LP Distributions (Total)
$12.25M
Blend of WVR in-kind + $4.58M USDC
Fund NAV
$7.88M
Q1 2026 Β· Indicative
TVPI
0.96Γ
(NAV + Distributions) / Committed
DPI
0.58Γ
Distributions / Committed Capital
Net IRR
-1.4%
Since inception (Aug 2021)
π GP Commentary β Q1 2026
Fund is in harvest mode. Q1 NAV decline reflects mark-to-market adjustments on token positions with longer vesting schedules, not new losses. Four exit processes active for H1 2026. Two distributions completed to date, returning 58% of committed capital.
NovaDrone (24% of NAV) β our largest position and top performer at 6.68Γ. DePIN robotics has emerged as a breakout narrative in 2026, with NovaDrone recognized as the first decentralized robot network. TGE expected Q2 2026.
OracleNet (19% of NAV) β the fund's best liquid position, with monthly token vesting providing steady realization. OracleNet acquired CreditView (credit risk oracles), secured an UpBit listing, and is now powering $6T+ in tokenized assets via the Canton Network.
Brix (BridgeFi pivot, 10% of NAV) β completed its first live USDCβTRYβTurkish MMF transaction, delivering ~20% USD-net yield on-chain. A real product shipping at the intersection of RWA tokenization and DeFi. Notably, OracleNet's oracle feeds are directly powering Brix. Tokenized RWA on-chain surpassed $12B in March 2026.
The fund's concentration in oracles, DePIN, and RWA infrastructure aligns with the sectors attracting the most institutional capital this cycle.
Winners (β₯2Γ)
5
NovaDrone Β· NodeGrid Β· OracleNet Β· VaultKey Β· BridgeFi
Active Positions
13
Tokens + equity
Write-Offs
$730K
5 positions
Exits in Progress
4
Active exit processes underway
Fund Structure
LP: Horizon Ventures Fund I, L.P. (BVI LP)
GP: Horizon Ventures GP LLC (Delaware)
Terms: 2% mgmt Β· 20% carry Β· No hurdle
Term: 5 years + extensions (from Aug 2021)
Service Providers
Auditor: Withum
Admin: Formidium
US Counsel: CFM
BVI Counsel: Harneys
Immediate Attention
1
NodeGrid - this week
Near-Term Exits
3
ArcStore Β· RPS Β· FluxNet (Q2-Q3 2026)
Medium Priority
4
WebForge Β· OracleNet Β· DataStream Β· Grove
Patient Hold
3
NovaDrone Β· VaultKey Β· BridgeFi
Invested: $100K
Value: $280K
Equity: 0.67%
FDV: $42M
Cash: $3.15M
Burn: $650K/mo
Runway: ~5 months
Norwegian AS entity. 8 months dark - no communication. CEO transition; new leadership unverified. Runway critical based on last known burn. Must verify cash position immediately and initiate secondary market discussions within 60-90 days.
Deadline: This week - verify runway, contact new leadership
Invested: $1.175M
Adj Value: $282K
Equity: 2.06%
Unlock: Nov 2026 cliff
$1M convertible loan (repaid) + $175K direct equity. Tokens locked until November 2026 cliff - must sell pre-unlock via OTC to avoid cliff dump. Target Aug-Sep 2026 for OTC engagement. At current ARC price ($0.0173), token value is suppressed but may recover pre-unlock on narrative.
Window: Aug-Sep 2026 OTC exit Β· Contact CEO Β· Engage 2-3 OTC desks
Invested: $500K
Value: $500K
Equity: 3.33%
Cash: $850K
Strategic M&A discussions active. 22-month communication blackout - concerning but consistent with M&A process. Internal deadline Aug 2026 for signed LOI.
Deadline: Aug 2026 LOI Β· Request financials Β· Monitor M&A status
Invested: $150K
Value: $429
Tokens: 428.6K MSH
Volume: $15/day
TGE scheduled April 29, 2026 - last chance for any value recovery. Currently -99.7% from entry. $15/day volume = no market. Dump immediately at TGE if any liquidity materializes.
