Luno Expeditions

ActiveVenture Capital

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Updated: Jan 22, 2026 ·

Financial History

Total Raised

N/A

Valuation

N/A

Investments Made

Date	Company	Round	Lead Investor(s)	Co-Investor(s)
Sep 1, 2025	LendOS	$13.0M Series A	—	F-Prime Capital Partners, Illuminate Financial Management, Jump Capital, Charles Delingpole
Aug 1, 2025	EliseAI	$250.0M Series E	—	Andreessen Horowitz, Cambrian Ventures, Golden Seeds, Innovation Endeavors, Sapphire Ventures, Timespan Ventures, Tribe Capital, Alex Adelman, Anshu Sharma
Aug 1, 2025	Block Earner	$5.0M Series A	—	King River Capital, ParaFi Capital, Fernando Martinelli, Stani Kulechov
Jun 1, 2025	Spinwheel	$30.0M Series A	—	Battery Ventures, Core Innnovation Capital, DCM, Fika Ventures, Foundation Capital, F-Prime Capital Partners, Illuminate Financial Management, Jump Capital, M12, Madrona Ventures, QED Investors, Swift Ventures, TCV, Trinity Ventures, TTV Capital, Charles Delingpole
May 1, 2025	Stitch	$10.0M Seed	—	Big Sky Health, Coinbase Ventures, Connect Ventures, Creative Juice, ENIAC Ventures, Jenny Fielding, Scott Hartley, Exponent Founders Capital, Firstminute Capital, Freestyle Capital, Future Africa, General Catalyst, Norrsken VC, Precursor Ventures, QED Investors, Quona Capital, Stellar Capital, Tekton Ventures, The Community Fund, Vera Equity, Andre Mohamed, Brad Garlinghouse, Charles Delingpole, David de Picciotto, Eric Hahn, Gabriel Weinberg, Iqram Magdon-Ismail, Jason Goldberg, Richard Chen, Tom Blomfield, Trevor Noah
Apr 1, 2025	Stitch	$55.0M Series B	—	Big Sky Health, Coinbase Ventures, Connect Ventures, Creative Juice, ENIAC Ventures, Jenny Fielding, Scott Hartley, Exponent Founders Capital, Firstminute Capital, Freestyle Capital, Future Africa, General Catalyst, Norrsken VC, Pareto Holdings, Precursor Ventures, QED Investors, Quona Capital, Stellar Capital, Tekton Ventures, The Community Fund, Vera Equity, Andre Mohamed, Brad Garlinghouse, Charles Delingpole, David de Picciotto, Eric Hahn, Gabriel Weinberg, Iqram Magdon-Ismail, Jason Gardner, Jason Goldberg, Mandeep Singh, Richard Chen, Tom Blomfield, Trevor Noah
Feb 1, 2025	Sardine	$70.0M Series C	—	Andreessen Horowitz, Cambrian Ventures, Innovation Endeavors, Timespan Ventures, Tribe Capital, Alex Adelman, Anshu Sharma
Oct 1, 2024	Finix	$75.0M Series C	—	01 Advisors, 75 & Sunny, Acrew Capital, Act One Ventures, Alumni Ventures, American Express Ventures, Amplo, Bain Capital Ventures, Company Capital, Curie.Bio, DST Global, Homebrew, Inspired Capital, MYASIAVC PTE LTD, Norwest Venture Partners, Operator Partners, Pareto Holdings, Partech Ventures, Precursor Ventures, Sarona Ventures, Sequoia Capital, Softbank Latin America Fund, The General Partnership, Treble Capital, Vamos Ventures, Vine Ventures LP, Emanuel Pleitez, Eric Wu, Henry Kravis, Jonas Huckestein, Marc Benioff, Tushar Garg
Apr 1, 2024	Torg	$3.0M Seed	—	7percent Ventures, Atlantic Food labs, Big Sky Health, Coinbase Ventures, Connect Ventures, Creative Juice, Dutch Founders Fund, ENIAC Ventures, Jenny Fielding, Scott Hartley, Exponent Founders Capital, Firstminute Capital, Freestyle Capital, Future Africa, General Catalyst, Norrsken VC, Precursor Ventures, QED Investors, Quona Capital, Speedinvest, Stellar Capital, Tekton Ventures, The Community Fund, Vera Equity, Andre Mohamed, Brad Garlinghouse, Charles Delingpole, David de Picciotto, Eric Hahn, Gabriel Weinberg, Iqram Magdon-Ismail, Jason Gardner, Jason Goldberg, Mathias Ockenfels, Richard Chen, Tom Blomfield, Trevor Noah
