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Waterdrip Capital
Waterdrip Capital, founded by Jademont Zheng in 2017, is a Shanghai-based blockchain VC with 150+ portfolio companies and a sharp Bitcoin ecosystem focus.
Waterdrip Capital
Waterdrip Capital launched in 2017 in Shanghai under founding partner Jademont Zheng. The firm emerged during the ICO wave as China tightened its grip on digital assets, positioning itself as an early adopter of a regulated-offshore fundraising model backed by Asian high-net-worth capital. Its founding thesis centered on the conviction that blockchain would restructure financial and coordination layers globally, not just produce speculative tokens. The firm deploys across equity rounds and token investments, spanning seed to growth-stage blockchain infrastructure and Web3 applications. Its portfolio tilts heavily toward protocol-level bets — modular blockchain stacks, zero-knowledge technology, decentralized data availability layers, and cross-chain interoperability projects account for the bulk of deployed capital. Publicly disclosed positions include Polkadot, Nervos Network, and ChainX, alongside DeFi protocols built within the emerging Bitcoin-native ecosystem. Waterdrip operates across North America, Asia-Pacific, and select European jurisdictions, with a sourcing network that combines Asian family offices and Western crypto-native founders — a dual-channel approach that distinguishes it from purely local competitors. As of late 2024, Waterdrip manages a four-fund family of vehicles covering early-stage ventures, a Bitcoin ecosystem-specific fund, a liquid token fund, and an index product. In September 2023, the firm closed its second Bitcoin ecosystem fund with institutional backing from a Middle Eastern sovereign wealth platform, signaling an expansion beyond Chinese LPs (per public record, 2023). The team has evolved from a Shanghai-centric group into a distributed organization with portfolio support across Lisbon and Dubai. The firm's structural edge lies in its Bitcoin-native specialization. While most Asian crypto VCs chase derivative L1 chains and DeFi liquidity mining, Waterdrip shaped an early commitment to the Bitcoin Lightning Network and sidechain infrastructure — a multiyear thesis-level bet that predates the 2023 Ordinals and BRC-20 resurgence by at least eighteen months. That posture gives the firm founder access inside an ecosystem where few well-capitalized Asian specialists compete.
General information
Firm type
Venture Capital
Year founded
2017
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Shanghai
Corporate office
Shanghai, China
Principals
Jademont Zheng
Founding Partner
Sector focus
Frequently asked questions
Who runs investment decisions at 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.
How does Waterdrip Capital source proprietary deal flow?
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.
Does Waterdrip run a single flagship fund or multiple vehicles?
As of late 2024, Waterdrip operates four fund vehicles: an early-stage venture fund, a Bitcoin ecosystem-specific fund, a liquid token fund, and an index product. The multi-vehicle structure allows the firm to capture protocol-stage upside from seed equity while separately managing liquid exposure and thematic concentration on Bitcoin-native infrastructure (per public record, 2023–2024).
Which sectors does Waterdrip explicitly avoid?
Waterdrip has publicly concentrated its capital on infrastructure-layer protocols and decentralized applications, avoiding exposure to centralized exchange equity, NFT marketplaces, and gaming-only tokens. The firm has not announced positions in AI-training infrastructure or decentralized physical infrastructure networks, which suggests those categories fall outside its current thematic mandate — though the Bitcoin ecosystem fund could overlap with emerging compute layer projects.
What is Waterdrip's relationship with Chinese regulators?
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.
Does Waterdrip participate in co-investments alongside external GPs?
Yes. The firm's September 2023 Bitcoin ecosystem fund close included a Middle Eastern sovereign-linked LP, and Waterdrip has historically participated in syndicated rounds with other Asia-Pacific blockchain specialists. Its co-investment posture is most active for seed and Series A equity rounds where Asian capital provides a geographic diversification anchor for Western-centric developer teams (per public record).
How is Waterdrip capitalized differently from Western crypto VCs?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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