Ethereal Ventures Management Ltd.

CandidateSEC exempt reporting adviser· Road Town, Tortolaetherealventures.com

Ethereal supports founders redefining the future.

In the firm's own words, from its website.

Reported fund assets
$143M
sum of its funds' Form ADV filings, last 30 months
Investment team
2
Latest vintage
2024
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsFundsInvestmentsTeam (2)
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

2 additional investments, funds and LPs, 1 verified contact (1 firm phone)

Every relationship, signal and contact on this record, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Nothing material in the last 180 days. Last change: 1 Aug 2025, $41.3M reported sold so far.

People to know

View all people
  • Hui Min Teo
    Director And Member Of Carbon Spv Gp, Llc
    Why: Named with investment responsibility
    No route on file yet
  • Joseph Lubin
    Member Of Ethereal Ventures I Partners L.P.
    Why: Named with investment responsibility
    No route on file yet

Relationship network

7 connected entities

From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.

Reading the network
  • Fund or vehicle
  • Person

Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

How am I connected?

Name your firm, a company or a person, and DFX finds the published routes to Ethereal Ventures Management Ltd.: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.

See how you connect to Ethereal Ventures Management Ltd.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

0 companies on record, 0 new in 12 months
Investments on record
0 companies, 0 partner-attributed
No investment on record yet. Edges arrive from the firm’s portfolio page, financing announcements, and Form D board seats.
Stated thesis versus observed behaviour
no observed deals yet
Stated (the firm’s website)
Sectors
space, crypto
Stages
seed, early
Geography
global, globally
Check size
not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors: no observed deals yet
lead rate no observed dealsfollow-on rate no observed dealsnew companies, 12 months 0

Team

2 current, 0 departed
Decision makers
who to call first, and why; then everyone else by function
  • Hui Min Teo · Director And Member Of Carbon Spv Gp, Llc
    Why this person: Named with investment responsibility
  • Joseph Lubin · Member Of Ethereal Ventures I Partners L.P.
    Why this person: Named with investment responsibility

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

Investment team
2 current, 0 departed
Contacts
1 firm phone

1 firm phone on record, each with its source. Values open with the complete profile.

Funds and LPs

5 vehicles, 0 LPs disclosed
Funds and vehicles
5 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Ethereal Ventures Fund II L.P.Fund2024 form d first saleFundraisingunknownunknown$27.9MAug 1, 2025
Ethereal Ventures II Feeder L.P.Feeder or parallel2024 form d first saleFundraisingunknownunknown$13.4MAug 1, 2025
Ethereal Ventures Fund I L.P.Fund · ADV: Private Equity FundunknownUnknown$92.3M
Mar 23, 2026
148$0
of $75.0M
May 11, 2021
Limited partners
0 LPs, 0 disclosed commitments
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Known LPs and allocators
0 relationships across the firm's funds, from public pensions and the allocator graph
No allocator names this firm or its funds in a public disclosure DFX holds.

Relationships across DFX

0 co-investors · on 1 other DFX graph
Co-investors
0 counted from shared deals, for the whole firm
No co-investor relationship yet: these are derived only from rounds and portfolio listings the graph has seen both investors on.
Across DFX and the capital chainon 1 other DFX graph Show
Across DFX
  • The same institution is held on Private Equity, matched by identifier. See which records
Across the graphs

Ethereal Ventures Management Ltd. is the same institution as 1 record in Private Equity.

Private Equity1

The joined record opens with the product, beside every other relationship on this page.