Dec 1, 2023	Dynamic Labs	$14.0M Series A	—	1/1 Capital, Alchemy Ventures, Cedar Capital Group, Firework Ventures, Flexsteel Industries Inc., Gradient Ventures, GSV Acceleration, Heretic Ventures, Index Ventures, Insight Partners, Mantis VC, Pareto Holdings, Pear VC, Precursor Ventures, Redstone Road LLC, Slack Fund, Allison Pickens (Allison Pickens Ventures), Chris Fanini, Daniel Kan, Henry Davis, James Beshara, Jeff Seibert, Odell Beckham Jr., Wayne Chang
Oct 1, 2023	Modal Labs	$16.0M Series A	—	AirAngels, Allison Pickens Ventures, formerly The New Normal Fund, Alt Capital, Alumni Ventures, BDC Venture Capital, Big Sky Health, Coinbase Ventures, Connect Ventures, Creative Juice, ENIAC Ventures, Jenny Fielding, Scott Hartley, Exponent Founders Capital, Firstminute Capital, First Round Capital, Freestyle Capital, FTX Ventures, Future Africa, General Catalyst, iNovia Capital, Invariantes Fund, K2 Global, KRM Interests LLC, Lightbank, Norrsken VC, Not Boring Capital, Outcast Ventures, Penny Jar Capital, Precursor Ventures, QED Investors, Quona Capital, S28 Capital, Stellar Capital, Tekton Ventures, The Community Fund, Trajectory Ventures, Vera Equity, Y Combinator, Abhinav Asthana, Adam Blitzer, Adam D'Angelo, Akshay Kothari, Allison Pickens (Allison Pickens Ventures), Andre Mohamed, Brad Garlinghouse, Charles Delingpole, Christina Cacioppo, David de Picciotto, Deborah Liu, Eric Hahn, Gabriel Weinberg, Georges Harik, Greg Brockman, Jason Gardner, Jason Goldberg, Lukas Biewald, Max Mullen, Mike Lee, Peter Kern, Richard Chen, Ron Pragides, Sahin Boydas, Scott Belsky, Thomas Tull, Tom Blomfield, Trevor Noah
May 1, 2023	NewLimit	$72.0M Series A	—	Andreessen Horowitz, Cambrian Ventures, Innovation Endeavors, Paradigm, Timespan Ventures, Tribe Capital, Y Combinator, Alex Adelman, Anshu Sharma, Julius Genachowski
Feb 1, 2023	GovPort	$3.0M Seed	—	Andreessen Horowitz, Cambrian Ventures, Fin Capital, Harmonix Fund, Humba Ventures, Innovation Endeavors, NextGen Venture Partners, PruVen Capital, QED Investors, Refactor Capital, Timespan Ventures, Tribe Capital, Alex Adelman, Anshu Sharma, Marc Benioff, ArcTern Ventures, Point72 Ventures
Jan 1, 2023	T2	$1.0M Seed	—	Afore Capital, Alchemy Ventures, Amasia, Andreessen Horowitz, AngelList, Atomico, Backed VC, BoxOne Ventures, BP Ventures, Breakthrough Energy Ventures, Cedar Capital Group, Cherry Ventures, FPV Fund, Gradient Ventures, Greycroft, Hoxton Ventures, Insight Partners, Mayfield, mExpand Family Office, Mosaic Ventures, Olima Ventures, Pareto Holdings, Preston-Werner Ventures, Redstone Road LLC, Section 32, Slack Fund, Social Capital, Touchdown Ventures, Work-Bench, Adam Wiggins, Allison Pickens (Allison Pickens Ventures), Biz Stone, Charlie Songhurst, Deborah Liu, Ian Hogarth, Liu Jiang, Michael Stoppelman, Nader Al-Naji, Paul Forster, Phillip Chambers, Tania Boler, Wayne Chang, William Miller
