# Variational funding: rounds and investors > Variational has raised $52M across 2 rounds since 2025. Investors include Dragonfly Capital Partners, Coinbase Ventures and Peak XV. Source: https://millionrounds.com/company/variational (Millionrounds; every figure on the page links to its filing or article) Cayman Islands · [Series A startup](https://millionrounds.com/companies) # Who invested in *Variational* 2 rounds we have observed, with the 9 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it. Construction DeFi Web3 & Crypto Raised 5 months ago Funding summary Updated 26 Oct 2026 **$52M** raised across 2 rounds since 2025, from 2 sources **$1.5M** Venture **$50M** Series A - **Latest round:** Series A, $50M May 2026 - **Led by:** Dragonfly Capital Partners - **Step-up i:** 33.3× - **Investors:** 9 (1 led) See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2026 **$1.5M** Venture **$50M** Series A - **First round:** Venture, $1.5M - **Biggest round:** $50M - **Between rounds:** 12 months ## The rounds - **May 2026** Series A **$50M** *3 new* *5 returning* [Dragonfly Capital Partners](https://millionrounds.com/fund/dragonfly-capital-partners) Lead [Coinbase Ventures](https://millionrounds.com/fund/coinbase) [Peak XV](https://millionrounds.com/fund/peak-xv) [Hack VC](https://millionrounds.com/fund/hack-vc) [SE Ventures](https://millionrounds.com/fund/se-ventures) [North Island Ventures](https://millionrounds.com/fund/north-island-ventures) [Bain Capital Crypto](https://millionrounds.com/fund/bain-capital-crypto) [Brevan Howard](https://millionrounds.com/fund/brevan-howard) Reported by Ventureburn - **Jun 2025** Venture **$1.5M** *6 new* [Coinbase Ventures](https://millionrounds.com/fund/coinbase) [Peak XV](https://millionrounds.com/fund/peak-xv) [Hack VC](https://millionrounds.com/fund/hack-vc) [Dragonfly Capital Partners](https://millionrounds.com/fund/dragonfly-capital-partners) [SE Ventures](https://millionrounds.com/fund/se-ventures) [Peak](https://millionrounds.com/fund/peak) Source recorded ## Who was in which round The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led. **Venture** 2025 **Series A** 2026 [Dragonfly Capital Partners](https://millionrounds.com/fund/dragonfly-capital-partners) L [Coinbase Ventures](https://millionrounds.com/fund/coinbase) [Peak XV](https://millionrounds.com/fund/peak-xv) [Hack VC](https://millionrounds.com/fund/hack-vc) [SE Ventures](https://millionrounds.com/fund/se-ventures) [North Island Ventures](https://millionrounds.com/fund/north-island-ventures) [Peak](https://millionrounds.com/fund/peak) [Bain Capital Crypto](https://millionrounds.com/fund/bain-capital-crypto) [Brevan Howard](https://millionrounds.com/fund/brevan-howard) ## Everyone who backed them [Dragonfly Capital Partners](https://millionrounds.com/fund/dragonfly-capital-partners) VC firm **2** rounds, led 1 [Coinbase Ventures](https://millionrounds.com/fund/coinbase) Corporate VC **2** rounds [Peak XV](https://millionrounds.com/fund/peak-xv) VC firm **2** rounds [Hack VC](https://millionrounds.com/fund/hack-vc) VC firm **2** rounds [SE Ventures](https://millionrounds.com/fund/se-ventures) Corporate VC **2** rounds [North Island Ventures](https://millionrounds.com/fund/north-island-ventures) VC firm **1** round [Peak](https://millionrounds.com/fund/peak) VC firm **1** round [Bain Capital Crypto](https://millionrounds.com/fund/bain-capital-crypto) Corporate VC **1** round [Brevan Howard](https://millionrounds.com/fund/brevan-howard) Asset manager **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=variational). ## Also claim to have backed them These 5 firms list Variational as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above. [Flying Fish Partners](https://millionrounds.com/fund/flying-fish-partners) VC firm Per its own site [Mirana](https://millionrounds.com/fund/mirana) VC firm Per its own site [Caladan (Prev AlphaLab Capital)](https://millionrounds.com/fund/caladan) VC firm Per its own site [Accellius Capital](https://millionrounds.com/fund/accellius-capital) VC firm Per its own site [AlphaLab Capital](https://millionrounds.com/fund/alphalab-capital) Corporate VC Per its own site ## Quick answers about Variational ### Who invested in Variational? Variational's investors include Dragonfly Capital Partners, Coinbase Ventures, Peak XV, Hack VC and SE Ventures, and 4 more on record. Dragonfly Capital Partners led its latest round. ### How much has Variational raised? Variational has raised $52M across 2 rounds since 2025. ### When did Variational last raise? Variational's most recent round was a Series A of $50M in May 2026, led by Dragonfly Capital Partners. ### What was Variational's biggest round? Its most recent round, $50M in May 2026, is also its largest on record. ### Who backed Variational first? Variational's first round on record, in Jun 2025, was backed by Coinbase Ventures, Peak XV and Hack VC and 3 others. ### What stage is Variational at? Variational's latest named round is a Series A, in May 2026. ### Where is Variational based? Variational is based in Cayman Islands. ### Who led Variational's rounds? Dragonfly Capital Partners led the Series A in 2026. ## Companies like Variational In the same sector, and raised in the last eighteen months. [**Tempus** $1.0B · Sept 2026](https://millionrounds.com/company/tempus)[**LurraPay** $7.0M · Jul 2026](https://millionrounds.com/company/lurrapay)[**TITAN** $111M · Jun 2026](https://millionrounds.com/company/titan)[**Build on Bitcoin** $14M · Nov 2025](https://millionrounds.com/company/build-on-bitcoin)[**Wildcat Labs** $3.5M · Sept 2025](https://millionrounds.com/company/wildcat-labs)[**OneBalance** $20M · Jun 2025](https://millionrounds.com/company/onebalance) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app