Participated · Equity · Jun 2026

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 · Seed · Oct 2025

Voyage is building what it calls the first Generative Engine Optimization Finance (GEOFi) network, a protocol designed to create a fair distribution layer for AI citation systems. The platform intends to track and credit original knowledge contributors when their content is used in AI-generated outputs, distributing rewards accordingly. By aligning incentives between AI models, content creators, and end users, Voyage aims to solve the growing problem of attribution and compensation in generative AI. The team positions GEOFi as foundational infrastructure that can be integrated across AI applications and content platforms. Future plans likely include expanding the network’s adoption among AI developers and content ecosystems, though specific product launch timelines were not disclosed. The company has just secured initial capital but has not yet shared revenue, user numbers, or other operating metrics. Its current financial situation is bolstered by a $3 million pre-seed round, marking its first external funding.

Participated · Equity · Aug 2025

Build on Bitcoin (BOB) is creating a technology stack that makes Bitcoin-based DeFi possible, positioning itself as the “Gateway to Bitcoin DeFi.” Its core product is the first hybrid zero-knowledge (ZK) rollup designed for Bitcoin, which the team has already brought to testnet. BOB has also launched a BitVM bridge in collaboration with institutional partners and introduced the first Bitcoin intents system that offers one-click BTC access across major chains. The project plans an imminent token generation event (TGE) and a full transition to community governance, reflecting its goal of decentralized ownership. To date, BOB has secured more than $25 million in funding, comprising $21 million from seed and strategic rounds plus a recently completed community sale. This capital is being used to refine its rollup technology, expand cross-chain connectivity, and onboard users and developers into Bitcoin-based DeFi.

Participated · Series A · Aug 2024

Essential is developing a new blockchain architecture that replaces traditional transaction-based interactions with an “intent-centric” model, allowing users to specify desired outcomes rather than granular instructions. These user intents are processed off-chain by a distributed network of solvers, which reduces on-chain computation and aims to improve scalability. The company argues that shifting from an imperative to a declarative paradigm significantly enhances both user and developer experience by abstracting away complex transaction steps. As part of its roadmap, Essential is introducing “Pint,” a dedicated language for programmable intents that will let developers build applications atop its network. The project positions this approach as a solution to many UX issues inherent in current blockchain systems. Essential recently secured $11 million in Series A funding to accelerate product development and ecosystem growth. No operating metrics such as revenue or user counts were disclosed in the articles.

Participated · Equity · Aug 2024

Morpho is an editor of solutions for operators of regulated games in emerging countries. The company is listed in the Finance/Insurance category in the report. It raised €46M via a capital increase, reported in the French Tech weekly roundup. The round features a broad syndicate of crypto and venture investors including Ribbit Capital, a16z crypto, Coinbase Ventures, Variant and Pantera Capital among others. The article does not disclose operating metrics, past financing history, founding year, or location.