Coinfund is betting big on Web3.
While layoffs of some of the biggest crypto companies continue employeesCoinfund is doubling down on the future of Web3.
The crypto-focused investment firm announced on Wednesday that it is launching a massive $300 million venture capital fund for web3 The founders want to finance their crypto projects.
Partners at Adams Street Partners, Stepstone Group, Accolade Partners, Theta Capital Management, Teacher Retirement Systems of Texas and Venrock are among those who have contributed to the fund.
According to a statement, the fund, also known as Coinfund Ventures, is prioritizing a “founders first” philosophy when identifying Web3 projects that already have “early traction” in the market and the next blockchain of the Internet. -based iteration is aimed at shaping.
Coinfund Managing Partner David Pakman – who is also on the board of directors of cryptocurrency companies Dapper Labs and Rabled – believes the $300 million fund is coming at the right time, despite the ongoing bear market.
“In my 30 years in technology, I have never seen a bigger opportunity than crypto and Web3,” Pakman said in a release announcing the fund.
and in one blog postHe pointed to 19% of new startups created this year focusing on Web3, a sign that the crypto space isn’t going away anytime soon.
“While we are in a crypto (and tech) bear market today, in the long term, we expect many Web3 and crypto companies to create enormous value,” Pakman said. decrypt, “This is not the first time we have launched a fund in a bear market – our Seed III fund was launched in 2018 and we have seen many great companies build since then.”
He said the firm plans to invest in 30 to 40 different companies over the next two to three years.
While Pakman said that celebrating the fund’s launch is, in his view, a “silly moment,” he believes Web3 will bring about a significant technological change.
“We think we’re seeing the greatest amount of economic value creation that we’ve seen in, well, the Industrial Revolution,” he said.