The crypto-focused investment firm CoinFund has raised $300 million for a venture fund to back early-stage Web3 startups.
The next major architectural transition is upon us.@pakman shares how @coinfund_io is making bigger bets on web3 with Ventures I.https://t.co/RryMZrpe04
— CoinFund (@coinfund_io) August 17, 2022
CoinFund Ventures I Fund will focus on commercially attractive projects with large addressable markets, the firm’s managing partner David Pakman, who heads the venture, told CoinDesk.
The fund’s areas of interest include Layer 1 blockchains, Web3 infrastructure, NFTs, gaming and asset management.
Founded in 2015, the firm previously invested in Bitcoin and a number of DeFi projects at the seed stage. In its portfolio are NBA Top Shot developer Dapper Labs, the blockchain infrastructure platform Blockdaemon and the data indexing protocol The Graph.
«We saw this opportunity in the market, which leadership, in a sense, pushed us toward, and we assembled a fund for early stages», Pakman said.
The investment structure was supported by venture firms Adams Street Partners and StepStone Group, the Accolade Partners fund of funds and the Teacher Retirement System of Texas.
Regarding the launch of CoinFund Ventures I Fund during a bear market, Pakman noted that the firm has weathered three such downturns. He said the fund would have a life cycle of six to eight years.
As PitchBook notes, venture investments in crypto startups сократились на 31%, according to PitchBook.
Meanwhile, the volume of investments in the industry in the first half of the year exceeded $30 billion, according to Messari and Dove Metrics.
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