeny "Yev" Khessin(CEO & Co-Founder)inAlex Rawitz(Founder)Andy Chatham(Founder)Rob Solomon(Founder)Yevgeny Khessin(Founder)
Co-investorsBlueYard CapitalBollinger Investment GroupBorderless VentureCoinFundConsenSys MeshLattice Capital+7 more
Doppler provides a secrets management platform for developers, DevOps, and security teams to securely manage sensitive credentials and configuration data within their development workflows.
Cloud ComputingCybersecurityDeveloper ToolsEnterprise SoftwareAustin, US
Brian Vallelunga(Chairman \u0026 Founder)inAjay Kanuri(Executive Officer, Director)Phillip ChaoThomas Piccirello(CTO)Christian Bogeberg(Technical Recruiter)Ruud Visser(Founding Engineer)
Co-investors515 VenturesAbstract VenturesBoxGroupChapter OneCRV (Charles River Ventures)GV (Google Ventures)+17 more
Eater is a digital media brand covering food and dining culture through a national website, iOS app, local city sites, YouTube channel, podcasts, and newsletters.
ConsumerFoodTechMedia & EntertainmentNew York, US
Stephanie Wu(Editor-in-Chief)inJill Dehnert(Publisher)
Co-investorsGotham Gal VenturesThe Vertical GroupAndreessen HorowitzBrooks ReitzQED InvestorsShine Capital+1 more
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
Euler is a modular lending platform that enables users to create custom lending vaults and allows those vaults to serve as collateral for other vaults through its Ethereum Vault Connector.
Crypto & Web3Fintech
Michael Bentley(Founder)
Co-investorsCoinbase VenturesEquilibrium VenturesHaun VenturesKyros VenturesLemniscapParadigm+4 more
Farcaster is a decentralized social network where users own their identity, aimed at connecting people and building software on top of the network.
Crypto & Web3SocialVenice, US
Daniel Romero(Executive Officer, Director)Varun Srinivasan(Founder)Dan Romero(Founder)
Co-investors1confirmationA.Capital Venturesa16z cryptoAndreessen HorowitzArchetypeChapter One+18 more
Fern is part of Rain, a provider of stablecoin-powered payments and card programs.
Crypto & Web3Developer ToolsFintech
Fingerprints is a decentralized, member-based community and platform focused on digital art, operating a shared treasury and a curated collection of NFTs selected by its curation committee.
Crypto & Web3Media & Entertainment
Co-investorsa16z cryptoAndreessen HorowitzDivergenceNarcissus VenturesStandard CryptoWintermute
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 CapitalDragonflyEthereal Ventures Management Ltd.Fabric VenturesFaction+15 more
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FWB is a members-only community and cultural organization for artists, technologists, and builders that organizes events, funds projects, and operates as a decentralized autonomous organization (DAO).
Creator EconomyCrypto & Web3Sector AgnosticSocialIdyllwild, US
Trevor McFedries(Founder)
Co-investorsa16z cryptoAndreessen HorowitzCoinbase VenturesCollab+CurrencyDeepTech VenturesDivergence+4 more
Gearbox provides institutional credit infrastructure for tokenized real-world assets and stablecoins, offering margin, prime brokerage, and portfolio loan products.
Crypto & Web3FintechSaaS
Co-investorsPlaceholder VCPolymorphic Capital1kx
Goldfinch Finance provides onchain access to private credit funds managed by established firms like Ares, Apollo, and Golub, offering exposure to senior secured loans across multiple industries.
Crypto & Web3FintechWalnut, US
Blake West(Founder)Mike Sall(Founder)
Co-investorsA.Capital Venturesa16z cryptoAndreessen HorowitzBlockchain CoinvestorsCoinbase VenturesIDEO CoLab Ventures+1 more
Honcho is a memory and reasoning system for AI agents that stores conversation history and performs continuous reasoning to provide contextual information efficiently.
AI & Machine LearningDeveloper Tools
Co-investorsFINTOP CapitalFounders FundNorth East Development Capital Fund
Hyperbolic operates an AI cloud platform that provides developers and researchers with affordable access to GPU compute and open-source AI models by tapping underutilized hardware.
