Reciprocal Ventures

Managing Partners Craig Burel and Michael Silverman lead investment decisions. The firm's team page lists additional roles — general partner, principal, chief operating officer, and venture partner — though individual names beyond the managing partners are not publicly disclosed. The partnership structure suggests collegial decision-making concentrated among the senior investment professionals.

Reciprocal exclusively writes direct equity and token checks into seed-stage crypto startups. The firm's portfolio page lists only direct investments, and no public record indicates it commits capital as a fund-of-funds LP. The strategy is entirely oriented toward primary issuance, building concentrated positions in companies developing core blockchain infrastructure and protocols.

The firm targets seed and early-stage rounds, self-described as 'partnering with crypto founders from day 0.' Portfolio entries confirm initial checks into Solana in 2018, Blockdaemon in 2020, EigenLayer in 2022, and Gateway's seed round also in 2022. Reciprocal does not publicly indicate participation in growth equity or later-stage follow-ons.

Reciprocal's portfolio exposes no positions in biotech, clean energy, defense, or traditional enterprise SaaS outside blockchain-enabled business models. The firm does maintain a single traditional data and analytics holding — Placer, a location data platform — but otherwise concentrates entirely within the crypto-native taxonomy: DeFi, DePIN, consumer crypto, and core blockchain infrastructure.

The firm appears to syndicate with other crypto-native VCs rather than operating a formal co-investor club. Portfolio disclosures show across multiple rounds alongside prominent crypto investors, though Reciprocal does not publish a structured club membership or LPAC alignment beyond the standard venture partnership model.

Reciprocal invests globally but maintains a portfolio with significant North American density, particularly in New York and San Francisco-based developer teams. European-founded infrastructure projects (Ceramic, Grips) and Israeli teams (Placer) also appear. The firm describes itself as 'globally distributed, NY based.'

No philanthropic vehicle, foundation, or donor-advised program appears in public materials. The partnership structure is entirely dedicated to proprietary venture capital investing in crypto startups. There is no disclosed separation between commercial and charitable activities.