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Wintermute Ventures

Europe, England, United Kingdom, London

Description

Wintermute Ventures is the dedicated venture arm of Wintermute, a leading global algorithmic market maker in digital assets based in London, United Kingdom. Established to support innovation within the rapidly evolving blockchain ecosystem, Wintermute Ventures leverages its parent company's deep expertise in crypto markets, liquidity provision, and trading infrastructure. The firm primarily focuses on identifying and backing early-stage projects that are building foundational technologies, decentralized finance (DeFi) protocols, Web3 applications, and other critical infrastructure aimed at enhancing the digital asset landscape.

The investment philosophy of Wintermute Ventures extends beyond mere capital injection. They position themselves as active partners, offering strategic guidance, technical support, and crucial access to Wintermute's extensive network and market-leading liquidity solutions. This hands-on approach is particularly valuable for nascent projects navigating the complexities of the crypto space, providing them with a competitive edge in terms of market access and operational efficiency. Their portfolio reflects a commitment to projects that contribute to the overall health, efficiency, and decentralization of the Web3 economy.

Wintermute Ventures typically invests in seed and early Series A funding rounds. While specific check sizes can vary depending on the project's stage and capital requirements, their typical first cheque ranges from approximately $250,000 to $3,000,000. As of early 2024, the firm has made over 50 investments, demonstrating a broad and active presence across various sub-sectors of the blockchain industry, including infrastructure, DeFi, gaming, and NFTs. Their strategic investments aim to foster the growth of a robust and liquid digital asset ecosystem, aligning with Wintermute's core business as a market maker.

Investor Profile

Wintermute Ventures has backed more than 94 startups, with 14 new investments in the last 12 months alone. The firm has led 7 rounds, about 7% of its total and boasts 1 exits across its portfolio.

Investment Focus Highlights

  • Concentrates on Seed, Series A, Series Unknown rounds (top funding stages).
  • Majority of deals are located in United States, United Kingdom, Singapore.
  • Strong thematic focus on Blockchain, Cryptocurrency, Financial Services.
  • Led 2 rounds in the past year.
  • Typical check size: $250K – $3M.

Stage Focus

  • Seed (44%)
  • Series A (30%)
  • Series Unknown (12%)
  • Series B (9%)
  • Undisclosed (2%)
  • Initial Coin Offering (2%)
  • Pre Seed (1%)
  • Series C (1%)

Country Focus

  • United States (37%)
  • United Kingdom (10%)
  • Singapore (9%)
  • Cayman Islands (6%)
  • United Arab Emirates (3%)
  • Germany (3%)
  • Canada (3%)
  • Hong Kong (2%)
  • France (2%)
  • Spain (1%)

Industry Focus

  • Blockchain
  • Cryptocurrency
  • Financial Services
  • Fintech
  • Decentralized Finance (Defi)
  • Information Technology
  • Software
  • Ethereum
  • Web3
  • Finance
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FAQ

Frequently Asked Questions

Learn who this investor regularly partners with—both firms and angels—and explore their latest activity.

Who does Wintermute Ventures frequently co-invest with?

Borderless Capital
North America, Georgia, United States, Atlanta
Co-Investments: 8
GSR
Europe, England, United Kingdom, London
Co-Investments: 15
Coinbase Ventures
North America, California, United States, Oakland
Co-Investments: 15
Flow Traders
Europe, Noord-Holland, The Netherlands, Amsterdam
Co-Investments: 9
Fabric Ventures
Europe, England, United Kingdom, London
Co-Investments: 7
Polychain
North America, California, United States, San Francisco
Co-Investments: 9
LedgerPrime
North America, Florida, United States, Miami
Co-Investments: 7
The Spartan Group
Asia, Central Region, Singapore, Singapore
Co-Investments: 7
Co-Investments: 7
Alameda Research
Asia, Hong Kong Island, Hong Kong, Central and Western
Co-Investments: 8

Which angels does Wintermute Ventures often collaborate with?

RC
Europe, Surrey, United Kingdom, Sealand
Shared Deals: 3
Balaji Srinivasan
Asia, Central Region, Singapore, Singapore
Shared Deals: 4
AS
North America, California, United States, San Francisco
Shared Deals: 2
SK
Europe, England, United Kingdom, London
Shared Deals: 3
AB
Europe, Noord-Holland, The Netherlands, Amstelveen
Shared Deals: 4
Kain Warwick
Oceania, New South Wales, Australia, Sydney
Shared Deals: 3
Andre Cronje
Africa, NA - South Africa, South Africa, Cape Town
Shared Deals: 2
Anurag Arjun
Asia, Gujarat, India, Ahmedabad
Shared Deals: 3
JK
Europe, England, United Kingdom, London
Shared Deals: 2
AP
North America, California, United States, San Francisco
Shared Deals: 2

What are some of recent deals done by Wintermute Ventures?

Turnkey

New York, New York, United States

Turnkey is a crypto wallet infrastructure company that enables embedded wallets and automates onchain transactions through APIs.

BlockchainCryptocurrencyCyber SecurityDeveloper APIs
Series BJun 9, 2025
Amount Raised: $30,000,000

3Jane Protocol is a credit-based money market that permits unsecured credit lines underwritten against verifiable evidence.

SeedJun 4, 2025
Amount Raised: $5,200,000
Euler

London, England, United Kingdom

Euler develops a non-custodial protocol on Ethereum that enables users to lend and borrow almost any crypto asset.

CryptocurrencyDecentralized Finance (DeFi)Financial ServicesLending
Series UnknownApr 17, 2025

DoubleZero is developing a global fiber network intended for high-performance distributed systems and blockchains.

BlockchainInternet
Initial Coin OfferingMar 5, 2025
Amount Raised: $28,000,000
Blum

Dubai, Dubai, United Arab Emirates

Blum is a decentralized exchange platform.

SeedFeb 13, 2025
Amount Raised: $5,000,000

Avara Ventures operates as an investment firm.

Series UnknownDec 18, 2024
Amount Raised: $31,000,000
Dfns

Paris, Ile-de-France, France

Dfns provides a Wallets-as-a-Service (WaaS) platform to help companies manage digital assets on blockchains.

BlockchainCryptocurrencyFinTechPaymentsSaaS
Series ADec 18, 2024
Amount Raised: $16,000,000
Lens Protocol

George Town, Midland, Cayman Islands

Lens Protocol is a composable and decentralized social network serving the Web3 community.

AppsData IntegrationSocial NetworkWeb3
Series UnknownDec 18, 2024
Amount Raised: $31,000,000
Hyperbolic

Irvine, California, United States

Hyperbolic is a software development company that provides web and networking solutions to build decentralized computing platforms.

Cloud ComputingInformation TechnologyMachine LearningSoftware
Series ADec 10, 2024
Amount Raised: $12,000,000
Noble XYZ

Toronto, Ontario, Canada

Noble XYZ is an asset issuance appchain that seeks to communicate and exchange assets directly with each other by blockchain communication.

Asset ManagementBlockchainWeb Apps
Series ANov 19, 2024
Amount Raised: $15,000,000