Crypto & Web3FintechGamingMedia & EntertainmentEnterprise SoftwareSocial & CommunityDeveloper ToolsAI
Variant is an early-stage venture capital firm that primarily invests in pre-seed and seed rounds of cryptocurrency, blockchain, marketplaces, and Web3 companies. The firm also participates in later-stage rounds that align with its core investment thesis.
38% of their portfolio is in Crypto & Web3. Deal activity increased 300% year-over-year (4 deals in the last 12 months). Average disclosed round size is $51.3M (across 15 rounds with reported amounts).
Portfolio
16
Fund Size
$582.5M
Top Stage
Seed
Last 12 Mo
4
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
16 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Levl | Seed | $7M | Feb 2026 |
 Connect Music | Growth | $80M | Feb 2026 |
 Doppler | Seed | $9M | Jan 2026 |
 Project Eleven | Series A | $20M | Jan 2026 |
 Farcaster | Growth | $150M | May 2024 |
 Blackbird Labs | Series A | $24M | Oct 2023 |
 Zanifu | Seed | $11.2M | Aug 2023 |
 Matter Labs | Series C | $200M | Nov 2022 |
 Uniswap Labs | Series B | $165M | Oct 2022 |
 Hyperlane | Seed | $18.5M | Sep 2022 |
| SSound.xyz | Seed | $5M | Dec 2021 |
 Worldcoin | Unknown | $25M | Oct 2021 |
 Aleo | Series A | $28M | Apr 2021 |
 Braintrust | Seed | $18M | Oct 2020 |
 Phantom | Series A | $9M | — |
 Mana | Unknown | — | — |
Top Co-Investors
Andreessen Horowitz6 shared
Coinbase Ventures5 shared
Multicoin Capital3 shared
Pantera2 shared
Polychain Capital2 shared
Dragonfly2 shared
a16z crypto2 shared
Paradigm2 shared
Galaxy Ventures1 shared
CMCC Global1 shared
Galaxy Digital Ventures1 shared
Slow Ventures1 shared
A Capital1 shared
ACME Capital1 shared
Blockchange Ventures1 shared
Circle Ventures1 shared
Weekend Fund1 shared
Jump Capital1 shared
DeFi Alliance1 shared
Solana Foundation1 shared
Last updated: 15 April 2026