Early-stage cryptocurrency investor Variant has launched its fourth flagship fund targeting $250 million, according to a regulatory filing. The New York-based firm was founded in 2020 by Jesse Walden, a former partner at Andreessen Horowitz, where he helped lead its first cryptocurrency fund and later led its cryptocurrency start-up accelerator program.
Variant leads the pre-seed and seed rounds of the cryptocurrency, blockchain, marketplaces and Web3 companies it invests in and says it will “participate in later-stage rounds that are core to our thesis,” according to its website.
The firm has invested in a total of 66 companies, including applied quantum computing and cryptography research company Project Eleven, digital wallet infrastructure developer Turnkey and Web3 mobile gaming platform developer Farworld Labs.
Variant previously closed on $450 million for its third flagship fund in 2022 with undisclosed commitments from Duke University and the Hillman Family Foundations, according to fundraising data from affiliate title Buyouts. It also raised $110 million for its second flagship vehicle in 2021, including commitments from the same aforementioned LPs, and $22.5 million for its debut fund in 2020, including an undisclosed commitment from the Rodel Foundation.
The firm has also raised a number of smaller pools of capital, including $10 million for its Community Fund II and undisclosed amounts for Community Fund III and Variant CO Fund.
Variant’s previous filings did not disclose a target for its second or third funds, however its first fund was initially filed with a target of $50 million before it was lowered to $30 million in an amendment filed one day after its first filing.
Walden is joined by partners Alana Levin, a public policy specialist with experience at the Securities and Exchange Commission; Jack Longarzo, a former cryptocurrency founder; and general counsel and partner Daniel Barabander, a former cryptocurrency specialist at law firm Cravath.
