London-based VC company Felix Capital has raised $600 million in its fourth fundraising round, its largest fundraising ever. The company, which has been investing in commerce and money-tooling startups, plans to use part of the funds raised to increase its Web3 exposure as part of its new business strategy.
Felix Capital Adds Web3 to Business Plan
Venture capital companies around the world are now turning to Web3, a new field that intertwines the Internet and crypto. One such firm is London-based VC company Felix Capital, which has expanded its business plan to include Web3 as part of its existing interests. With its latest fundraising round, the company has raised $600 million, surpassing its initial goal of $500 million.
For the firm, it is the fourth and largest fundraising ever, bringing its total assets under management to $1.2 billion. In a blog post, the company explained that these funds will be used to back another 20 to 25 companies in Europe and North America over the next few years.
Regarding the inclusion of Web3 elements in its next investment, the company said:
We are expanding our areas of interest, planning to increase our exposure to Web3, a new platform for creativity, community and of course, entrepreneurship. In line with our mission to partner with founders who aspire to make a positive impact on the world, the urgency to live a more sustainable lifestyle will be an increasingly central theme.
Frederick Court, head of Felix Capital, believes that the current market downturn does not affect its operations because investing in the company is “fundamentally a long-term business, and it takes a long time to build a great company.”
A Web3 Investment Explosion
Web3 is becoming a recurring theme for VCs looking to expand their investment focus. Felix Capital is one of the firms that has announced its intention to support companies in the Web3 environment, and several other firms have also invested part of their investments in this new area.
On June 9, Solana’s investment arm, Solana Ventures, announced that it would allocate $100 million to support innovative Web3-based products and companies in South Korea. Furthermore, on June 3rd, Binance Labs reported the launch of a $500 million fund focused on companies proposing to expand the functions of crypto using blockchain and Web3 technology.
What do you think of Felix Capital’s $600 Million Web3 Fund? Tell us in the comments section below.
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