CoinFund raises $158m to create a crypto fund

New York-based venture firm CoinFund has secured $158 million to create a crypto-focused fund. Bloomberg reports.

According to CEO Jake Brukhman, the firm initially aimed to raise $125 million.

CoinFund will use the capital to back early-stage cryptocurrency and AI projects. The firm will also continue investing in tokens.

Chief Investment Officer Alex Felix said that about 90% of the firm’s deals involve digital assets. In the view of CoinFund’s leadership, the sector still has the potential for ‘close interaction with traditional markets in a regulated way’.

Brukhman noted an ‘extremely challenging’ 2022, yet the firm raised more than $550 million during that period. Part of the problem was that major players were interested in digital assets during the upturn but backed off during the downturn, he added.

CoinFund already operates four venture funds. The latest outfit financed NFT company Dapper Labs and the infrastructure startup Blockdaemon.

In May, the TON created a $250m venture fund to back DeFi projects.

Later, Dispersion Capital announced the launch of a $40m investment outfit focused on Web3 infrastructure.