D
Dennis Won
Technical Partner
All funds
crypto
hybrid
crypto
crypto
crypto
crypto
out of scope
hybrid
crypto
crypto
crypto
crypto
crypto
out of scope
crypto
Analyst signals
Portfolio activity and matriculation
Metrics use all recorded activity through 21 Jul 2026 across pre seed, seed, series a, strategic, unknown. Later-round outcomes are capped at the period end.
35.3%companies with a later round · 6/17
25000.42×median round-size step-up · n=6
Not availablemedian valuation step-up · n=0
0%recorded-solo rate · 0 solo / 17 syndicated
Finance · 4 companiesInfrastructure · 3 companiesPrivacy & Confidentiality · 2 companies
These are activity signals, not fund-return metrics. Round capital is the full disclosed financing amount, not this fund's check size. “Recorded solo” means only one investor is present in the source data and is a lead signal, not verified lead status; syndicated rounds are a co-investor or follower signal. IRR, TVPI, DPI, ownership, exits, and market beta cannot be calculated from the available records.
People
Team
K
Kevin Lee
Managing Partner
K
Kony Kwong
Venture Partner
L
Lily Liu
Senior Advisor
M
Miki Mak
Investment Principal
S
Sunga Sophie Kim
Partner
W
Weikeng Chen
Research Partner
Y
Yu Guo
Senior Advisor
Portfolio
Investments
Full financing histories for portfolio companies. Highlighted rounds are those where L2 Iterative Ventures (L2IV) is recorded as an investor.
Aligned Layer
Aligned is a vertically integrated stack for building applications on a verifiable internet. It provides the foundation for provable execution with one-click solutions for wallets, rollups, interoperability, and ZK services for financial infrastructure and AI systems. The company is creating the foundation for a trustless, verifiable internet, empowering developers to build applications on Ethereum. Aligned is a blockchain infrastructure project, likely an Actively Validated Service (AVS), and is seeking operators for its Mainnet Beta.
Arcium
Privacy & Confidentiality
Arcium is a decentralized confidential computing network for blockchain applications and AI. It provides developers with secure multiparty computation infrastructure, tooling, and staking to run verifiable computations over encrypted data.
Babylon Foundation
Infrastructure
Babylon Foundation is an exempted Cayman Islands foundation company building native use cases for Bitcoin. It provides information and user guides related to Babylon Genesis, BABY addresses, and the Babylon ecosystem.
Balanced Software, Inc.
An open source wallet for the Apple & Ethereum ecosystems.
Epoch Protocol
Infrastructure
Epoch Protocol is a crypto infrastructure project building a coordination and intent layer for Web3, letting users move from any chain, token, or fiat into a desired financial outcome with a single signature. It serves developers building dApps, wallets, neobanks, AI agents, and payment platforms who need cross-chain liquidity and solver-based execution without integrating each chain and protocol individually.
Fiamma
Fiamma is building trust-minimized Bitcoin infrastructure using BitVM2. Their main product, the Fiamma Bridge, enables non-custodial, trust-minimized access for Bitcoin across multiple chains, allowing BTC holders to engage with DeFi, RWAs, and other financial utilities without compromising on security or Satoshi's vision of a trustless system.
Irreducible Inc.
Privacy & Confidentiality
Irreducible Inc. develops advanced cryptography for sovereignty, privacy, and a verifiable internet. It invented and leads development of Binius, an open-source zero-knowledge proof system, but its website states that the company is shutting down.
Linera Markets
Finance
Linera Markets is a trading platform operated by Zefchain Labs that lets users trade crypto, ETFs, and other assets via short-duration, parimutuel-style prediction markets.
Liquorice
Finance
Liquorice is a DeFi infrastructure platform that connects solvers, private market makers, and liquidity providers in a unified layer to create lending markets tailored specifically for professional trading firms. It offers a single integration point for accessing DeFi order flow from platforms like CoW Swap, Uniswap X, 1inch Fusion, and Bebop, while enabling overcollateralized lending to selected trading firms.
Mobius Exchange
Stealth
Phoenix
Finance
Phoenix is a non-custodial, decentralized exchange for perpetual futures built on Solana. It lets users connect compatible wallets, fund accounts with USDC, and trade leveraged perpetual contracts.
Renzo Protocol
Renzo is a restaking protocol that simplifies and manages strategies for Liquid Restaking Tokens (LRTs) on Ethereum and Solana. It provides interfaces like ezETH and ezSOL to ecosystems such as EigenLayer and Jito Network, abstracting the complexities of node operation, strategy selection, and smart contract interaction for users. It operates on EigenLayer, Symbiotic, and Jito, and includes a community governance forum for proposals and discussions.
Spire Labs
Infrastructure
Spire Labs is a venture-backed Ethereum infrastructure company building based appchain and transaction-execution products. Its offerings include Pylon for based appchains, DA Builder for transaction aggregation, Full Send RPC for transaction inclusion and MEV protection, and BaiBai, a PropAMM DEX on Base.
XP
Community & Events
XP is a resale marketplace for tickets to events like sports, concerts, comedy, and theater. They focus on providing tickets at lower prices than other resale sites, with no hidden fees and exceptional service.
ZKEX
Finance
ZKEX is a multi-chain, orderbook-based Layer 2/3 decentralized exchange (DEX) secured with zero-knowledge proofs, offering bridgeless, non-custodial spot and derivatives trading across multiple EVM chains and rollups. It targets both retail and professional DeFi traders seeking a centralized-exchange-like experience without giving up custody of their assets.
zkPass is a protocol for private data based on MPC, ZKP, and 3P-TLS. It allows users to verify their real-world private data without revealing private details, serving as a seamless gateway between the private data of the Web2 and Web3 ecosystem.