New York · Pre-Seed–Growth · 17 people tracked
Also known as UNOFFICIAL MANAGEMENT, INC.
Find your way into Variant Fund
2,172 people in our graph share verified history with the Variant Fund team — schools, employers, funds. One of them is your warm intro.
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 15, 2026.
Team · 17 people
from the firm's website & curated & public directories
What they invest in
from 65 of 94 portfolio companiesCrypto & Web3 ×46Fintech ×29Developer Tools ×17AI & Machine Learning ×15Data & Infrastructure ×13Creator Economy ×8Enterprise Software ×8SaaS ×6
HQs:United States×23Argentina×1Switzerland×1Finland×1United Kingdom×1Nigeria×1
Who they back
founder profiles across 29 portfolio companiesFounding team size:solo founder×172 founders×53 founders×24+ founders×5
Where their founders studiedfrom 39 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 36 founders with field-of-study data
Computer Science ×13Engineering ×7Mathematics & Statistics ×6Business & Management ×4Humanities ×4Economics ×3Finance & Accounting ×2Law ×2
Where their founders worked beforefrom 44 founders with career history
Coinbase ×7Aztec ×2Facebook ×2IPCOM Technologies ×2Office of the Prime Minister of Israel ×2Roamware ×2Uber ×2
5 founders hold a PhD · 2 hold an MBA (of 39 with degree data)
Investments · 94 tracked
founders shown can be your intro pathBy year:2026 · 22025 · 12022 · 62021 · 12020 · 111 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 SoftwareFintechNew York, US
Ianai Urwicz(CEO)inAlejandro Rettig(CTO)in
Co-investorsBain CapitalLattice CapitalReverieTekton VenturesY Combinator
Aleo is a Layer-1 blockchain platform powered by zero-knowledge cryptography that enables private, programmable, and scalable applications.
Crypto & Web3Developer ToolsEnterprise SoftwareFintechReno, US
Howard Wu(Founder)inMichael Beller(Executive Officer)
Co-investorsCoinbase VenturesA.Capital Venturesa16z cryptoAmbush CapitalDigital Currency GroupEthereal Ventures Management Ltd.+8 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.
Co-investorsBorderless VentureMEXC VenturesPillar VCAndreessen HorowitzJump CryptoMulticoin Capital+1 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
Co-investorsHummingbird VenturesQED InvestorsValar Ventures Llc
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(Founding CEO)inZachary Williamson(Founding CTO & Current CEO)inArnaud Schenk(Cofounder)inJoe Andrews(Cofounder & Head of Product)in
Co-investorsA.Capital Venturesa16z cryptoAndreessen HorowitzCoinbase VenturesConsenSys MeshEntrepreneur First+8 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-investorsUniversity System of Maryland Momentum FundAmex VenturesAndreessen HorowitzBrooks ReitzCircle VenturesCoinbase 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)in
Co-investorsa16z cryptoAndreessen HorowitzCoinbase VenturesMischiefMulticoin CapitalQED Investors+2 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(Co-Founder and CEO)inRaz Niv(Co-Founder and CTO)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
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(Co-founder)inGabe Luna-Ostaseski(Founder)
Co-investorsACME CapitalAusum VenturesCoatue ManagementCoinbase VenturesDanu VenturesFuture Perfect Ventures+7 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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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)in
Co-investors1confirmationInflection.xyzKindred VenturesDCVC (Data Collective)New Enterprise Associates (NEA)OS Fund+1 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
Co-investorsAmbush CapitalCoinbase VenturesCollab+CurrencyDeepTech VenturesFenbushi CapitalFigment+3 more
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 Capital
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-investorsCoinbase VenturesDragonflyElectric CapitalMetastableRobot VenturesSlow Ventures+1 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
Derive is an on-chain options protocol in DeFi, offering crypto options and perpetuals trading with institutional-grade execution and risk systems.
Crypto & Web3Fintech
Nick Forster(Team Lead)in
Co-investorsMarin Digital Ventures
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)in
Co-investorsBlueYard CapitalCoinFundConsenSys MeshTaisu VenturesWonder VenturesLattice Capital+4 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 VenturesFigmentEthereal Ventures Management Ltd.Robot Ventures
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
Co-investorsCoinbase VenturesEquilibrium VenturesHaun VenturesLemniscapParadigmTq Ventures Llc+1 more
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 Tools
Co-investorsBig Brain HoldingsBlueYard CapitalDragonflyEthereal Ventures Management Ltd.Fabric VenturesFaction+12 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
Co-investorsa16z cryptoAndreessen HorowitzCoinbase VenturesCollab+CurrencyDeepTech VenturesKindred Ventures+3 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 Capital1kxPlaceholder
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, on-demand access to GPU compute and AI models, in part by tapping underutilized consumer-grade hardware.
