Wintermute Ventures is the strategic investment arm of Wintermute, a global algorithmic trading firm and liquidity provider in digital assets. It invests proprietary capital in early-stage startups across the crypto and blockchain ecosystem, including DeFi, infrastructure, RWA, and payments.
33% of their portfolio is in Crypto & Web3. Deal activity increased 40% year-over-year (7 deals in the last 12 months). Average disclosed round size is $32.7M (across 99 rounds with reported amounts).
Portfolio
85
Fund Size
—
Top Stage
Series A
Last 12 Mo
7
Team
Lilian Tan
Chief Compliance Officer
Nalaka Gamage
Chief Financial Officer
ET
Evan Tan
Venture Capital
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
107 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Silicon Data | Series A | $30.5M | Aug 2026 |
 Velocity | Series A | $38M | Jul 2026 |
 Morpho | Unknown | $175M | Jun 2026 |
 Crossover Markets | Series B | $31M | Mar 2026 |
 Based | Series A | $11.5M | Feb 2026 |
 Tenbin | Seed | $7M | Jan 2026 |
 Velocity | Unknown | $38M | Jan 2026 |
 Tenbin | Seed | $7M | Jan 2026 |
| BBased One | Unknown | $11.5M | Jan 2026 |
 Aura | Seed | $5M | Jan 2026 |
 Aura | Seed | $5M | Jan 2026 |
 Ostium Labs | Series A | $20M | Dec 2025 |
 Inversion Labs | Seed | $26.5M | Sep 2025 |
 Codex | Seed | $15.8M | Apr 2025 |
 White Star Capital | Series A | — | Jan 2025 |
 Sperm Racing | Seed | $10M | Jan 2025 |
 Tria | Pre-Seed | $12M | Jan 2025 |
| Inversion Labs | Seed | $26.5M | Jan 2025 |
| Inversion Labs | Series A | $44M | Nov 2024 |
 Notabene | Series B | $14.5M | Nov 2024 |
 Stork Labs | Seed | — | Aug 2024 |
 Chaos Labs | Series A | $55M | Aug 2024 |
| Crossover Markets | Series A | $12M | Jun 2024 |
 Crossover Markets | Series A | $12M | Jun 2024 |
 Backpack | Series A | $17M | May 2024 |
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Top Co-Investors
Coinbase Ventures23 shared
Dragonfly13 shared
Hashed12 shared
Mirana Ventures12 shared
Pantera Capital11 shared
Flow Traders10 shared
Lightspeed Venture Partners10 shared
Circle Ventures10 shared
Polychain Capital10 shared
ParaFi Capital9 shared
IOSG Ventures8 shared
Jump Capital8 shared
DRW Venture Capital8 shared
Variant8 shared
GoldenTree Asset Management7 shared
Amber Group7 shared
Illuminate Financial7 shared
The Spartan Group7 shared
Y Combinator7 shared
CMT Digital7 shared
Last updated: 20 October 2026