English
RussianVariant is an early-stage fund investing in web3. They believe the next generation of the internet will transform users into owners. They back mission-aligned founders at the earliest possible stage
Investors Variant
Variant
Tier 1Lead investor
Projects
62
Portfolio market cap
$11.17B
sum across all projects
Raised in these rounds
$1.97B
72 of 74 rounds with disclosed amounts
Tier
Tier 1
Lead investor
About the fund
Portfolio · 62
| Project | Price | Entry price | ROI | Stage | Date | Market cap | |
|---|---|---|---|---|---|---|---|
 UniswapUNI | $9.01 | — | — | — | — | $5.63B | |
 WorldWLD | $0.5706 | — | — | — | — | $2.17B | |
 MorphoMORPHO | $2.69 | — | — | — | — | $1.89B | |
 AptosAPT | $0.7993 | — | — | — | — | $696.4M | |
 DeriveDRV | $0.4107 | $0.0550 | 7.5x | — | — | $238.6M | |
 MetaDAOMETA | $6.29 | $8.60 | 0.73x | OTC Deal | $142.7M | ||
 ZKsyncZK | $0.0131 | — | — | — | — | $142.6M | |
 AztecAZTEC | $0.0174 | $0.0470 | 0.37x | Public Sale | $50.1M | ||
 Magic EdenME | $0.0776 | — | — | — | — | $46.2M | |
 AleoALEO | $0.0303 | — | — | — | — | $44.5M | |
 KGeNKGEN | $0.1614 | — | — | — | — | $35.9M | |
 SapienSAPIEN | $0.0758 | — | — | — | — | $18.9M | |
 TribeTRIBE | $0.4126 | — | — | — | — | $15.3M | |
 BraintrustBTRST | $0.0592 | $3.00 | 0.02x | — | — | $14.3M | |
 HyperlaneHYPER | $0.0725 | $0.0300 | 2.4x | — | — | $12.7M | |
 Gearbox ProtocolGEAR | $0.0006565 | $0.0025 | 0.26x | — | — | $6.6M | |
 ScrollSCR | $0.0299 | — | — | — | — | $5.7M | |
 GoldfinchGFI | $0.0431 | — | — | — | — | $4.1M | |
 Fei USDFEI | $0.9967 | — | — | — | — | $3.7M | |
 SyndicateSYND | $0.007176 | — | — | — | — | $3.4M | |
 BottoBOTTO | $0.0410 | — | — | — | — | $1.9M | |
 Gro DAO TokenGRO | $0.0222 | $0.3800 | 0.06x | — | — | $347.1K | |
 Reflexer Ungovernance TokenFLX | — | — | — | — | — | $259.7K | |
 Friends With Benefits ProFWB | $0.1177 | — | — | — | — | $116.4K | |
 IndiGGINDI | — | $0.1500 | 0.01x | — | — | — | |
 Lens ChainLENS | — | — | — | — | — | — | |
 Alluvial | — | — | — | — | — | — | |
 Sound.xyzSOUND.XYZ | — | — | — | — | — | — | |
 PerennialPERENNIAL | — | — | — | — | — | — | |
 Blackbird | — | — | — | — | — | — | |
 Blockaid | — | — | — | — | — | — | |
 Modulus Labs | — | — | — | — | — | — | |
 Gevulot | — | — | — | — | — | — | |
 Clusters | — | — | — | — | — | — | |
 YO (Prev. Yield Protocol) | — | — | — | — | — | — | |
 Turnkey | — | — | — | — | — | — | |
 Kiosk | — | — | — | — | — | — | |
 Farcaster | — | — | — | — | — | — | |
 Farworld | — | — | — | — | — | — | |
 Hyperbolic | — | — | — | — | — | — | |
 Satflow | — | — | — | — | — | — | |
 TrueXPYUSD | — | — | — | — | — | — | |
 delta | — | — | — | — | — | — | |
 Phantom | — | — | — | — | — | — | |
 Reservoir | — | — | — | — | — | — | |
 Whetstone | — | — | — | — | — | — | |
 Tenor Finance | — | — | — | — | — | — | |
 Pluralis Research | — | — | — | — | — | — | |
 Relay | — | — | — | — | — | — | |
 Plastic Labs | — | — | — | — | — | — | |
 Project 11 | — | — | — | — | — | — | |
 Remix | — | — | — | — | — | — | |
 Rialo (Subzero Labs) | — | — | — | — | — | — | |
 The Clearing Company | — | — | — | — | — | — | |
 Coop Records | — | — | — | — | — | — | |
 Melee | — | — | — | — | — | — | |
 Pye Finance | — | — | — | — | — | — | |
 Cascade | — | — | — | — | — | — | |
 Tenbin Labs | — | — | — | — | — | — | |
 Doppler | — | — | — | — | — | — |
Showing 60 of 62 — the rest fall below this market-cap range.
