# Variant: portfolio, investments and team

> Variant is a vc firm based in United States. 79 investments on record, 15 in the last 12 months, latest Sept 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/variant (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Variant

Last cheque observed Sep 2026; 79 cheques on record.

Email

Deploying now New fund $221M, Sept 2026 VC firm

Pre-seed Seed Series A Crypto Cryptocurrency

Follow Variant and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fvariant)

Deploying now

**60%** of best year **15** **cheques in 12 months**, 79 on record

Since the last cheque **60** days **00** hrs **00** min **00** sec

Median round **$9.9M** Cheque size, as they say **$250K – $7.0M** Rounds led **4 of 79** Sole investor **6 rounds** Mostly in **United States, 68%**

Pitch Variant

## Variant highlights

- 01 15 cheques in the last 12 months
- 02 Mostly Seed and Venture: 68% of its rounds
- 03 Sole investor in 6 rounds, median $2.8M

## What they do

> Variant is a venture capital firm focused on markets, infrastructure, and applications that increase user agency. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $250K – $7.0M as they say
- **Stages:** Pre-seed Seed Series A Series B
- **Sectors:** Crypto Cryptocurrency
- **Based in:** PRINCE, United States
- **Cold pitches:** Accepted

## The record

Every round we can evidence, newest first **79 appearances**

- **2026** 13 rounds
- **Sept** **[Hello Clever](https://millionrounds.com/company/hello-clever)** Seed · AU **$1.6M** Sole investor
- **Sept** **[Atum](https://millionrounds.com/company/atum)** Seed · US **$14M** With 2 others
- **Jul** **[Infinia](https://millionrounds.com/company/infinia)** Series A · UY · LatamList **$14M** *Led*
- **Jul** **[Augustus](https://millionrounds.com/company/augustus)** Series B · US **$180M** With 4 others
- **Jul** **[Tenor Labs](https://millionrounds.com/company/tenor-labs)** Seed · CA **$2.5M** With 2 others
- **Jun** **[Morpho](https://millionrounds.com/company/morpho)** Seed · FR · Ventureburn **$175M** With 18 others
- **May** **[Turnkey](https://millionrounds.com/company/turnkey)** Venture · US **$13M** With 4 others
- **Apr** **[Swoop](https://millionrounds.com/company/swoop)** Seed · SZ · TechCabal **$7.3M** With 7 others
- **Mar** **[OpenFX](https://millionrounds.com/company/openfx)** Series A · Ventureburn **$94M** With 7 others
- **Feb** **[Levl](https://millionrounds.com/company/levl)** Seed · US **$7.0M** With 1 other
- **Feb** **[Lyra Finance](https://millionrounds.com/company/lyra-finance)** Venture · CA **Undisclosed** With 4 others
- **Jan** **[Project Eleven](https://millionrounds.com/company/project-eleven)** Series A · US **$20M** With 4 others
- **Jan** **[Tenbin Labs](https://millionrounds.com/company/tenbin-labs)** Seed · US **$7.1M** With 3 others
- **2025** 21 rounds
- **Dec** **[Cascade](https://millionrounds.com/company/cascade)** US · Ventureburn **$15M** *Led*
- **Dec** **[Pye Labs](https://millionrounds.com/company/pye-labs)** Seed · US **$5.0M** With 2 others
- **Oct** **[Takenos](https://millionrounds.com/company/takenos)** Seed · AR · LatamList **$5.0M** *Led*
- **Oct** **[Pluralis Research](https://millionrounds.com/company/pluralis-research)** Grant · US **$1.0M** With 3 others
- **Oct** **[MetaDAO](https://millionrounds.com/company/metadao)** Token sale · US **$9.9M** With 2 others
- **Sept** **[Melee](https://millionrounds.com/company/melee)** Pre-seed · US **$3.5M** Sole investor
- **Aug** **[Subzero Labs](https://millionrounds.com/company/subzero-labs)** Seed · US **$20M** With 3 others
- **Aug** **[The Clearing Company](https://millionrounds.com/company/the-clearing-company)** Seed · US **$15M** With 4 others
- **Aug** **[Osigu](https://millionrounds.com/company/osigu)** Series B · US **$10M** With 1 other
- **Jun** **[Turnkey](https://millionrounds.com/company/turnkey)** Series B · US · AlleyWatch **$30M** With 8 others
- **May** **[TrueX](https://millionrounds.com/company/truex)** Series A · US · AlleyWatch **$11M** With 4 others
- **May** **[Dapta](https://millionrounds.com/company/dapta)** Venture · US **Undisclosed** With 3 others
- **May** **[True Markets](https://millionrounds.com/company/true-markets)** Series A · US **$11M** With 2 others
- **May** **[World](https://millionrounds.com/company/world)** Venture · US **$135M** With 4 others
- **Apr** **[Plastic Labs](https://millionrounds.com/company/plastic-labs)** Pre-seed · US · AlleyWatch **$5.3M** *Led*
- **Apr** **[Hyperlane](https://millionrounds.com/company/hyperlane)** Venture · US **Undisclosed** With 2 others
- **Mar** **[Pluralis Research](https://millionrounds.com/company/pluralis-research)** Seed · US **$7.6M** With 3 others
- **Mar** **[Ábaco](https://millionrounds.com/company/abaco)** Pre-seed · SV **$7.0M** Sole investor
- **Feb** **[Reservoir](https://millionrounds.com/company/reservoir)** Series A · US **$14M** With 5 others
- **Feb** **Blockaid** Series B · IL **$50M** With 3 others
- **Jan** **[Aleo](https://millionrounds.com/company/aleo)** Venture · US **$21M** With 5 others
- **2024** 16 rounds
- **Dec** **[Lens Protocol](https://millionrounds.com/company/lens-protocol)** Venture · KY **$31M** With 4 others
- **Dec** **[Hyperbolic](https://millionrounds.com/company/hyperbolic)** Series A · US **$12M** With 4 others
- **Dec** **[Gevulot](https://millionrounds.com/company/gevulot)** Venture · FI **Undisclosed** With 2 others
- **Dec** **[ZKsync](https://millionrounds.com/company/zksync)** Grant · NL **$2.0M** With 3 others
- **Nov** **[Scroll.io](https://millionrounds.com/company/scroll-io)** Venture **$700K** With 3 others
- **Nov** **[Alluvial Finance](https://millionrounds.com/company/alluvial-finance)** Venture · US **$4.3M** With 2 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **8 named**

