Cayman Islands · 
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.
2026
$1.5MVenture$50MSeries A
Cayman Islands · Series A startup
Who invested in Variational
Funding summaryUpdated 26 Oct 2026
$52Mraised across 2 rounds since 2025, from 2 sources
$1.5MVenture$50MSeries A
- Latest round
- Series A, $50MMay 2026
- Led by
- Dragonfly Capital Partners
- Step-upi
- 33.3×
- Investors
- 9 (1 led)
The funding story
Each circle is a round, placed by date and sized by amount. The line above is the running total.
- First round
- Venture, $1.5M Jun 2025
- Biggest round
- $50M Series A · May 2026
- Between rounds
- 12 months from the last two
The rounds
- May 2026Series A$50M3 new5 returning
Dragonfly Capital PartnersLead
Coinbase Ventures
Peak XV
Hack VC
SE Ventures
North Island Ventures
Bain Capital CryptoBrevan Howard
Reported by Ventureburn
- Jun 2025Venture$1.5M6 new
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.
Everyone who backed them
Missing a round, or an investor who was in one? Tell us.
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.
Quick answers about Variational
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.
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