CoinFund’s venture investment head, David Pakman, says,” The CoinFund Ventures I fund will invest in companies showing commercial traction that also belong to a crypto sector with a large total addressable market.”
New York-based venture capitalist and liquid investment firm CoinFund launches $300M as funds to promote newly established blockchain and Web3 projects as the crypto market takes a bearish turn. The $300M venture fund is over thrice the amount CoinFund raised last year when the firm successfully acquired $83M as seed money for its first VC vehicle investment.
Since its conception in 2015, CoinFund has focused on raising seed capital for DeFi projects as a “cryptonative investment firm.” The firm has funded several popular crypto projects, including Dapper Labs, the company behind the FLOW cryptocurrency, multichain protocol Moonbeam, and NFT marketplace Rarible.
“We saw this hole in the market, sort of prodded by our CEOs,” David Pakman notes.
CoinFund claims that the Series A funding round is backed by institutional investors and crypto entrepreneurs and will focus on layer one blockchains, NFTs, among others. Citing Web3 as an “architectural transition” for the crypto and internet landscapes, the firm chooses early-stage Web3 innovations as its latest investment.
The Series A funding will provide checks between $6-10M for CoinFund’s chosen projects and, as such, will be able to support roughly 40 companies to gain their footing in the Web3 scene. Moreover, CoinFund claims that although most of the funding will be sent to companies it has not invested in before; the company will use some portion of the venture capital to provide follow-up investments to its previously backed projects.