Sep 1, 2022	Sardine	$52.0M Series B	—	Accel, Andreessen Horowitz, C2 Investment, Cambrian Ventures, Coatue, Electric Capital, Foundation Capital, Founders Fund, Franklin Templeton Investments, General Catalyst, Gradient Ventures, Green Bay Ventures, Incisive Ventures, Innovation Endeavors, LGF, Lightspeed Venture Partners, Ribbit Capital, Roosh Ventures, Seven Seven Six, SNR, Spark Capital, Timespan Ventures, Tribe Capital, Tucker Seed Fund LLC, Y Combinator, Alex Adelman, Alexandre Scialom, Anshu Sharma, Ben Lang, Elad Gil, Jeffrey Wilke, Justin Mateen, Vinay Hiremath, William Hockey
Sep 1, 2022	Traction	$3.0M Seed	—	Allos Ventures, Streamlined Ventures
Sep 1, 2022	Fermat Commerce	$12.0M Seed	—	Alchemy Ventures, Andreessen Horowitz, Ballistic Ventures, B Capital Group, Bessemer Venture Partners, Better Capital, Cedar Capital Group, Cisco Investments, Comal Ventures, First Round Capital, Geek Ventures, Golden Ventures, Gradient Ventures, Greylock, Insight Partners, Left Lane Capital, ManchesterStory Group, Pareto Holdings, QED Investors, Redstone Road LLC, Sequoia Capital, Slack Fund, SoftBank Investment Advisers, Valor Capital Group, Allison Pickens (Allison Pickens Ventures), Andy Bechtolsheim, Fanny Surjana, Jeff Seibert, Manik Gupta, Oded Hermoni, Rob Theis, Sahin Boydas, Wayne Chang
May 1, 2022	NFT Now	$6.0M Venture Round	—	Andreessen Horowitz, Cambrian Ventures, Innovation Endeavors, Timespan Ventures, Tribe Capital, Anshu Sharma
Apr 1, 2022	Scroll.io	$30.0M Series A	—	King River Capital, ParaFi Capital, Fernando Martinelli, Stani Kulechov
Apr 1, 2022	Truora	$15.0M Series A	—	20VC, 468 Capital, Accel, Acrew Capital, Amplo, Balderton Capital, Blackbird Ventures Australia, Cedar Capital Group, DST Global, Felicis Ventures, Iterative, Kaszek Ventures, Kindred Ventures, Latitud, monashees, MYASIAVC PTE LTD, Picus Capital, Plug & Play Ventures, Propel Venture Partners, Quona Capital, Sarona Ventures, Weekend Fund, Wollef Ventures, Biz Stone, Chris Murphy, Claire Diaz-Ortiz, Dhaval Chadha, Felipe Feffer, Javier Diaz Evans, Jonas Huckestein, Jonathan Wasserstrum, Lea- Sophie Cramer, Ricardo Weder, Stewart Butterfield, Tom Blomfield
Mar 1, 2022	nftychat	$1.0M Seed	—	King River Capital, ParaFi Capital, Stani Kulechov
Mar 1, 2022	Block Tackle	$5.0M Seed	—	A'Z Angels, Cadenza Capital Management, Jump Capital, Jarrod Dicker
Feb 1, 2022	Brick	$9.0M Seed	—	100X.VC, B Capital Group, Big Sky Health, Coinbase Ventures, Comcast Ventures, Connect Ventures, Creative Juice, ENIAC Ventures, Jenny Fielding, Scott Hartley, Exponent Founders Capital, Firstminute Capital, Freestyle Capital, Future Africa, General Catalyst, Iterative, Norrsken VC, Pegasus Tech Ventures, Precursor Ventures, QED Investors, Quona Capital, Script Capital, Stellar Capital, Tekton Ventures, The Community Fund, Uncorrelated Ventures, Vera Equity, Andre Mohamed, Balaji Srinivasan, Brad Garlinghouse, Charles Delingpole, David de Picciotto, Eric Hahn, Gabriel Weinberg, Iqram Magdon-Ismail, Jason Gardner, Jason Goldberg, Oskar Hartmann, Prashant Malik, Richard Chen, Tom Blomfield, Trevor Noah
Feb 1, 2022	Streetbeat	$12.0M Seed	—	3Lines, AAF Management Ltd., Plug & Play Ventures, TTV Capital, Claire Diaz-Ortiz, Mik Attisani
Feb 1, 2022	Sardine	$20.0M Series A	—	75 & Sunny, Acrew Capital, Amplo, Andreessen Horowitz, Blockchange Ventures, Cambrian Ventures, Innovation Endeavors, LAUNCH, Multicoin Capital, MYASIAVC PTE LTD, Palm Tree Crew Investments, Sarona Ventures, Timespan Ventures, Tribe Capital, Alex Adelman, Andre Iguodala, Anshu Sharma, Eytan Elbaz, Jonas Huckestein, Louis Beryl

