NEAR Foundation launches $100m fund focused on Web3

The NEAR Foundation, a nonprofit organization, has launched a $100 million fund and a venture lab for the segment Web3. The The Block reports.

The partner of the new entity is a Swiss investment firm, Caerus Ventures. It is focused on fostering innovation in Web3.

“The lab will offer cross-functional support to projects and will be supported by advisory partners, whose names will be announced by the end of the year,” the NEAR Foundation said.

The fund’s initial size will be $50 million. According to the statement, the target of $100 million will be raised in subsequent funding rounds.

The NEAR token reacted to the news with a 10.1% rise over the last 24 hours (CoinGecko). As of writing, the asset trades above $5.

The NEAR Protocol team raised $350 million from Tiger Global, with participation from Republic Capital, Hashed, FTX Ventures, Dragonfly Capital and other investors.

In January, the project raised $150 million, after which the NEAR price hit an all-time high of $20.

In the same month, the platform team unveiled a new staking mechanism, allowing validators to pay rewards to delegators in several different tokens.

Earlier in July, venture firm Konvoy Ventures announced the launch of a $150 million fund. The vehicle targets gaming Web3 platforms.

Prior to that, the Ethereum NFT scaling solutions developer Immutable launched a $500 million fund focused on Web3 games.

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