Key Takeaways
- • Protagonist, a Miami-based crypto venture capital fund founded by Dylan and Ian Macalinao of Saber Labs, has launched with $100 million in committed capital to invest in and incubate early-stage web3 protocols and startups.
- • The fund targets investments across gaming, infrastructure, security, and privacy verticals, with current portfolio positions including Aptos (Layer 1 blockchain), Cardinal (Solana-based NFT utility protocol), and Cogni (digital banking platform).
- • Co-founders George Bousis (founder of Raise and Slide) and Harry Hurst (co-founder of Pipe) bring serial entrepreneurship and angel investment experience alongside the Macalinao brothers' deep Solana ecosystem credentials.
- • Protagonist's backers remain undisclosed; however, parent company Saber Labs has raised $7.7 million from investors including Chamath Palihapitiya's Social Capital, Multicoin Capital, and Jump Capital, with Saber currently ranking as the 11th largest Solana protocol by total value locked at approximately $95 million.
- • The fund launch occurs during a market downturn period when venture capital funding has declined substantially from 2022 year-to-date peaks, positioning Protagonist as a contrarian entrant into the crypto VC space.
Summary
Protagonist has officially launched as a new crypto venture capital fund and incubation platform with $100 million in capital, announced on July 12, 2022. The fund is led by Dylan and Ian Macalinao, founders of Saber Labs, a Solana-based cross-chain decentralized exchange, alongside serial entrepreneurs George Bousis and Harry Hurst. Based in Miami, Protagonist represents a significant institutional commitment to web3 infrastructure during a period of broader crypto market contraction.
The fund's investment thesis centers on supporting early-stage protocols and startups that will form the backbone of emerging blockchain ecosystems. Protagonist targets verticals including gaming, infrastructure, security, and privacy, with a stated belief that multiple blockchain networks will develop distinct application niches over the next two decades. Current portfolio investments demonstrate this thesis: Aptos (a new Layer 1 blockchain), Cardinal (a Solana-based NFT utility protocol), and Cogni (a digital banking platform). Additionally, Protagonist is developing and incubating proprietary protocols in-house, positioning the firm as both investor and builder.
The founding team brings complementary expertise across crypto infrastructure and traditional fintech. Dylan Macalinao's role at Saber Labs provides deep Solana ecosystem knowledge, while Bousis and Hurst contribute entrepreneurial track records in adjacent markets. Bousis serves as founder and executive chairman of Raise and Slide, a gift card, loyalty, and payments company. Hurst co-founded and co-leads Pipe, a trading platform specializing in recurring revenue financing. The fund's specific backers have not been disclosed, though parent company Saber Labs has raised $7.7 million from established crypto investors including Chamath Palihapitiya's Social Capital, Multicoin Capital, and Jump Capital.
Protagonist's $100 million launch occurs against a challenging backdrop for crypto venture funding. The broader crypto market experienced a significant downturn through mid-2022, and venture capital deployments declined substantially from their all-time highs in earlier months. Saber Labs itself, despite its strong positioning as the 11th largest Solana protocol with approximately $95 million in total value locked, operates within this constrained environment. Protagonist's timing suggests the founders view market dislocations as an opportunity to identify and develop foundational web3 infrastructure at potentially more favorable valuations.
The fund's investment thesis centers on supporting early-stage protocols and startups that will form the backbone of emerging blockchain ecosystems. Protagonist targets verticals including gaming, infrastructure, security, and privacy, with a stated belief that multiple blockchain networks will develop distinct application niches over the next two decades. Current portfolio investments demonstrate this thesis: Aptos (a new Layer 1 blockchain), Cardinal (a Solana-based NFT utility protocol), and Cogni (a digital banking platform). Additionally, Protagonist is developing and incubating proprietary protocols in-house, positioning the firm as both investor and builder.
The founding team brings complementary expertise across crypto infrastructure and traditional fintech. Dylan Macalinao's role at Saber Labs provides deep Solana ecosystem knowledge, while Bousis and Hurst contribute entrepreneurial track records in adjacent markets. Bousis serves as founder and executive chairman of Raise and Slide, a gift card, loyalty, and payments company. Hurst co-founded and co-leads Pipe, a trading platform specializing in recurring revenue financing. The fund's specific backers have not been disclosed, though parent company Saber Labs has raised $7.7 million from established crypto investors including Chamath Palihapitiya's Social Capital, Multicoin Capital, and Jump Capital.
Protagonist's $100 million launch occurs against a challenging backdrop for crypto venture funding. The broader crypto market experienced a significant downturn through mid-2022, and venture capital deployments declined substantially from their all-time highs in earlier months. Saber Labs itself, despite its strong positioning as the 11th largest Solana protocol with approximately $95 million in total value locked, operates within this constrained environment. Protagonist's timing suggests the founders view market dislocations as an opportunity to identify and develop foundational web3 infrastructure at potentially more favorable valuations.
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