Investors / United States / Variant
Variant
Venture capital · New York City, NY, United States · North America
Variant is a venture capital firm that invests in markets, infrastructure, and applications intended to increase user agency. It describes itself as a small, hands-on partnership working with founders from idea through scale, and it manages a $222M fund.
Invests inFintech
In its own wordsdigital ownershipcryptoweb3aiconsumerinfrastructure
Your fit with Variant
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Or find every investor that fitsVariant lists 54 checked portfolio companies on its own site and is named in 24 funding rounds, 7 of them as lead. Its most frequent entry is Seed, 48% of the companies with a known first round. Its largest themes are Fintech (47%), Crypto & Web3 (13%) and AI & Machine Learning (12%). 70% of its companies are based in United States. It invests most often alongside Andreessen Horowitz, a16z Frontier and Union Square Ventures.
Counts come from funding rounds that name Variant, complete from mid-2025: earlier rounds appear only when they were reported later. Round amounts and full round histories are on Fundup AI.
Round figures show recent activity, not Variant's whole history. Rounds on record name 22 companies; its own site lists 54. Funding rounds are complete from mid-2025, so counts and the yearly trend undercount a firm that invested before then. The portfolio, themes and places come from its own site and are not affected.
Entry stage
share of companies by the stage of its first roundShow as a table
| Value | |
|---|---|
| Pre-seed | 0% |
| Seed | 48% |
| Series A | 33% |
| Series B | 19% |
| Growth | 0% |
Activity by year
rounds it joined, last 10 yearsShow as a table
| Total | Rounds it led | |
|---|---|---|
| '17 | 0 | 0 |
| '18 | 0 | 0 |
| '19 | 0 | 0 |
| '20 | 1 | 0 |
| '21 | 2 | 0 |
| '22 | 4 | 2 |
| '23 | 0 | 0 |
| '24 | 1 | 0 |
| '25 | 3 | 1 |
| '26 | 13 | 4 |
Investor profile
percentile among all firmsShow as a table
| Measure | Percentile of all firms | Value |
|---|---|---|
| Portfolio size | 86th | 54 companies |
| Recent activity | 97th | 13 rounds in 12 months |
| Early stage | 68th | 48% of entries at pre-seed or seed |
| Evidence | 89th | 17% of companies confirmed by a round |
| Sector focus | 81th | 47% in its largest sector |
| Reach | 93th | 9 countries |
Investment themes
share of its checked companiesThis firmAll checked companies
Show as a table
| This firm | All checked companies | |
|---|---|---|
| Fintech | 47% | 12% |
| Crypto & Web3 | 13% | 1% |
| AI & Machine Learning | 12% | 18% |
| Cybersecurity | 8% | 4% |
| Enterprise Software | 6% | 8% |
| Food & Agriculture | 2% | 3% |
| Gaming | 2% | 1% |
| Developer Tools | 2% | 0% |
Invests most often with
firms sharing its portfolio companiesShow as a table
| Share | |
|---|---|
| Andreessen Horowitz | 11 |
| a16z Frontier | 11 |
| Union Square Ventures | 7 |
| Paradigm | 6 |
| A.Capital Ventures | 5 |
| Faction | 5 |
| Hack VC | 5 |
| Mirana | 5 |
Its portfolio companies
where they are based, and what their own sites showSite status
- Site answers5398%
- No longer answers00%
- Points to another company12%
- Parked or sold domain00%
A site that stops answering three checks in a row is counted as no longer answering; that is not proof of closure. A site that points to another company is often an acquisition.
Co-investor network
who it backs companies with, and who they back togetherAll co-investors or Compare portfolios with Andreessen Horowitz
Compare Variant head to head
portfolio size, rounds, entry stages, themes and the companies both backThree or more firms at once: portfolio overlap.
Funds
from public registers and its siteRecent portfolio activity
when companies last raised with Variant| Date | Company | Stage |
|---|---|---|
| 22 Sept 2026 | Series A | |
| 9 Sept 2026 | Series A Led | |
| 22 Jul 2026 |  tenor.financetenor.finance | Seed Led |
| 21 Jul 2026 | Series B | |
| 9 Jul 2026 | Series A Led | |
| 9 Jun 2026 | Series C+ | |
| 6 May 2026 | Series B | |
| 23 Apr 2026 | Seed Led |
Round details for Variant
Amounts, full round histories and every co-investor in Variant's rounds are on Fundup AI. VCinfo covers investors and their portfolios.
Portfolio
54 companies checked against their own sites| Company | What it does | Themes | First round with it | Evidence |
|---|---|---|---|---|
| Aleo enables private stablecoin payments and financial transactions with configurable privacy levels. | FintechCrypto & Web3 | Portfolio page | ||
| Portfolio page | ||||
| Aptos Labs develops products and applications for the Aptos blockchain | FintechCrypto & Web3 | Mar 2022Seed | Funding round | |
| Artemis provides an AI analyst tool for research and data analysis in equities and crypto | FintechAI & Machine Learning | Portfolio page | ||
| Atum coordinates payments across different networks, allowing users to send and receive payments without needing to connect to each network individually. | FintechFintech | Sept 2026Series A | Funding round | |
| Jul 2026Series B | Page + round | |||
| Aztec develops and provides a platform for creating private blockchain-based applications | FintechAI & Machine Learning | Dec 2022Series B | Page + round | |
| Blackbird offers a rewards program for dining spend, allowing users to earn points at restaurants, bars, and cafes. | FintechFood & Agriculture | Portfolio page | ||
| Blockaid provides security services to prevent scams, fraud, and compliance risks for companies operating on blockchain finance. | FintechCybersecurity | Feb 2025Series B | Page + round | |
| Botto creates artworks in perpetuity as a machine that learns from the crowd. | AI & Machine LearningEnterprise Software | Portfolio page | ||
| Cascade has sunsetted and allows users to claim their funds | Fintech | Portfolio page | ||
| Portfolio page | ||||
| The company invests in and provides music distribution, publishing, and funding services to artists, producers, composers, and songwriters. | Enterprise SoftwareMedia & Entertainment | Feb 2026Round | Funding round | |
| Cozy Finance provides financial services including lending, borrowing, and protection of deposits through various vaults with different risk-reward tradeoffs. | FintechDeveloper Tools | Portfolio page | ||
| Delta enforces mandates for agentic payments, checking proposed actions before funds move and creating auditable execution receipts. | FintechCybersecurity | Portfolio page | ||
| Derive provides a platform for trading onchain crypto options and futures | Fintech | Portfolio page | ||
| DIMO builds the infrastructure for the session-based economy, where vehicles, drivers, and services connect on-demand | Mobility & LogisticsFintech | Portfolio page | ||
| Doppler Finance provides infrastructure for tokenized capital markets and offers lending and yield generation services through its Doppler Vaults product. | FintechCrypto & Web3 | Jan 2026Seed | Funding round | |
| Flashbots is a research and development organization formed to mitigate the negative externalities posed by Maximal Extractable Value (MEV) to stateful blockchains, starting with Ethereum. | FintechCybersecurity | Portfolio page | ||
| Hello Clever provides financial services and payment solutions | Fintech | Sept 2026Series A | Page + round |
About this data
site last read 5 Nov 2026- Site
- variant.fund
- Last read
- 5 Nov 2026
- Watching since
- 5 Nov 2026
- Rounds since
- 6 Aug 2020
- Companies checked
- 54
Rates come from what VCinfo has observed since observation_start. Firms tend to remove companies that closed, so early rates understate reality. A company leaving a portfolio page does not mean it closed or exited. An unreachable site means our checks failed, nothing more.
Get Variant's profile as data
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