Deadline: April 29 TGE Β· Pre-TGE diligence before April 15
Invested: $700K
Adj Value: $140K
Equity: 3.02%
FDV (stale): $160M
Runway: ~20 months
Runway collapsed from >100 months to ~20 months. CEO declined to provide financials to auditors - major red flag. FDV-based value ($4.8M) almost certainly overstated. Negotiate buyback at realistic terms. EXIT within 6 months.
Action: Schedule call with CEO re: buyback terms Β· Next 30 days
Invested: $100K
Value: $257K
Tokens: 1.82M ORC
Price: $0.1375
Best liquid position. 101K ORC tokens vest monthly (~$13.9K/mo at current price). MCap $44.8M provides adequate liquidity. Set up systematic monthly sells.
Action: Set up monthly sell orders Β· Verify vesting contract Β· Test claim
Invested: $1.325M
Value: $150K
Tokens: 69.5M DST
MCap: $2.5M
Tokenomics crisis: inflation diluting value. Storage costs negative unit economics. Governance proposal for PoA shift overdue since Nov 2025. $2.5M MCap = effectively illiquid. Wait for governance fix.
Action: Follow up on PoA governance proposal Β· Monitor treasury
Invested: $500K
Value: $375K
Equity: 2.5%
Cash: $460K
Never closed Series A despite tier-1 conversations. No external funding since 2023. L2 pivot is the recovery thesis. $460K cash with $75K/mo burn = 6 months runway.
Action: Request update from CEO Β· Assess L2 pivot traction
Invested: $250K
Value: $1.67M
Equity: 1.67%
FDV: $100M
Fund's best performer. $6M seed completed Feb 2025. TGE Q2 2026 (unconfirmed) in DePIN/robotics narrative. Staged exit: de-risk cost basis first ($250K), let remainder ride.
Hold: De-risk basis at TGE Β· Request investor update Β· Monitor TGE timeline
Invested: $400K
Value: $1.0M
Equity: 1.0%
Cash: $2.97M
Hardware wallet business with real revenue. Post-merger integration complete. Target 4-6Γ MOIC over 12-18 months. $2.97M cash, 20 months runway.
Hold: Confirm cap table post-merger Β· Target 4-6Γ exit in 12-18 months
Invested: $450K
Value: $1,433,333
Equity: 2.05%
Cash: $2.6M
Pivoted to Brix (brix.money) - iTRY product (yield-bearing TRY). Partners: Δ°Ε Bank, YapiKredi, Circle. >$1.5M Stage 1 revenue projected. Q2 2026 launch. This is the sleeper hit - real revenue, real banks, real product.