AI & Machine LearningCloud ComputingData & InfrastructureDeveloper ToolsNew York, US
Jasper Zhang(Founder)inYuchen Jin(Founder)inYue Zhang(Executive Officer, Director)
Co-investorsAlumni VenturesAmbush CapitalBankless VenturesBig Brain HoldingsChapter OneFaction+9 more
Hyperlane is an open source, permissionless interoperability framework for connecting over 150 blockchains, enabling cross-chain messaging, asset bridging, swaps, asset issuance, and governance across EVM, Solana, Cosmos, and custom VM architectures.
Crypto & Web3Data & InfrastructureDeveloper Tools
Asa Oines(Founder)in
Co-investorsAmbush CapitalAsymmetricBitDAOBootNodeCircle VenturesCoinFund+10 more
Kiki is an AI assistant accessible via text messaging that helps users manage their schedules, tasks, decisions, and personal routines through conversational SMS interactions.
AI & Machine LearningConsumerSaaS
Denis Nazarov(Founder)in
Co-investorsa16z cryptoAndreessen HorowitzElectric CapitalUnion Square Ventures (USV)AlleyCorpBanter Capital+3 more
Orb is a web3 social application built on the Lens Protocol for social networking and content sharing on blockchain infrastructure.
Crypto & Web3Social
Co-investorsA.Capital VenturesBlockchain CapitalTioga Capital PartnersWintermuteFaction
Levl operates a unified platform for stablecoin payments, foreign exchange, crypto on/off ramps, and payment processing.
Crypto & Web3Enterprise SoftwareFintechSaaS
Co-investorsProtagonist
Magic Eden is a crypto trading and entertainment platform that enables users to trade, mint, and collect digital assets including NFTs, tokens, and collectibles across multiple blockchains.
Crypto & Web3GamingMarketplacesSan Francisco, US
Jack Lu(Founder)inSidney Zhang(Founder)inZhuoxun Yin(Founder)inZhuojie Zhou(Founder)inRex Zhou(Founder)inChris Akhavan(Chief Gaming Officer)in
Co-investors6th Man VenturesAlameda ResearchBitcoin FrontierCoinbase VenturesDAO JonesDraft Ventures Llc+12 more
Matter Labs builds Prividium, an Ethereum-secured blockchain platform designed for banks and financial institutions to issue, settle, and manage digital assets with privacy and compliance controls.
Crypto & Web3Enterprise SoftwareFintechGeorge Town, Grand Cayman
Alex Gluchowski(Founder)inAleksandr Vlasov(Director)Alexandr Vlasov(Founder)
BoardChristopher Burniske(Director)in
Co-investors1k(x)1kxa16z cryptoAndreessen HorowitzBlockchain CapitalCoinFund+12 more
ZKsync provides blockchain infrastructure and deployment services for enterprises, helping them build and launch production-ready solutions on the ZKsync network.
Crypto & Web3Developer ToolsEnterprise Software
Alex Gluchowski(Founder)in
Co-investorsa16z cryptoDeepTech VenturesFactionFigmentHTX Ventures (ex Huobi Ventures)IOSG Ventures+6 more
MetaDAO is a Solana-based fundraising and governance platform where projects launch tokens and allocate capital via futarchy markets.
Kollan House(Founder)in
Co-investorsDigital Currency GroupEquilibrium VenturesParadigm6th Man Ventures
Miden is a blockchain protocol using zero-knowledge (ZK) architecture to enable programmable privacy, quantum-resistance, and scalability for onchain finance.
Crypto & Web3CybersecurityEnterprise SoftwareFintechMenlo Park, US
Bobbin Threadbare(Co-founder)Azeem Khan(Co-founder)inDominik Schmid(Co-founder)in
Co-investors1k(x)1kxa16z cryptoAlpha Wave GlobalBig Candle CapitalBloccelerate VC+20 more
Paragraph is a publishing platform with an integrated AI agent that automates content creation, editing, and distribution across multiple channels including blogs, newsletters, social media, and landing pages.
AI & Machine LearningCreator EconomySaaS
Denis Nazarov(Founder)
Co-investors2050A.Capital VenturesCatcherVCFourth Revolution Capital (4RC)IDEO CoLab VenturesIOSG Ventures+12 more
Modulus Labs uses zero-knowledge cryptography to build specialized ZK provers that verify AI model outputs were not tampered with, enabling smart contracts to access AI results in a trustless way.
