Sfermion is a multi-strategy investment firm focused on the immersive internet and the metaverse, investing in NFTs, tokens, and equity of companies accelerating the emergence of an open, decentralized metaverse. Founded in 2019 by Managing Partner Andrew Steinwold, the firm is headquartered in Chicago.
Deal activity increased 300% year-over-year (4 deals in the last 12 months). Their most common stage is seed (49% of deals). Average disclosed round size is $8.4M (across 69 rounds with reported amounts).
Portfolio
69
Fund Size
$100M
Top Stage
Seed
Last 12 Mo
4
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
77 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 KOR Protocol | Series A | $7.5M | Jul 2026 |
 Football Fun | Unknown | $2M | Jun 2026 |
 Printr | Seed | $2M | May 2026 |
 Akedo Games | Seed | $5M | Jan 2026 |
 Blockworks | Series A | — | Jan 2026 |
 Temple | Seed | $5M | Oct 2025 |
 FrodoBots | Unknown | $8M | Feb 2025 |
| MMoelive | Seed | $1.5M | Jan 2025 |
| GGreat Big Beautiful Tomorrow | Unknown | $3M | Jan 2025 |
 NPC Labs | Seed | $18M | Jul 2024 |
 XION | Series B | $25M | Apr 2024 |
| XION | Series A | $25M | Apr 2024 |
| LLoot Labs | Seed | $6M | Jan 2024 |
| SSkyfire Systems | Seed | $8.5M | Jan 2024 |
 Focus Tree | Unknown | $2M | Jan 2024 |
| GGreat Big Beautiful Tomorrow | Unknown | $3M | Jan 2024 |
 Lolli | Series B | $8M | Dec 2023 |
 IZUMO | Seed | $12.7M | Nov 2023 |
 Bazooka Tango | Seed | $5M | Nov 2023 |
 Helika | Seed | $4M | Mar 2023 |
 Nefta | Seed | $5M | Feb 2023 |
 Unagi Scooters | Seed | $5M | Feb 2023 |
 StoryCo | Seed | $6M | Jan 2023 |
 StoryCo | Seed | $6M | Jan 2023 |
 Modhaus | Series A | $8M | Jan 2023 |
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Top Co-Investors
Animoca Brands16 shared
CMT Digital9 shared
Polygon Ventures7 shared
The Spartan Group7 shared
Collab+Currency6 shared
Fenbushi Capital6 shared
Circle Ventures6 shared
Arrington Capital6 shared
Fabric Ventures6 shared
Infinity Ventures Crypto6 shared
Hashed5 shared
Alumni Ventures5 shared
BITKRAFT Ventures5 shared
Dragonfly5 shared
Hypersphere Capital5 shared
Mirana Ventures5 shared
Lemniscap4 shared
HashKey Capital4 shared
Folius Ventures4 shared
Draper Dragon4 shared
Last updated: 7 October 2026