AI & Machine LearningCloud ComputingData & InfrastructureDeveloper Tools
Jasper Zhang(CEO & Co-Founder)inYuchen Jin(CTO & Co-Founder)in
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Co-investorsAmbush CapitalBig Brain HoldingsFactionGSRLongHash VenturesSamsung Next+4 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 CapitalBitDAOBootNodeCoinFundFigmentHack VC+9 more
Infinia provides a unified API infrastructure for global payments and financial services, enabling businesses to collect, convert, and disburse money across 200+ countries with local compliance and regulatory requirements built-in.
Enterprise SoftwareFintechSaaSMontevideo, UY
Ianai Urwicz(Founder)inAlejandro Rettig(Founder)in
Co-investorsFlucas VenturesKube VCY CombinatorBain Capital
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)AlleyCorpHouse Capital+2 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(Co-founder & CEO)inSidney Zhang(Co-founder & CTO)inZhuoxun Yin(Co-founder & COO)inZhuojie Zhou(Co-founder & Chief Engineer)inRex Zhou(Founder)inJack L.(Founder)in
Co-investorsAlameda ResearchBitcoin FrontierCoinbase VenturesDraft Ventures LlcElectric CapitalGreylock Partners+9 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(Executive Officer, Director)inAleksandr Vlasov(Director)
BoardChristopher Burniske(Director)in
Co-investors1k(x)1kxa16z cryptoAndreessen HorowitzBlockchain CapitalCoinFund+9 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-investorsDeepTech VenturesFactionFigmentIOSG VenturesLongHash VenturesMirana Ventures+4 more
Farcaster is a decentralized social network where users own their identity and can discover people and express themselves.
Crypto & Web3SocialVenice, US
Daniel Romero(Executive Officer, Director)Varun Srinivasan(Executive Officer, Director)
Co-investors1confirmationA.Capital Venturesa16z cryptoAndreessen HorowitzArchetypeChapter One+11 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-investorsEquilibrium VenturesParadigm6th Man Ventures
Polygon develops technology for moving money through open systems globally, with a focus on stablecoin payments and infrastructure that integrates with existing financial systems.
Crypto & Web3Enterprise SoftwareFintech
Azeem Khan(Founder)inBobbin Threadbare(Founder)
Co-investorsAlpha Wave GlobalBig Candle CapitalCeras VenturesCoinbase VenturesDigital Currency GroupEllipti+10 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+5 more
Morpho is an open-source lending protocol that provides enterprise-grade infrastructure for building yield and lending products across multiple risk profiles and assets.
Crypto & Web3Data & InfrastructureFintech
Paul Frambot(Founder & CEO)in
Co-investorsa16z cryptoAndreessen HorowitzHack VCLauren StephanianMirana VenturesNascent+3 more
Morpho is a decentralized lending protocol that provides enterprise-grade infrastructure for launching lending products.
Crypto & Web3Fintech
Paul Frambot(Founder & CEO)in
Co-investorsEntropy Industrial CapitalFlowdeskIOSG VenturesMirana VenturesMulticoin CapitalPantera Capital+9 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 & CEO)in
Co-investorsAccelFactionFlybridge Capital PartnersHash3 CapitalMARKHAM VALLEY VENTURESNorthzone+2 more
Perennial was a crypto/DeFi application, created by Equilibria, that has been sunsetted and taken offline.
Co-investorsArchetypeCoinbase Ventures
Phantom is a multichain cryptocurrency wallet designed for consumer accessibility and ease of use.
ConsumerCrypto & Web3Fintech
Brandon Millman(Founder)inFrancesco Agosti(Founder)in
PartnerJesse Walden· led
Co-investorsParadigmSequoia CapitalJump Capitala16z cryptoAndreessen HorowitzDesigner Fund+5 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+2 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)
Polygon is a remote psychology practice offering online diagnostic testing for dyslexia, ADHD and other learning differences.
IoTWellness & FitnessBerkeley, US
Co-investorsDorm RoomTechstarsAlameda ResearchAnimoca BrandsDune VenturesElevation Capital+7 more
Project Eleven builds post-quantum cryptography and migration tooling for Bitcoin, Ethereum and other digital asset networks.
Co-investorsCastle Island VenturesCoinbase VenturesLattice CapitalQuantonationBalaji SrinivasanFin Capital+1 more
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)
Co-investorsPantera CapitalParadigmStandard Crypto
Relay is a New York-based cross-chain payments infrastructure provider offering an API, app and underlying infra.
