Puzzle Ventures operates as both a Berlin-based VC backing AI and enterprise startups and a Beijing-linked crypto fund investing in Web3 protocols, giving it a rare hybrid footprint across European SaaS and Asian crypto communities. Despite being a small fund, it consistently co-invests alongside top-tier firms like GV, Northzone, and General Catalyst across very different asset types, while maintaining unusual transparency by publishing on-chain performance data for its token investments.