Crypto Biz: Crypto VC is back with a vengeance
You’ve no doubt heard the expression, follow the money. Well, if you do that in the venture capital world, you’ll be led directly to crypto, blockchain and digital assets. After a modest summertime lull in venture financing, this week saw the announcement of two massive raises worth a combined $500 million. That’s $500 million VCs are allocating to crypto-focused startups at the intersection of Web3, blockchain infrastructure and decentralized communities.
If you think funding deals have stopped amid the bear market, think again. I mentioned “summertime lull” at the outset, but that doesn’t mean funding has stopped. There are so many deals, in fact, that I’ve had to start a separate series called VC Roundup just to keep track. Data from Cointelegraph Research also shows that Q2 funding deals were just as big as the first quarter in dollar terms.
This week’s Crypto Biz looks at the latest funding news from the world of blockchain.
Venture firm CoinFund has launched a new investment fund devoted to all things crypto. The newly launched CoinFund Ventures 1 will invest $300 million into early-stage companies innovating in the blockchain arena, with a key focus on Web3. CoinFund raised $83 million during the bull market in 2021. Its latest deal is more than three times that amount — and it was raised during the depths of crypto winter. That tells us venture capitalists probably believe the market has already bottomed or is in the process of doing so.
Shima Capital, a venture firm founded by hedge fund investor Yida Gao, has debuted with a $200 million investment fund targeting startups from across the blockchain ecosystem. Shima Capital Fund I, which is backed by Dragonfly Capital, Animoca Brands and OKX, is set to deploy up to
Read more on cointelegraph.com
