Oak Grove Ventures launches $60 million fund with focus on Web3 and AI

Oak Grove Ventures, the venture firm co-founded by Sean Shi, co-founder of Alchemy Pay, has launched a $60 million fund to invest in early-stage startups with a focus on Web3, AI, and biotechnology. The Block reports.

The firm’s partners include Sally Wang, former vice president of Sino Global Capital (now Ryze Labs), and former Lightspeed Venture Partners partner Zach Peng.

In addition to those named above on the fund’s team are Ethan Wan, former CTO of Libra (later Diem); Rongjian Lan, co-founder and CTO of Harmony; and Michael Li, former vice president of Coinbase.

The fund’s leadership expressed optimism about the timing of investments.

“The bear market often means that asset prices have reached a low point, which makes it an optimal time to buy,” they explained.

In previous years, Oak Grove Ventures operated as a family office and invested in more than ten firms, including SpaceX, Open Sea and ConsenSys.

Earlier, the San Francisco-based venture firm Blockchain Capital raised $580 million for two new investment funds.

Also in September, Kasikorn Bank (KBank), the second-largest by assets in Thailand, through its subsidiary Kasikorn Business Technology Group established a $100 million structure that will invest in startups with a focus on AI and Web3.

In August, the amount of financing raised by crypto firms following investment rounds increased by 39.8% relative to July.