BR **Brian R. Harris** Manager of Variant Capital LLC i Filing they signed

CS **Caleb Shough** Executive Officer i Filing they signed

CN **Curtis Neil Fintel** Executive Officer of Issuer's Investment Adviser i Filing they signed

DR **David R. Naylor** Manager of Variant Capital LLC i Filing they signed

JC **Jacob Chervinsky** Chief Legal Officer i Form ADV

JB **Jerald Benjamin Hayes** Executive Officer of Issuer's Investment Adviser i Filing they signed

JD **Jesse Daniel Walden** Managing Member of the General Partner i Filing they signed

RW **Robert William Elsasser** Executive Officer of Issuer's Investment Adviser i Filing they signed

We also hold **26** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$729M** assets it manages Oct 2026

**5+** funds on file numbered funds in its name

**Registered** investment adviser full reporting to the SEC

- **Legal name:** Unofficial Management, Inc.
- **SEC number:** CRD 306409

Funds on its Form ADV

**7** private funds, **$838M** in gross assets · filed Sept 2024

- Variant Opportunity Fund, L.P. *Venture* 78 investors $394M
- Variant Fund III, L.P. *Venture* 77 investors $163M
- Variant Fund II, L.P. *Venture* 115 investors $134M
- Variant Fund, L.P. *Venture* 60 investors $127M
- Variant Community Fund II, L.P. *Venture* 53 investors $13M
- Variant Co Fund, L.P. *Venture* 22 investors $4.2M
- Variant Community Fund III, L.P. *Venture* 23 investors $1.7M

