Lemniscap is a crypto-native venture capital firm that has been active since approximately 2017. The firm focuses on early-stage investments in blockchain infrastructure, decentralised protocols, and Web3 applications. Lemniscap operates with a research-driven investment thesis, publishing analysis on topics ranging from token economics to protocol design before taking positions. The firm is widely known in the Ethereum and broader Web3 ecosystem as an active participant rather than a passive capital allocator.
The fund concentrates on seed and Series A rounds, typically entering projects at the protocol or infrastructure layer rather than consumer applications. Its geographic reach is global, with particular attention to European and Asia-Pacific founding teams. Public information about total assets under management is limited – Lemniscap has not disclosed a specific AUM figure in public filings or press releases as of early 2026.
Notable investments
- The Graph (GRT) – decentralised indexing protocol for blockchain data, now foundational Web3 infrastructure
- Arweave (AR) – permanent decentralised storage network; one of Lemniscap's most cited early-stage bets
- NEAR Protocol – layer-1 smart contract platform focused on developer accessibility
- Cosmos (ATOM) – interoperability-focused blockchain ecosystem
- Various DeFi and zero-knowledge proof projects – the firm has backed several ZK-related teams, though specific deal details are not consistently disclosed publicly
Public information about the full portfolio beyond well-known names is limited. According to aggregated data from sources such as Crunchbase, Lemniscap has participated in more than 20 publicly tracked deals, with a significant number classified as lead investments.
Team
Public information about Lemniscap's founding partners and managing directors is limited. The firm has not consistently disclosed its team structure in press materials. Roderik van der Graaf is referenced in several industry sources as a founding figure associated with the firm. Beyond that attribution, individual partner backgrounds and headcount are not readily available in public records as of early 2026.
Recent activity
In 2024 and into 2025, Lemniscap continued to back early-stage infrastructure projects, with a reported interest in zero-knowledge proof systems and modular blockchain architecture – themes consistent with broader institutional crypto investment trends. The firm has maintained a presence at major Web3 conferences including Devcon and Token2049. No major fund closings or strategic pivots have been confirmed in public announcements during this period.
Lemniscap's long-term positioning in foundational Web3 infrastructure – storage, indexing, interoperability – has held up well against the broader market cycle. Projects like The Graph and Arweave found sustained developer adoption beyond speculative trading interest. Whether the firm's next fund or strategic direction expands into AI-adjacent crypto infrastructure or remains protocol-focused is not publicly confirmed. For investors tracking crypto VC activity, Lemniscap remains a mid-sized but well-regarded name with a consistent early-stage focus and a research-first public posture.
