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Variant is an early-stage venture capital fund founded in 2020, based in the United States. With a fund size of $250 million, Variant is dedicated to investing in the cryptocurrency sector, particularly in early-stage projects. The firm has a strong emphasis on collaboration, partnering closely with founders to refine their strategies and lead investments primarily in pre-seed and seed rounds. Variant also engages in later-stage rounds that align with its investment thesis, ensuring a comprehensive approach to supporting innovative projects in the crypto space. The firm has built a reputation for its deep understanding of the cryptocurrency landscape and its commitment to empowering internet users by facilitating ownership of their money, identity, and the networks they engage with. Variant's leadership team includes experienced professionals with backgrounds in top-tier venture capital firms, enhancing its credibility and operational expertise.
Variant's investment strategy is centered around early-stage cryptocurrency projects, particularly in the pre-seed and seed stages. The firm aims to empower internet users by facilitating ownership of their money, identity, and the products they engage with. Variant focuses on sectors such as web3 and fintech, investing in companies that are innovating within these domains. The typical check size ranges from $1 million to $10 million, allowing Variant to support a diverse array of startups at various stages of their development. By participating in later-stage rounds, Variant reinforces its commitment to projects that resonate with its core thesis of promoting ownership and decentralization. The firm actively seeks out founders who are passionate about their vision and are looking to create impactful solutions in the cryptocurrency ecosystem.
Variant's portfolio includes notable companies that are making significant strides in the cryptocurrency sector. Among its investments are **Uniswap**, a leading decentralized trading protocol valued at $1.66 billion, and **Phantom**, a popular digital wallet for managing cryptocurrencies on the Solana network. Other key portfolio companies include **World**, focused on decentralized applications; **Morpho**, a protocol enhancing decentralized finance; and **Flashbots**, a research organization addressing miner extractable value (MEV) issues. Additionally, Variant has invested in **Farcaster**, a decentralized social network protocol; **Blockaid**, which enhances security within the blockchain ecosystem; **Blackbird**, contributing to the cryptocurrency landscape; and **Magic Eden**, a marketplace for non-fungible tokens (NFTs). With a total of 9 companies in its portfolio, Variant demonstrates a strong commitment to supporting innovative solutions within the cryptocurrency ecosystem.
Jesse Walden - Founder & Managing Partner, former Andreessen Horowitz, known for his expertise in cryptocurrency and venture capital.
Li Jin - Partner, recognized thought leader in the creator economy.
Spencer Noon - Partner, with a focus on early-stage investments in the crypto space.
To pitch Variant, founders should visit their website at variant.fund. They prefer clear and concise pitches that outline the project's vision, market potential, and alignment with Variant's focus on cryptocurrency and ownership. Warm introductions are beneficial but not strictly necessary.
Variant is currently raising Fund IV, targeting $250 million, following the successful closure of Fund III at $450 million in July 2022. The firm has been actively investing in the cryptocurrency space, focusing on early-stage projects that resonate with their mission of promoting ownership.
Variant invests primarily in pre-seed and seed stages, but also participates in Series A and Series B rounds that align with its investment thesis.
Founders can pitch Variant through their website at variant.fund. It is advisable to provide a clear overview of the project, its market potential, and how it aligns with Variant's focus on cryptocurrency and ownership.
Variant focuses on sectors such as web3 and fintech, specifically targeting early-stage cryptocurrency projects that promote ownership and decentralization.
Variant typically invests between $1 million and $10 million in its portfolio companies, allowing for significant support at early stages.
Variant operates globally, seeking innovative cryptocurrency projects from various regions around the world.
Variant adds value to its portfolio companies by providing strategic guidance, leveraging its extensive network, and facilitating connections within the cryptocurrency ecosystem.
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