Variant

Variant Variant was founded in 2020 by Jesse Walden after his tenure as a partner at a16z crypto, and the fundraising trajectory shows rapid scaling: Fund I at $22.5M, Fund II at $110M, Fund III at $450M (split $150M seed plus $300M opportunity fund), with Fund IV targeting $250M as of September 2025. The portfolio is a roster of crypto's most important companies: Uniswap, Phantom, World (formerly Worldcoin), Morpho, Flashbots, Farcaster, Blockaid, and Blackbird. Walden's thesis centers on the "