Checking your plan…

Evidence and history

4 dated events, 43 observations from 3 sources
Timeline
4 dated events
  1. Jul 28, 2022
    Ethereal Ventures Management Ltd. first filed Form ADV (ERA)
    First SEC adviser filingOrganizationFactForm ADV
  2. Jul 28, 2022
    Ethereal Ventures Fund I L.P. first reported on Form ADV by Ethereal Ventures Management Ltd. (Venture Capital Fund), GAV $98,264,000
    Fund first reported on Form ADVFundsFactEthereal Ventures Fund I L.P.Form ADV
  3. Jul 28, 2022
    Ethereal Ventures I Feeder L.P. first reported on Form ADV by Ethereal Ventures Management Ltd. (Venture Capital Fund), GAV $13,492,000
    Fund first reported on Form ADVFundsFactEthereal Ventures I Feeder L.P.Form ADV
  4. Jul 28, 2022
    Carbon Spv, LP first reported on Form ADV by Ethereal Ventures Management Ltd. (Venture Capital Fund), GAV $2,000,000
    Fund first reported on Form ADVFundsFactCarbon Spv, LPForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 23, 2026 · 5 private fundsShow
Headquarters
Road Town, Tortola, British Virgin Islandsadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
etherealventures.com
SEC adviser type
Exempt reporting adviseradviserinfo.sec.gov
SEC exemption claimed
Private fund adviseradviserinfo.sec.gov
Latest Form ADV
Mar 23, 2026
Private funds reported
5 (0 venture capital funds)adviserinfo.sec.gov
Private fund gross assets, adviser total
$202Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Owners on Schedule A
Little Bay Directors Limited (Director Of Ethereal Ventures Management Ltd), owns under 5%; Ethereal Ventures I GP Ltd (General Partner Of Ethereal Ventures I Partners L.P.), owns under 5%
Classification history
Every classification this record has carried1 on recordShow
  1. Sep 12, 2026
    Candidate (candidate, 50%)
    No sworn venture fact yet (name or round mention only)
Evidence
43 observations from 3 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
SEC exemption claimedPrivate fund adviserAug 23, 2024FactForm ADV
SEC adviser typeExempt reporting adviserMar 23, 2026FactForm ADV
SEC adviser typeExempt reporting adviserAug 23, 2024FactForm ADV
First Form ADV filing2022-07-28Mar 23, 2026FactForm ADV
First Form ADV filing2022-07-28Aug 23, 2024FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-29Sep 30, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-25Sep 26, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-23Sep 24, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-21Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-22Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1Sep 12, 2026FactForm ADV
Latest Form ADV filing2026-03-23Mar 23, 2026FactForm ADV
Latest Form ADV filing2024-08-23Aug 23, 2024FactForm ADV
Venture share of reported funds0Mar 23, 2026FactForm ADV
Venture share of reported funds0Aug 23, 2024FactForm ADV
Business phoneAug 23, 2024FactForm ADV
DescriptionSep 16, 2026Factno URL
DescriptionSep 14, 2026Factno URL
HeadquartersRoad Town, Tortola, British Virgin IslandsAug 23, 2024FactForm ADV
Office addressAug 23, 2024FactForm ADV
Legal formOther (specify)Aug 23, 2024FactForm ADV
Private funds reported5Mar 23, 2026FactForm ADV
Private funds reported4Aug 23, 2024FactForm ADV
Private fund gross assets (reported)$202MMar 23, 2026FactForm ADV
Private fund gross assets (reported)$192MAug 23, 2024FactForm ADV
Stated geographyGlobal, globally
“geography words on the home page”
Sep 16, 2026Factno URL
Stated geographyGlobal, globally
“geography words on the home page”
Sep 14, 2026Factno URL
Stated sectorsSpace, crypto
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorsSpace, crypto
“sector words on the home page”
Sep 14, 2026Factno URL
Stated stagesSeed, early
“stage words on the home page”
Sep 16, 2026Factno URL
Stated stagesSeed, early
“stage words on the home page”
Sep 14, 2026Factno URL
Venture funds reported0Mar 23, 2026FactForm ADV
Venture funds reported0Aug 23, 2024FactForm ADV
WebsiteSep 12, 2026FactForm ADV
WebsiteAug 23, 2024FactForm ADV
WebsiteAug 23, 2024FactForm ADV
Site titleSep 16, 2026Factno URL
Site titleSep 14, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersCandidate, candidateShow
Importance
4
low
Active deployment
25
moderate
Emerging
0
low
Freshness
100
high
CandidateSEC exempt reporting adviser

No sworn venture fact yet (name or round mention only)

The inputs behind each score
importance
gav: $0 · funds: 0.17 · people: 0.08 · investments: 0 · scale basis: Venture-typed funds only (Candidate): 2 funds, $0M of $143M reported · co investors: 0
active deployment
investments 12m: 0 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: not scored
emerging manager
fund count: 5 · reported gav: $143M · first adv filing: 2022-07-28 · years since first filing: 4.2

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Record history

1 dated event on the change ledger, latest event first
  • Adviser's first ADV filing
    2022-07-28source on record

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.

Not yet on record: new companies, 12 mo.