Participated · Equity · Jun 2025

Blueprint Finance develops institutional on-chain finance infrastructure and is the core developer of Concrete, a modular full-stack vault platform. Concrete provides automated execution, accounting, risk controls, and quantitative strategy tooling to enable institutions, protocols, asset issuers, and allocators to build and operate vaults. Blueprint is expanding the Concrete ecosystem with new on-chain financial primitives such as AssetCX and concUSD. The company emphasizes bringing institutional controls—auditable accounting, operational permissions, scalable execution, and transparent risk controls—to on-chain capital allocation. Blueprint recently completed a strategic funding round to scale Concrete and to deepen partnerships across liquidity, custody, execution, and distribution. The company communicates its intent to position Concrete as the infrastructure layer for the next generation of on-chain asset management.

Participated · Equity · Aug 2024

Morpho Labs operates a decentralized lending and borrowing protocol that aggregates markets and allows users to create their own on-chain lending markets with bespoke risk parameters. The protocol had about $6.6 billion in assets locked and counts customers and integrators such as Coinbase, Kraken, Anchorage Digital, and Galaxy Digital. Morpho was initially built on top of Aave before evolving into a distinct protocol that seeks to compete with incumbents by offering customizable markets and higher yields. The team includes cofounder Paul Frambot, who launched the project at age 20, alongside Merlin Egalite, Julien Thomas, and Mathis Gontier Delaunay. Morpho has experienced some security exposure tied to a broader exploit that affected Aave but has continued to grow adoption. The company has signaled plans to court traditional financial institutions as it further develops its protocol and market reach.

Participated · Series A · Jun 2024

Layer3 is building an omnichain identity and distribution protocol that aggregates user activity across multiple chains and dApps to create onchain identities and enable targeted token distributions. The protocol generates a unified view of a user’s onchain identity and lets projects programmatically route tokens based on criteria such as temporal triggers, asset ownership, onchain activity, credentials, social graph, and quest engagement. It supports distributions across 25 blockchains spanning EVM-compatible chains and Solana, and has been used by teams including Uniswap, Base, Arbitrum, Linea, Polygon, Gnosis, and Celo. Layer3's platform has served over 3 million users in 120 countries to date. The company raised $15M in the Series A reported here and has $21.2M in total funding to date. It intends to use the new capital to expand operations and further development of its distribution infrastructure.