Crypto investment firm CoinFund announces early-stage $300M Web3 venture fund “Ventures I” to be deployed over a two- to three-year period.
David Pakman, managing partner and head of the venture investing at CoinFund, stated that the fund will invest in crypto projects and firms that focus on layer-1 blockchains, DeFi, web3 infrastructure, asset management, exchanges, marketplaces, NFTs, gaming, payments, and dapps.
As most crypto firms are busy with layoffs amid the crypto winter, Pakman A says that venture capital firms like CoinFund now have more advantageous entry pricing as a result of the recent decline in the price of crypto assets.
Multiple CoinFund seed-stage portfolio firms are getting ready to raise Series A funding and want to keep working with CoinFund’s crypto-native investing team. Ventures I will look to work with new founding teams in addition to making venture-scale investments in current portfolio firms.
The CoinFund Ventures I fund is expected to invest in 30 to 40 startups, with funds ranging from $6 million to $10 million in value for each organization.
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A small number of portfolio companies might receive follow-on investments, but the majority will go to businesses that CoinFund has never sponsored previously, according to Pakman.
Partners from Venrock, Adams Street Partners, Teacher Retirement System of Texas, Theta Capital Management, StepStone Group, and Accolade Partners are backing CoinFund’s Web3 fund.
Packman added “We are long-term investors and believe that crypto and web3 offer the largest areas for enterprise value creation in the entire tech industry today. This view is independent of current market conditions. We try not to time markets, and instead invest over long periods of time.”
