$30M fund. $600-900k checks. Pre-seed and seed. Yes we lead.
Trick question! We’re intentionally generalist within crypto. The best companies define new categories and don’t fit existing labels. Not specializing keeps us nimble so we can be early to the next big trends. We like companies that aren’t in super obvious crowded markets.
We also value people over products. Products pivot all the time but people stay the same. We care about how ambitious you are and how big your upside can be.
We only make around 6 new investments per year. We are high-conviction investors and hate spray and pray. A small concentrated portfolio gives us the bandwidth to focus on founders and be their most helpful investor on the cap table. We do not invest in competitors.
At pre-seed and seed, it’s important for investors to have skin in the game and not view startups as call options. An investor with a big portfolio is likely to quickly move on and focus on other priorities if a startup takes a while to find product-market fit. We want to be there in the trenches helping founders when times are tough.
We also do not have an investment committee so we can make decisions quickly instead of ghosting founders.
We’ve been VCs in crypto since 2017 and lived through multiple cycles. Having deep historical context helps us pattern match what founders are facing right now to what we’ve seen with other projects in the past so we can give accurate strategic advice. We’ve built up a strong rolodex from working in this industry for almost a decade that we can easily make warm intros to customers, business partners, follow-on capital, etc.
We also love building Dune dashboards and built a strong brand as the data wizard VC. Our dashboards help founders learn what users are doing onchain and what products they should be building based on the data.
Short answer: IYKYK.
Long answer: Crypto is a real life MMORPG game. The best founders grew up on the Internet and understand meme culture. Survival in this industry means grinding in the trenches making money each cycle while avoiding NPCs like SBF or Do Kwon who are trying to kill us. We first learned about financial markets growing up on the streets of Varrock West Bank and The Grand Exchange.