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 · 74
| Project | Stage | Raised | Valuation | Date |
|---|---|---|---|---|
 Atum | Funding Round | $13.5M | $135.0M | |
| Tenor Finance Lead | Seed Round | — | — | |
| Morpho | Strategic Round | $175.0M | $1.75B | |
| Turnkey | Strategic Round | $12.5M | $125.0M | |
 Levl | Seed Round | $7.0M | $70.0M | |
| Derive | Funding Round | — | — | |
| Doppler | Seed Round | $9.0M | $90.0M | |
| Tenbin Labs | Seed Round | $7.1M | $71.0M | |
| Project 11 | Series A | $20.0M | $120.0M | |
| Cascade | Funding Round | $15.0M | $150.0M | |
| Pye Finance Lead | Seed Round | $5.0M | $50.0M | |
| MetaDAO | OTC Deal | $2.5M | $25.0M | |
| Melee | Pre-seed | $3.5M | $35.0M | |
| Coop Records | Seed Round | $4.5M | $45.0M | |
| The Clearing Company | Seed Round | $15.0M | $150.0M | |
| Rialo (Subzero Labs) | Funding Round | $20.0M | $200.0M | |
| Remix | Seed Round | $5.0M | $50.0M | |
| Project 11 Lead | Seed Round | $6.0M | $60.0M | |
| Turnkey | Series B | $30.0M | $300.0M | |
| TrueX | Series A | $11.0M | $110.0M | |
| Pluralis Research | Seed Round | $7.6M | $76.0M | |
| Blockaid | Series B | $50.0M | $500.0M | |
| Doppler Lead | Pre-seed | $1.3M | $13.0M | |
| Whetstone Lead | Pre-seed | $1.3M | $13.0M | |
| Reservoir | Series A | $14.0M | $140.0M | |
| Phantom | Series C | $150.0M | $3.00B | |
| Hyperbolic Lead | Series A | $12.0M | $120.0M | |
| Alluvial Lead | Strategic Round | $4.3M | $43.0M | |
| Sapien Lead | Seed Round | $10.5M | $105.0M | |
| delta Lead | Funding Round | $11.0M | $110.0M | |
| Satflow Lead | Seed Round | $7.6M | $76.0M | |
| Morpho | Funding Round | $50.0M | $500.0M | |
| Farworld Lead | Funding Round | $1.8M | $17.5M | |
| Farcaster | Series A | $150.0M | $1.00B | |
| Kiosk | Funding Round | $10.0M | $100.0M | |
| Turnkey | Series A | $15.0M | $150.0M | |
| Botto | Funding Round | $1.7M | $16.7M | |
| Clusters | Seed Round | $9.0M | $90.0M | |
| Gevulot Lead | Seed Round | $6.0M | $60.0M | |
| Modulus Labs Lead | Seed Round | $6.3M | $63.0M | |
| Blockaid Lead | Funding Round | $33.0M | $330.0M | |
| Blackbird | Seed Round | $11.0M | $110.0M | |
| Alluvial Lead | Series A | $12.0M | $120.0M | |
| Lens Chain | Funding Round | $15.0M | $150.0M | |
| Blackbird | Series A | $24.0M | $240.0M | |
| Turnkey | Seed Round | $7.5M | $75.0M | |
| Scroll | Funding Round | $50.0M | $1.80B | |
| Perennial Lead | Seed Round | $12.0M | $120.0M | |
| ZKsync | Series C | $200.0M | $1.25B | |
| Uniswap | Series B | $165.0M | $1.66B | |
| Hyperlane | Seed Round | $18.5M | $185.0M | |
| Morpho Lead | Funding Round | $18.0M | $180.0M | |
| Aptos | Strategic Round | $200.0M | $2.00B | |
| Magic Eden | Series A Round | $27.0M | $270.0M | |
| Phantom | Series B | $109.0M | $1.20B | |
| KGeN | Funding Round | $6.0M | $60.0M | |
| IndiGG | Seed Round | $6.0M | $60.0M | |
| Sound.xyz | Seed Round | $5.0M | $50.0M | |
| Aztec | Series A | $17.0M | $170.0M | |
| Friends With Benefits Pro | Venture Round | $10.0M | $100.0M | |
| World | Seed Round | $25.0M | $1.00B | |
| Syndicate | Series A Round | $20.0M | $200.0M | |
| Phantom | Series A | $9.0M | $90.0M | |
| YO (Prev. Yield Protocol) | Series A | $10.0M | $100.0M | |
| Friends With Benefits Pro | Funding Round | $700.0K | $7.0M | |
| Gearbox Protocol | SAFT | $2.3M | $25.0M | |
| Aleo | Series A | $28.0M | $280.0M | |
| Fei USD Lead | Private Round | $19.0M | $190.0M | |
| Goldfinch | Venture Round | $1.0M | $10.0M | |
| Relay Lead | Pre-seed | $2.0M | $20.0M | |
| Gro DAO Token | Seed | $7.1M | $38.0M | |
| Reflexer Ungovernance Token | Seed Round | $1.7M | $17.0M | |
| Uniswap | Series A | $11.0M | $110.0M | |
| Aztec | Seed Round | $2.1M | $21.0M |
Focus areas
Blockchain3
Layer-22
DEX1
DeFi1
Artificial Intelligence (AI)1
Blockchain Service1
Lending Platform1
Co-investors
Andreessen Horowitz (a16z)7 shared
Coinbase Ventures6 shared
Paradigm4 shared
Blockchain Capital3 shared
ParaFi Capital3 shared
Hashed3 sharedFunds that most often back the same projects.