Puzzle Ventures

Puzzle Ventures Research Investment Thesis Puzzle Ventures is dedicated to helping early-stage blockchain startups grow and reshape the future of the crypto space. Operating as a hybrid fund, Puzzle Ventures uniquely combines European tech credibility with deep integration into the Asian crypto ecosystem through Beijing-linked partnerships and DODO Research collaboration. The fund believes the next generation of transformational blockchain companies will emerge from solving fundamental infrastructure challenges and enabling new economic models through decentralized finance and Web3 protocols. Fund Overview Puzzle Ventures is a Berlin-based venture capital firm founded in 2022 with a special focus on early-stage blockchain startups. The fund operates at a rare European-Asian intersection, providing capital and operational support to founders building decentralized protocols, infrastructure, and crypto-native platforms. The fund maintains unusual transparency by publishing on-chain performance data for its token investments, demonstrating confidence in its portfolio performance. Investment Focus Areas Puzzle Ventures' portfolio spans several key blockchain sectors: DeFi & Trading Infrastructure: Decentralized exchanges (DODO, Unagiswap, Wasabee) Liquidity protocols (iZumi Finance, Izumi) Perpetual trading platforms (JOJO, Silicon Trade) Lending and borrowing protocols (Rhea Finance, Bastion) Liquidity aggregation (Metapier, Smart Layer) Layer 2 & Scaling Solutions: Ethereum scaling (Scroll - zkEVM, Arbitrum, Neon Labs, Aurora, Octopus Network) Cross-chain infrastructure (Omnity Network, OMO, BoringDAO) Modular solutions (Polyhedra Network, Lumoz for ZK-RaaS) Consumer & Creator Economy: NFT platforms (Pudgy Penguins, EyesFi, DeHorizon) Web3 content platforms (Readon - decentralized content) Gaming ecosystems (Moonveil, Blade Games) Security & Infrastructure: Security platforms (GoPlus Security) Data infrastructure (Footprint Analytics, ChainFeeds, DeepDAO) AI infrastructure (REVOX modular AI network, Multiple Network for AI privacy) Enterprise solutions (Clique for enterprise token operations) Emerging Areas: Web3 privacy solutions (Multiple Network) Cross-blockchain asset management (DeCus custody) Web3-Web2 integration (Smart Layer) Stage Focus Puzzle Ventures primarily invests in Seed and Series A rounds. The fund's average check size ranges from $1M-$5M, positioning it as a meaningful investor that can lead or co-lead early-stage financing rounds. Recent investment activity shows: Seed stage: Focus on projects with working products and initial traction Series A stage: Support for projects with product-market fit seeking growth capital Selective pre-seed investments in exceptional founding teams with strong technical backgrounds Lead Tendency Puzzle Ventures typically does not lead financing rounds but rather co-invests strategically alongside tier-1 investors. Recent activity shows co-investments with major VCs including: General Catalyst Google Ventures Index Ventures Northzone Redpoint Ventures GGV Capital This co-investment pattern positions the fund as a credible signal to other investors rather than a lead investor setting valuation and terms. Recent Activity As of February 2026, Puzzle Ventures has demonstrated steady investment velocity with 3 new investments in the last 12 months: 2025 Investments (Notable): December 2025: Magma Finance (Adaptive liquidity engine on Sui) - $6M round 2025 portfolio additions include deep infrastructure and protocol investments Recent Deal Types: Q4 2025-Q1 2026: Focus on scaling infrastructure and liquidity solutions Participation in Series A rounds for maturing protocols Seed investments in emerging infrastructure and security solutions The fund appears to be in active deployment mode, with regular co-investments alongside top-tier firms. Fund Status As of early 2026, Puzzle Ventures is actively deploying capital with consistent deal flow. The fund maintains a lean team structure (4 members) with deep crypto domain expertise, allowing for hands-on engagement with portfolio companies. Portfolio Highlights Puzzle Ventures has invested in 32+ blockchain projects, with notable successes and strategic positions: Major Infrastructure Plays: Scroll - Building native zkEVM scaling for Ethereum (significant competitive advantage vs. alternative scaling solutions) Arbitrum - Layer 2 leader in total value locked DODO - DEXpert protocol enabling liquidity provision across chains High-Profile Consumer NFT: Pudgy Penguins - Web3-born brand that achieved mainstream recognition and community strength Security & Access Layer: GoPlus Security - Permissionless, user-driven security service gaining industry adoption DeFi Enablers: iZumi Finance - Multi-chain liquidity as a service platform Ref Finance - AMM and DeFi Shard on Near protocol Orderly Network - Decentralized orderbook infrastructure Team & Leadership Qi Wang - Founding