IOSG Ventures is a research-driven venture fund focused on early-stage Web3, DeFi, and blockchain infrastructure. Founded around 2017 and headquartered in Hong Kong, the firm operates with a thesis centered on open-source protocols and decentralized infrastructure. IOSG stands for Infrastructure and Open-source Software Group – a name that reflects its technical orientation. The fund targets pre-seed and seed-stage rounds, often entering before mainstream attention, and supports portfolio companies with hands-on research and ecosystem-building work.
The fund has built a track record across several major infrastructure cycles: the Layer 1 wave, the DeFi summer of 2020, the Layer 2 scaling race, and the modular blockchain thesis. Its geographic base in Hong Kong gives it proximity to Asian capital markets and founders, while its investment scope spans globally. IOSG publishes regular research reports on protocol design, tokenomics, and market structure – a practice that has helped it build credibility with founders building complex cryptographic systems.
Public information on total AUM is limited. The fund has not disclosed a single headline figure across its vintages.
Notable investments
- dYdX – decentralized perpetuals exchange, one of the highest-volume DeFi trading venues by 2023–2024
- StarkWare – developer of STARK-based ZK rollup technology (StarkNet, StarkEx); valued at $8 billion in its 2022 raise
- Optimism (OP Labs) – leading Ethereum Layer 2, creator of the OP Stack and the Superchain architecture
- Near Protocol – sharded Layer 1 targeting mainstream developer adoption
- Celestia – modular data availability layer; a foundational bet on the modular blockchain thesis
- Scroll – EVM-equivalent ZK rollup built for Ethereum compatibility
- EigenLayer – restaking protocol on Ethereum that became one of the most discussed middleware projects of 2024
- Polkadot ecosystem projects – IOSG has been an active supporter of Web3 Foundation and Substrate-based parachains since early in the ecosystem's development
Several of these bets – particularly StarkWare, Optimism, and EigenLayer – represent high-conviction plays on Ethereum scaling that paid off in terms of ecosystem adoption, though token price performance post-TGE varied considerably across projects.
Team
Jocy Lin is a co-founder and key figure at IOSG Ventures. The firm employs a team of researchers and investment professionals with backgrounds in protocol development, cryptography, and traditional finance. Detailed biographical information on all partners is not prominently disclosed in public sources. IOSG regularly features team members as speakers at major Web3 conferences, including Devcon, ETHDenver, and Token2049.
The firm's research arm contributes to its deal sourcing – analysts publish writing on protocol mechanics, fee markets, and chain abstraction, which positions IOSG as a thought-partner rather than a passive capital allocator. Public information on the full team composition is limited beyond a handful of named individuals.
Recent activity
In 2023 and 2024, IOSG continued deploying into the ZK and modular stack – a theme it had identified early. The fund participated in rounds related to chain abstraction, cross-chain interoperability, and intent-based transaction architectures. Its backing of EigenLayer positioned it well for the restaking narrative that dominated Ethereum discourse through 2024. IOSG also remained active in the DeFi derivatives and structured products space, consistent with its historical bet on dYdX.
The fund has expressed interest in account abstraction and wallet infrastructure as entry points for mainstream onboarding. Specific deal announcements from late 2024 onward are limited in public records available at the time of writing.
Outlook
IOSG's portfolio skews heavily toward Ethereum-aligned infrastructure. If the modular blockchain thesis and ZK rollup adoption continue on their current trajectory, the fund is positioned to benefit from multiple liquidity events. However, many of its marquee investments (StarkWare, Scroll, EigenLayer) carry significant unlock schedules and market-cap-at-entry risk. With a reported retail ROI of 0.29x across tracked positions, realized returns for public market participants have been mixed – a pattern common across early-stage crypto venture where paper gains often precede compressed post-TGE prices. IOSG's long-term standing depends on whether the infrastructure it backed translates into durable user activity rather than speculative token trading. For more context on the firm, see its official site and its profile on Crunchbase.
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