Investor Profile: Delphi Digital — Thesis, Cheque Size & How to Apply

Delphi Digital funding comes from one of crypto's most research-obsessed investment teams. Founded in 2018 and headquartered in New York, Delphi Digital describes itself as the only team in crypto that combines the perspectives of researchers, builders and investors — and its venture arm invests primarily its own capital.

Investment thesis

The firm's thesis is research-driven investing: its analysis is, in its own words, "a direct extension of our own learnings as active participants in the space". Delphi Ventures is integrated with the group's research and building teams, and it invests primarily internal capital — explicitly stating it is not open to outside investors, per third-party fund profiles. That proprietary-capital model means genuine skin in the game. The venture arm does not disclose a raised fund size, though one verified side vehicle exists: Delphi InfinNFT, a $5M NFT-focused venture fund announced in May 2021.

Sectors, stages and cheque size

Sectors include DeFi, GameFi, NFTs, consumer crypto, Web3 infrastructure (cross-chain, modular blockchains, data availability, tooling, security), tokenised assets, DAOs and governance, and tokenomics and mechanism design. Stages run from pre-seed through Series B, typically seed and early-stage with follow-on participation. Reported cheque sizes range from $50K to $5M per third-party fund profiles.

Notable portfolio and leadership

Named portfolio companies include Immutable, Lido, zkSync, Solana and Azuro, plus THORChain, Injective, Ethena and Jito. The firm was co-founded by Anil Lulla, Yan Liberman and Tom Shaughnessy, who serve as co-founders and partners. Research-first deal flow means fund investments apply the insights of the group's in-depth crypto research directly to portfolio advising.

Programmes run by the firm

Beyond investing, the group runs Delphi Labs, its incubator and grant-support arm for Web3 projects, and Delphi Creative, a bespoke protocol-services arm listed on the official site as offering "bespoke services that empower your project or protocol".

How to get funding from Delphi Digital

There is no public application page for Delphi Digital funding. One third-party directory notes that a warm introduction is the usual way in, but that is not an official application route — the firm itself publishes no channel for inbound pitches.