Oryon
03 — Portfolio128 active · 17 exited · Fund I–IV

128 companies.
One playbook.

From pre-seed protocol experiments to public-market exchanges. Every investment gets deep technical engagement, patient capital, and a partner who answers within 24 hours.

— Breakdown by sector124 investments
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Showing 40 of 40
— Case studies

A closer look at three companies we backed at seed.

— Case

Ethena

Stablecoin · 2023

Led their $6M seed round when USDe was still a Google Doc. Grew from $0 to $6B TVL in 18 months. Public token launch April 2024.

$0 → $6B
TVL, 18 monthsRead case ↗
— Case

Phantom

Wallet · 2021

Co-led the $9M Series A when Phantom had 40k weekly users. Today 15M+ MAU across Solana, Ethereum, and Bitcoin.

40k → 15M
MAU, 4 yearsRead case ↗
— Case

Monad

L1 protocol · 2023

Anchor investor in the $19M seed. Backed a bet on parallel EVM performance when consensus said 'not needed.' Testnet TPS: 10,000+.

10,000+
Testnet TPSRead case ↗
— Realized

17 public exits, six years.

01
Coinbase
NASDAQ · Apr 2021 · $85B market cap at listing
02
Circle
Public · 2024 · USDC issuer, $30B in circulation
03
dYdX
Token launch · Sep 2021 · $26B FDV at launch
04
Aptos
Token launch · Oct 2022 · $3.4B FDV at launch
05
Blur
Token launch · Feb 2023 · $1.3B FDV at launch
06
Ethena
Token launch · Apr 2024 · $4.7B FDV at launch
07
Lido
Token · 2020 · $32B TVL peak
08
Starknet
Token launch · Feb 2024 · $8B FDV at launch
— Approach

How we help portfolio companies.

01 · Recruiting

A retained-search-quality Talent Partner works on every portfolio company brief. In 2025 we closed 47 executive placements across the portfolio.

02 · Distribution

Access to founders across L1s, exchanges, and consumer apps. Warm intros to 900+ operators, GTM playbooks tested across 128 launches.

03 · Regulatory

A regulatory partner on retainer in NYC, SGP, and LDN. Structuring, token-launch counsel, and market-maker introductions — before you need them.