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  3. /Felix Machart
  4. /Briefing
Pre-Pitch Briefing

Felix Machart

Research Partner at Greenfield Capital

Check size: No personal check-size range is published. Greenfield's venture mandate spans pre-seed through later stages; financing amounts in Felix's investment essays are company-round totals, not personal limits.

Pre-SeedSeedSeries ALater StageProtocol ResearchToken NetworksDeFiBlockchain GovernanceSmart AccountsDigital Asset InfrastructureReal-World AssetsPrivacyStablecoinsInstitutional CryptoToken ValuationWeb3

Their Thesis

Felix uses research and market data to identify durable crypto infrastructure and distinguish fundamental adoption from speculation. His work favors protocols with measurable usage, revenue or value accrual; secure programmable ownership; credible governance; and infrastructure that connects decentralized finance with institutional and real-world assets.

How to Pitch Them

Bring data, not only narrative: active users, transaction quality, TVL composition, fees and revenue, retention, unit or token economics, governance distribution, security history, and value-accrual logic. Explain the counterfactual, why the protocol becomes critical infrastructure, and which evidence would falsify your thesis.

What Excites Them

Research-backed theses, measurable on-chain adoption, durable usage and revenue, strong token or protocol economics, secure infrastructure with ecosystem leverage, teams respected by both crypto-native and traditional institutions, and governance designs that can survive growth and decentralization.

What They Pass On

No personal pass list is public. His research suggests weaker fit for valuation stories driven only by beta or narrative, tokens without credible value accrual, governance that concentrates unaccountable control, infrastructure without usage evidence, and RWA or institutional products lacking security, compliance, or ecosystem integration.

Key Frameworks

Fundamentals-versus-beta model

Separate broad crypto-market beta from protocol-specific valuation signals such as TVL, fees, revenue, accrual quality, usage, and their stability across market regimes.

Infrastructure-standard test

Measure secured value, integrations, users, developer reliance, switching costs, security record, and ecosystem breadth to determine whether a protocol is becoming a standard rather than a feature.

Governance-state review

Map proposal rights, voting power, delegation, treasury control, upgrades, participation, capture risks, and the credible path from founding-team control to resilient governance.

RWA bridge test

Evaluate legal enforceability, asset origination, underwriting, servicing, compliance, liquidity, on-chain transparency, and distribution across both DeFi and traditional institutions.

Recent Writing

Greenfield 2026 ExpectationsMarket Thesis

A research-led opportunity map identifies unsolved problems across infrastructure, DeFi, consumer crypto, and regulation rather than relying on point predictions.

Building The Industry Standard For Programmable Digital Ownership with SafeInvestment Thesis

Secure smart-account infrastructure can become a Web3 standard and strategic aggregation layer when broad ecosystem adoption compounds its position.

Backing Centrifuge — The leading on-chain ecosystem for RWAsInvestment Thesis

RWA infrastructure is compelling when technical efficiency, differentiated services, team reputation, and relationships across DeFi and traditional finance reinforce one another.

On PrivacyResearch

Public blockchains require privacy-native solutions that preserve useful transparency while protecting personal and institutional confidentiality.

Greenfield Capital Portfolio

Top Sectors

DeFi5
Blockchain infrastructure3
DeFi infrastructure2
Digital fashion2
DeFi derivatives2

Stage Distribution

Series A1
Seed1
Yieldguild
Gnosis-safe
Thefabricant
1inchDeFi
ArciumConfidential computing
ArweaveDecentralized storage
BitcoinOSBitcoin infrastructure
BrahmaDeFi infrastructure
CeloBlockchain infrastructure
CentrifugeTokenized real-world assets

+ 48 more investments. View fund →

← Full profileGreenfield Capital website