Union Square Ventures (USV) is one of the most influential early-stage venture capital firms in the United States. Founded in 2003 by Fred Wilson and Brad Burnham and headquartered in New York City, the firm built its reputation on a clear investment thesis: backing companies that create large networks of engaged users. That thesis led USV to crypto long before most institutional investors took the space seriously.
USV typically raises funds in the $175–250 million range. Total AUM has not been disclosed publicly, though the firm has raised multiple vehicles since 2004, including several dedicated to web3 and crypto-native opportunities. Unlike many multi-stage funds, USV has stayed deliberately small, prioritizing concentrated bets and active board involvement over diversification.
The firm's internet-era track record is exceptional. Early positions in Twitter, Tumblr, Etsy, Zynga, Kickstarter, Duolingo, and MongoDB established USV as a tier-one brand name for founders. Several of those bets produced outsized returns; others – including Tumblr and Zynga – became cautionary tales about platform dependency and pivot risk. USV has generally been candid about both wins and losses, which is unusual for the asset class.
Notable crypto and web3 investments
- Coinbase – USV led the 2013 Series B, one of the earliest institutional bets on a regulated crypto exchange. The position returned many multiples after Coinbase's 2021 direct listing.
- Protocol Labs – Backed the team behind Filecoin and IPFS, two foundational pieces of decentralized storage infrastructure.
- Dapper Labs – Investor in the creator of CryptoKitties and NBA Top Shot, which brought NFTs to mainstream attention in 2020–2021.
- Compound – Early backer of the DeFi lending protocol that helped define on-chain money markets.
- Numerai – Supported the hedge fund that runs a crypto-incentivized data science tournament, blending AI and blockchain in an unusual structure.
Team
The firm's founding partners remain active. Fred Wilson is one of the most followed voices in crypto venture, publishing his thinking openly at avc.com since 2003. Brad Burnham focuses on policy and internet infrastructure. Partner Albert Wenger has been a consistent advocate for web3 and wrote extensively about the transition to decentralized systems in his book World After Capital. Rebecca Kaden joined as a managing partner and expanded the firm's consumer and health focus. Andy Weissman and John Buttrick round out the investing team. USV runs a notably lean operation relative to its market influence.
Recent activity
Through 2024 and into 2025, USV maintained a cautious but active posture in crypto. The firm has continued backing web3 infrastructure rather than speculative token projects, consistent with a pattern since 2017. Fred Wilson has publicly stated skepticism about meme coins and DeFi protocols that prioritize yield over utility, while remaining bullish on decentralized identity, open protocols, and crypto networks with genuine user retention. Public information on specific deals closed in 2025–2026 is limited, as USV does not issue press releases for most investments.
USV's geographic focus remains the United States, though its portfolio companies operate globally. The firm does not lead international-only rounds as a rule. Its influence on the New York startup ecosystem and on crypto policy discourse – through Fred Wilson's public writing and advocacy – has been significant beyond the capital it deploys. For current portfolio data, see USV on Crunchbase and the firm's own portfolio page.
