The Stable Fund

The Stable Fund

The Stable Fund operates out of Toronto as an asset manager with deep roots in the Ethereum ecosystem. Founded by Josh Stark, Liam Horne, and Jeff Coleman, the firm emerged from the same group that organized L4 Ventures and the ETHGlobal hackathon series, placing it at the center of developer-focused crypto innovation. The principals' operational experience running community infrastructure shapes how the fund evaluates and supports portfolio companies. Strategy focuses on early-stage crypto startups, with emphasis on seed and pre-seed rounds where the team can leverage its technical and developer-relations expertise. The fund's known portfolio includes participation in OpenSea's seed round, where it co-invested alongside Andreessen Horowitz (a16z) and 1confirmation. Beyond direct equity, The Stable Fund maintains ecosystem exposure through Dai stablecoin positions and Maker Protocol infrastructure, reflecting a dual-pronged approach — venture stakes in application-layer companies paired with liquid participation in core DeFi protocols. Geographic concentration spans North American crypto hubs, with Toronto as the anchor and deal flow extending into San Francisco and New York. The three co-founders serve as the primary investment decision-makers, operating without a layered analyst structure. The firm maintains a grant program, The Stable Fund Grant Program, which extends capital to open-source developers and protocol contributors outside the standard venture model. The fund keeps a deliberately lean team, reflecting the capital efficiency common among early crypto-native funds that emerged before the institutional LP wave. The fund's structural differentiator is its combination of a venture portfolio with direct protocol-level exposure, a pattern few generalist funds execute credibly. Rather than a pure equity shop or a pure DeFi yield vehicle, The Stable Fund sits at the intersection — holding both illiquid startup positions and liquid infrastructure assets that inform their venture thesis. This architecture mirrors the operating background of its founders, who built developer tooling while simultaneously deploying capital into the networks those developers were creating.