TenSquared (10SQ) is a growth equity firm focused on Inflection Point Investing where blockchain and Web3 companies transform into future technology leaders
  • Focused exclusively on blockchain and Web3 which fuel the transition to the next era of technology – a distributed, decentralized, individually-empowered future
  • Invests in "pipes, picks, and shovels" businesses that enable blockchains to connect with consumers and legacy systems
  • Leverages its extensive tribal knowledge, deep network, and operating portfolio to access hard-to-procure private investment opportunities in industry-leading companies
  • Process driven in underwriting, due diligence, and execution to maintain price discipline and mitigate embedded risks in an evolving space
  • Believes many of its portfolio companies may ultimately go public and transform into future technology leaders
  • Is a values-driven firm with an entrepreneurial, research-focused investment culture

Areas of Focus

Sectors most leveraged to adoption and ubiquity of digital assets.

Infrastructure, Developer Tools, Security

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DePINs and Functional Networks

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Data Analytics, Forensics, AI

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Consumer Apps, Entertainment & NFTs

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Financial Services & Tokenization

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We believe blockchain and Web3 businesses in these sectors may accrue the most value over the long term

Our Core Beliefs About The Future

It’s still early. Blockchains are slow and technically immature. This technology will improve 10^2 with time. Many native future use cases, that we cannot now foresee, will emerge and drive a wave of new consumers.

Generational Shifts:

  • #1
    Digital assets will be ubiquitous - provenance and ownership will live permanently on a public ledger in a multi-chain world
  • #2
    Trillions of dollars of traditional assets being tokenized will provide further on-ramps into the crypto economy
  • #3
    In the future full of immersive digital worlds, digital currencies will be the primary method of transaction and NFTs will become a major gateway for millions of consumers to enter the Web3 ecosystem
  • #4
    In a world of intelligent machines (AI) blockchains will deliver authenticity and privacy; AI and blockchains will complement each other
These generational shifts will require extensive innovation in Web3 tooling, infrastructure, and services – a vast universe of private digital asset companies is emerging

Investment Criteria

Conviction comes from our research-driven investment culture. We are analysts first.

Our M8 Investment Framework

1

Myth

  • Focus on high-quality blue-chip leaders and emerging contenders
  • Aligned with our thesis and driven by unique insight
2

Market

  • Proven, expanding, well-defined, well-understood TAM
3

Moment

  • At the inflection point of growth
  • With near-term catalyst
  • Benefitting from macroeconomic tailwinds
4

Moat

  • Differentiated strategy
  • Sustainable competitive advantages
  • Proven technology
5

Model

  • Cash flow driven analysis
  • Positive unit economics
  • First-hand due diligence
6

Management

  • Management integrity, experience, quality, adaptability, depth
7

Mitigants

  • Identify and price risks
  • Manage downside: governance, preference, price
8

Moneyness

  • Sources of value
  • Excess risk-adjusted return
  • Potential to exit in medium-term

Portfolio

Building a diversified portfolio of blue-chip private companies that align with our Areas of Focus.
Active
Description
Location
Year
Domain
Stage
Website
Careers
  • The largest blockchain platform, offering nodes & APIs, staking and wallet infrastructure
    Los Angeles
    2023
    Infrastructure, Developer Tools, Security
    Growth
  • Leading provider of digital asset staking infrastructure for proof-of-stake blockchains. Serving 250+ institutional clients
    Toronto
    2023
    Infrastructure, Developer Tools, Security
    Growth
  • The top institutional-grade end-to-end crypto trading infrastructure provider with deep roots in traditional markets
    New York
    2023
    Financial Services & Tokenization
    Growth

Latest Insights

Team

CEO, Managing Partner

Stan Miroshnik

CEO, Managing Partner
Elaine Yap Co

Elaine Yap Co

General Partner,
Founding Strategic Advisor
Polina Bermisheva

Polina Bermisheva

Partner
Christopher Cheung, CFA

Christopher Cheung, CFA

Partner
George Dawson

George Dawson

CFO, CCO
Ruby Hsu

Ruby Hsu

Director of Investor Relations

Who We Are

We are a values driven firm: in service of our investor partners (LPs) and our investee companies.

Our Purpose

To be a world-class capital partner of choice that expedites the adoption of the blockchain and Web3 ecosystem and delivers value beyond dollars.

Our Mission

To provide value-added capital to accelerate growth, exponential—generating exceptional risk-adjusted returns for our Investor Partners.

Our Vision

We strive to become the preeminent investment firm advancing the expansion of distributed technology and digital assets.

Our Values

Creativity:

We are open-minded, curious and take a variant view to capture unique insight. Chance favors the prepared mind.

Intellectual Honesty:

We have a command of the facts, run a thorough process, make measurable decisions, and support robust, transparent discourse where challenge is always welcome

Excellence in Execution:

We operate collaboratively, with integrity, at the highest professional standard to deliver extraordinary results.

Winning:

We have a bias for action; we act with conviction, are persistent, and compete hard as a team.

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