Participated · Series A · Mar 2024

D2X operates a MiFID II‑compliant multilateral trading facility (MTF) that offers crypto derivatives to institutional clients. The platform runs seven days a week and positions itself as the first regulated crypto derivatives exchange in a Tier‑1 jurisdiction to do so. D2X recently launched USD‑denominated bitcoin and ether futures and says options on both assets are coming soon. Collateral is held off‑exchange in partnership with banks to address custody and counterparty concerns for risk‑averse institutional investors. The company is using its regulated status and bank custody arrangements to bridge gaps in regulatory clarity and infrastructure that affect institutional participation in crypto markets. D2X is building a regulated (MiFID II) crypto futures and options trading venue aimed at institutional adoption. The platform is launching the first regulated crypto derivatives venue out of the Netherlands and will operate seven days a week. It facilitates off-exchange collateral accounts in partnership with a Tier-1 EU credit institution. Its initial product slate will feature cash-settled, EUR-denominated BTC and ETH derivatives. The company is led by CEO Frederic Colette and is positioning itself as a reliability-focused entry point for financial institutions into crypto derivatives. D2X recently raised funding that it plans to use to expand operations and development efforts. Founded in 2020 and based in Amsterdam, D2X is building an institutional-grade, regulated options and futures exchange for digital assets in Europe. The platform will list cash-settled derivatives denominated in euro to address operational and regulatory challenges limiting institutional adoption. D2X is designed as a plug-and-play solution for financial institutions, offering a robust risk management model and a reliable trading interface. The startup adopts a regulatory-first approach and plans to leverage upcoming EU crypto regulation to further extend its offering. The company aims to provide capital-efficient, clean exposure to digital assets while mitigating operational and regulatory risks. The €5 million seed round will be used to reinforce the core team and accelerate development of the exchange, with plans to expand internationally and to additional asset classes.

Participated · Seed · Apr 2022

MYSO Finance is developing IKARUS, a zero-liquidation loan protocol that lets users borrow without liquidation risk while offering liquidity providers yield for bearing that risk. IKARUS is structured like a DEX, with individual borrowing markets and liquidity pools per token pair where LPs provide both assets and borrowers post one asset as collateral. The protocol is oracle-independent: repayment and settlement rely on incentives rather than external price feeds, and LPs receive either interest payments or the pledged collateral if borrowers don’t repay. LPs earn a risk premium determined by supply and demand, and MYSO describes their risk profile as comparable to option-writing strategies. The company will deploy the $2.4M seed to accelerate IKARUS development and to combine DeFi concepts with TradFi in future products. MYSO was founded in early 2022 after being awarded at the ETHOnline hackathon in October 2021.

Participated · Equity · Dec 2021

GDevelop is an open-source game engine focused on making 2D game development accessible without prior coding experience. The engine runs in the browser or as an installable app and uses web technologies such as WebGL, JavaScript and WebAssembly. Users can build games via drag-and-drop level design, an Events system of conditions and actions, or by adding extensions and JavaScript for more advanced logic. Export options include web and Android builds, and the company says roughly half of users export to Android. The project has hundreds of games in its showcase and notable successes such as Vai Juliette, which reached top free charts in Brazil and exceeded one million downloads. The team of six is now building a company around the project while keeping the engine MIT-licensed and exploring paid services (one-click export, ad integration with revenue share) rather than selling a commercial engine.

Participated · Series A · Jun 2021

Tesseract, based in Helsinki, Finland and led by CEO Yichen Wu, operates a margin lending platform that improves capital efficiency for institutional clients ranging from hedge funds to market makers. The company also offers white‑label solutions through partnerships with retail trading platforms, exchanges, custodians, fiat on‑ramps, and wallet providers. Tesseract manages hundreds of millions in assets for its customers and is regulated by the Finnish Financial Supervisory Authority. It operates globally across Europe and emerging markets. The firm plans to use new funding to further develop its institutional offerings and cross‑trading venue margin lending platform, hire talent to expand partnerships, and boost innovation in new financial products.

Participated · Seed · Jul 2019

Pixion Games builds multiplayer games with short-session, mobile-first design and is led by industry veterans from major studios. Its flagship title, Fableborne, is an isometric action-RPG that combines strategic base building, asynchronous PvP raids, PvE boss battles and on-chain, tradable in-game assets. The company is integrating a proprietary Pixion League tournament platform and LiveOps powered-by-tournaments model to drive engagement and monetization. Pixion emphasizes careful integration of on-chain elements, user-generated content, and social play without harming core gameplay. The studio encourages community involvement via playtests and active channels on Discord and Twitter to shape development. Founded in 2017, the team aims to accelerate Fableborne’s development with fresh funding and continued investor support. Pixion Games develops real-time, multiplayer mobile esports games aimed at providing accessible, bite-sized PVP sessions for casual and more core mobile players. The studio emphasizes short-session gameplay to capture a "lunchtime esports" audience and targets digital-native players seeking more complex yet approachable systems. Its team includes industry veterans from King, Konami, Curve, and Hutch Games, and the company is led by founder and CEO Kam Punia. Pixion plans to use recent funding to develop its game slate and scale the team. The company has previously received pre-seed and follow-on investments from former King executives Nir Efrat and Alan Fung, and is backed by ex-King directors and other investors.