TenSquared (“10SQ”) is a venture capital firm investing in the innovation happening in the blockchain and Web3 sector
- We are building a portfolio we want to own: Web3 technology companies transform how we pay, invest, socialize, and consume using blockchain technology. To our LPs, we will deliver broad exposure to the generational innovation happening in this frontier sector of technology
- We have a research-focused, evidence-based culture, and run a rigorous underwriting and diligence process
- We have invested together for years across crypto cycles, and all have experience working at traditional financial institutions and investing in both equity and token funding rounds
- We are creative deal-makers and source unique investment opportunities that have the potential for outsized returns through our extensive network of founders and other investors built over the last decade
Areas of Focus
Sectors most leveraged to adoption and ubiquity of digital assets.
New Money
Importance
- Blockchain democratizes finance by enabling open access, transparency, and true ownership
- New global decentralized money and finance
Use Cases
- Remittances
- Stablecoin infrastructure
- Tokenization
- Decentralized identity
- New financial products
Empowering Consumers
Importance
- Blockchain enables provable ownership of digital assets that can represent nearly every physical asset and piece of intellectual property
- New user-owned interoperable web: creator incentives, user IP rights, brand loyalty programs
Use Cases
- Creator incentives
- Blockchain gaming
- Social networks
- Loyalty programs & advertising
- Content authenticity verification
Infrastructure
Importance
- Blockchain infrastructure is sitting in the middle of the blockchain and Web3 ecosystem, providing access to all blockchain interactions and data
- Data storage, query, computation, AI, DePINs
Use Cases
- Decentralized compute & data storage
- DePINs
- Staking & node infrastructure
- Web3 scaling & privacy solutions
- Developer tools & security
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:
-
#1Digital assets will be ubiquitous - provenance and ownership will live permanently on a public ledger in a multi-chain world
-
#2Trillions of dollars of traditional assets being tokenized will provide further on-ramps into the crypto economy
-
#3In 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
-
#4In 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
Company
Description
Location
Year
Domain
Website
Careers
-
The largest blockchain platform, offering nodes & APIs, staking and wallet infrastructureLos Angeles2023Infrastructure
-
Leading provider of digital asset staking infrastructure for proof-of-stake blockchains. Serving 250+ institutional clientsToronto2023Infrastructure
-
The top institutional-grade end-to-end crypto trading infrastructure provider with deep roots in traditional marketsNew York2023New Money
-
Layer 1 blockchain built by Telegram. The protocol is natively available within the Telegram social app. allowing its 900M users to access the blockchainDubai2023Empowering Consumers
-
Leading provider of next-gen enterprise-level loyalty & integrated commerce solutions that utilize blockchain and gamificationMiami2024Empowering Consumers
Latest Insights
Team
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.
