Paper Ventures is led by three founders with unusually different backgrounds—professional poker, traditional finance and crypto exchange building, and early-stage tech investing—who have backed Web3 projects since as early as 2010 and deliberately capped their fund at $25 million so they can focus on very early, pre-seed and seed-stage companies across all sectors rather than one niche. This founder-first approach shows up in their deal flow, which ranges from highly technical infrastructure bets like verifiable AI middleware and biometric identity systems to consumer and game products built on Telegram and other social platforms.