WebN Group Takes Its Final Bow: Another Incubator Returns to the VC Pasture

WebN Group, the blockchain and Web3 incubator propped up by billionaire Alan Howard, is officially shutting down. It seems their mission to seed digital infrastructure startups has concluded, or perhaps they just ran out of seed phrases.

The venture studio's recent portfolio reads like a crypto bingo card: tokenization shop Libre (now rebranded as KAIO), staking service Twinstake, infrastructure firm TruFin, and a zero-knowledge proofs startup, Geometry. They covered all the bases, except maybe the "profitable exit" square.

Beyond Howard's deep pockets, WebN also scooped up an undisclosed investment from Nomura's crypto arm, Laser Digital, back in 2023. A source familiar with the matter insists the incubator has "successfully completed its mission," a phrase that in startup land often translates to "the checkbook is closed."

Some of the WebN team has simply migrated down the hall, finding new desks at Brevan Howard, Alan Howard's hedge fund. The source was keen to stress that shuttering WebN isn't a signal of cold feet from Howard regarding digital assets—it's just corporate musical chairs.

"Those who know Alan, know that he has long been convinced that blockchain technology would be used in traditional markets," the person noted. He's been a believer for years, which in crypto time is roughly several epochs.

The past year hasn't been kind to firms with crypto exposure. Brevan Howard's own digital asset fund took a nearly 30% haircut last year, a sobering comedown after posting gains of 52% in 2024 and 43% the year before. Even the giants feel the bear's breath.

Following the herd, Brevan Howard has also been trimming its Bitcoin ETF bets, slashing its position in BlackRock's iShares Bitcoin Trust by about 85%. When the market zigs, even hedge funds zag right to the sell button.

2025 also saw the exit of BH Digital CEO Gautam Sharma, who was steering the crypto ship, and the decision to spin out Nova, a hedge fund run by ex-Dragonfly investor Kevin Hu. It's been a year of strategic redeployments, or what degens might call "portfolio pruning."

Despite the apparent retreat, the source maintains the party line: "Brevan Howard isn't scared off by temporary volatility, remains bullish on digital assets and has a huge VC business focused on the broad opportunity set." In other words, they're still in the game, just playing a different hand.

Requests for comment to WebN Group were met with radio silence. Brevan Howard, staying true to hedge fund form, also declined to comment. Some traditions, like not talking to journalists, never go out of style.