Shima Capital launches $200 million Web3-focused venture fund

Shima Capital announced the creation of a $200 million fund focused on areas such as decentralized social networks and identity,DAO, DeFi, blockchain gaming,metaverses,zero-knowledge proofs, L1- and L2 solutions.

And thus, our next chapter begins…https://t.co/qHoA1ZZRc4

— Shima Capital (@shimacapital) August 17, 2022

The firm is backed by Dragonfly Capital, billionaire Bill Ackman, Animoca Brands, OKX, Mirana Ventures, Republic Capital, Digital Currency Group and Andrew Yang.

The fund will allocate between $500 000 and $2 mln. The funds will go toward attracting talent, building communities, marketing, and conducting technical research and development.

The structure is oriented toward early-stage projects.

The founder of Shima Capital, established in 2021, is investor Ida Gao, who previously worked at Morgan Stanley and was cofounder of the crypto fund Divergence Digital Currency.

On the team are — the former head of DeFi at Ripple Labs, a former venture partner at Old Fashion Research, and formerly head of talent at Atomic VC.

“Launching in a bear market is healthy. We can back founders at the earliest stages and provide them with the capital they need at all stages, and also help attract additional capital. This is good for our partners because valuations have fallen.”, — Gao said.

Earlier this month, CoinFund raised $300 million in a venture fund to back early-stage Web3 startups.

According to Messari and Dove Metrics, investment in the industry in the first half of the year surpassed $30 billion.

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