AI & Machine LearningCrypto & Web3Deep Tech
Daniel ShorrRyan Cao
Co-investors1k(x)1kxAlliance DAO (ex DeFi Alliance)Bankless VenturesBlockchain BuildersEthereum Foundation+4 more
Morpho is a decentralized lending protocol that provides enterprise-grade infrastructure for launching lending products.
Crypto & Web3Data & InfrastructureFintech
Paul Frambot(Founder)inJulien Thomas(Founder)Mathis Gontier Delaunay(Founder)Merlin Egalite(Founder)Merline Egalite(Founder)
Co-investorsa16z cryptoAndreessen HorowitzCathay InnovationEntropy Industrial CapitalFaculty GroupFlowdesk+34 more
Morpho is a blockchain-based open lending and borrowing network used by crypto exchanges and institutional financial firms.
Co-investorsCoinbase Venturesa16z cryptoAndreessen HorowitzBpifranceCircle VenturesHashkey Capital+6 more
Octet issues hardware-signed cryptographic proofs that a mobile device was physically present in a specified geographic region at a given time, using on-device sensor fusion and secure enclave signing.
CybersecurityEnterprise SoftwareFintech
Co-investorsEx/AnteJumpstart Ventures
OpenFX operates a real-time settlement network for cross-border payments that replaces traditional international payment systems, enabling businesses to move money across borders significantly faster and cheaper.
Fintech
Prabhakar Reddy(Founder)in
Co-investorsAccelFactionFlybridge Capital PartnersHash3 CapitalM13MARKHAM VALLEY VENTURES+5 more
Perennial was a crypto/DeFi application, created by Equilibria, that has been sunsetted and taken offline.
Arjun Gupta(Founder)Craig Deebank(Founder)Kevin Britz(Founder)Sara Bonham(Founder)
Co-investorsArchetypeCoinbase VenturesAugment VenturesSOSV
Phantom is a multichain cryptocurrency wallet designed for consumer accessibility and ease of use.
ConsumerCrypto & Web3FintechSan Francisco, US
Chris Kalani(Founder)inBrandon Millman(Founder)inFrancesco Agosti(Founder)in
PartnerJesse Walden· led
Co-investorsParadigmSequoia CapitalJump Capitala16z cryptoAndreessen HorowitzDesigner Fund+7 more
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Plastic Labs is an AI research lab combining machine learning and cognitive science to build Honcho, an AI-native memory and continual learning system for modeling personal identity, along with its own reasoning models.
AI & Machine LearningDeep TechDeveloper ToolsNew York, US
Vince Trost(Founder)inCourtland Leer(Founder)inVineeth Voruganti(Founder)in
Co-investorsBetaworksMozilla VenturesWhite Star CapitalGreycroft
PleasrDAO is a decentralized collective that acquires and preserves culturally significant digital assets, including NFTs and artifacts of internet history, using blockchain technology to enable community ownership.
Crypto & Web3Social
Co-investorsa16z cryptoAndreessen HorowitzDivergenceDragonflyMetastableParaFi Capital+3 more
Pluralis is a research lab developing decentralized and collective AI training infrastructure that enables community-driven, open-weight model development without centralizing power or sacrificing financial sustainability.
AI & Machine LearningCloud ComputingDeveloper ToolsNew York City, US
Alexander Long(Founder)in
Co-investorsCoinFundUnion Square Ventures (USV)Balaji SrinivasanEden BlockTopology Ventures
Polygon is a remote psychology practice offering online diagnostic testing for dyslexia, ADHD and other learning differences.
IoTWellness & FitnessBerkeley, US
Co-investorsDorm RoomTechstarsAlameda ResearchAnimoca BrandsDragonflyDune Ventures+8 more
Polygon provides blockchain-based cross-border treasury settlement using stablecoins, letting institutions convert between US dollars and stablecoins, move funds onchain, and pay out over bank rails like SWIFT, ACH, and RTP.
