Coinfund is investing a sizable wager on Web3. The investment company with a focus on cryptocurrencies. Reportedly, it is launching a sizable $300 million venture fund for Web3 innovators seeking funding for their cryptocurrency initiatives.
The fund has been sponsored in parts by Adams Street Partners, the Teacher Retirement System of Texas, Accolade Partners, StepStone Group, Theta Capital Management, and Venrock partners.
In accordance with a release, the fund, also known as Coinfund Ventures, is emphasizing a “founders first” mindset when selecting Web3 initiatives that have “early traction” in the market and seek to mold the following blockchain-based version of the web.
Regardless of the prevailing bearish trend, David Pakman, managing partner of Coinfund and a member of the boards of directors for the cryptocurrency firms Dapper Labs and Rarible, thinks the $300 million investment is emerging at the perfect time.
Pakman stated in a press unveiling the investment, “In my 30 years in tech, I have never seen a bigger opportunity than crypto and Web3.”
He also noted in a blog post that the fact that 19% of new firms founded this year had a Web3 focus is evidence that the cryptocurrency industry isn’t going anywhere anytime soon.
While the cryptocurrency (and IT) markets are currently in a bad market, Pakman told
Decrypt that over the long term, many web3 and crypto companies will generate huge value. “Our Seed III fund was established in 2018 and we have seen a number of excellent firms built since then. This is not the first fund we have launched in a down market.”
He continued by saying that during the following two to three years, the company intended to invest in 30 to 40 various businesses.
Even though Pakman called the inauguration of the fund “a foolish occasion,” he thinks Web3 will bring about a significant technical breakthrough.
We believe we are witnessing the most significant economic value creation since, uh, the Industrial Revolution, he concluded.
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