Variant Fund

Aleo Network Foundation

crypto

Aleo Network Foundation operates Aleo, a privacy-first programmable Layer 1 network. It uses zero-knowledge technology to support private, compliant payments, stablecoins, and decentralized applications for businesses, developers, and network participants.

AllScale

hybrid

AllScale is building solutions to make stablecoins more accessible, intuitive, and compliant for small businesses. It acts as an operating system for stablecoins, enabling services like invoicing, social commerce, and payroll.

Alluvial

crypto

Alluvial is a software development company that supports the development of the Liquid Collective protocol. It provides enterprise-grade APIs and services focused on Ethereum liquid staking, enabling platforms like exchanges and custodians to offer staking, minting, and redemption of LsETH (Liquid Staked ETH) to their end-users.

Aptos Labs

crypto

Aptos Labs creates products and applications for the Aptos blockchain to redefine the Web3 user experience.

Aztec

crypto

Aztec is a privacy-first Layer 2 for Ethereum that uses zero-knowledge proofs for confidential transactions with public verification.

Blackbird Labs, Inc.

hybrid

Blackbird Labs operates Blackbird, a restaurant loyalty and payments app. Diners tap in and pay at participating restaurants to earn and spend $FLY rewards, while restaurant partners participate in its dining network.

Blockaid

crypto

Blockaid is an onchain security platform that helps organizations prevent scams, fraud, exploits, and compliance risks in real time. It serves wallets, dApps, protocols, exchanges, banks, asset managers, and other companies operating onchain.

Bonfire

crypto

Bonfire enables creators and brands to engage with their fans through exclusive content and experiences.

Botto

hybrid

Botto is a decentralized autonomous artist (DAO) that creates art through a collaboration between an AI and a human community. The community governs the AI's creative process, influencing the themes and styles of the artworks produced.

Braintrust

crypto

Braintrust connects skilled technical freelancers with enterprises through a decentralized, user-owned talent marketplace that charges freelancers zero fees.

Burrata

out of scope

Burrata was a bridge infrastructure that allowed users to bridge their identity (and other private) data from the Internet to the blockchain. The project shut down in late 2023 after failing to find the right market fit.

Cascade

hybrid

Cascade is a U.S.-accessible perpetual markets trading platform that lets users trade crypto, U.S. equities, and private markets 24/7 using fiat rails.

Clusters

crypto

Clusters is a universal name service that provides a single, human-readable name for all wallets across every blockchain, powered by LayerZero. It simplifies the user experience by replacing complex wallet addresses with one unified name.

Context

hybrid

Context is building an AI-powered prediction market launching in 2025.

Cozy Finance

crypto

Cozy Finance provides DeFi risk-management infrastructure and protection products for protocols and users. Its safety stack includes tranches, reserves, protection markets, and protected vaults that help manage bad debt, exploits, and catastrophic losses.

Delegate

crypto

Delegate provides an onchain delegation registry that lets users link cold and hot wallets, enabling hot wallets to prove ownership and access delegated utility without custody of vaulted assets. It also operates a marketplace for buying and selling delegate rights.

delta

fintech

delta provides a mandate-enforcement layer for agentic payments. It evaluates proposed agent actions against signed user mandates and policy before payment release, returning a decision and an auditable execution receipt for platforms handling procurement, payouts, and complex transactions.

Stealth

Derive (ex Lyra)

crypto

Stealth

DIMO

crypto

DIMO is an open and secure mobility platform that aims to make every car on earth smart and programmable. It powers the next generation of connected car applications and services for both individual drivers and enterprises.

Doppler

crypto

Doppler is a token launch protocol coming to Solana (and live on Base, Monad, and Ethereum Mainnet) that lets teams configure tokenomics, launch with real onchain price discovery via dutch-auction dynamic bonding curves, and graduate to deep liquidity on DEXs like Uniswap. It serves token issuers and builders—from memecoin creators to protocols and RWA issuers—through an all-in-one app and a TypeScript SDK for building custom capital markets products.

Entropy

crypto

Entropy is an Autonomous Agent Network. It provides documentation, deployment resources, and cryptography research for its network.

Euler Labs

crypto

Euler Labs helps developers build DeFi lending protocols by providing modular infrastructure and development tools.

Farcaster

crypto

Farcaster is an open social network built for the crypto community.