# Variant

> Variant is a New York venture firm founded by Jesse Walden in 2020. It backs early-stage technology across crypto, AI, infrastructure, applications and new markets, with a thesis that the best systems give users more control over their money, identity, data and tools. The firm's public portfolio includes Uniswap, Phantom, Morpho, World, Blockaid, Turnkey and Zora, while its June 2026 fourth fund adds $222 million for early-stage and selected liquid or growth investments.

- **Founded:** 2020
- **Headquarters:** New York City, United States
- **Founders:** Jesse Walden (Founder and Managing Partner)
- **Team size:** 14 people listed on Variant's team page in August 2026; a supplied company record reports 23 employees.
- **Products:** Early-stage venture investing, Growth and liquid investing, Variant Network, Variant Founder Fellowship, Research and founder education
- **Notable:** Built a public portfolio that includes Uniswap, Phantom, Morpho, World, Blockaid, Turnkey, Flashbots, Magic Eden and Zora., Raised a $110 million second fund in 2021 with more than 100 web3 and technology builders participating in its investor base., Raised $450 million across a seed and opportunity fund in 2022 during a crypto market downturn.

## Products & services

- **Early-stage venture investing** — Leads investments at the earliest stages in new markets, infrastructure and applications, with roots in crypto and an expanding focus that includes AI.
- **Growth and liquid investing** — Variant 4 can participate in liquid and growth investments as portfolio projects mature.
- **Variant Network** — A portfolio peer network offering founder discussions, function-specific workshops, group chats and shared operational resources.
- **Variant Founder Fellowship** — A cohort-based program for very early crypto founders covering product, go-to-market, incentive design, community and protocol architecture.
- **Research and founder education** — Public essays, frameworks, market analysis and practical playbooks on crypto, AI, markets, tokens, policy and company building.

## Achievements

- Built a public portfolio that includes Uniswap, Phantom, Morpho, World, Blockaid, Turnkey, Flashbots, Magic Eden and Zora.
- Raised a $110 million second fund in 2021 with more than 100 web3 and technology builders participating in its investor base.
- Raised $450 million across a seed and opportunity fund in 2022 during a crypto market downturn.
- Launched a 12-week Founder Fellowship in 2023; its first cohort selected 24 projects from nearly 400 applications.
- Announced the $222 million Variant 4 fund in June 2026 and broadened its thesis from digital ownership to autonomy.
- Published a long-running library of practical essays and frameworks on progressive decentralization, token design, markets, crypto regulation, AI and company building.

## Latest updates

- **2026-07** — Published new work on user-serving automation, dedicated model foundries and the firm's investment in Tenor.
- **2026-06** — Announced Variant 4, a $222 million fund for early-stage and selected liquid or growth investments under an expanded autonomy thesis.
- **2026-06** — Defined the current mandate around new markets, infrastructure and applications that increase access, knowledge and ownership.
- **2026-04** — Announced an investment in Swoop, one of several 2026 additions shown in the public portfolio.

## Links

- Website: https://variant.fund
- LinkedIn: http://www.linkedin.com/company/variantfund
- Twitter/X: https://x.com/variantfund

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Profile page: https://yespress.io/variant
Published by YesPress — https://yespress.io
Last updated: 2026-08-17