CoinFund, a crypto-specific investment firm, announced the launch of a $300M venture capital fund to support early-stage blockchain projects, signalling investor confidence in an industry plagued by a bear market.
According to the press release, the firm is one of the longest-running web3 venture capitalists, having invested an estimated $1B in seed-stage startups.
Investments
The fund will invest in DeFi, NFTs, gaming, payments, asset management, exchanges, marketplaces, and decentralized apps for a period of 2 to 3 years. A new fund has been created to invest in layer-1 blockchain companies, web3 infrastructure, and DeFi.
Jake Brukhman, the founder of CoinFund, started working on bitcoin (BTC) and early-stage investments in Decentralized Finance projects. His company has since then expanded its portfolio to include Dapper Labs, the company behind NBA Top Shot, Blockdaemon blockchain infrastructure platform, and The Graph data indexing platform. Some of the companies that have been successful in their endeavors are willing to continue working with the Fund, as the company did not have any investment vehicle before.
David Pakman is the Managing Partner and Head of Venture Investing at the Web3 Venture Fund. In his 30 years in the tech industry, he has never seen a bigger opportunity than in cryptocurrency and the web 3.0. Web 3 entrepreneurs clearly see venture capitalist like David as an ally in their endeavor, and we hope to work with talented and ambitious entrepreneurs to build a decentralized, community-owned internet, reform the global financial system, and use intellectual property to create enormous value.
Some CoinFund seed-stage portfolio companies are going to be raising Series A funding, and want to continue working with CoinFunds crypto-native investing team. Additionally, new companies that are being started up by the founding teams will be worked with by the CoinFund team.
The CoinFund Ventures I fund is going to invest in between 30 and 40 startups. Each startup will get between $6M and $10M invested.
Fund backing
CoinFund’s Web3 fund is backed by Venrock, Adams Street Partners, Teacher Retirement System of Texas, Theta Capital Management, StepStone Group, and Accolade Partners.
