Coinfund Establishes $300 Million Web3 Fund

Venture capital fund Coinfund has just established a $300 million fund to develop Web3 despite the volatile market.

Coinfund is doubling down on Web3. In tonight’s announcement, the New York-based VC just launched a $300 million venture capital fund for potential Web3 projects.

The fund was jointly established by Adams Street Partners, StepStone Group, Accolade Partners, Theta Capital Management, Texas Teachers Retirement System, and partners from Venrock.

Coinfund Ventures comes with a “founders first” philosophy, which will open up new funding opportunities for potential Web3 projects and aim to shape the new generation of blockchain, according to the statement.

Coinfund representative, David Pakman — who is also on the board of directors of Dapper Labs and Rarible — believes that the fund was born at the right time to “ignore” the market to turn bad. He asserted:

“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.”

In a blog, Pakman pointed out that 19% of startups founded this year are focusing on Web3 as a signal that cryptocurrency will write more interesting stories. He also revealed that the company planned to invest in 30 to 40 different companies over the next two to three years.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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