Monday, November 28, 2022
 

CoinFund Launches $300M VC Fund for Early-Stage Blockchain Projects

  • CoinFund has inaugurated a $300 million venture capital fund to back early-stage blockchain projects.
  • “We felt we could be very effective and helpful at that stage,” said CoinFund Managing Partner.
  • The amount of the investments is expected to range from $6 million to $10 million per company.

Crypto investment firm CoinFund has officially inaugurated a $300 million venture capital fund to back early-stage blockchain projects. The company’s focus areas will include layer 1 blockchains, Web3 infrastructure, non-fungible tokens (NFTs), gaming, and asset management.

Speaking about this new endeavor, David Pakman, CoinFund managing partner, said, “The CoinFund Ventures I fund will invest in companies showing commercial traction that also belong to a crypto sector with a large total addressable market.”

The leader also stated:

We saw this hole in the market, sort of prodded by our CEOs. We felt we could be very effective and helpful at that stage, so we raised an early-stage fund.

According to sources, the amount of the CoinFund Ventures I investments is expected to range from $6 million to $10 million per company. This would mean that the fund could support 30 to 40 companies. Representatives of the firm commented that though most of this backing will go to new companies that the firm hasn’t supported previously, some of it may be follow-up investments.

Previously, CoinFund focused on Bitcoin and seed stage investments in decentralized finance projects. Some of its portfolio companies include CryptoKitties creator Dapper Labs, blockchain platform Blockdaemon and data indexing protocol The Graph.

The crypto community sees this development as a sign of investor confidence in an industry racked by a bear market. CoinFund believes that these kinds of market swings are par for the course and as long as people are focused on building something important, they will be able to capture value over time.

  • CoinFund has inaugurated a $300 million venture capital fund to back early-stage blockchain projects.
  • “We felt we could be very effective and helpful at that stage,” said CoinFund Managing Partner.
  • The amount of the investments is expected to range from $6 million to $10 million per company.

Crypto investment firm CoinFund has officially inaugurated a $300 million venture capital fund to back early-stage blockchain projects. The company’s focus areas will include layer 1 blockchains, Web3 infrastructure, non-fungible tokens (NFTs), gaming, and asset management.

Speaking about this new endeavor, David Pakman, CoinFund managing partner, said, “The CoinFund Ventures I fund will invest in companies showing commercial traction that also belong to a crypto sector with a large total addressable market.”

The leader also stated:

We saw this hole in the market, sort of prodded by our CEOs. We felt we could be very effective and helpful at that stage, so we raised an early-stage fund.

According to sources, the amount of the CoinFund Ventures I investments is expected to range from $6 million to $10 million per company. This would mean that the fund could support 30 to 40 companies. Representatives of the firm commented that though most of this backing will go to new companies that the firm hasn’t supported previously, some of it may be follow-up investments.

Previously, CoinFund focused on Bitcoin and seed stage investments in decentralized finance projects. Some of its portfolio companies include CryptoKitties creator Dapper Labs, blockchain platform Blockdaemon and data indexing protocol The Graph.

The crypto community sees this development as a sign of investor confidence in an industry racked by a bear market. CoinFund believes that these kinds of market swings are par for the course and as long as people are focused on building something important, they will be able to capture value over time.

 

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