# MZ Web3 Fund

> MZ Web3 Fund is a VC fund in Tokyo backing Blockchain, Gaming and Cryptocurrency. See 18 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Tokyo, Japan
- Total investments: 18
- Last investment: Jan 2024
- Lead investor: 6%
- Last updated: Aug 2026
- X (Twitter): https://twitter.com/MZ_Cryptos
- Website: https://web3.mzfund.co.jp/en/index.html

MZ Web3 Fund is a venture capital firm that supports all Web3 projects with a focus on their entry into the market. As an accredited investor, the company has the financial resources to support the development of innovative and cutting-edge Web3 projects. The firm's expertise and resources allow it to identify and invest in startups with highgrowth and success potential in the Japanese market. MZ Web3 Fund aims to foster the growth of Web3 technology and accelerate its adoption in Japan through strategic investments.

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $1.5M–$11M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Blockchain | 10 | 56% |
| Gaming | 4 | 22% |
| Cryptocurrency | 4 | 22% |
| Software | 3 | 17% |
| Apps | 2 | 11% |

39 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 11 | 61% |
| Funding Round | 3 | 17% |
| Angel | 1 | 6% |
| Series B | 1 | 6% |
| Series C | 1 | 6% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Japan | 6 | 33% |
| United States | 3 | 17% |
| Singapore | 2 | 11% |
| Switzerland | 1 | 6% |
| United Kingdom | 1 | 6% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| KEKKAI | KEKKAI is a company that offers the security of cryptocurrency transactions, reduces asset risks, and obtains risk judgment information. | $1.6M | Seed | Jan 23, 2024 |  |
| Lolli | Lolli is a rewards application that allows users to earn bitcoin when shopping online.The company has partnered with 1,000+ top brands to give people the ability to easily earn bitcoin rewards when they shop. When users shop on one of the partner sites, Lolli gets a percentage of each sale. The company then splits that percent with users, sendingbitcoin to users' Lolli wallet.Lolli was founded in 2018 by Alex Adelman and Matt Senter and is headquartered in New York, NY. | $8M | Series B | Dec 14, 2023 |  |
| Term Structure Labs | Term Structure Labs is a DeFi infrastructure platform. Peer-to-peer fixed-income DeFi protocol with a customized ZK-rollup solution. | $4.3M | Seed | Nov 29, 2023 |  |
| BLOCKSMITH&Co | BLOCKSMITH&Co is a company that develops and distributes products such as blockchain technology and crypto assets using NFTs. |  | Angel | Nov 15, 2023 |  |
| Pafin | Cryptact is a technology company providing solutions and platforms utilizing blockchains, smart contracts and virtual currencies. |  | Venture - Series Unknown | Sep 12, 2023 |  |
| D3 | D3 its goal is to transform the domain name industry by effortlessly connecting Web 1-3. | $5M | Seed | Sep 05, 2023 |  |
| ZTX | ZTX is a web-3 virtual world that supports communities and creators. ZTX is a blockchain project that jump crypto and ZEPETO, the largest avatar social network, have collaborated on. | $13M | Seed | Aug 15, 2023 |  |
| Light | Light is a software development company that allows streamers and viewers to connect in real time through an application. | $3.5M | Seed | Jul 07, 2023 |  |
| Aki Network | Aki offers a web3 growth stack to track actual influencer promotion results using on-chain data-driven goods. A variety of products and services have been developed by Aki Network to enable more users and influencers to participate in high-quality project campaigns and get commensurate compensation. |  | Seed | May 16, 2023 |  |
| Intmax | Intmax uses stateless Layer 2 zkRollup to provide cost-effective, private, and interoperable solutions to blockchain applications. | $5M | Seed | Apr 15, 2023 |  |

10 of 18 investments shown.

## Co-investors
- [Hyperithm](https://shizune.co/investors/profile/hyperithm) — VC Fund, 6 deals together
- [B Dash Ventures](https://shizune.co/investors/profile/b-dash-ventures) — VC Fund, 4 deals together
- [Mask Network](https://shizune.co/investors/profile/dimension-293e) — VC Fund, 4 deals together
- [DoraHacks](https://shizune.co/investors/profile/dorahacks) — VC Fund, 3 deals together
- [Meteorite Labs](https://shizune.co/investors/profile/meteorite-labs) — VC Fund, 3 deals together
- [Presto](https://shizune.co/investors/profile/presto-labs) — VC Fund, 3 deals together

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## FAQ

### What does MZ Web3 Fund invest in?

MZ Web3 Fund invests primarily in Blockchain, Gaming and Cryptocurrency startups, most often at Seed and Funding Round stage. Most of the 18 investments tracked by Shizune back companies in Japan. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is MZ Web3 Fund's check size?

MZ Web3 Fund typically joins rounds of $1.5M–$11M at Seed. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds MZ Web3 Fund participates in.

### When did MZ Web3 Fund last invest?

The most recent investment recorded for MZ Web3 Fund closed in Jan 2024. Shizune tracks 18 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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