March 4, 2024

CoinFund Launches a $300M Fund to Invest in Web3 Projects

CoinFund Launches a $300M Fund to Invest in Web3 Projects

Crypto Industry-Focused Investment Company CoinFund Raises $300 Million in Venture Fund forsupport for Web3 startups in the early stages.

CoinFund Ventures I Fund will focus on commercially attractive projects with large target markets, managing partner of the firm David Packman, who led the structure, told CoinDesk.

The fund's area of ​​interest includes first-level blockchains, Web3 infrastructure, NFTs, gaming, and asset management.

Founded in 2015, the company previouslyinvested in Bitcoin and a number of DeFi projects at the seed stage. The company's portfolio includes NBA Top Shot developer Dapper Labs, blockchain infrastructure platform Blockdaemon, and The Graph data indexing protocol.

"We saw this opportunity in the market, which we were kind of pushed by management, and we put together an early-stage fund," Pacman said.

The investment vehicle was backed by venture capital firms Adams Street Partners and StepStone Group, Accolade Partners Fund of Funds, and the Texas Teachers' Retirement System, among others.

Regarding the launch of CoinFund Ventures I Fund duringduring the bear market, Packman noted that the company has experienced three such recessions. The firm is considering a life cycle of six to eight years for the fund, he said.

Recall that from April to June, venture investments in crypto startups decreased by 31%, according to PitchBook.

At the same time, the volume of investments in the industry for the first half of the year exceeded $30 billion, experts from Messari and Dove Metrics calculated.

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