CoinFund, a leading web3 and crypto focused investment firm and registered investment adviser, is delighted to announce the launch of CoinFund Ventures I (“Ventures I” or the “Fund”), their new $300M early-stage venture capital fund, backed by a combination of sophisticated institutional investors, family offices, and cryptonative founders. Ventures I seeks to back the most ambitious founders across blockchain sub-sectors demonstrating early traction and large potential market sizes. The launch of Ventures I demonstrates CoinFund’s conviction that web3 is an enormous and important architectural transition impacting the future of the internet, financial services and intellectual property, and their belief that web3’s evolution will continue to progress through all market cycles.
Over the last ten years, catalyzed by the invention of the blockchain, web3 has emerged as one of the most exciting and meaningful software architectural innovations, spawning thousands of companies and decentralized networks aiming to build a more equitable, and open internet. Ventures I seeks to invest in the most important companies both facilitating and benefitting from this transition.
A number of current CoinFund seed stage portfolio companies are preparing to raise Series A funding and wish to maintain the support and partnership of CoinFund’s cryptonative investing team and its “founders first” philosophy. In addition to making early-stage, venture-scale investments in existing portfolio companies , Ventures I will seek to partner with new and ambitious founding teams.
After seven years of investing, company building, and community involvement, CoinFund and its team of more than 30 professionals are competitively positioned in the web3 investing space. With Ventures I, CoinFund can deepen its support of companies that have demonstrated early traction as they accelerate through their next phase of growth and benefit from the synergies and experience of CoinFund’s broader portfolio of 100+ remarkable teams.
The Team Behind Ventures I
Ventures I will be led by David Pakman, Managing Partner and Head of Venture Investing at CoinFund, who said, “Tech entrepreneurs and venture investors are taught to look for architectural transitions that disrupt past models and create new ground for companies to build enormous value. In my 30 years in tech, I have never seen a bigger opportunity than crypto and web3. Web3 entrepreneurs clearly appreciate cryptonative investing teams as helpful allies, and we look forward to working with ambitious and driven entrepreneurs to build a permissionless, decentralized and community-owned internet, rewire the global financial system, and unlock enormous value for intellectual property.”
CoinFund is proud to welcome some of the world’s most sophisticated limited partners into Ventures I, including Teacher Retirement System of Texas, Adams Street Partners, a global leader in private markets with more than $50 billion under management, StepStone Group, the $134 billion global private markets investing firm, and Accolade Partners a fund of funds specializing in technology and blockchain-focused venture capital and growth equity investments and Theta Capital Management, one of the largest and earliest investors dedicated to investing in crypto native venture funds. In addition, many of the Partners of Venrock continue their partnership with CoinFund as limited partners in Ventures I.
Some prominent individuals in web3 took this opportunity to share their views as founders of CoinFund portfolio companies:
“CoinFund understands the challenges and complexities of running institutional infrastructure in a multichain world,” said Konstantin Richter, CEO and founder of Blockdaemon. “We value their cryptonative culture and look forward to collaborating with their team as we continue to grow.”
“As a founder, I value the cryptonative culture at CoinFund. We appreciate that they have been a part of web3 communities since 2015” said Roham Gharegozlou, CEO and Co-Founder of Dapper Labs (also an investor in CoinFund funds).
“The work of CoinFund’s President Chris Perkins has been extremely valuable as we seek the appropriate regulatory framework to continue our exchange’s tremendous growth.” said Sam Bankman-Fried, CEO and founder of FTX
The launch of Ventures I demonstrates CoinFund’s positive view on the opportunity for value creation from building and investing in crypto infrastructure as web3 adoption materializes. The firm is proud to continue supporting and growing what it believes are the most promising projects and talent throughout these challenging market conditions and beyond.