Crypto & Web3Data & InfrastructureFintechHR Tech
Sandeep Nailwal(Founder)inAnurag Arjun(Founder)Jaynti Kanani(Founder)Mihailo Bjelic(Founder)
Co-investorsAlpha Wave GlobalCoinbase VenturesDePIN XDigital Currency GroupDragonflyDraper Associates+39 more
Prism operates a recruiting agency that uses AI agents and software to help companies identify job candidates more quickly.
Enterprise SoftwareHR TechLondon, GB
Theo Kitsberg(CEO)inAxel La Pira(CTO)inAlex Liu(Founder)inRajit Khanna(Founder)in
Co-investorsY CombinatorAbingworthPantera CapitalTechstarsVela PartnersVento+1 more
Project Eleven builds post-quantum cryptography and migration tooling for Bitcoin, Ethereum and other digital asset networks.
Co-investorsCastle Island VenturesCoinbase VenturesFin CapitalLattice CapitalQuantonationBalaji Srinivasan+1 more
PSI (Physical Superintelligence) is building a physics research lab that uses AI-driven "Autonomous Campaigns" — directed research efforts run by virtual physicists under human direction — to create world models, engineer physical systems, and discover new physical laws.
AI & Machine LearningDeep TechNew Materials
Speedstake is a Solana-based product that lets stakers sell their future staking rewards for SOL upfront without unstaking, keeping their principal delegated.
Crypto & Web3Fintech
Co-investorsCoinbase VenturesMarin Digital VenturesPaper VenturesSolana Labs
Reflexer Finance develops a decentralized stable asset that operates independently from traditional fiat currencies, built on blockchain technology.
Crypto & Web3FintechWilmington, US
Stefan-Codrin Ionescu(Executive Officer, Director)Ameen Soleimani(Founder)Stefan Ionescu(Founder)
Co-investorsBlockchain CoinvestorsPantera CapitalParadigmStandard CryptoArbor VenturesCaffeinated Capital+8 more
Relay is a New York-based cross-chain payments infrastructure provider offering an API, app and underlying infra.
Co-investors1k(x)ArchetypeCoinbase VenturesSquare Peg CapitalGeneral Catalyst
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Remix is a browser-based platform where creators build and share free platformer games that others can play instantly and remix into their own levels.
AI & Machine LearningCreator EconomyGaming
Brandon Yowakim(Founder)in
Co-investorsArchetypeCoinbase VenturesCrit VenturesLemniscapEnergy Impact PartnersSequoia Capital
Powerful APIs for NFT buying, selling & data
Danny Bernstein(Founder)in
Co-investors1k(x)NascentSancus VenturesUnion Square Ventures (USV)ArchetypeSevenX Ventures+1 more
Rialo builds blockchain infrastructure that enables native automation and intelligent systems without relying on offchain solutions.
Cloud ComputingCrypto & Web3Developer Tools
Ade Adepoju(Founder)Lu Zhang(Founder)
Co-investorsCoinbase VenturesFabric VenturesHashedPantera CapitalFlowdeskMirana Ventures+1 more
Rodeo builds consumer apps focused on onchain digital art and social creation, including Foundation (a marketplace for onchain digital art), Rodeo (a social app to create, share, collect, and own content), and Aura (a prediction game for TV fans).
Creator EconomyCrypto & Web3Social
Co-investors1kxAndreessen HorowitzCoinbase Ventures
Sapien builds PoQ, an open blockchain-based infrastructure that produces verifiable quality signals for AI training data, letting teams audit and prove the provenance and trustworthiness of data used in AI systems.
AI & Machine LearningCrypto & Web3Data & Infrastructure
Rowan Stone(CEO)inTony Marks(Founder)inTrevor Koverko(CSO)inKelly Ryan(CTO)in
Co-investorsCoinbase VenturesFounderheads,Reflexive CapitalSoma CapitalTranspose Platform ManagementWeb3com Ventures+3 more
Anatolie Diordita(Founder)inRobert Clarke(Founder)inDan Hepworth(Founder)in
Co-investorsAsymmetricCoinbase VenturesHash3 CapitalNascent
Haichen Shen(Founder)Sandy Peng(Founder)Ye Zhang(Founder)
Co-investorsA.Capital VenturesBain Capital CryptoBixin CapitalBixin VenturesCatcherVCIOSG Ventures+9 more
Shibuya is a platform for discovering and sharing short films, serving filmmakers and audiences interested in independent and grassroots storytelling.
