# Lucy Gazmararian

> Lucy Gazmararian is a Series A investor at Token Bay Capital backing Blockchain and Cryptocurrency. See 4 investments, check sizes, portfolio. Updated Aug 2026.

- Type: Angel Investor
- Fund: [Token Bay Capital](https://shizune.co/investors/profile/token-bay-capital)
- Total investments: 4
- Last investment: Mar 2024
- Lead investor: 50%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/in/lucygazmararian/

Lucy Gazmararian is a Series A investor at Token Bay Capital focused on Blockchain and Cryptocurrency. Lucy Gazmararian is the Founder and Managing Partner at Token Bay Capital. She attended the University of Oxford.

## Round sizes

| Stage | Round size |
| --- | --- |
| Series A | $15M–$19M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Blockchain | 3 | 75% |
| Cryptocurrency | 2 | 50% |
| Apps | 1 | 25% |
| Ethereum | 1 | 25% |
| Software | 1 | 25% |

13 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series A | 2 | 50% |
| Venture - Series Unknown | 1 | 25% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Hong Kong | 1 | 25% |
| Singapore | 1 | 25% |
| United States | 1 | 25% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Taiko Labs | Taiko Labs is a cryptocurrency firm that develops an Ethereum Virtual Machine (zkEVM) scaling solutions platform for Ethereum Blockchain. The platform supports all EVM opcodes in a decentralized, permissionless, and secure layer-2 architecture to allow Ethereum developers to run blockchain projects. | $15M | Series A | Mar 02, 2024 |  |
| Merkle Science | Merkle Science is a software company that offers predictive crypto risk and intelligence platforms for businesses and government agencies. It helps crypto companies, financial institutions, and government entities detect, investigate, and prevent illegal activities involving cryptocurrencies. The company's proprietary Behavioral Rule Engineenables their tools to go beyond blacklists so that compliance teams may fulfill their local KYC/AML obligations and industry players may stay keep pace with the industry’s increasingly complex illicit activities. Merkle Science was founded in 2018 and is headquartered in Singapore. | $19M | Series A | Aug 09, 2022 |  |
| Merkle Science | Merkle Science is a software company that offers predictive crypto risk and intelligence platforms for businesses and government agencies. It helps crypto companies, financial institutions, and government entities detect, investigate, and prevent illegal activities involving cryptocurrencies. The company's proprietary Behavioral Rule Engineenables their tools to go beyond blacklists so that compliance teams may fulfill their local KYC/AML obligations and industry players may stay keep pace with the industry’s increasingly complex illicit activities. Merkle Science was founded in 2018 and is headquartered in Singapore. | $19M | Series A | Aug 05, 2022 |  |
| Animoca Brands | Animoca Brands is a metaverse and gaming venture capital firm that focuses on driving digital property rights to gamers and internet users through NFTs. It utilizes gamification and blockchain to develop and market a portfolio of mobile applications, games, and additional products oriented to educational learning to ensure transparency, security,and new business models. | $65M | Venture - Series Unknown | Oct 20, 2021 |  |

4 of 4 investments shown.

## Co-investors
- [Summer Capital](https://shizune.co/investors/profile/summer-capital) — VC Fund, 3 deals together
- [BECO Capital](https://shizune.co/investors/profile/beco-capital) — VC Fund, 2 deals together
- [Darrow Holdings](https://shizune.co/investors/profile/darrow-holdings) — VC Fund, 2 deals together
- [Digital Currency Group](https://shizune.co/investors/profile/digital-currency-group) — VC Fund, 2 deals together
- [HashKey Capital](https://shizune.co/investors/profile/hashkey-capital-9c60) — VC Fund, 2 deals together
- [K3 Ventures](https://shizune.co/investors/profile/k3-ventures) — VC Fund, 2 deals together

## About Token Bay Capital

VC Fund

Token Bay Capital is an early-stage venture fund that invests in digital assets and blockchain-related companies with a focus on Asia.

1 contacts available at Token Bay Capital.

| Name | Title | Profile |
| --- | --- | --- |
| Lucy Gazmararian | Founder & Managing Partner | https://shizune.co/investors/profile/lucy-gazmararian |

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## FAQ

### What does Lucy Gazmararian invest in?

Lucy Gazmararian invests primarily in Blockchain, Cryptocurrency and Apps startups, most often at Series A and Venture - Series Unknown stage. Most of the 4 investments tracked by Shizune back companies in Hong Kong. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Lucy Gazmararian's check size?

Lucy Gazmararian typically joins rounds of $15M–$19M at Series A. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Lucy Gazmararian participates in.

### When did Lucy Gazmararian last invest?

The most recent investment recorded for Lucy Gazmararian closed in Mar 2024. Shizune tracks 4 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### 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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