$75M Blockchain Founders Fund II backs portfolio of P2E and Web3 projects

cointelegraph.com:

Singapore-based Blockchain Founders Fund has launched a new venture capital fund to support emerging projects in the cryptocurrency, metaverse and Web3 sectors, offering further evidence that investors are still keen to back major growth trends in the digital asset market. 

Blockchain Founders Fund II, also known as BFF II, has raised $75 million from various investors across the blockchain and crypto industry, including NEO Global Capital, Appworks, Baksh Capital, Octava and The Sandbox chief operating officer Sebastien Borget. BFF II has already deployed capital across 11 projects, including a layer-two derivatives exchange, several play-to-earn games and a DeFi protocol.

BFF II is focused primarily on crypto, blockchain Web3 and metaverse projects. The fund is also prepared to offer an additional $5 million to successful startups that make it to subsequent funding rounds. 

BFF partner Mansoor Madhavji told Cointelegraph that “operational experience” is an important consideration when selecting which companies to support. All the companies receiving financial backing "have demonstrated strong product market fit [and] are able to set trends in the crypto space,” he said.

Related: a16z, Google lead $20M investment in Africa Web3 game publisher Carry1st

Despite a steep selloff in the cryptocurrency sector, which culminated on Monday with Bitcoin (BTC) falling below $34,000, smart money investors increasingly view digital assets as a generational opportunity. As such, they are deploying capital in sectors they believe could reshape the digital economy over the next decade.

Real Vision founder and macro investor Raoul Pal has also stuck to his conviction that digital assets are revolutionizing the world around us. On Saturday,