Variant raises $450 million for two new venture funds

Quick Take

  • Crypto venture firm Variant announced the launch of two new venture funds on Thursday.
  • It raised $300 million for a so-called opportunity fund as well as $150 million fund to invest in more nascent startup projects.

Crypto venture investment firm Variant has raised $450 million across two new funds targeting the beleaguered market for Web3 and decentralized finance. 

In a Thursday announcement shared with The Block, the company said it raised $300 million for a so-called opportunity fund as well as $150 million fund to invest in earlier-stage startup projects. Led by general partners Li Jin, Jesse Walden and Spencer Noon, Variant closed its first fund in 2020 and most recently announced a $110 million fund following a merger with Atelier Ventures in 2021. 

Variant's portfolio includes a wide-range of companies in the crypto space, including NFT platforms like Magic Eden, decentralized credit platform Goldfinch, and decentralized exchange Uniswap. 

The two new funds will have a mandate that's breadth reflects Variant's investing history, with the firm n