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CoinFund Launches $300M Web3.0 Focused Fund

Quick take: 

  • CoinFund launches a $300M fund for Web3 brands
  • This fund will also help some existing CoinFund backed brands to grow from Seed round to Series A
  • This continues CoinFund’s history of investing in early stage brands including Solana, Rarible, and Moonbeam

CoinFund, a New York-based blockchain and digital currency investment firm has launched the CoinFund Ventures I Fund with a $300 million capital pool. 

This fund is designed to back key innovations in the digital currency ecosystem, and arm innovators with the required tools they need to make a difference.

Right Bet in Web3.0

CoinFund is optimistic that its new fund is the right call toward establishing its foothold in the Web3.0 ecosystem. 

CoinFund raised the new capital with backing from some of its old and new investors. Some of the new partners on record include the Teacher Retirement System of Texas, Adams Street Partners, StepStone Group, Accolade Partners, and Theta Capital Management. 

The first quarter of the year witnessed an unprecedented market slump that literally pushed investors to re-evaluate their investment strategies. Investments in the crypto ecosystem plummeted in the first five months of the year according to Crunchbase data.

Funding of Web3 projects 2021-2022

While proceeding with caution, a number of investors have continued to place their bets on innovative protocols in the industry, and CoinFund does not plan to play second fiddle.

The fund will be used to back some of the startups it has previously invested in, while scouting for new ones. Largely, CoinFund will help some of its portfolio companies to leap from the Seed stage into Series A. Managing partner David Pakman, who will lead the fund said;

"In my 30 years in tech, I have never seen a bigger opportunity than crypto and web3. 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.” 

This latest venture fund will help CoinFund extend its reach in the space, having earned its place as one of the early investors in Solana, Rarible, and Moonbeam amongst others.

Doubling Down on Venture Capital Investments

The outlook in the broader digital currency ecosystem may be gloomy, but investors are exploring all avenues to be amongst those that laugh last when the market fully recovers.

From Andreessen Horowitz (a16z) to Magic Eden and Konvoy, the number of major investment firms that have earmarked new funds to back crypto startups is growing. With the current pace of fund emergence, we may start seeing new cash inflows to make up the number from the first half of the year.

The information provided on DecentReviews does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Do not treat any of the websites content as such. DecentReviews does not recommend that any cryptocurrency or blockchain asset should be bought, sold, or held by you. Conduct your own due diligence and consult your financial advisor before making any investment decisions.

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