Partner Co-founder and COO of DODO, a leading decentralized exchange protocol Former software engineer at Oracle and D-Link Master's degree in computer engineering from Carnegie Mellon University Brings both technical infrastructure expertise and hands-on founder experience Also serves as General Partner at Metrics Ventures Ziqi Jerry Zhou - Managing Partner Manages fund operations and portfolio support Eric Yang - Researcher Conducts market research and due diligence Calvin Lu - Investment Manager Supports investment evaluation and portfolio company engagement The team's strength lies in technical depth (Qi Wang's Oracle/D-Link background and DODO founding experience) combined with crypto-native expertise. Geographic & Market Focus Puzzle Ventures operates at a unique geographic intersection: Primary Markets: Germany/Europe : Berlin headquarters enables engagement with European blockchain builders USA : Active investments in US-based protocols Asia : Beijing-linked partnerships and DODO Research collaboration provide access to Asian crypto market insights This European-Asian footprint is rare among crypto VCs and provides strategic advantages in ecosystem coverage. Decision Process Given the small team size (4 members) and the nature of crypto investing: Decision-making : Likely partnership-based with Qi Wang and Ziqi Jerry Zhou providing final approval Investment committee : Small, lean structure suggests quick decision-making Due diligence : Technical focus on protocol design, tokenomics, and founder backgrounds Investor relations : Eric Yang and Calvin Lu likely support LP communication Co-Investment Partners Puzzle Ventures' most frequent co-investors include: SevenX Ventures (18+ co-investments) Youbi Capital (7 co-investments) NGC Ventures (6 co-investments) SNZ Holding (6 co-investments) HashKey Capital (6 co-investments) OKX Ventures (6 co-investments) This network positions portfolio companies for follow-on funding and strategic partnerships. Unique Positioning Hybrid Fund Model: Unlike most European VCs, Puzzle Ventures successfully operates in both: European B2B SaaS investing (through other activities) Asian crypto/Web3 investing (through DODO connection and Beijing partnerships) Transparency & On-Chain Data: The fund's willingness to publish on-chain performance metrics for token holdings demonstrates confidence and differentiates it from crypto VCs that keep returns opaque. Founder-Operator Mindset: Qi Wang's background as a DODO co-founder (not just an investor) informs a hands-on investment approach focused on solving real builder problems. Investment Process Based on portfolio composition and typical crypto VC patterns: Sourcing : Mix of warm introductions from DODO network and direct inbound Evaluation : Technical due diligence on protocol design and tokenomics Decision : Partnership-based with Qi Wang's founder experience as key signal Support : Likely limited operational hands-on but strong crypto market knowledge Follow-on : Selective participation in future rounds for high-performing portfolio companies Notable Characteristics Lean structure : 4-person team provides focused capital allocation Technical bar : Team skews technical (engineers, protocol designers) Transparent metrics : Publishes on-chain performance data Network dense : Deep DODO and crypto ecosystem connections Multi-stage : Invests across seed and Series A, with reserves for follow-on Patient capital : Willing to hold early-stage crypto tokens through market cycles Founder Preferences Based on portfolio analysis, Puzzle Ventures likely favors: Technical founders from crypto/engineering backgrounds Protocol-level innovation solving fundamental blockchain challenges Founders with crypto domain expertise or willingness to learn deeply Teams with clear thesis on how their protocol creates new value Founders who value transparency and community engagement The fund seems to avoid consumer apps requiring massive user acquisition and prefers infrastructure where the product value is clear to builders. Market Position Puzzle Ventures occupies a distinctive niche as a credible bridge between: European technical rigor and B2B SaaS ecosystem Asian crypto market dynamics and token economics expertise DODO ecosystem stakeholders and the broader DeFi community While smaller than mega-funds, the team's technical depth and network density (SevenX, Youbi, NGC partnership) provide disproportionate influence in crypto venture investing. Conclusion Puzzle Ventures represents a technically-grounded, hands-on crypto investor led by founder Qi Wang who brings both infrastructure expertise (Oracle, D-Link) and protocol-building experience (DODO). The fund's strategic positioning across European and Asian markets, combined with its transparent approach to token investment performance and its lean, technically-focused team, positions it to identify and support transformational blockchain infrastructure projects.