Web3 Capital

Founder and CEO Stephen Yang leads the firm's investment strategy, with Managing Partner William Croisettier focusing on US and APAC markets and Executive Director Yaman Demir contributing as a seasoned digital asset investor. The trio collectively shapes the firm's concentrated early-stage blockchain portfolio.

Web3 Capital deploys across both equity and token structures, a capability that allows it to participate in protocol-level treasury rounds as well as traditional corporate equity financings. Confirmed token positions include Ethereum and Polkadot, while SubQuery and Acala represent infrastructure and DeFi equity allocations.

The firm concentrates on blockchain infrastructure — Layer-1 and Layer-2 protocols, decentralized finance primitives, and data indexing layers like SubQuery. It does not publicly detail consumer-facing application investments, suggesting a deliberate infrastructure-first mandate.

Hypersphere Ventures and HashKey Capital appear as frequent co-investors, indicating Web3 Capital operates within a tight network of blockchain-native fund managers. These relationships likely facilitate shared deal flow and due diligence on early-stage protocol rounds.

Web3 Capital is structured as a specialized asset manager, not a family office. It manages external capital alongside founder-led commitments and participates in early-stage blockchain rounds, fundraises, and select capital-advisory roles — as demonstrated by its Finder role in a 2025 Mega Matrix offering.

The firm focuses on seed and early-stage rounds across blockchain infrastructure and DeFi. Its portfolio composition — protocol-level positions in Ethereum, Polkadot, and MakerDAO — indicates entry at or near network genesis or early treasury rounds.

Available evidence points to a direct-deal model, with equity and token investments made into specific protocols and companies rather than fund-of-fund commitments. The firm has not publicly disclosed any LP positions in other venture funds.