December 8, 2023

Shima Capital Launches $200M Web3-focused Venture Capital Fund

Shima Capital Launches $200M Web3-focused Venture Capital Fund

Shima Capital announced the creation of a $200 million fund focusing on areas such as decentralizedsocial networks and identity, DAO, DeFi, blockchain games, metaverses, zero knowledge proofs, L1 and L2 solutions.

The firm is backed by billionaire Bill Ackman's Dragonfly Capital, Animoca Brands, OKX, Mirana Ventures, Republic Capital, Digital Currency Group and Andrew Yang. 

The fund will allocate between $500,000 and $2 million for each startup. The funds will be used to attract specialists, build communities, marketing, and conduct technical research and development.

The structure is interested in projects at an early stage of development.

Founded in 2021, Shima Capital is founded by investor Ida Gao, who previously worked at Morgan Stanley and co-founded the Divergence Digital Currency crypto fund.

In the company's team - former head of DeFi at Ripple Labs, former venture partner at Old Fashion Research, and former head of talent at Atomic VC.

“Running in a bear market is great.We can support the founders at the earliest stages and provide them with the necessary capital at all stages, as well as help to raise additional capital. This is good for our partners as the ratings have dropped.”Gao said.

Recall that recently CoinFund raised $300 million in a venture fund to support Web3 startups in the early stages.

According to Messari and Dove Metrics, investment in the industry exceeded $30 billion in the first half of the year.

Read ForkLog's bitcoin news on our Telegram — cryptocurrency news, rates, and analytics.