Mulana

At the heart of the Asia center of blockchain development, Mulana is initiated by DeFi project founders. We assist non-crypto native founders to navigate through the entire A to Z of a start-up's life in Crypto.

# Mulana Capital: Asia's Blockchain-Focused Venture Fund

High-Level Overview

Mulana Capital is a venture capital fund positioned at the intersection of Asia's emerging blockchain ecosystem and early-stage technology investment[1]. Founded by DeFi project veterans, the firm operates with a mission to identify and support fundamental blockchain infrastructure projects during their earliest stages of development[1]. The fund's investment philosophy centers on backing projects that address core infrastructure needs, decentralized finance protocols, security solutions, and decentralized physical infrastructure networks (DePIN)[1].

The firm has deployed capital across 19 investments to date, demonstrating a focused approach to portfolio construction rather than pursuing volume-based strategies[1]. By concentrating on foundational blockchain technologies rather than speculative applications, Mulana positions itself as a builder-oriented fund that understands the technical and operational challenges facing early-stage blockchain ventures[1].

Origin Story

Mulana Capital emerged from the practical experience of DeFi project founders who recognized gaps in venture support for blockchain infrastructure[1]. Rather than approaching the space as external investors, the founding team brought direct operational experience from building decentralized finance projects, which informs their investment thesis and ability to provide meaningful support to portfolio companies[1].

The fund's establishment reflects a deliberate geographic strategy—anchoring operations in Asia, which has become a center of blockchain development and innovation[1]. This positioning allows Mulana to access deal flow early, build relationships with emerging teams, and participate in the region's growing blockchain ecosystem before projects gain broader international attention.

Core Differentiators

Founder-Led Investment Approach

The fund's founding by active DeFi project builders rather than traditional venture capitalists creates a meaningful differentiation. This background enables the team to evaluate technical merit, assess protocol design decisions, and provide operational guidance that extends beyond capital deployment.

Specialized Sector Focus

Rather than pursuing a generalist technology investment strategy, Mulana maintains disciplined focus across four primary verticals: infrastructure, DeFi, security, and DePIN[1]. This specialization allows the fund to develop deep expertise, maintain meaningful conviction in thesis-driven investments, and avoid dilution across unrelated technology domains.

Asia-Centric Positioning

Operating from the heart of Asia's blockchain development ecosystem provides structural advantages in sourcing, due diligence, and post-investment support. The geographic focus enables the fund to build relationships with local teams, understand regional regulatory dynamics, and participate in projects before they attract broader venture attention.

Early-Stage Conviction

With 19 investments concentrated in fundamental early-stage projects, Mulana demonstrates willingness to back companies at pre-product or minimal-traction stages—a posture that requires both conviction and operational capability to support teams through critical development phases.

Role in the Broader Tech Landscape

Mulana operates within the broader consolidation of blockchain venture capital around infrastructure and protocol-layer investments. As the industry matures beyond speculative token cycles, capital increasingly flows toward projects addressing genuine technical bottlenecks—scalability, security, interoperability, and economic sustainability. The fund's focus on these fundamentals positions it to benefit from this structural shift.

The rise of DePIN as an investment category reflects growing recognition that blockchain's value extends beyond financial applications into physical infrastructure coordination. Mulana's inclusion of DePIN alongside traditional DeFi and infrastructure investments signals early positioning in this emerging category.

Asia's role as a blockchain development hub continues to strengthen, driven by regulatory pragmatism, technical talent concentration, and venture capital availability. Funds like Mulana that combine local presence with specialized expertise capture disproportionate access to high-quality deal flow and the ability to support teams through critical scaling phases.

Quick Take & Future Outlook

Mulana Capital represents a meaningful evolution in blockchain venture capital—moving beyond generalist technology investing toward specialized, founder-led capital that understands both the technical and operational requirements of infrastructure-layer projects. The fund's early positioning in DePIN, combined with its established expertise in DeFi and security, positions it well for the next phase of blockchain development where real-world utility and infrastructure robustness become primary value drivers.

The fund's future influence will likely depend on portfolio company outcomes and the broader maturation of blockchain infrastructure. As projects in Mulana's portfolio progress toward meaningful adoption and revenue generation, the fund's reputation as a builder-oriented investor will strengthen, attracting higher-quality deal flow and enabling larger follow-on investments. The convergence of Asia's technical talent, regulatory environment, and venture capital availability suggests Mulana's geographic positioning will remain strategically valuable as blockchain development continues its geographic diversification away from Western-centric ecosystems.