Blockchain Founders Fund raises $75M to encourage Web3 mass adoption

cointelegraph.com:

Blockchain Founders Fund, a venture capital fund supporting the adoption of Web3 and blockchain technology, has announced the close of a $75 million fundraising round from companies such as Polygon, Ripple, Octava, NEO Global Capital, Appworks, GSR, LD Capital, Metavest Capital and others, such as Sebastien Borget, chief operating officer of The Sandbox.

According to the announcement, the fund will focus on supporting high-potential early-stage pre-seed and seed projects that encourage the mass adoption of Web3 and blockchain technology. The fund has already invested in over 100 startups, including Altered State Machine, Splinterlands, GRID, Krayon and Magna. 

In an interview with Cointelegraph, Michiko Yuda, marketing coordinator at Blockchain Founders Fund, shared that the venture capital fund will potentially be spread across more than 200 companies within the next 12 months. 

Speaking on the requirements and ways Web3 startups can seek funding from the Blockchain Founders Fund, Yuda shared that it will focus on early-stage Web3 companies with strong teams and a demonstrated ability to execute their vision. In addition, the projects must offer products or services that solve real market needs and offer clear pathways for revenue generation or monetization over time. The projects must also have a clear, viable business plan that demonstrates a solid understanding of the target market and competitive landscape.

Discussing some of the major challenges in the crypto venture capitalist landscape and how the Blockchain Founders Fund is helping to address them, Yuda shared: “There is a high level of competition for deals in the space, regulatory uncertainty, as well as a limited track record of successful projects. In order to