CoinFund has been a dedicated investor in the digital currency ecosystem for a while now, and the companies in its portfolio include Blockdaemon, Polkadot, Dapper Labs, and Rarible.
New York-based cryptocurrency investment management firm CoinFund is deepening its foot more into the broader Web3.0 ecosystem with the launch of a $300 million fund. Dubbed the CoinFund Ventures I Fund, the company wishes to expand the support for outfits within its portfolio that are still in the seed stage to Series A.
As an investor with a stellar track record in the digital currency ecosystem, CoinFund was able to draw interest from a wide range of investors featuring family offices, crypto founders, and institutional investors amongst others.
According to the announcement, the company tapped the backing of new partners who joined its existing investors. Some of these new backers include the Teacher Retirement System of Texas, Adams Street Partners, StepStone Group, Accolade Partners, and Theta Capital Management.
Investing in the cryptocurrency ecosystem takes a lot of gut, considering the aftermath of the ripple effect from the collapse of Terra (LUNA) earlier in the year. This collapse led to the bankruptcy of Three Arrows Capital (3AC), as well as other prominent crypto lending platforms such as Celsius Network, Voyager Digital, and Vauld Group amongst others.
Despite the gloomy outlook in the industry, CoinFund still believes in the potential that innovative protocols in the space can offer in the long run.
“In my 30 years in tech, I have never seen a bigger opportunity than crypto and web3,” said managing partner David Pakman, who will lead the fund. “We look forward to working with ambitious and driven entrepreneurs to build a permissionless, decentralized, and community-owned internet, rewire the global financial system, and unlock enormous value for intellectual property.”
CoinFund is relying on the experience and expertise of Pakman to help lead the new venture fund to tap its full potential in these uncertain times.
CoinFund and Its Web3.0 Drive
CoinFund has been a dedicated investor in the digital currency ecosystem for a while now, and the companies in its portfolio include Blockdaemon, Polkadot, Dapper Labs, and Rarible.
The startup, with CoinFund Ventures I is now hoping to diversify its reach to reflect its deep trust in the future of Web3.0.
“We saw this hole in the market, sort of prodded by our CEOs,” Pakman said in an interview with Coinbase. “We felt we could be very effective and helpful at that stage, so we raised an early-stage fund.”
The amount of cash that will be handed out through the new funding will range from $6 million to $10 million per company, meaning the fund will likely back from 30 to 40 companies. While the bulk of this capital will be used to bootstrap new companies, its existing outfits will also be backed.
According to the company, the new fund will focus also on Non-Fungible Token (NFT), gaming protocols, and Web3.0 infrastructure service providers.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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