Puzzle Ventures

Puzzle Ventures is an early-stage venture capital firm focused on supporting innovative startups in the blockchain and Web3 space. Based in Berlin, Germany, the fund is particularly active in industries such as artificial intelligence, blockchain, and infrastructure technologies. They invest primarily in pre-seed and seed-stage companies, with typical investment amounts ranging from €200k to €700k. The firm's portfolio includes companies like Offchain Labs (building Arbitrum for Ethereum scaling), Pudgy Penguins (a Web3 brand), and Scroll (a zkEVM scaling solution for Ethereum). Puzzle Ventures emphasizes the integration of sustainability into their investment decisions, aligning with the EU’s Sustainable Finance Disclosure Regulation (SFDR). However, they currently do not consider the adverse sustainability impacts in their investment process but are committed to reviewing this annually as the regulatory landscape evolves. Puzzle Ventures is led by Gloria Baeuerlein, and their strategic approach includes partnering with other VCs and engaging closely with their portfolio companies to drive long-term growth and innovation in the rapidly evolving blockchain sector.