Creator EconomyMedia & Entertainment
Co-investorsa16z cryptoAndreessen HorowitzScalar Capital
Solana is a blockchain network designed for high-performance internet capital markets, payments, and cryptocurrency applications.
Crypto & Web3Data & InfrastructureFintechSan Francisco, US
Anatoly Yakovenko(Founder)inGregory Fitzgerald(Executive Officer)Rajiv Gokal(Executive Officer)Alan YuRaj Gokal(Founder)inGreg Fitzgerald(Founder)
Co-investors1k(x)1kx500 Globala16z cryptoAbstract VenturesAegis Ventues+56 more
Sound was a music platform for artists and collectors to mint and collect music onchain; the platform is now offline as of January 2026, with all collected music and metadata preserved on decentralized storage.
Creator EconomyCrypto & Web3
David Greenstein(Founder)inMatt Masurka(Founder)Vignesh Hirudayakanth(Founder)
Co-investorsA.Capital Venturesa16z cryptoAndreessen HorowitzArchetypeCoinbase VenturesCollab+Currency+9 more
Swoop is a same-day food delivery app that connects customers with local restaurants in Lagos, Nigeria, currently operating in Surulere, Gbagada, and Yaba.
FoodTechLogistics & Supply ChainMarketplacesLagos, NG
Aubrey Niederhoffer(Founder)in
Co-investorsFirestreak VenturesSoma CapitalBase CapitalDune VenturesKortschak Investments L.P.Long Journey Ventures+5 more
Swoop provides managed employee shuttle and corporate transportation services, arranging commuter routes such as home-to-work, last-mile, intra-campus, and park-and-ride using a range of vehicles with carbon-neutral options.
EdTechLogistics & Supply ChainMobility & TransportationSaaSLos Angeles, US
Ruben Schultz(Founder)Pete Evenson(Co-founder)inAmir Ghorbani(Co-founder & CEO)in
Co-investorsGaingelsSignia Venture PartnersBase CapitalDune VenturesLong Journey VenturesScript Capital+3 more
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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
Takenos is a digital wallet that lets users receive money from any country and spend it via global and local (Argentina) cards, with no maintenance fees.
ConsumerCrypto & Web3FintechFuture of Work
Lucas Posada(Founder)inJoaquín Herrera(Founder)inSimon Bouche OcampoSimón Bouchéin
Co-investors500 GlobalLattice CapitalNIVReveriegumi Cryptos Capital (gCC)
Tenbin Labs builds an on-chain tokenization protocol for institutional-scale settlement, offering deep liquidity, instant redemption, and yield-bearing exposure to FX, commodities, and metals.
Crypto & Web3Data & InfrastructureFintech
Co-investorsArchetypeReverieWintermuteBankless VenturesFalconX VenturesGalaxy Ventures+1 more
Tenor is a platform providing onchain fixed-rate borrowing and lending infrastructure through an interface to the Morpho protocol.
Crypto & Web3Fintech
Co-investorsLattice CapitalCherry VenturesCoinbase VenturesPRELUDEvery early Ventures
Tenor builds managed AI "workers" that own defined jobs across a company — each with a role, manager, permissions, tools, and configurable workflows — so users describe an outcome in plain language and the worker builds and executes the workflow.
AI & Machine LearningEnterprise SoftwareFuture of WorkSan Francisco, US
Amgad Al-Zamkan(CPO)inHamze Al-Zamkan(CEO)inMuhtasham Oblokulov(CTO)inDavid McIntosh(Founder)Erick Hachenburg(Founder)Frank Nawabi(Founder)
Co-investorsY CombinatorCowboy VenturesVela PartnersAndreessen HorowitzBase10 PartnersFuel Capital+1 more
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Prediction market startup founded by ex-Polymarket and Kalshi staff, building regulated on-chain event markets; agreed to be acquired by Coinbase.
Co-investorsAsylum VenturesCoinbase VenturesCompoundEarl Grey CapitalEnsemble LabsHaun Ventures+5 more
Tiger Global Management is a New York investment firm founded in 2001 investing in public and private technology growth companies.