Hold: Monitor Q2 2026 launch Β· April quarterly call Β· Monthly report
β« Written Off - 5 positions, $730K total loss
| Company | Invested | Sector | Notes |
|---|
| ChainDB | $250K | Database | Dead |
| CodeWrap | $200K | Agent Infra | Dead - $240 residual |
| DataDAO | $130K | Data | Dead |
| MetaMarket | $100K | NFT | Dead |
| CrossChain Finance | $50K | Bridge | Dead - $500 residual |
Total Committed
$21M
44 LPs
Total Value (NAV + Dist)
$20.13M
$12.25M distributed + $7.88M NAV
TVPI
0.96Γ
(NAV + Distributions) / Committed
DPI
0.58Γ
$12.25M returned / $21M committed
Realized (Cost Basis)
$6.81M
Weavex - deployed $6.81M β distributed $8.21M
Fund NAV
$7.88M
Q1 2026 Β· 13 active positions
Written Off
($730K)
5 positions fully impaired
Winners (>1Γ)
6
Including Weavex (realized)
Complete Portfolio - All Investments
| Company β |
Sector |
Instrument |
Invested β |
Entry Valuation |
Current Value β |
MOIC β |
Status |
| NovaDrone | DePIN / Robotics | SAFE + Token Warrant | $250K | $15M | $1.67M | 6.68Γ | Winner |
| NodeGrid | NaaS / RPC Infra | Equity (2 rounds) | $200K | $15-42M | $280K | 2.80Γ | Winner |
| OracleNet | Oracles / DeFi | SAFT | $100K | $55M | $257K | 2.57Γ | Winner |
| VaultKey | Hardware Wallets | Equity | $400K | $40M | $1.0M | 2.50Γ | Winner |
| BridgeFi | DeFi / Fintech | SAFE (2 rounds) | $450K | $15-25M | $1.43M | 2.0Γ | Winner |
| RPS Labs | AI / DeFi | Equity | $500K | $15M | $500K | 1.00Γ | Hold |
| Grove | RPC Infrastructure | Equity | $500K | $20M | $375K | 0.75Γ | Monitoring |
| RealmStudios | Web3 Gaming | Token Purchase | $100K | $90M | $42K | 0.42Γ | Monitoring |
| ArcStore | Decentralized Storage | Equity + Token Warrant | $1.175M | $25-60M | $282K | 0.24Γ | Locked |
| WebForge | Web3 Ecosystem | Equity | $700K | $20M | $140K | 0.20Γ | Monitoring |
| SecureVault | Multisig / Security | Token Purchase | $100K | $1.2B | $12K | 0.12Γ | Monitoring |
| DataStream | Data Archiving | Equity + Tokens | $1.325M | $10-60M | $150K | 0.11Γ | Monitoring |
| FluxNet | CDN / Bandwidth | Token Purchase | $150K | $35M | $429 | ~0Γ | Impaired |
| Weavex (WVR) | L1 / Storage | Mark-to-Market (7 tranches) | $6.81M | Mark-to-Market | $8.21M distributed | - | Realized β |
| ChainDB | Database | SAFE | $250K | $7M | $0 | 0Γ | Written Off |
| CodeWrap | Agent Infrastructure | SAFE | $200K | $83M | $240 | 0Γ | Written Off |
| DataDAO | Data / AI | Token Purchase | $130K | $11M | $0 | 0Γ | Written Off |
| MetaMarket | NFT | Token Purchase | $100K | $20M | $0 | 0Γ | Written Off |
| CrossChain Finance | Cross-chain Bridge | Token Purchase | $50K | $35M | $500 | 0Γ | Written Off |
Portfolio Construction Notes
Instrument mix: SAFE/equity (60%), token warrants/purchases (40%). Typical check size $100K-$500K.
Entry stage: Primarily pre-seed and seed, with select growth-stage token positions.
Valuation method: Active equity positions at last-round or mark-to-market; tokens valued at spot with Finnerty DLOM adjustment for lockups/vesting. Write-offs marked to zero.
Vintage: 2021-2025 deployment. $14.84M deployed across 18 investments in 13 companies. $8.16M already realized. Fund in harvest mode as of 2025.