## What they claim to have backed

From their own portfolio page (on their website)

**30** of 46 we have independently watched raise

[Aleo](https://millionrounds.com/company/aleo)[Augustus](https://millionrounds.com/company/augustus)[Aztec Network](https://millionrounds.com/company/aztec)[Botto](https://millionrounds.com/company/botto)[Cozy Finance](https://millionrounds.com/company/cozy)[DIMO](https://millionrounds.com/company/dimo)[Delta](https://millionrounds.com/company/delta)[Hello Clever](https://millionrounds.com/company/hello-clever)[Hyperbolic](https://millionrounds.com/company/hyperbolic)[Hyperlane](https://millionrounds.com/company/hyperlane)[Infinia](https://millionrounds.com/company/infinia)[Levl](https://millionrounds.com/company/levl)[Magic Eden](https://millionrounds.com/company/magic-eden)[MetaDAO](https://millionrounds.com/company/metadao)[Morpho](https://millionrounds.com/company/morpho)[Phantom](https://millionrounds.com/company/phantom)[Plastic Labs](https://millionrounds.com/company/plastic-labs)[Pluralis Research](https://millionrounds.com/company/pluralis-research)[Project Eleven](https://millionrounds.com/company/project-eleven)[Pye](https://millionrounds.com/company/pye)[Relay](https://millionrounds.com/company/relay)[Remix](https://millionrounds.com/company/remix)[Satflow](https://millionrounds.com/company/satflow)[Scroll](https://millionrounds.com/company/scroll)[Swoop](https://millionrounds.com/company/swoop)[Takenos](https://millionrounds.com/company/takenos)[The Clearing Company](https://millionrounds.com/company/the-clearing-company)[True Markets](https://millionrounds.com/company/true-markets)[Turnkey](https://millionrounds.com/company/turnkey)[ZKsync](https://millionrounds.com/company/zksync) Aptos Artemis Blackbird Blockaid Cascade Derive Melee Motion Physical Superintelligence Rialo Sapien Uniswap Whetstone Research World ZkCloud Zora

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

New fund on file

**$221M**

raised in Sept 2026

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Pre-seed Seed Series A

Median round joined **$9.9M** the round, not its cheque Alone, median **$2.8M**

Led 4 of 79 rounds **5%**

- **Said size:** $250K – $7.0M
- **Sole investor:** 6 rounds
- **Last cheque:** Sept 2026

Rounds by stage said on their site

- Seed said *38*
- Venture *13*
- Series A said *13*
- Series B said *5*
- Pre-seed said *4*
- Grant *2*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Coinbase Ventures](https://millionrounds.com/fund/coinbase) 24
- [Robot Ventures](https://millionrounds.com/fund/robot-ventures) 9
- [Archetype](https://millionrounds.com/fund/archetype) 7
- [A16z Crypto](https://millionrounds.com/fund/a16z-crypto) 6
- [Nascent](https://millionrounds.com/fund/nascent) 6
- [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) 5

**Pitching Variant?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Variant. A count of rooms they were both in, not a relationship either has claimed.

[**Coinbase Ventures** Corporate VC **24** rounds together](https://millionrounds.com/fund/coinbase)[**Robot Ventures** VC firm **9** rounds together](https://millionrounds.com/fund/robot-ventures)[**Archetype** VC firm **7** rounds together](https://millionrounds.com/fund/archetype)[**A16z Crypto** VC firm **6** rounds together](https://millionrounds.com/fund/a16z-crypto)[**Nascent** VC firm **6** rounds together](https://millionrounds.com/fund/nascent)[**Andreessen Horowitz** VC firm **5** rounds together](https://millionrounds.com/fund/andreessen-horowitz)[**CoinFund** VC firm **5** rounds together](https://millionrounds.com/fund/coinfund)[**Paradigm** VC firm **5** rounds together](https://millionrounds.com/fund/paradigm)[**Slow Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/slow-ventures)[**Union Square Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/union-square-ventures)[**Y Combinator** Accelerator **5** rounds together](https://millionrounds.com/fund/y-combinator)[**Framework Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/framework-ventures)

## Recently backed

The latest companies Variant put money into.

