Key Takeaways
- • Mo Shaikh, cofounder of Aptos Labs, and three early Aptos employees launched Maximum Frequency Ventures, a $50 million crypto-focused venture fund, with limited partners sourced from family offices across the U.S., East Asia, and Southeast Asia.
- • The fund's four cofounders—Shaikh, Neil Harounian (former Aptos head of ecosystem), Alexandre Tang (former head of APAC institutions), and Jerome Ong (former APAC ecosystem lead)—have committed personal capital alongside external investors, establishing direct alignment with fund performance.
- • Maximum Frequency enters a crowded but now-mainstream venture capital landscape dominated by established crypto funds including Paradigm, Dragonfly, and Haun Ventures, signaling continued institutional interest in blockchain infrastructure despite near-term headwinds.
- • The fund launch occurs during a contraction in crypto venture capital, with investments dropping 55% to $6.8 billion between Q1 and Q2 2025, according to Pitchbook data, highlighting countercyclical entry timing by experienced operators.
Summary
Mo Shaikh, cofounder of blockchain development company Aptos Labs, announced the formation of Maximum Frequency Ventures (MFV), a $50 million venture capital fund focused exclusively on crypto companies. Shaikh launched the fund alongside three former Aptos colleagues: Neil Harounian, who served as the first employee at Aptos Labs and headed the company's ecosystem division; Alexandre Tang, former head of APAC institutions; and Jerome Ong, former APAC ecosystem lead. All four cofounders have invested personal capital alongside external limited partners, though Shaikh declined to disclose specific individual contributions or the complete list of LPs.
The fund's capital base derives from family offices located in the United States, East Asia, and Southeast Asia. Shaikh provided no detail on which specific institutions or individuals committed to the fund, maintaining confidentiality around the investor syndicate. The four-person team brings direct operational experience from Aptos Labs, positioning the fund as an "operator-led" venture vehicle designed to provide practical guidance to portfolio companies beyond traditional capital deployment.
Maximum Frequency Ventures enters a competitive but established segment of venture capital. Crypto-focused VC funds have transitioned from novelty status to mainstream practice, with established competitors including Paradigm, Dragonfly, and Haun Ventures already commanding significant assets and deal flow. The fund's positioning emphasizes founder support and operational mentorship, with Shaikh framing the fund's mission as helping "each founder hit their maximum frequency."
The fund launch timing coincides with headwinds in the broader crypto venture market. According to Pitchbook data, venture investments in crypto declined 55% quarter-over-quarter, falling from approximately $15.1 billion in Q1 2025 to $6.8 billion in Q2 2025. This contraction occurs despite concurrent price appreciation in major cryptocurrencies including Bitcoin and Ethereum, illustrating a disconnect between asset price momentum and venture capital deployment. The decline reflects sector-wide fundraising challenges affecting venture capital more broadly.
Shaikh previously worked on Meta's Libra initiative, the cryptocurrency project that was subsequently abandoned, providing him with institutional blockchain experience prior to his founding role at Aptos Labs.
The fund's capital base derives from family offices located in the United States, East Asia, and Southeast Asia. Shaikh provided no detail on which specific institutions or individuals committed to the fund, maintaining confidentiality around the investor syndicate. The four-person team brings direct operational experience from Aptos Labs, positioning the fund as an "operator-led" venture vehicle designed to provide practical guidance to portfolio companies beyond traditional capital deployment.
Maximum Frequency Ventures enters a competitive but established segment of venture capital. Crypto-focused VC funds have transitioned from novelty status to mainstream practice, with established competitors including Paradigm, Dragonfly, and Haun Ventures already commanding significant assets and deal flow. The fund's positioning emphasizes founder support and operational mentorship, with Shaikh framing the fund's mission as helping "each founder hit their maximum frequency."
The fund launch timing coincides with headwinds in the broader crypto venture market. According to Pitchbook data, venture investments in crypto declined 55% quarter-over-quarter, falling from approximately $15.1 billion in Q1 2025 to $6.8 billion in Q2 2025. This contraction occurs despite concurrent price appreciation in major cryptocurrencies including Bitcoin and Ethereum, illustrating a disconnect between asset price momentum and venture capital deployment. The decline reflects sector-wide fundraising challenges affecting venture capital more broadly.
Shaikh previously worked on Meta's Libra initiative, the cryptocurrency project that was subsequently abandoned, providing him with institutional blockchain experience prior to his founding role at Aptos Labs.
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