Lattice

Lattice Fund Research

Investment Thesis

Lattice is an early-stage crypto venture fund founded by operators who have been deeply embedded in the crypto ecosystem since 2017. The fund believes that crypto represents a once-in-a-generation platform shift that will fundamentally transform financial services, gaming, energy, and numerous other sectors through decentralized infrastructure and its enabling applications. Rather than chasing hype, Lattice focuses on backing founders building sustainable, durable crypto businesses from day one.

The fund explicitly critiques retail-unfriendly launch mechanics like low-float launches and airdrop designs, indicating a preference for founders who prioritize sustainable token economics and user experience. Co-founder Regan Bozman previously led growth at multiple crypto projects and was CoinList's first employee, managing $100M+ in token launches. Co-founder Mike Zajko headed new token listings at CoinList and managed CoinList Seed, a virtual demo day for early-stage crypto startups that featured projects like Acala and Injective—both of which became significant players in their respective niches.

Investment Strategy

100% Crypto. 100% Early Stage. Lattice is singularly focused on backing cryptocurrency founders from day one, with emphasis on:

• Decentralized Finance (DeFi): Payment protocols, lending platforms, asset management, and financial infrastructure
• Blockchain Infrastructure: Rollups, Layer 1 blockchains, indexing platforms, and data infrastructure for Web3
• Developer Tools: APIs, SDKs, and infrastructure enabling Web3 application development
• Web3 Applications: Gaming, social networks, identity, and consumer applications built on crypto rails
• Privacy & Security: Zero-knowledge cryptography, smart contract auditing, and secure key management
• Token Economics & Mechanics: Projects improving token distribution and founder alignment

Stage and Check Size

Lattice operates exclusively at the pre-seed and seed stages, providing capital for founders to:

• Develop initial prototypes and proof-of-concepts
• Validate product-market fit with early adopters
• Build sustainable technical foundations and team

Typical Investment Range:

• Pre-Seed: $300K-$800K
• Seed: $800K-$2M
• Fund size: Operating as an early-stage specialist with focus on meaningful ownership stakes

Based on portfolio analysis and recent announcements, Lattice appears to check in $500K-$1.5M range, preferring to be a meaningful early investor rather than token check.

Lead Tendency

Lattice demonstrates a "leads and co-leads" approach:

• October 2025: Co-led Takenos seed round alongside Variant Fund
• March 2025: Co-led Manifest alongside VanEck Ventures
• Maintains meaningful ownership stakes and board relationships
• Actively participates in rounds rather than passive support

The fund appears to be a lead-oriented investor but comfortable as co-lead when partnering with complementary funds (e.g., Variant for Takenos, VanEck for Manifest).

Recent Activity & Fund Status

Lattice has been actively deploying capital with notable 2025-2026 investments:

Recent Investments:

• January 2026: Project Eleven - Post-quantum cryptography ($20M announced round)
• January 2026: Neuramint - AI/crypto integration ($5M)
• November 2025: SpaceComputer - Space-based L1 blockchain ($10M)
• October 2025: Takenos - Latin American fintech (seed co-lead)
• March 2025: Manifest - Real-world asset protocol (co-lead)
• June 2025: Coala Pay - International aid stablecoin platform

Fund Status: Actively deploying, with demonstrated commitment to the ecosystem. Recent announcements and blog posts (October 2025 retrospective, ongoing writing) indicate healthy fund runway and continued investment activity.

Portfolio Characteristics

Lattice's 80+ portfolio companies span:

Infrastructure & L1s:

• Caldera (rollup platform)
• Cytonic (multi-VM blockchain)
• Nexio (Bitcoin rollup)
• SpaceComputer (space-based L1)
• MultiVM

DeFi Protocols:

• Li.fi (cross-chain bridging)
• Manifest (RWA protocol)
• Tenor Labs (lending layer)
• Redstone (oracle infrastructure)
• Cedar Money (stablecoin for trade)
• Coala Pay (aid disbursement)

Developer Tools & Indexing:

• Goldsky (subgraph indexing)
• Subsquid (data infrastructure)
• Center (NFT API)
• Lagrange Labs (cross-chain proofs)

Gaming & Consumer:

• Stardust (NFT gaming infrastructure)
• Legends of Venari (RPG)
• Karate Combat (fan-owned sports)
• IYK (physical-digital bridge)
• Lulubit (Central American crypto)

Security & Privacy:

• Rhinestone (smart account infrastructure)
• Project Eleven (post-quantum cryptography)
• Violet (on-chain compliance)
• Sunscreen (privacy engine)
• Sherlock (smart contract auditing)

Web3 Infrastructure:

• Privy (authentication toolkit)
• Galxe (community platform)
• POAP (proof of attendance)
• Immunefi (bug bounty platform)

Team Background

Regan Bozman (Co-founder)

• Built Dove Metrics, the leading crypto fundraising data platform
• First employee at CoinList, managed $100M+ in token launches
• Led growth initiatives across multiple crypto projects
• Deep expertise in token mechanics and community building

Mike Zajko (Co-founder)

• Previously head of new token listings at CoinList
• Built and managed CoinList Seed (early demo day for crypto startups)
• Witnessed early success of major crypto projects (Acala, Injective)
• Strong technical and product background

Rachel Aldrich (COO)

• Early team member at Galaxy Digital (major crypto hedge fund)
• COO at Paqua Capital Management (healthcare hedge fund)
• Operations and institutional investor background

Ned Menton (Chief of Staff)

• Investment Operations Analyst at Runa Digital Assets (liquid token investment)
• Token analysis and liquid investments expertise

Decision Process & Timeline

Decision Making: Small, lean partnership structure. Co-founders drive investment decisions with operational support from Rachel and Ned. Appears to be efficient and founder-responsive.

Timeline: Early-stage investors typically move quickly. Recent public announcements suggest Lattice maintains rapid decision velocity while conducting thoughtful diligence.

Warm Intros: Recommended. Given the relationship-driven nature of crypto investing and Lattice's emphasis on founder support, warm introductions from existing portfolio companies or respected ecosystem members would be advantageous.

Founder Preferences

Lattice backs founders who:

• Have shipped in crypto before - Evidenced by backing of projects like SpaceComputer, Project Eleven
• Understand token economics deeply - Critical given co-founders' expertise in token launches
• Are building sustainable, not hype-driven projects - Explicit criticism of retail-unfriendly launch mechanics
• Are passionate about decentralization - Core to their thesis on platform shifts
• Can articulate clear technical advantages - Portfolio skews toward infrastructure, tools, and technically rigorous projects

Geographic Focus

Based on portfolio analysis:

• Primary: United States and Europe
• Secondary: Emerging markets for fintech infrastructure (Latin America via Takenos/Lulubit, Africa via Accrue)
• Global: Crypto is borderless; Lattice has no geographic restrictions but US/Europe represents largest portfolio concentration

Notable Characteristics

1. Founder-First Philosophy: Explicitly state they "built Lattice to be the investor we wish we had." Responsive and empathetic approach.

2. Data-Driven Approach: Regan built Dove Metrics (crypto fundraising data), indicating analytical rigor in investment selection.

3. Narrative & Communication: Active writing and blogging (2023 seed stage retrospective, investment commentaries). Educate the ecosystem through public research.

4. Token Mechanics Expertise: Focus on sustainable token launches and distribution—rare specialty in crypto VC.

5. Infrastructure Preference: ~40% of portfolio is infrastructure/tools/indexing, indicating thesis preference for foundational layer companies.

6. Portfolio Diversity: Across L1s, DeFi, gaming, consumer, privacy, and emerging areas like post-quantum cryptography and space-based computing.

Investment Outlook

• Fund Maturity: Operating successfully since 2021 (fund formation date) with demonstrated ability to deploy and support companies
• Market Position: Respected early-stage crypto investor, referenced frequently in space
• Future Plans: No public announcements of fund closures or limitations; active deployment suggests strong fundraising
• Thesis Durability: Core thesis on platform shift and decentralization increasingly validated by real-world adoption and institutional interest