Blockchain-focused venture capital firm CoinFund has launched a new investment fund dedicated to Web3 and other crypto-focused startups, opening the door to new funding opportunities for entrepreneurs amid the current bear market.
The newly launched CoinFund Ventures I will invest $300 million in early-stage companies at the intersection of Web3, cryptocurrency, and other subsectors of the blockchain space, the company announced Wednesday. The new fund has been funded by a mix of institutional investors, family offices and cryptocurrency entrepreneurs.
CoinFund Ventures I is more than three times larger than the firm’s 2021 crypto venture fund, which was valued at $83 million. CoinFund was an investor in the non-fungible token market Rarible and Solana Labs’ $314 million private token sale. The company revealed on Wednesday that several of the early-stage companies within its portfolio are preparing to raise funding. Serie A, but did not reveal any names.
New crypto projects often depend on Venture Capital firms to help them get off the ground.
The real question is, are VCs in it for the community and fundamentals, or for their own benefit?
(Via @CointelegraphZN)https://t.co/92Gjt4ZlRI
— Cointelegraph (@Cointelegraph) July 8, 2022
CoinFund said its new investment vehicle reflects its belief that Web 3.0 marks the “architectural transition” for the new Internet. Although definitions vary, Web 3.0 generally refers to the next iteration of the Internet, powered by Blockchain technology and tokenized assets.
Web 3.0 projects have received significant support from the venture capital community. In the second quarter of 2022, these startups accounted for around 42% of individual funding deals in the crypto sector, according to Cointelegraph Research. Despite this support, Web3 ecosystems are still in their infancy and many projects have not been created to be useful, according to Raymond Liao, CEO of Samsung Next.
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