Co-investorsArchetypeCoinbase 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 VenturesLemniscapEnergy Impact PartnersSequoia Capital
Powerful APIs for NFT buying, selling & data
Danny Bernstein(Founder)in
Co-investorsNascentSancus VenturesUnion Square Ventures (USV)ArchetypeSevenX Ventures
Rialo builds blockchain infrastructure that enables native automation and intelligent systems without relying on offchain solutions.
Cloud ComputingCrypto & Web3Developer Tools
Co-investorsCoinbase VenturesPantera CapitalHashed
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 VenturesTranspose Platform ManagementWeb3com VenturesArtichoke CapitalPrimitive Ventures
Anatolie Diordita(Founder)inRobert Clarke(Founder)inDan Hepworth(Founder)in
Co-investorsCoinbase VenturesHash3 CapitalNascentAsymmetric
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 Horowitz
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)in
Co-investorsA.Capital Venturesa16z cryptoAndreessen HorowitzArchetypeCoinbase VenturesCollab+Currency+7 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 VenturesBase CapitalDune VenturesLong Journey VenturesScript CapitalSignia Venture Partners+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)Ian John Lee(Executive Officer, Director)ian //(Founder)in
Co-investorsA.Capital Venturesa16z cryptoAndreessen HorowitzArchetypeAtelierBlueYard Capital+12 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)
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 CapitalHaun VenturesCursor Capital+2 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-investorsMirana VenturesPeakUnion Grove Venture PartnersAlameda ResearchAnimoca BrandsDune Ventures+8 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)in
Co-investorsRRE VenturesAccompliceHack VCPaxosReciprocal VenturesSolana 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
Co-investorsBain Capital CryptoCircle VenturesSequoia Capital
Turnkey provides operational wallet infrastructure that lets companies coordinate crypto payments across internal custodial wallets with role-based policies, transaction limits, approval rules, and gas sponsorship.
AI & Machine LearningCrypto & Web3CybersecurityData & InfrastructureDeveloper ToolsFintech
Bryce Ferguson(Founder & CEO)in
Co-investorsArchetypeBain Capital CryptoFactionFigmentMirana VenturesPathlight Ventures+6 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 CapitalDeepTech Ventures+10 more
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 HorowitzCoinbase VenturesIDEO CoLab VenturesMSA Novo
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 & Web3FintechSan Francisco, US
Sam Altman(Co-founder & Chairman (Tools for Humanity))Alex Blania(Co-founder & CEO (Tools for Humanity))inMax Novendstern(Co-founder (Tools for Humanity))in
Co-investorsAndreessen HorowitzBain Capital CryptoBlockchain CapitalKhosla Venturesa16z cryptoAlphaLab Capital+9 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(Cofounder)Dee Goens(Founder)inJacob H(Founder)Slava Kim(Founder)in
Co-investorsBalaji SrinivasanDraft Ventures LlcHaun VenturesJustin “3LAU” BlauParadigmVillage Global+1 more
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
BoardroomBonfireContextDeltaEthereumIndicaMotionOncyberScrollSolanaSudoswap
Portfolio news
latest coverage across their companies
Rodeo · krcrtv.com · Sep 11, 2026
Here · listmystartup.com · Sep 3, 2026
Relay · manxradio.com · Aug 29, 2026
Entropy · alearesearch.substack.com · Aug 25, 2026
Aptos · bitcoinfoundation.org · Aug 19, 2026
Perennial · financialnewswire.com.au · Aug 17, 2026
Hyperbolic · royalsocietypublishing.org · Aug 14, 2026
Catalog · billboard.com · Aug 14, 2026
Frequently asked questions
- How many investments has Variant Fund made?
- Variant Fund has 94 tracked investments, 2 of which have exited, including 3 dated in the last 24 months.
- What stage does Variant Fund invest at?
- Variant Fund invests at the Pre-Seed, Seed, Series A, Series B, 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, Paradigm, a16z crypto, among 146 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 venture capital firm based in New York City that invests at the edge of large markets undergoing transformation from technological and societal pressures.
A.Capital Ventures is an early-stage venture firm that provides funding, network access, and hands-on support to entrepreneurs building forward-thinking technology companies.
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 focused on Web3, backing founders building blockchain infrastructure, middleware, security, and social/consumer applications.
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.
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.
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 Capital is a multi-strategy investment firm operating across public and private markets, focused on financial technology and capital markets innovation, including digital assets.
▶18 more co-investors
Founders FundSouth Park CommonsFramework VenturesAwesome People Ventures7percent VenturesDecibel PartnersPolygonSeed Club VenturesVoyager CapitalBoost VCCanarySID Venture PartnersXAngeGnosis DAOSemantic VenturesFounderPartnersLevel 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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