Paper Ventures

Paper Ventures writes seed-stage checks, entering deals before token generation events or mainnet launches. Its portfolio includes pre-token projects like Renzo Protocol, Aligned Layer, and HyveDA, indicating a comfort level with protocol-level infrastructure bets rather than later-stage growth equity in crypto.

Paper Ventures is structured as an asset manager, not a family office. Principals are not publicly disclosed, and there is no evidence of a single underlying wealth source. The firm’s profile is consistent with a dedicated venture capital partnership.

Ethereum and its scaling layers dominate the portfolio — roughly half of disclosed investments are EigenLayer-adjacent restaking or ZK-verification protocols. Solana, TON, Avalanche, and Bitcoin also appear through allocations to Rakurai, TAC, XSY, and Utexo respectively. The firm does not concentrate on a single Layer 1.

The firm maintains five offices across three continents, including hubs in London and Hong Kong. This geographic spread is designed to place investors inside active developer communities, potentially giving Paper Ventures early visibility into teams building at the protocol layer before they cross traditional venture radar.

Public records show only direct seed-stage equity and token investments. There are no disclosed fund-of-funds commitments or LP positions in other venture firms.

The portfolio does not show bets on biotech, clean energy, or traditional consumer-packaged goods. Within crypto, there is no evidence of NFT marketplace plays, metaverse land speculation, or centralized exchange equity — the firm stays on infrastructure, middleware, and application-layer protocols.

Paper Ventures has not publicly identified its investment committee or named any managing partners. This opacity is not uncommon for seed-stage crypto firms, but it means an allocator cannot independently assess the tenure or track record of the decision-makers without a direct conversation.