White Star Capital launches a $150 million fund for Web3 investments

Venture firm White Star Capital has attracted $150 million for its second Digital Asset Fund (DAF II). The vehicle will focus on investments in crypto networks, Web3 startups, DeFi and blockchain gaming.

Anchor investor DAF II was led by the gaming giant Ubisoft.

The fund plans to deploy between $1 million and $7 million into tokens and equity across 20-25 companies, mainly in North America, Europe and Asia.

“The DAF investment team uses a deeply research-driven approach, applying both crypto-industry–inherent and traditional venture-capital assessment methods to collaborate with startups in seed rounds, Series A financing and token sales,” the press release states.

The first DAF, since its inception in 2020, has invested in 20 companies, including Ledn, ALEX, Multis, ParaSwap, Exlusible and Rally.

“With the new fund, we expect to continue supporting a new generation of forward-thinking founders building tomorrow’s companies for Web 3.0, DeFi and gaming, as they unlock a new “internet of value” for billions of people around the world,” said Sep Alavi, managing partner of DAF II.

Uniswap Labs created a venture arm for investments in Web 3.0.