Road Capital Management Research
Overview
Road Capital Management is a crypto-focused investment firm founded in 2021 and based in New York, with partners also in Boston and San Francisco. Its own website is a single landing page with a logo, an investor-relations email and social links. It has no portfolio, team or thesis pages, so most of what follows comes from SEC filings, press releases, LinkedIn and third-party trackers, and is flagged as lower confidence where noted. A different firm named Road Capital (Miami, e-commerce and creator economy) appears in some directories; it is not this firm and nothing from that listing is used here.
Investment Thesis
Road Capital backs blockchain infrastructure and onchain finance companies. The portfolio clusters around stablecoin infrastructure, tokenization of real-world assets, onchain risk markets and decentralized physical infrastructure. In the Cork seed announcement, partner William Scheinman framed the view that tokenization will drive secular growth in the onchain economy and that few quality teams are working on the second-order effects, such as liquidity mismatches and depegs.
Structure and Fund History
The firm began as a crypto hedge fund. Bloomberg reported in January 2022 that Thomas Bailey, then 35, was raising outside money for Road Capital to invest in blockchain assets and platforms as well as liquid cryptocurrencies. SEC Form D filings show Road Capital Fund (US) LP with about $104.7M sold and Road Capital Fund (Cayman) LP with about $24.9M since 2022. In 2024 it added a venture vehicle, Road Capital Venture Fund I (US, about $10.2M, and Cayman, about $20.5M). Total reported across the four vehicles is about $160M, which is capital sold in offerings, not a verified AUM figure. So the firm runs a hybrid liquid and venture strategy.
Stage Focus
Mostly seed through Series B. Trackers count four seed, three Series A and two Series B entries. Recent rounds are often lead or co-lead at seed (Cork) and participation in later rounds alongside larger crypto funds (Superstate, M0, Atum).
Check Size
Not disclosed. Round sizes in the portfolio range from about $5M seed rounds to roughly $100M Series B rounds, so Road Capital's own checks are likely small to mid-sized, but this is an inference with low confidence.
Lead Tendency
Mixed. It co-led Cork's $5.5M seed with a16z CSX and is named as a participant in later-stage rounds, so it both leads and follows.
Recent Activity
Trackers show about four investments in 2026 through September, including Cork (January 2026 seed), Superstate (Series B), Augustus (Series B, reported July 2026) and Atum (Series B, reported September 2026). The tracker dates are not independently confirmed except Cork. The firm appears to be actively deploying.
Portfolio Highlights
- Cork: onchain tokenized risk and depeg-swap protocol, $5.5M seed in January 2026, co-led with a16z CSX.
- M0: stablecoin issuance infrastructure, Series B in 2025.
- Superstate: tokenized funds and onchain equity listings.
- Geodnet: decentralized reference stations for robotics and positioning.
- Alluvial: institutional liquid staking infrastructure.
- CrunchDAO: decentralized data science and prediction platform.
- Atum and Augustus: later-stage rounds reported in 2026.
Frequent co-investors per trackers include Variant, Bain Capital Crypto, a16z crypto, Galaxy, ParaFi and Polychain.
Team
- Thomas Bailey, General Partner and founder. Crypto entrepreneur and angel investor in blockchain startups; began at Perry Capital and attended Stanford GSB. Based in New York.
- Alex Devnew, Partner and COO since November 2021. Based in Boston; Babson graduate.
- William Scheinman, Partner, New York. Leads on Cork.
- Zack Baker, Partner, San Francisco.
Decision Process
Not disclosed. A small partnership of four, with Bailey as founder and general partner, suggests a partnership process.
Founder Preferences
Not stated publicly. The portfolio suggests protocol and infrastructure teams with finance or institutional expertise, such as Cork's founders with traditional finance and blockchain backgrounds.
Geographic Focus
US-led (six of nine tracked investments), with companies in Switzerland, France and Singapore. Portfolio companies are global onchain businesses rather than region-bound.
Gaps
No website portfolio page, thesis statement or check size is published. Team titles beyond Bailey and Devnew come from a single tracker and should be verified.