CoinFund Launches $ 83 Million Crypto Seed Fund

[ad_1]

CoinFund, a blockchain investment firm behind several recent fundraisers, has closed an $ 83 million funding round as part of its ongoing initiative to seed promising crypto-focused startups.

The oversubscribed fundraiser was spearheaded by Venrock, a California-based venture capital firm founded in 1969. CoinFund said several other forward-thinking institutional fundraisers contributed to the fundraiser, but did not name them.

David Pakman, Partner at Venrock, touted CoinFunds’ ability to identify and help grow leading crypto startups:

CoinFunds’ deep connectivity throughout the crypto ecosystem, the company’s critical technical information, and its ability to incubate projects in the early stages sets them apart from other investors in the space.

CoinFund CEO Jake Brukhman said the capital increase demonstrates that institutions are keen to support budding blockchain and cryptocurrency startups. He said the funding will be used to expand the team and further develop internal capacity.

The latest round represents CoinFunds’ third successful venture capital round. This year alone, the company has supported a total of eight projects, including the Rarible Non-Fungible Token (NFT) Marketplace and ClayStack, a liquid staking protocol. As Cointelegraph also reported, CoinFund was behind Solana Labs’ $ 314 million private token sale that closed in June. CoinFund has also supported major blockchain projects The Graph, Blockdaemon, Maker, Ethereum, Coinbase, and Polkadot.

Related: ClayStack Raises $ 5.2 Million For Liquid Staking Protocol

Investor appetite for early stage blockchain companies appears to be growing despite alarming signs of a bear market in cryptocurrency. This year alone, venture capitalists have invested billions in blockchain and crypto-focused startups. Companies like Andreessen Horowitz have also created multi-billion dollar funds specifically for cryptocurrency companies.

[ad_2]