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RussianPuzzle Ventures is dedicated to helping early-stage blockchain startups grow and reshaping the future of crypto.
Investors Puzzle Ventures
Puzzle Ventures
Tier 2
Projects
17
Portfolio market cap
$126.8M
sum across all projects
Raised in these rounds
$69.1M
14 of 18 rounds with disclosed amounts
Tier
Tier 2
About the fund
Portfolio · 17
| Project | Price | Entry price | ROI | Stage | Date | Market cap | |
|---|---|---|---|---|---|---|---|
 GoPlusGPS | $0.0107 | — | — | — | — | $61.6M | |
 Magma FinanceMAGMA | $0.2112 | — | — | — | — | $40.1M | |
 OrderlyORDER | $0.0384 | — | — | — | — | $15.7M | |
 Ref FinanceREF | $0.0925 | $0.0457 | 2.0x | — | — | $8.9M | |
 Aki ProtocolAKI | — | — | — | — | — | $337.3K | |
 Rangers ProtocolRPG | — | $1.98 | 0.01x | — | — | $77.1K | |
 O3 SwapO3 | $0.0008955 | $1.00 | 0.00x | — | — | $50.9K | |
 Multiple NetworkMTP | — | — | — | — | — | $17.9K | |
 Kine ProtocolKINE | $0.0006698 | $0.2830 | 0.00x | — | — | $13.5K | |
 Omnity Convertible TokenOCT | — | $0.2000 | — | — | — | $7.5K | |
 Sender AIASI | — | — | — | — | — | $4.5K | |
 Smart Layer NetworkSLN | $0.0002025 | — | — | — | — | $3.2K | |
 BladeBLADE | — | — | — | — | — | $2.3K | |
 DeHorizonDEVT | — | $0.6000 | — | — | — | — | |
 Hogwarts Labs | — | — | — | — | — | — | |
 Clique | — | — | — | — | — | — | |
 Kettle Finance | — | — | — | — | — | — |
Entry price and ROI come from the source's data for this fund. Stage and date are derived by matching the entry price against the project's rounds; where there is no match, a dash is shown.
Funding rounds · 18
| Project | Stage | Raised | Valuation | Date |
|---|---|---|---|---|
| Magma Finance | Strategic Round | $6.0M | $60.0M | |
| Kettle Finance | Funding Round | $4.0M | $40.0M | |
| Multiple Network | Seed Round | $2.0M | $30.0M | |
| Blade | Seed Round | $2.4M | $24.0M | |
| Aki Protocol | Series A | — | $50.0M | |
| Hogwarts Labs | pre-Series A | $8.0M | $80.0M | |
| Clique | Seed Round | — | — | |
| Sender AI | Private Round | $4.5M | $45.0M | |
| Orderly | Strategic Round | $20.0M | $200.0M | |
| Ref Finance | Strategic Round | $4.8M | $48.0M | |
| DeHorizon | Seed Round | $8.5M | $85.0M | |
| GoPlus | Angel Round | — | — | |
| Ref Finance | IDO Round 3 | $179.2K | $10.2M | |
| Smart Layer Network | Seed Round | — | $50.0M | |
| Rangers Protocol | Private Equity Round | $2.5M | $63.0M | |
| Rangers Protocol | Seed Round | $1.2M | $19.9M | |
| O3 Swap | Seed Round | $2.0M | $20.0M | |
| Omnity Convertible Token | Seed Round | $3.0M | $20.0M |
Focus areas
Blockchain Service1
Base Ecosystem1
DEX1
DeFi1
Co-investors
HashKey Capital2 shared
SevenX Ventures2 shared
YZi Labs (prev Binance Labs)1 shared
Richard Ma (Quantstamp)1 shared
HTX Ventures (previously Huobi Ventures)1 shared
Crypto.com1 sharedFunds that most often back the same projects.