[**Hello Clever** $1.6M · Sept 2026](https://millionrounds.com/company/hello-clever)[**Atum** $14M · Sept 2026](https://millionrounds.com/company/atum)[**Infinia** $14M · Jul 2026](https://millionrounds.com/company/infinia)[**Augustus** $180M · Jul 2026](https://millionrounds.com/company/augustus)[**Tenor Labs** $2.5M · Jul 2026](https://millionrounds.com/company/tenor-labs)[**Morpho** $175M · Jun 2026](https://millionrounds.com/company/morpho)

## On podcasts

3 episodes naming Variant in the title, and 4 more that mention it.

- [The Generalist](https://millionrounds.com/podcasts/the-generalist) 5 Aug 2025 · 1h 13m The Future of Crypto: Stablecoins, AI Integration, and the Path to Mass Adoption (Jesse Walden, Founder & Managing Partner at Variant) With [Jesse Walden](https://millionrounds.com/person/jesse-walden) Mentions [Variant](https://millionrounds.com/fund/variant) Apple PodcastsShow page
- [Capital Allocators](https://millionrounds.com/podcasts/capital-allocators) 18 Mar 2024 · 52 min [REPLAY] Jonathan Tepper - Variant Perception of Capitalism (Capital Allocators, EP.110) Mentions [Variant](https://millionrounds.com/fund/variant) Apple PodcastsShow page
- [Capital Allocators](https://millionrounds.com/podcasts/capital-allocators) 7 Oct 2019 · 52 min Jonathan Tepper - Variant Perception of Capitalism (Capital Allocators, EP.110) Mentions [Variant](https://millionrounds.com/fund/variant) Apple PodcastsShow page

### Mentioned in

- [The a16z Show](https://millionrounds.com/podcasts/a16z) 25 Nov 2021 · 56 min NFTs, Explained Apple PodcastsShow page
- [Capital Allocators](https://millionrounds.com/podcasts/capital-allocators) 15 Apr 2021 · 57 min a16z Podcast with Linda Xie and Jesse Walden - All About NFTS (Capital Allocators, EP.189) Apple PodcastsShow page
- [The a16z Show](https://millionrounds.com/podcasts/a16z) 3 Apr 2021 · 34 min The Creator Economy: NFTs and Beyond Apple PodcastsShow page
- [The a16z Show](https://millionrounds.com/podcasts/a16z) 28 Mar 2021 · 56 min All about NFTs Apple PodcastsShow page

## Quick answers about Variant

### What does Variant invest in?

Variant invests most often at Seed and Venture (68% of the rounds on record), in sectors such as Crypto and Cryptocurrency.

### How active is Variant?

79 investments on record, 15 of them in the last 12 months, and it led 4. The most recent was in Sept 2026.

### What has Variant invested in recently?

Its most recent investments on record: Hello Clever (Seed, Sept 2026), Atum (Seed, Sept 2026) and Infinia (Series A, Jul 2026).

### How big are Variant's cheques?

The median round it joins is $9.9M. It says it writes cheques of $250K to $7.0M.

### Does Variant lead rounds?

Sometimes: it led 4 of its 79 investments on record (5%).

### Where does Variant invest?

Most of the companies it backs are in the United States (68%) and Canada (5%).

### Is Variant investing now?

Yes: it is actively investing, with 15 investments in the last 12 months.

### Who does Variant invest alongside?

Most often Coinbase Ventures (24 rounds together), Robot Ventures (9 rounds together) and Archetype (7 rounds together).

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