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Variant is an early-stage venture capital fund founded in 2020, focusing on the cryptocurrency sector. The firm is headquartered in the United States and operates globally, with a commitment to investing in innovative projects that promote ownership in the digital economy. Variant has raised a total of $250 million for its funds, with its third fund closing at $450 million in July 2022. The firm is known for its collaborative approach, working closely with founders to refine their strategies and support them through the early stages of development.
Variant's team consists of experienced professionals, including former members of Andreessen Horowitz, which adds significant credibility to their investment strategy. The firm has a portfolio of nine companies, showcasing its focus on early-stage investments in the cryptocurrency space. Notable milestones include leading investments in high-profile projects such as Uniswap and Phantom, which highlight Variant's commitment to supporting the growth of the decentralized finance ecosystem.
Variant's investment strategy is centered around early-stage cryptocurrency projects, particularly in the pre-seed and seed stages. The firm invests between $1 million and $10 million per deal, allowing them to support a range of startups as they develop their products and market strategies. Variant's primary sectors of interest include web3 and fintech, reflecting the firm's belief in the transformative potential of decentralized technologies.
The fund aims to empower internet users by facilitating ownership of their money, identity, and the networks they engage with. This mission drives their investment decisions, as they seek projects that align with their core thesis of promoting user ownership. Variant also participates in later-stage rounds that resonate with their investment philosophy, ensuring they remain engaged with their portfolio companies as they scale.
Variant's portfolio includes several notable companies that are making significant strides in the cryptocurrency sector:
This diverse portfolio reflects Variant's commitment to supporting innovative solutions within the cryptocurrency ecosystem, particularly in areas that enhance user ownership and engagement.
Jesse Walden: Founder and Managing Partner, previously at Andreessen Horowitz, with expertise in cryptocurrency investments.
Daniel Barabander: Investment Partner & Chief Legal Officer, brings legal expertise to the investment process.
Alana Levin: Investment Partner, focuses on identifying promising early-stage projects.
Caleb Shack: Investment Partner, experienced in venture capital and startup growth.
Elijah Fox: Investment Partner, specializes in blockchain technology and its applications.
Nina Suthers: Chief Marketing Officer, responsible for brand strategy and communications.
Caleb Shough: COO, oversees operations and ensures efficient fund management.
Chase Almen: CFO, manages financial strategy and fund performance.
Tom Dils: Chief of Staff & Director of Ops, coordinates internal operations and strategic initiatives.
Henry Adams: Controller, responsible for financial reporting and compliance.
Maria Falcone: Executive Assistant, supports the executive team in daily operations.
Tara Kodosky: Office Manager & Operations Analyst, manages office logistics and operational efficiency.
Jake Chervinsky: Advisor, provides insights on legal and regulatory matters in the crypto space.
Salah Ghazzal: Advisor, offers expertise in blockchain technology.
Austin Adams: Advisor, focuses on market trends and investment opportunities.
Calder Zwerling: Advisor, provides strategic guidance on portfolio management.
To pitch to Variant, founders should visit Variant's website and use the contact form provided. It is essential to include a detailed pitch deck that outlines the business model, market opportunity, and team background. Variant prefers pitches that clearly articulate how the project aligns with their investment thesis of promoting user ownership in the cryptocurrency space.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are beneficial but not mandatory.
In March 2026, Variant is targeting $250 million for its fourth fund, as reported by Venture Capital Journal. This follows the successful closure of Fund III at $450 million in July 2022, which was deployed across seed and opportunity stages.
Variant has led investments in several high-profile projects, including Uniswap, which has a valuation of $1.66 billion, and Phantom, a popular digital wallet. The firm continues to be active in the cryptocurrency space, focusing on early-stage projects that align with their mission of promoting ownership.
What are Variant's investment criteria?
Variant focuses on early-stage cryptocurrency projects, particularly in the pre-seed and seed stages. They look for innovative solutions that promote user ownership of money, identity, and networks.
How can I pitch to Variant?
Founders can submit their pitches through the contact form available on Variant's website. It's recommended to include a clear overview of the project, market potential, and team background.
What makes Variant different from other venture capital firms?
Variant's unique focus on cryptocurrency and its commitment to empowering users through ownership sets it apart. The firm actively collaborates with founders to refine their strategies and navigate the challenges of early-stage development.
What is Variant's geographic scope?
Variant operates globally, investing in cryptocurrency projects from various regions, reflecting the universal nature of digital assets.
What is the typical check size for investments?
Variant typically invests between $1 million and $10 million in each deal, allowing them to support a range of startups at different stages of development.
What kind of post-investment involvement does Variant have?
Variant provides strategic guidance and leverages its extensive network to support portfolio companies, helping them scale and navigate the complexities of the cryptocurrency landscape.
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