CoinFund Announces a $300 Million Web3.0 Focused Fund

New York City- and Miami-based investment firm CoinFund is doubling down on Web3.0 with the launch of a $300 million venture fund.

Aug 19, 2022
by Akira Ming
CoinFund Announces a $300 Million Web3.0 Focused Fund
News

CoinFund bets big on Web3.0 by revealing a $300 million venture fund

On August 17th, blockchain investment firm CoinFund launched CoinFund Ventures I. It is a massive $300 million fund that seeks to invest in layer 1 blockchain, Web3 gaming, and NFT startups. Backed by institutional investors, family offices, and crypto founders, the new fund aims to support the most ambitious founders across blockchain sub-sectors. 

Besides that, the fresh capital will also help CoinFund's portfolio companies to grow from Seed round to Series A. This includes Dapper Labs, Rarible, Coinlist, Messari, and blockchain platform Blockdaemon. Just so you know, CoinFund has made a name for itself by making early bets on Solana, Polkadot, and Near. 

Ventures I will be led by David Pakman, Managing Partner and Head of Venture Investing at CoinFund. The veteran venture capitalist previously led the Series A round in Dapper Labs and Rarible, before investing in Coinbase prior to its IPO.

"Tech entrepreneurs and venture investors are taught to look for architectural transitions that disrupt past models and create new ground for companies to build enormous value. In my 30 years in tech, I have never seen a bigger opportunity than crypto and web3," said Pakman. 

"Web3 entrepreneurs clearly appreciate crypto native investing teams as helpful allies. And we look forward to working with ambitious and driven entrepreneurs to build a permissionless, decentralized and community-owned internet, rewire the global financial system, and unlock enormous value for intellectual property."

Given that, CoinFund brought in new limited partners into Ventures I as well. This includes the Teacher Retirement System of Texas, Adams Street Partners, StepStone Group, Accolade Partners, and Theta Capital Management. According to Pakman, the new fund will allocate $6 million to $10 million to each company, with most of the money going toward new investments. 

Despite many people having a gloomy outlook on Web3, VCs can't seem to stop making big bets on this space. To recap, other Web3 funds of a similar scale this year include a16z's $600 million Games Fund One, Binance's $500 million Web3 fund, and Immutable X's $500 million venture fund. With so much money pouring in, it's just a matter of time for Web3 to achieve mainstream adoption. 

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