Flow launches $725 million Ecosystem Fund to support projects in its Ecosystem
The new Fund is the largest ever joint fund directed at empowering a blockchain ecosystem.
Flow, the blockchain platform founded by NBA Top Shot maker Dapper Labs has announced the launch of its Ecosystem Fund, created to drive innovation and spur creativity in the web3 space.
The Flow Ecosystem Fund is worth $725 million with investments from notable web3 brands such as Andreessen Horowitz, AppWorks, Cadenza Ventures, Coatue, Coinfund, Digital Currency Group (DCG), Fabric Ventures, Greenfield One, HashKey, L1 Digital, Mirana Ventures, OP Crypto, SkyVision Capital, Spartan Group, Union Square Ventures, and Dapper Ventures.
The Flow Ecosystem Fund will be available to developers globally and will support new and existing projects in the Flow blockchain, emphasizing projects in decentralized finance, gaming, infrastructure and digital content space.
Announcing the Fund, CEO of Dapper Labs Roham Gharegozlou said:
“We are thrilled to see such a strong vote of confidence in the Flow ecosystem from some of the world’s leading investors in Web3 through their commitment to this Fund. With their active participation and support, the Ecosystem Fund has the opportunity to become a real game-changer for the 7500+ strong and fast-growing developer community in the Flow ecosystem.”
Developers are expected to utilize the funds for product development, product scaling, team expansion, user acquisition and general operating expenses.
In addition, investors will provide Flow teams office space in cities such as Berlin (Greenfield One) and Asia (for AppWorks Accelerator program). Meanwhile, Liberty City Ventures will be providing two scholarships for college students to work on Flow-related projects and Mirana Ventures will be bringing in strategic collaboration opportunities for Flow projects with Bybit and BitDAO as their Venture Partner.
Chief Business Officer of Dapper Labs Mik Naayem in an interview, explained how the Fund would operate:
“These funds will be able to allocate ecosystem grants to those folks, and those grants will be tailored to what type of project it is. If it is a project that is consumer facing, those grants will be tailored to help them do user acquisition and get to first purchase. If it’s something that is around tooling, a portion of these grants are going to be focused on tooling adoption and usage. And so really it allows for that tailoring.”