Credibly Neutral, a newly launched VC firm, has unveiled today a $5.5 million early-stage builder-led venture fund. Co-founded by Lisa Cuesta and Viktor Bunin, Credibly Neutral will invest $50,000-$250,000 in protocols, infrastructure, and crypto SaaS solutions.
The VC firm has attracted a list of prominent web3 investors and founders that have become its Limited Partners. They include the co-founders of Solana and Polygon, as well as the investment firm of Joseph Lubin, who co-founded Ethereum and founded ConsenSys.
Explaining what a builder-led fund is, Credibly Neutral said that its founders are “builders first, investors second.” Cuesta is currently the COO at Aztec Protocol, which is building a fully programmable encrypted zkRollup, while Bunin leads the Protocol Operations team at Coinbase Cloud. Both founders said that they are not quitting their day jobs and have no aspirations to be full-time VCs.
“Lisa and I are not generalist VCs. We have deep, extensive expertise in a few niche areas, and nothing beyond that. We only invest in protocols, infrastructure, and crypto SaaS solutions because that is what we know better than anyone and where we can provide massive value to our founders. We don’t invest in gaming, NFTs, DAOs, consumer apps, and anything else that lies outside of our core competency,”
Bunin wrote in a blog post announcing the venture fund.
Cuesta and Bunin started Credibly Neutral to translate their experience in the crypto space into advancing the ecosystem. The VC’s thesis is inspired by “credible neutrality” in mechanism design; a credibly neutral mechanism does not discriminate for or against specific people.
“In the case of protocols, credible neutrality means the protocol is fairly distributed, censorship-resistant,” the VC firm explained on Twitter. “In the case of infrastructure and SaaS, it means developing tools and products that enable innovation and provide open access, with companies like Cloudflare serving as a powerful example.”
Credibly Neutral’s areas of investment within the infrastructure stack include low-level protocols such as L1 and L2 blockchains and higher-level protocols such as DeFi and MEV needed to onboard users and businesses to crypto. The VC will also be investing in developer tools like APIs and SDKs, security software that reduces user risk, analytics tools, fiat rails, and more.
The venture fund has invested in six web3 projects to date, including Hyperlane, Skip Protocol, Monad, Towns, Blockaid, and one project in stealth. Aspiring founders building and fundraising in the crypto space can reach out to Credibly Neutral on Twitter, Telegram, and email.
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