Chase Coleman(Founder)in
Co-investorsBVP InvestorsCollaborative FundMirana VenturesPeakUnion Grove Venture PartnersAlameda Research+11 more
True Markets provides a single API and wallet infrastructure that lets fintechs, brokerages, and banks offer digital asset trading, custody, and multi-chain access inside their own products.
Crypto & Web3Data & InfrastructureFintech
Patrick McCreary(Founder)inVishal Gupta(Founder & CEO)
Co-investorsReciprocal VenturesRRE VenturesAccompliceHack VCPaxosSolana Foundation
Turnkey provides crypto wallet infrastructure for coordinating payments across internal, custodial wallets, with policy controls over fund flows, limits, roles, and approvals.
AI & Machine LearningCrypto & Web3CybersecurityData & InfrastructureDeveloper ToolsFintech
Bryce Ferguson(Founder)inJack Kearney(Founder)Sam McIngvale(Founder)
Co-investors20VCArchetypeAsymmetricBain Capital CryptoFactionFigment+8 more
Uniswap is an Ethereum-based decentralized exchange protocol using an automated market maker model, built by Uniswap Labs.
New York City, US
Hayden Adams(Founder)in
PartnerJesse Walden· led
Co-investorsA.Capital Venturesa16z cryptoAndreessen HorowitzAZDAGBig Candle CapitalBlockchain Coinvestors+16 more
AI & Machine LearningDeveloper ToolsEnterprise SoftwareSan Francisco, US
Benjamin South Lee(CEO)inDaniel Bulhosa Solorzano(Founder)in
Co-investorsTranspose Platform ManagementY CombinatorGradient AscentInitialized CapitalKindred VenturesRitual Capital
Tenor Finance provides onchain fixed-rate lending markets for asset managers, borrowers, and lending desks, offering OTC quote requests against collateral, renewal automations, and support for whitelisted markets and RWA-backed borrowing.
AI & Machine LearningCrypto & Web3Fintech
Ferdinand Dabitz(CEO)Greg Quarles(Bank President)Benjamin Alexander(CCO)Pierre-Yves GendronHugo Boisselle-Morin
Co-investorsCoinbase VenturesPRELUDEAmbush CapitalAtelier6th Man VenturesParadigm
Whetstone is a team of protocol and product builders working in the crypto and blockchain space, with backgrounds at projects including Uniswap, Primitive, and Aztec.
Crypto & Web3Deep TechFintech
Austin Adams(Founder)inMatt CzernikinClement LakhalCooper Kunzin
Co-investorsNascentAmbush CapitalCoinbase VenturesCredibly NeutralFigmentFigment Capital+2 more
World provides a system for verifying that online users are real, unique humans, combining privacy-preserving proof-of-human identity with financial infrastructure and a digital token.
AI & Machine LearningCrypto & Web3FintechSector AgnosticSan Francisco, US
Sam Altman(Founder)Alex Blania(Founder)inMax Novendstern(Founder)inand Alex Bania(Founder)Alex Bania(Founder)
Co-investorsAndreessen HorowitzBain Capital CryptoBlockchain CapitalKhosla Ventures1confirmationa16z crypto+22 more
Zeal is a self-custodial crypto wallet app that lets users earn DeFi yield on USD/EUR stablecoins (via Sky and Aave) and spend through an integrated Gnosis Pay Visa debit card with cashback and no FX fees.
ConsumerCrypto & Web3Fintech
Pluto provides an API that enables applications to authenticate users and share data across web platforms.
Cloud ComputingData & InfrastructureDeveloper Tools
Co-investorsLemniscap1kxFramework Ventures
Zora is a creator-economy crypto protocol and Ethereum Layer 2 network for publishing, trading and collecting media onchain.
New York City, US
Jacob Horne(Founder)Dee Goens(Founder)inJacob H(Founder)Slava Kim(Founder)inTyson Battistella(Founder)
Co-investorsBalaji SrinivasanCoinbase VenturesDraft Ventures LlcHaun VenturesJustin “3LAU” BlauKindred Ventures+4 more
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
BonfireContextDeltaEthereumFarworld LabsIndicaMotionNiftyApesOncyberSudoswap
Portfolio news
latest coverage across their companies
Solana · stealthex.io · Aug 28, 2026
Tenor · ycombinator.com · Aug 12, 2026
Blockaid · The Block · Jul 28, 2026
Tenor · betakit.com · Jul 27, 2026
Plastic Labs · trysignalbase.com · Jul 3, 2026
Morpho · finsmes.com · Jun 9, 2026
Prism · ycombinator.com · May 18, 2026
Frequently asked questions
- How many investments has Variant Fund made?
