TD VC Launches $100 Million Web3 Fund
The $100 million ‘special situation’ Web3 fund from TD VC comes with a $10 million GP commitment, with the goal of the TradeDog Group being to invest in promising Web3 projects affected by subpar token markets.
The TradeDog Group has announced that their venture arm, TD VC, is launching a $100 million Web3 fund labeled as a ‘Special Situation’ fund that is coupled with a $10 million GP commitment.
The aim of this investment is to support “web3 initiatives with strong fundamentals” and will thus be focused on restructuring and investing in quality projects that feature “good products and businesses” but are suffering from “struggling token markets.” The investment firm believes that the growing crypto industry should “keep volatile markets from getting in the way of innovation driving mass adoption” and as such will make its effort to finance “promising young companies” in order to help entrepreneurs drive innovation and bring valuable projects to life in the blockchain space.
Leading this fund will be Rupesh Padnekar, an experienced strategic business leader and partner who has previously been part of a boutique advisory firm, working as an advisor for numerous startups, entrepreneurs and medium-sized companies in order to assist them in raising venture capital and helping them create successful growth strategies. He also previously led important projects over at Verizon Wireless, among which include the 4G launch, upgrades to billing systems and “technology integration for the company's many acquisitions,” after which he spent 8 years over at Moody’s Investors Service in New York City, guiding various critical initiatives related to “regulatory compliance, process and methodology upgrades, and technology transformation.”
Padnekar had the following to say in a press release:
"There has been a massive influx of talent from WEB2 to WEB3 and at TD VC we are looking to leverage that and bring about more adoption. There are a plethora of use cases for Web3 technologies and it is changing how value and equity is distributed. We aim to be a catalyst for innovation and believe our funding models will empower creators and disruptors in the web3 space to revolutionize the existing multi-layered blockchain ecosystem."
Next to TD VC, the TradeDog Group consists of Web3 incubator TDeFi, token Launchpad TDx, on-chain analytics provider TD Research and market maker TDMM (TradeDog Market Management). TDeFi will act as the fund’s strategic partner, supporting the fund with “a range of deal flow and advisory services” while TDMM will “execute sophisticated strategies in live markets (exchanges & DEXs)” if needed and TradeDog itself will “leverage its following of more than 3 million Traders and Investors” to form an active trading community for the TD VC Fund 2 portfolio.