Waterdrip Capital

Jademont Zheng founded the firm in 2017 and leads the investment committee. Waterdrip operates with a distributed team of partners who originate and manage deals across Asia, the Middle East, and Europe. Day-to-day investment decisions flow through Zheng and senior sector leads aligned with each fund vehicle.

The firm maintains a dual-channel sourcing model that combines Asian high-net-worth networks with Western crypto-native founder relationships. Its early commitment to the Bitcoin Lightning and sidechain communities gave it access to developer teams that larger generalist funds only began courting after the Ordinals inflection in 2023. Waterdrip also anchors ecosystem funds — notably its dedicated Bitcoin vehicle — that attract co-investment from developers themselves.

Waterdrip operates out of Shanghai but invests primarily through offshore fund structures that accept capital from qualified Asian family offices and international institutions. The firm's 2017 launch year coincides with China's ICO ban, and its subsequent structuring reflects a model common among Chinese crypto-native managers: domestic origination, offshore legal vehicles, and non-Chinese SPV domiciles for token investments.

Waterdrip's LP base draws primarily from Asian family offices and high-net-worth individuals, supplemented since 2023 by Middle Eastern institutional capital. This composition contrasts with Silicon Valley crypto funds that rely heavily on university endowments, US pension consulting gatekeepers, and tech-founder recycled wealth. The difference shapes Waterdrip's longer lock-up tolerance and thematic conviction — Asian LPs often maintain multi-cycle commitment horizons for infrastructure bets.