- Variant Fund has 111 tracked investments, 3 of which have exited, including 23 dated in the last 24 months.
- What stage does Variant Fund invest at?
- Variant Fund invests at the Seed, Series A, Growth stages.
- What is Variant Fund's typical check size?
- Variant Fund typically writes checks of $250K – $750K.
- What sectors does Variant Fund focus on?
- Variant Fund focuses on AI & Machine Learning, Crypto & Web3, Developer Tools, Fintech, Sector Agnostic.
- Where is Variant Fund located?
- Variant Fund is headquartered in New York, US.
- Does Variant Fund lead rounds?
- Yes, Variant Fund leads investment rounds.
- Who does Variant Fund co-invest with?
- Variant Fund most often shares deals with Coinbase Ventures, a16z crypto, Paradigm, among 198 tracked co-investors.
From the blog
visit blog ↗Variant has written about crypto's role in exporting institutional quality globally via stablecoins, their expanded thesis on autonomy as a driver of user agency, and how AI startups can best choose between automating and augmenting workflows in different markets. AI summary
Media · Podcasts & interviews
featuring the teamOrdinals, & User Generated Assets, w/ Jesse Walden of Variant Fund & Hedrin of Ordinal Genesis Ep.41
Seed Club · Jesse Walden
Empowering Network Participants: A Deep Dive with Li from Variant | Li Jin - Variant Fund
Genzio · Li Jin
Making Impact Investable with Li Jin, Variant Fund & Matthew Frehlich, Protocol Labs | GreenPill #57
Bankless · Li Jin
r/CryptoExchangeReview - Around The Block Ep 26 - The Ownership Economy with Variant Fund’s Li Jin
Li Jin · reddit.com
Around The Block Ep 26 - The Ownership Economy with Variant Fund’s Li Jin
Coinbase · Li Jin
Jesse Walden of Variant Fund on the creator economy and Web3: NFTs, DAOs, and patronage+
Means of Creation · Jesse Walden
Images
Co-investors · 30
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.
Union Square Ventures is a New York-based venture capital firm that invests across a broad range of technology sectors, presenting a large portfolio spanning crypto, fintech, climate, AI, education, health, and marketplaces.
Pantera Capital is a blockchain and cryptocurrency-focused investment firm that pioneered early crypto funds in the U.S., offering exposure through venture equity, early-stage tokens, and liquid tokens.
Multicoin Capital is a thesis-driven investment firm focused on cryptoassets, tokens, and blockchain companies, managing a hedge fund and several venture funds across public and private markets.
IOSG Ventures is a research-driven investment fund founded in 2017 focused on Web3, backing founders building protocols across infrastructure, middleware, security, and social consumer applications.
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.
Ambush Capital is an early-stage angel fund based in New York that supports entrepreneurs during the early phases of building their companies.
Hack VC is a venture capital firm investing in early-stage crypto, blockchain infrastructure, decentralized finance, and AI companies.
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.
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.
ParaFi is a multi-strategy investment firm operating across public and private markets, focused on financial technology and digital asset innovation, including stablecoins, tokenization, prediction markets, and blockchain finance.
▶18 more co-investors
Founders FundPolygonSouth Park CommonsAwesome People VenturesDecibel PartnersSeed Club VenturesXAngeFramework VenturesSemantic VenturesFounderPartners7percent VenturesVoyager CapitalBoost VCCanarySID Venture PartnersGnosis DAOLevel VenturesInBlockchain
Firms observed investing alongside Variant Fund, from public investor directories. Shared companies are the overlap with Variant Fund's recorded portfolio.
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Union Square Ventures is a New York-based venture capital firm that invests across a broad range of technology sectors, presenting a large portfolio spanning crypto, fintech, climate, AI, education, health, and marketplaces.
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