Gross Token Value
$4.12M
At current market prices
Finnerty-Adjusted
$2.42M
41% avg DLOM applied
Total Invested (Tokens)
$2.85M
Across 7 active token positions
Monthly Unlock Value
$13.9K
ORC only (others locked/illiquid)
Actively Vesting
3
ORC Β· DST R1 Β· DST R2
Locked
2
ARC R1 Β· ARC R2 (Nov 2026)
Written Off
3
AGNT Β· KMX Β· CTX
Token Positions - Complete Inventory (Finnerty DLOM Applied)
| Token β |
Ticker |
Tokens β |
Price |
Gross β |
Vol |
TTL |
DLOM |
Adj Value β |
Invested |
MOIC β |
Status |
| ArcStore (R1) | ARC | 205,792,685 | $0.01733 | $3,565,934 | 70% | 2.7yr | 43.3% | $2,022,234 | $1,125,000 | 1.80Γ | Locked |
| OracleNet | ORC | 1,820,000 | $0.1375 | $250,250 | 60% | 1.5yr | 28.4% | $179,194 | $100,000 | 1.79Γ | Vesting |
| ArcStore (R2) | ARC | 8,333,333 | $0.01733 | $144,398 | 70% | 2.7yr | 43.3% | $81,912 | $50,000 | 1.64Γ | Locked |
| DataStream (R1) | DST | 30,000,000 | $0.00216 | $64,825 | 80% | 1.0yr | 30.8% | $44,867 | $300,000 | 0.15Γ | Vesting |
| DataStream (R2) | DST | 24,000,000 | $0.00216 | $51,860 | 80% | 0.5yr | 22.1% | $40,424 | $600,000 | 0.07Γ | Vesting |
| DataStream (Staking) | DST | 15,472,754 | $0.00216 | $33,434 | 80% | - | 0% | $33,434 | $425,000 | 0.08Γ | Illiquid |
| SecureVault | VLT | 87,753 | $0.138 | $12,110 | 50% | - | 0% | $12,110 | $100,000 | 0.12Γ | Liquid |
| FluxNet | MSH | 428,572 | $0.00241 | $1,035 | 90% | 40d | 11.9% | $912 | $150,000 | ~0Γ | No Mkt |
π
Vesting Schedules
Active OracleNet (ORC) - Best Liquid Exit
Total: 1,820,000 ORC
Schedule: 1.5yr linear
Start: Mar 7, 2026
End: Sep 7, 2027
Monthly: ~101K ORC ($13.9K)
Action: Set up monthly sell orders. 101K ORC/mo Γ $0.1375 = $13.9K/mo. MCap $44.8M - adequate liquidity.
Locked ArcStore (ARC) - Combined R1 + R2
R1: 205.8M ARC ($1.125M)
R2: 8.3M ARC ($50K)
Total: 214.1M ARC (2.14% of supply)
Schedule: 2yr linear, NOT STARTED
Est. cliff: Nov 2026
Gross: $3.71M
Finnerty adj: $2.10M (43% DLOM)
Post-vest monthly: ~$154K/mo
EXIT STRATEGY: Sell pre-unlock via OTC (Aug-Sep 2026). Engage 2-3 OTC desks. Do NOT wait for vesting - cliff dump risk.
Vesting DataStream - All Tranches (69.5M tokens)
R1: 30M DST ($300K) Β· 1yr cliff + 3yr linear β Mar 2027
R2: 24M DST ($600K) Β· 6mo cliff + 2yr linear β Sep 2026
Staking: 15.5M DST ($425K) Β· Liquid
Wallets: 0xd6f3a...bde2 (38.7M) Β· 0x42c1...9af5 (30.8M)
Total value: $150K on $1.325M invested = 0.11Γ
β οΈ CRITICAL: $2.5M MCap = untradeable. 5.7% of supply. Any sell crashes price. Only path: governance PoA fix.
Liquid SecureVault (VLT) Β· TGE Soon FluxNet (MSH)
VLT: 87,753 tokens Β· $0.138 Β· $12.1K Β· 0.12Γ MOIC
MSH: 428,572 tokens Β· $0.00241 Β· $1K Β· ~0Γ MOIC Β· TGE Apr 29
VLT: Exec fees Phase 1 Mar 23 = catalyst. HOLD. Β· MSH: Dump at TGE if liquidity. $15/day vol = Hail Mary.
π Finnerty DLOM Methodology
Model: Finnerty (2012) avg-strike put - DLOM = 2Β·N(ΟβT/2) - 1
Volatility: ORC 60% Β· ARC 70% Β· DST 80% Β· VLT 50% Β· MSH 90%
TTL: Remaining vesting period (or time to TGE)
Note: Default assumptions. Will refine with live historical vol when integrated.