Near Foundation Launches New $100 Million Investment Fund
The NEAR Foundation, a Swiss non-profit, announced the opening of a $100 million venture capital fund and innovation lab for web3.
The NEAR Foundation, which supports the governance and development of the NEAR protocol, will collaborate on the initiative with Caerus Ventures, a newly created investment firm.
NEAR’s latest development move comes as the platform is launching its biggest event of the year, named NEAR CON BETA, to be held in the Portuguese capital Lisbon, from Sept 11 to Sept 14, 2022.
The VC fund will have an initial closing of $50 million. It will attempt to bring in $100 million during seed to Series A investment rounds.
Caerus’ initial investment will be in the Venture Lab, which will focus on gathering innovators, talent, and franchise owners to build the next generation of web3 platforms and applications.
The CEO of the NEAR Foundation, Marieke Flament said:
“The Lab will offer cross-functional support to portfolio projects and will be supported by advisory partners who will be announced by the end of this year.”
Nathan Pillai, an executive who spent the previous five years with IMG/Endeavor, overseeing M&A and venture development of entertainment businesses such as Larry Ellison’s SailGP, launched Caerus.
Pillai said in a press released statement that he hoped the firm will “be a catalyst for innovation that unleashes a new generation of platforms, applications and services across sport, music, film, TV, fashion, art and gaming which offer greater equity for talent and consumers alike.”
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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews