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.
33% of their portfolio is in Crypto & Web3. They made 3 investments in the last 12 months. Their most common stage is seed (56% of deals). Average disclosed round size is $39.5M (across 9 rounds with reported amounts).
Portfolio
9
Fund Size
$582.5M
Top Stage
Seed
Last 12 Mo
3
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
9 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Levl | Seed | $7M | Feb 2026 |
 Connect Music | Growth | $80M | Feb 2026 |
 Doppler | Seed | $9M | Jan 2026 |
 Hyperlane | Seed | $18.5M | Sep 2022 |
| SSound.xyz | Seed | $5M | Dec 2021 |
 Worldcoin | Series B | $25M | Oct 2021 |
 Aleo | Series B | $28M | Apr 2021 |
 Braintrust | Seed | $18M | Oct 2020 |
 Uniswap Labs | Series B | $165M | — |
Top Co-Investors
Coinbase Ventures4 shared
Andreessen Horowitz3 shared
Pantera2 shared
Polychain Capital2 shared
Multicoin Capital2 shared
Galaxy Ventures1 shared
Galaxy Digital Ventures1 shared
Slow Ventures1 shared
A Capital1 shared
ACME Capital1 shared
Blockchange Ventures1 shared
Circle Ventures1 shared
a16z crypto1 shared
Paradigm1 shared
SV Angel1 shared
Weekend Fund1 shared
Day One Ventures1 shared
FTX1 shared
Last updated: 5 March 2026