Polymorphic Capital is a venture capital firm that selectively invests in extraordinary teams and emerging paradigms in blockchain and fintech globally. We support projects engendering change across the internet, economy, and society to be more transparent, inclusive and effective through the use of decentralized protocols.

our values


venture investing is about discovering and empowering new ideas rather than about pure asset management


search for compelling opportunities at the Seed and Series A stages


as receptive to early non-mainstream concepts as to proven business models


appreciate strong, proven teams with deep domain expertise


compound our invested capital through growth in value rather than short-term opportunities


welcome opportunities to be actively involved and work hard together with our investees

we focus on

new market leaders

emerging leaders solving specific problems in Web3, ranging from traditional service businesses to cutting-edge protocols

disruptive technologies

companies discovering new approaches to existing blockchain applications, such as SMPC in custody or AMMs in DEXes

missing puzzles & bottlenecks

projects that eliminate technical gaps in the Web3 stack, solving problems of true decentralization, scalability, composability and adoption

emerging verticals

new areas, technologies and applications often developing in stealth mode, seeking to expand Web3 approaches to other industries

Vitaly Spassky

managing partner

Leverages 20+ years of investment and executive experience to lead Polymorphic's team, build relationships and support entrepreneurs with strategy and operations

Prior: G1 Ventures, Siguler Guff, Merrill Lynch, Donaldson Lufkin & Jenrette, Credit Suisse
MS and BA, Stanford University

Eldar Khamitov

partner, portfolio development

Eldar came to the blockchain space from scientific routes, fascinated by decentralized models and the crypto-economy. He is responsible for the investment process and working closely with portfolio companies

Prior: G1 Ventures, NKB Ventures
PhD in Applied Mathematics, MIPT

Richard Sobel

partner, strategic development

Veteran private equity investor managed several funds with a total of $1B AUM. Richard leads Polymorphic fund formation, finance and operations

Prior: Virtu Capital Partners, Alfa Capital Partners, Baring Asset Management, EBRD, Bain
MBA Harvard, BA Stanford University