The Venture Codex Logo

The Venture Codex

Puzzle Ventures

Beijing, China

Overview

Identifying opportunities in the crypto space.

Deals · 12mo

7

Links

WebsiteLinkedIn

Stage focus

Seed
Series A

Geographic focus

Czech Republic
France
Germany
Seychelles
...

Sector focus

Finance
Financial Services
Venture Capital

Investment portfolio

16rounds
NAMEDATESIZE
Integral
Sep 2026Participated
$21 MSeries A
ZML
Jul 2026Participated
$20 MOther Equity
Build
Jun 2026Participated
$9 MSeed
Duna
Feb 2026Participated
$35 MSeries A
Magma Finance
Dec 2025Participated
$6 MOther Equity
Duvo
Dec 2025Participated
$15 MSeed
Integral
Nov 2025Participated
$6 MOther Equity
Gradient Labs
Jul 2025Participated
$13 MSeries A
Ankar
May 2025Participated
$4 MSeed
Duna
May 2025Participated
$13 MSeed
Integral
Feb 2025Participated
$7 MSeed
Reonic
Sep 2024Participated
$14 MSeries A
Integral
Sep 2026Participated
$21 MSeries A
ZML
Jul 2026Participated
$20 MOther Equity
Build
Jun 2026Participated
$9 MSeed
Duna
Feb 2026Participated
$35 MSeries A
Magma Finance
Dec 2025Participated
$6 MOther Equity
Duvo
Dec 2025Participated
$15 MSeed
Integral
Nov 2025Participated
$6 MOther Equity
Gradient Labs
Jul 2025Participated
$13 MSeries A
Ankar
May 2025Participated
$4 MSeed
Duna
May 2025Participated
$13 MSeed
Integral
Feb 2025Participated
$7 MSeed
Reonic
Sep 2024Participated
$14 MSeries A
16
Items
...
Browse all public portfolio deals

Insights

Time horizon

View by

Deal Distribution

Puzzle Ventures: 16 funding rounds are recorded in the selected participation categories.All available history.
Puzzle Ventures: 16 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed07
Series A05
Other Equity04

Monthly Deal Activity

Puzzle Ventures: 16 deals are recorded across 67 months.All available history.
Puzzle Ventures: 16 deals are recorded across 67 months. All available history
MonthDeals
Apr '211
May '210
Jun '210
Jul '210
Aug '210
Sep '210
Oct '211
Nov '210
Dec '210
Jan '220
Feb '220
Mar '220
Apr '220
May '220
Jun '220
Jul '220
Aug '220
Sep '221
Oct '220
Nov '220
Dec '220
Jan '230
Feb '230
Mar '230
Apr '230
May '230
Jun '230
Jul '230
Aug '230
Sep '230
Oct '230
Nov '230
Dec '230
Jan '240
Feb '240
Mar '240
Apr '240
May '241
Jun '240
Jul '240
Aug '240
Sep '241
Oct '240
Nov '240
Dec '240
Jan '250
Feb '251
Mar '250
Apr '250
May '252
Jun '250
Jul '251
Aug '250
Sep '250
Oct '250
Nov '251
Dec '252
Jan '260
Feb '261
Mar '260
Apr '260
May '260
Jun '261
Jul '261
Aug '260
Sep '261
Oct '260

Sector Breakdown

Puzzle Ventures: Fintech is the largest displayed sector by deal count (7 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Puzzle Ventures: Fintech is the largest displayed sector by deal count (7 deals). All available history
SectorDeals
Fintech7
Professional Services6
Crypto & Blockchain4
Enterprise Software4
AI & Machine Learning4
Networks, Cloud & Communication2
Clean Energy & Sustainability2
Gaming & eSports2
Developer Tools1
Marketing & Advertising1
AR/VR1
Real Estate & Construction1
Data, Analytics & IT1

Deal Size Distribution

Puzzle Ventures: 16 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Puzzle Ventures: 16 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M4
$5M-$10M5
$10M-$25M6
$25M-$50M1
$50M-$100M0
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Puzzle Ventures: Europe has the largest recorded deal count among the displayed regions (10 deals).All available history.

Top 5 of 5 regions; European countries are grouped as Europe.

Puzzle Ventures: Europe has the largest recorded deal count among the displayed regions (10 deals). All available history
RegionDeals
Europe10
United States3
Australia1
Seychelles1
Singapore1
Puzzle Ventures: 20 co-investors are shown, with Index Ventures sharing 5 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Puzzle Ventures: 20 co-investors are shown, with Index Ventures sharing 5 recorded deals. All available history
Co-investorShared deals
Index Ventures5
Cherry Ventures3
General Catalyst3
SevenX Ventures3
D1 Ventures2
Formless Capital2
LocalGlobe2
Northzone2
OKX Ventures2
>commit1
20VC1
AAl VC1
Akatsuki1
Amber Group1
Animoca Brands1
Animoca Ventures1
Ascensive Assets1
Bixin1
Bonfire Union1
Booom1

Investment Strategy

Puzzle Ventures: Led accounts for 0% and participating for 100% of round participation.All available history.
Puzzle Ventures: Led accounts for 0% and participating for 100% of round participation. All available history
CategoryDeals (count)Share (%)
Led00%
Participating16100%
Puzzle Ventures: Single-lead accounts for 0% and co-led for 0% of lead dynamics.All available history.
Puzzle Ventures: Single-lead accounts for 0% and co-led for 0% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead00%
Co-led00%

Lead dynamics requires at least one led deal in this range

Team

Gloria Baeuerlein