Prelude Research
Overview
Prelude is an early-stage crypto investment fund based in Berlin, Germany, legally registered as Prelude Management GmbH and regulated by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht). The firm was founded in 2022 as Cherry Crypto — the dedicated crypto investment arm of Cherry Ventures — by Patrick Mayr, Brett Sun, and Yannis Heyken. In April 2025, the team spun out from Cherry Ventures and rebranded as Prelude, taking their existing portfolio with them as an independent entity.
Prelude operates as a first-check investor in the global crypto ecosystem, backing founders at the very earliest stages. Their core principle is simple: "Nothing is too early. We back teams with just an idea."
Investment Thesis
Prelude's thesis centers on the belief that transformative crypto companies are built before consensus forms. As the team articulates: "We like to invest before the music gets loud. Before a company that is obvious to us, becomes obvious to everyone."
The fund is differentiated by four core pillars:
- Pre-consensus timing: Investing before trends become obvious to the broader market, often backing protocols and primitives years before they achieve mainstream adoption.
- Founder-first orientation: Prioritizing visionary founders solving real problems beyond the crypto echo chamber, particularly those who view blockchain infrastructure as a means to serve mainstream audiences.
- Global perspective: "Crypto is global and so is our investing approach" — no geographic restrictions, with active portfolio companies across Europe, North America, and beyond.
- Asset diversity: Invests in both equity and tokens/governance rights depending on the structural nature of the project. For protocol-native projects, DAO Diversification (direct token investments) is an important tool.
A key thesis dimension, articulated in Patrick Mayr's September 2025 essay "Backing Founders Who Export Crypto to the World," focuses on teams that build crypto-native solutions for mainstream audiences rather than improving protocols solely for existing crypto users. The fund seeks founders who treat blockchain infrastructure as a foundation for real-world problem solving.
The team publishes quarterly market commentaries covering macro crypto trends, regulatory developments (particularly EU MiCA), and emerging opportunities in DeFi, ZK technology, prediction markets, and stablecoins. This consistent publishing cadence demonstrates deep research engagement and signals investment conviction ahead of deployment.
Stage Focus
Prelude invests primarily at Pre-Seed and Seed stages, with meaningful allocation to DAO Diversification (direct token investments in early protocols). Each fund targets approximately 30 portfolio companies. They are happy to be the first institutional investor and regularly serve as the first check into a company.
Check Size
Typical investment: $500K – $2M per investment. The fund leads or co-leads rounds, taking conviction-sized positions rather than passive participation. This focus on leading reflects their hands-on approach to portfolio company support.
Geographic Focus
Global, with no geographic restrictions. The legal and operational base is Berlin, Germany (Linienstraße 214, 10119 Berlin), though the team invests across Europe, North America, and internationally. The firm embraces crypto's borderless nature as a feature, not a constraint.
Fund History
Cherry Crypto I / Prelude I (~$34M, vintage 2022): Announced February 17, 2022, the original fund backed 25+ companies across DeFi, Web3 infrastructure, gaming, and decentralized science (DeSci). Performance has included meaningful exits: Rated was acquired by Figment in October 2025, and Brahma was acquired by Polymarket in March 2026 to power their DeFi stack.
Following the Prelude rebrand in April 2025, the team is deploying from the existing fund (three new investments already in 2025 — Tenor, Dexari, and Gondor) while planning fundraising for a dedicated new Prelude fund.
Team
Patrick Mayr, Co-founder & Partner: Joined Cherry Ventures as an intern and founded Cherry Crypto in 2022 at age 26, authorized by Cherry Ventures' founders Filip and Christian. A prolific writer on DeFi mechanisms, lending markets, and crypto investment thesis. Active Twitter presence at @pat_mayr; personal website at pmayr.xyz.
Brett Sun, Co-founder & Partner: Former CTO of Aragon, one of Ethereum's earliest and most significant DAO projects. Brings deep technical expertise in Ethereum infrastructure, governance, and protocol design. Twitter @sohkai.
Yannis Heyken, Co-founder & Operating Partner: Managing Director of Prelude Management GmbH. Responsible for legal, compliance (BaFin-regulated), and operational functions. LinkedIn: linkedin.com/in/yannisheyken. Twitter @YannisHeyken. Has authored Prelude's EU MiCA regulatory guide, signaling deep compliance expertise.
Portfolio Highlights
Prelude has built a high-quality portfolio of foundational crypto companies:
DeFi Foundations:
- Morpho (Seed, 2021): Now one of DeFi's most prominent lending protocols with billions in TVL, enabling a "universal lending network" with optimal peer-to-peer matching.
- Lido (2021): The largest liquid staking protocol by TVL, fundamental infrastructure for the Ethereum ecosystem.
- CoW Protocol (2022): Leading DEX aggregator using batch auction mechanics to achieve optimal clearing prices.
- Maple Finance (2022): Institutional DeFi credit market providing undercollateralized lending to institutional counterparties.
Exits:
- Brahma (2021, acquired by Polymarket March 2026): DeFi orchestration and yield management layer, acquired to power Polymarket's prediction market infrastructure.
- Rated (2022, acquired by Figment October 2025): Proof-of-stake validator reputation network, acquired to strengthen Figment's staking analytics.
Recent Portfolio:
- Gondor (Pre-seed, 2025): DeFi layer purpose-built for prediction markets.
- Dexari (Seed, 2025): Onchain mobile-first investing app targeting mainstream audiences.
- Tenor (Seed, 2025): Onchain fixed-rate borrowing platform for institutions.
- Narval (Seed, 2023): Institutional wallet policy engine.
- Hyli (Seed, 2024): ZK proof verification and settlement layer.
- Molecule (Series A, 2022): Bio IP marketplace powering decentralized science (DeSci) research funding.
- Courtyard (Seed, 2022): Digital collectibles marketplace bridging physical assets with blockchain ownership.
Investment Decision Process
Prelude operates as a three-partner firm with collective decision-making. The concentrated portfolio model (~30 companies per fund, $34M fund) implies disciplined, conviction-driven investment selection with meaningful due diligence per company. The team publishes detailed investment theses for each portfolio company (accessible on prelude.xyz/content), signaling both intellectual rigor and a desire to attract aligned founders.
Anti-Thesis
- Tokens without underlying protocol substance
- Pure consumer apps built on crypto without meaningful crypto-native value creation
- Centralized alternatives to decentralized primitives
Recent Market Views
Prelude's 4Q2025 commentary (March 2026) highlighted US regulatory clarity and agentic payments as key opportunities. The 3Q2025 commentary covered prediction markets, perpetual DEX growth, and stablecoin momentum — themes directly reflected in recent portfolio bets (Gondor for prediction markets, Tenor for institutional lending). This demonstrates a portfolio that maps tightly to expressed thesis views.