Prelude is a first-check crypto fund based in London, established in 2022 as Cherry Crypto, and spun out as an independent entity in April 2025. The fund focuses on supporting entrepreneurs at the earliest stages, often backing teams with just an idea. Prelude leads or co-leads pre-seed and seed funding rounds, with typical investments ranging from $500,000 to $2 million. The firm employs a global investment strategy, deploying capital in both tokens and equity across various crypto verticals and business models. Prelude emphasizes building high conviction in its investments and working closely with portfolio companies throughout their development. Each fund aims to invest in approximately 30 companies.