News

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.
Near Foundation Launches New $100 Million Investment Fund 3

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.”

Near Foundation Launches New $100 Million Investment Fund 4

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.”

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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