New Form Capital Research
Investment Thesis
New Form Capital is a New York early-stage venture firm that has invested at the intersection of blockchain technology, financial markets and data since 2019. The firm's stated view is that the existing financial system is archaic and that digital finance will create billions in economic value through reduced inefficiencies and the creation of new markets. Its homepage frames this as three themes: financial primitives, immutable data and blockchain rails, and it describes the opportunity as bridging the old (Wall Street capitalism) with the new (markets running on blockchain rails). The firm says it is solely focused on this evolution and wants next-gen founders for next-gen markets.
Stage Focus
The site says the firm invests in teams at the earliest stages. Public profiles describe it as a pre-seed and seed fund, with occasional larger participation in later rounds of existing companies (for example, a participation in Fission's $10M Series A led by Pantera Capital, per the firm's LinkedIn page).
Check Size
The firm does not publish check sizes. A third-party NFX Signal profile for founder Alex Marinier shows a $100K to $10M range with a $1M sweet spot; treat that as low confidence.
Lead Tendency
Not stated on the site. Evidence points to both leading early rounds and participating alongside larger crypto funds, so lead tendency is recorded as unknown.
Recent Activity
New Form raised a roughly $21M proof-of-concept first fund in 2019 (Venture Capital Journal, March 2023) and was reported to be raising a second fund targeting about $75M. The portfolio page lists several recent exits: Mountain Protocol (acquired by Anchorage Labs in 2025), NeuralFabric (acquired by Cisco in 2025), Figure Markets (acquired by Figure Technology Solutions, which went public in 2025), Truvius (acquired by Galaxy Digital in July 2026) and Tres Finance (acquired by Fireblocks in 2026). Polymarket, an early investment, is described in press coverage as a unicorn in 2025.
Portfolio Highlights
The portfolio page lists 27 companies, concentrated in crypto-native financial infrastructure:
- Prediction markets: Polymarket, Symbiosis Markets
- DeFi and on-chain finance: Compound, Sentora, Infinifi, IPOR, Swaap, Fission, TPE
- Payments and stablecoins: Niural, Caliza, Orbital, CoinFX, Moon, Bipa, Zebedee, Fonbnk
- Institutional trading and derivatives: Tread Labs, OrBit Markets, Enhanced Digital Group, Figure Markets
- Infrastructure and tooling: Flare, TestMachine, Tres Finance, Truvius, NeuralFabric, Mountain Protocol
Team
- Alex Marinier, Founder & General Partner: previously at DCM Ventures, where he led the firm's expansion into blockchain investing, and before that Blackstone private equity secondaries. Led early investments in Polymarket, Figure, Sentora and Niural. Cornell BSc.
- Jake Schwartz, Venture Partner: co-founder and former CEO of General Assembly (sold to Adecco for over $400M in 2018); investing in blockchain since 2014; focuses on firm strategy.
- Matt Cooper, Investment Partner: founded Kraynos Capital, a pre-seed blockchain fund; earlier at The Maker Foundation and Etale Trading (acquired by NYDIG).
- Connor Klein, Investment Partner: ex-Morgan Stanley investment banking (consumer and retail) and Halliday.
- Thomas Brophy, VP of Finance: ex-Kennedy Lewis and Carta fund administration.
- Chris Bae, Entrepreneur-in-Residence: co-founder of portfolio company Enhanced Digital Group; formerly UBS Hedge Fund Solutions and Goldman Sachs.
Decision Process
Not disclosed. Alex Marinier is the founder and sole named General Partner and led the key early investments, so the decision process is likely centred on him with input from the investment partners. Recorded as unknown.
Founder Preferences
The firm backs exceptional teams engineering the next generation of financial markets. Its bench pairs traditional finance operators (Blackstone, Goldman, Morgan Stanley, UBS) with crypto-native builders, and its portfolio founders skew toward finance and trading backgrounds building regulated or institution-facing crypto products.
Geographic Focus
Based at 809 Broadway, New York. The portfolio is global: US, Latin America (Caliza, Bipa), Africa (Fonbnk) and Europe, with no stated geographic restriction.
Gaps
No check size, fund size or ownership targets are published on the firm's site. Fund II size and close status come from older press and could not be confirmed. No dated investment announcements beyond the exits above were verified.