Variant is an early-stage venture capital firm based in New York City, founded in 2020 by Jesse Walden. The firm invests in crypto networks, AI, and infrastructure that expand user autonomy and ownership.
40% of their portfolio is in Crypto & Web3. Deal activity increased 900% year-over-year (10 deals in the last 12 months). Average disclosed round size is $35.0M (across 65 rounds with reported amounts).
Portfolio
61
Fund Size
$222M
Top Stage
Seed
Last 12 Mo
10
Team
AL
Alana Levin
Investment Partner
CS
Caleb Shack
Investment Partner
EF
Elijah Fox
Investment Partner
CS
Caleb Shough
COO
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
68 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Augustus | Series B | $180M | Jul 2026 |
 Infinia | Series A | $13.5M | Jul 2026 |
 Morpho | Unknown | $175M | Jun 2026 |
 Farworld Labs | Pre-Seed | $1.8M | Jun 2026 |
 Levl | Seed | $7M | Feb 2026 |
 Connect Music | Growth | $80M | Feb 2026 |
 Doppler | Seed | $9M | Jan 2026 |
 Tenbin | Seed | $7M | Jan 2026 |
 Project Eleven | Series A | $20M | Jan 2026 |
 Tenbin | Seed | $7M | Jan 2026 |
 Infinia | Series A | $13.5M | Jan 2026 |
 Pye | Seed | $5.5M | Dec 2025 |
 True Markets | Series A | $11M | May 2025 |
 Plastic Labs | Pre-Seed | $5.3M | Jan 2025 |
 Rialo | Unknown | $20M | Jan 2025 |
 Whetstone Research | Pre-Seed | $1.3M | Jan 2025 |
| RRelay Protocol | Unknown | $14M | Jan 2025 |
| True Markets | Series A | $11M | Jan 2025 |
| Project Eleven | Seed | $6M | Jan 2025 |
 Farcaster | Growth | $150M | May 2024 |
 Blockaid | Series B | $50M | Mar 2024 |
 Gevulot | Seed | $6M | Jan 2024 |
| Morpho | Unknown | $18M | Jan 2024 |
| MMorpho Labs | Unknown | $50M | Jan 2024 |
 Blackbird | Series A | $24M | Oct 2023 |
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Top Co-Investors
Coinbase Ventures17 shared
Andreessen Horowitz11 shared
Paradigm9 shared
Nascent8 shared
Wintermute Ventures8 shared
Union Square Ventures7 shared
a16z crypto6 shared
Polychain Capital6 shared
Galaxy Ventures6 shared
Archetype6 shared
Dragonfly5 shared
Lightspeed Venture Partners5 shared
Multicoin Capital5 shared
Pantera Capital5 shared
Circle Ventures5 shared
Animoca Brands5 shared
Lattice4 shared
Balaji Srinivasan4 shared
Blockchain Builders Fund4 shared
Last updated: 7 October 2026