Variant, a crypto investment firm founded by Andreessen Horowitz veterans, has raised $450 million for a new umbrella fund split across a $150 million seed purse for Web3 projects and a $300 million opportunities vehicle that will “double-down on projects with demonstrated traction in our portfolio," according to a website post published Thursday.
Variant has started the fund, its third, during a bear market that saw venture capital investments in crypto drop 26% year over year in the first half of 2022. Investments slumped to $9.3 billion from a record $12.5 billion in the year-earlier period, according to Crunchbase data.
Investment theses for Variant Fund III include financial empowerment through decentralized finance (DeFi), blockchain computing, Web3 consumer applications and new forms of decentralized ownership. The firm has doubled the size of its staff to 15 to support the new funds.
The firm has previously invested in privacy-focused smart contract platform Aztec Network,...
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