# Formless Capital

> Formless Capital is a VC fund in San Francisco backing Blockchain and Gaming. See 56 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: San Francisco, United States
- Total investments: 56
- Last investment: Apr 2025
- Lead investor: 2%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/formlesscapital
- X (Twitter): https://twitter.com/FormlessCapital
- Website: https://www.formless.capital/

Formless Capital is a cross-border investment fund that invests in the future of blockchain and technologies.

## Contacts

5 contacts available for Formless Capital. Shizune tracks 1 team members at Formless Capital. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/formless-capital?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $2M–$11M |
| Pre-Seed | $750k–$35M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Blockchain | 21 | 38% |
| Gaming | 14 | 25% |
| Software | 9 | 16% |
| Web3 | 7 | 13% |
| Artificial Intelligence | 7 | 13% |

54 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 32 | 57% |
| Pre-Seed | 8 | 14% |
| Funding Round | 4 | 7% |
| Venture - Series Unknown | 3 | 5% |
| Angel | 2 | 4% |

8 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| United States | 11 | 20% |
| Singapore | 4 | 7% |
| Vietnam | 3 | 5% |
| Hong Kong | 2 | 4% |
| South Korea | 2 | 4% |

11 countries tracked in total.

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Cecilia Li | Founder | 9 | https://shizune.co/investors/profile/cecilia-li |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Gata | Gata uses data technology to develop superintelligence and to ensure its alignment with human objectives. | $4M | Seed | Apr 30, 2025 |  |
| Sogni AI | Sogni AI functions as a platform for decentralized creative AI. | $2M | Pre-Seed | Mar 11, 2025 |  |
| Coral Finance | Coral Finance is a decentralized marketplace for trading premium derivatives that offers dependable, long-term liquidity solutions. | $3M | Seed | Mar 03, 2025 |  |
| Moku | Moku is a web3 gaming platform that enables players connect to gaming guilds, NFT casting pages, game strategy communities, and more. | $5.4M | Seed | Sep 09, 2024 |  |
| Rivalz Network | An AI-Driven DePIN RollApp | $9M | Seed | Aug 14, 2024 |  |
| Demether | Demether is a DeFi protocol that works to enable zero-cost access to TVL for blockchains. |  | Angel | Jul 08, 2024 |  |
| Unite | We started Unite because we saw a problem.Two problems, in fact. A problem faced by marketplace sellers like you, who see high- quality traffic on your pages but have no way of retargeting shoppers who don’t end up purchasing, leaving potential sales on the table. And a problem faced by the marketplaces where you sell, which win by helping youdrive sales but aren’t equipped to offer you the sorts of online advertising tools like retargeting pixels, audience creation, and campaign management platforms that big brands have been using for years.That’s where we come in. Understanding these constraints and sharing the frustration faced by both sellers and marketplaces over lost revenue and lost customers, we created the perfect platform to put the industry’s most powerful advertising technology capabilities in the hands of people like you, building them into the marketplaces where you already sell. The result? Higher traffic and higher conversion rates. In other words, higher sales.Today, thousands of sellers across the Internet are using Unite to advertise like a big brand and drive sales. It’s time to join them. | $3M | Seed | Jun 11, 2024 |  |
| Aria | Aria is a role-playing game in which players can freely traverse an open world while experiencing the thrill of epic quests and combat. |  | Seed | May 23, 2024 |  |
| Blade Games | Blade Games is an on-chain game studio and infrastructure supplier, pioneering decentralized gaming experiences using blockchain technology, enabling creativity and community participation. | $2.4M | Seed | May 01, 2024 |  |
| Puffer | Puffer Finance operates as a blockchain infrastructure company. | $18M | Series A | Apr 16, 2024 |  |

10 of 56 investments shown.

## Co-investors
- [Mask Network](https://shizune.co/investors/profile/dimension-293e) — VC Fund, 23 deals together
- [Animoca Brands](https://shizune.co/investors/profile/animoca-brands-corporation) — VC Fund, 14 deals together
- [Big Brain Holdings](https://shizune.co/investors/profile/big-brain-holdings) — VC Fund, 10 deals together
- [Jump Crypto](https://shizune.co/investors/profile/jump-crypto) — VC Fund, 9 deals together
- [IVC](https://shizune.co/investors/profile/infinity-ventures-crypto) — VC Fund, 8 deals together
- [Youbi Capital](https://shizune.co/investors/profile/youbi-capital) — VC Fund, 7 deals together

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## FAQ

### What does Formless Capital invest in?

Formless Capital invests primarily in Blockchain, Gaming and Software startups, most often at Seed and Pre-Seed stage. Most of the 56 investments tracked by Shizune back companies in United States. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Formless Capital's check size?

Formless Capital typically joins rounds of $2M–$11M at Seed and $750k–$35M at Pre-Seed. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Formless Capital participates in.

### How do I contact Formless Capital?

Public channels for Formless Capital include LinkedIn, X (Twitter) and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Formless Capital?

The team at Formless Capital includes Cecilia Li (Founder). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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