Financial History

Total Raised

N/A

Valuation

N/A

Leadership Team

Key people at Luno Expeditions.

Jocelyn Cheng

Managing Partner

Leadership Team

Key people at Luno Expeditions.

Jocelyn Cheng

Managing Partner

Deep Dive

Luno Expeditions is an early-stage investment arm focused on supporting fintech and crypto/web3 founders globally to build the next generation of financial services. It invests primarily in seed and pre-seed rounds, often providing founders with their first institutional check. The firm leverages the extensive experience and capital backing of its parent company, Digital Currency Group (DCG), enabling it to take a long-term view without the pressure of traditional fund return timelines. Luno Expeditions aims to invest in 200-300 startups annually, expanding beyond crypto into broader fintech sectors, thereby accelerating innovation and growth in the global fintech and crypto ecosystem[1][2][3].

Founded in 2021 as part of Luno, a DCG subsidiary, Luno Expeditions was created to address the unique challenges fintech and crypto startups face, such as longer development cycles and regulatory complexities. The investment team is led by CEO Jocelyn Cheng, who brings extensive global investment experience from her previous roles at Global Innovation Fund, CPP Investments, Bain Capital, and Goldman Sachs. The firm builds on DCG’s seven-year track record of early-stage crypto investing, managing evergreen capital to support founders worldwide with a localized approach across five continents[1][2][6].

Core Differentiators

Unique Investment Model: Evergreen capital from DCG allows Luno Expeditions to invest with a long-term horizon, free from traditional fund lifecycle pressures[1].
Network Strength: Access to DCG’s extensive portfolio and industry relationships provides founders with valuable connections and resources[1][2].
Scale and Focus: Plans to back 200-300 startups annually, making it one of the most prolific early-stage investors in fintech and crypto globally[1][2].
Localized Support: Leverages Luno’s market expertise across multiple continents to provide tailored support to founders in diverse regions[2].
Early-Stage Expertise: Focus on seed and pre-seed rounds, often providing founders with their first institutional capital, which is critical for early traction[1][2].

Role in the Broader Tech Landscape

Luno Expeditions is positioned at the intersection of two major trends: the rise of decentralized finance (DeFi) and the broader fintech transformation. The timing is crucial as fintech and crypto startups face increasing regulatory scrutiny and longer product development cycles, necessitating patient capital and specialized support. By investing early and globally, Luno Expeditions helps shape the future of financial services, promoting innovation in payments, digital assets, and financial inclusion. Its efforts contribute to a more vibrant and diverse fintech ecosystem, influencing how financial technology evolves worldwide[1][2].

Quick Take & Future Outlook

Looking ahead, Luno Expeditions is set to scale its investment activity significantly, potentially committing $50 million to $300 million over typical fund periods. The firm’s focus on early-stage fintech and crypto startups positions it well to capitalize on emerging trends such as Web3, decentralized finance, and digital banking innovations. As regulatory frameworks mature and adoption of crypto and fintech solutions grows, Luno Expeditions’ influence is likely to expand, fostering a new generation of financial service providers. Its long-term, founder-centric approach and global reach will be key assets in navigating the evolving landscape and driving sustained impact[1][2].

Sources

Core Differentiators

Unique Investment Model: Evergreen capital from DCG allows Luno Expeditions to invest with a long-term horizon, free from traditional fund lifecycle pressures[1].
Network Strength: Access to DCG’s extensive portfolio and industry relationships provides founders with valuable connections and resources[1][2].
Scale and Focus: Plans to back 200-300 startups annually, making it one of the most prolific early-stage investors in fintech and crypto globally[1][2].
Localized Support: Leverages Luno’s market expertise across multiple continents to provide tailored support to founders in diverse regions[2].
Early-Stage Expertise: Focus on seed and pre-seed rounds, often providing founders with their first institutional capital, which is critical for early traction[1][2].