Avon Ventures

Avon Ventures is a venture capital fund managed by Devonshire Investors, the private equity division of FMR LLC, the parent company of Fidelity Investments. It serves as the venture investment arm for the Fidelity Center for Applied Technology (FCAT), providing a direct pipeline from internal blockchain research to external startup equity positions.

The firm invests in early-stage companies building blockchain infrastructure, cryptocurrency protocols, and digital asset platforms. Publicly known exposure includes stablecoin infrastructure via Ethena's USDe and bitcoin mining operations. The investment scope spans both private venture equity and liquid token positions.

Sachin Patodia founded Avon Ventures and previously led its investment activity before moving to F-Prime Capital, another Fidelity-affiliated venture group. Alex Thorn, who co-managed the firm, is now Head of Firmwide Research at Galaxy Digital. Current leadership has not been publicly confirmed by the firm.

Avon Ventures operates as a captive corporate venture vehicle under Devonshire Investors, not as an independent limited-partner fund. Its dual mandate includes generating financial returns and providing strategic intelligence on emerging blockchain technologies back to Fidelity's broader business units.

Deal flow is heavily influenced by FCAT's research pipeline and the internal 'Bits & Blocks Club,' a Fidelity network with over 2,700 employees focused on blockchain technology. This internal network provides technical vetting and early signals that traditional venture funds typically lack.