Fabric Ventures closes £ 112m web3 investment fund

VC firm based in London and Luxembourg Fabric Ventures Its $ 140m (£ 112m) Venture Fund was closed to invest in start – ups developing Web3 projects, double the original target increase.

The Venture Fund attracted investment from Apeiron, Andre Schurrle, Dragan Solak, Polkadot founders, Zerion, Eventbrite and Matrix Partners China.

Fabric Ventures has also raised its first investment for its dedicated Growth Fund, which aims to raise a total of $ 100m to support Web3 founders to scale their business, making investments of between $ 100,000 (£ 80,000) and $ 10m ( £ 8m) normally. .

The Growth Fund was backed by co-founder Raisin, US fund-of-fund Blockchain co-investors, Open Ocean General Practitioners, Felix Capital and Claret Capital.

“The rise of the open web and the digital ownership revolution are driving decentralized collaboration on a scale,” said Richard Muirhead, managing partner of Fabric Ventures. “While our Growth Fund provides capital for entrepreneurs innovating in this space, our ethos is to act as a partner for founders as they grow and develop and to be active participants within existing networks. developing them. ”

Investments made to date by the Fabric Growth Fund include Argent, NEAR and Inmutable.

Argent recently raised £ 32m Series B funding to build its all-in-one app for web3 and defi.

Last year Fabric Ventures launched $ 130m Fund (£ 104m) for investment in digital assets and decentralization.

“Web3 has a deep fabric from the start, but it mixes it with a level of professionalism that makes them a very effective venture firm,” said Robbie Ferguson, co – founder of Immutable.

Saw last month Fasanara Capital launch its £ 283m fund to invest in crypto and fintech start-ups.

VC firms continued to raise money for deployment by cryptocurrency and web3 start-ups despite the recent market downturn in which Bitcoin and Ethereum cryptocurrencies declined sharply. The IS collapse of “stablecoin” Luna sent shock waves through the industry and attracted renewed attention from regulators.

Last month, the Chairman of the UK Financial Conduct Authority (FCA). questioned the legitimacy of the “speculative crypto token” which has “no fundamental value”.

Fabric Ventures closes £ 112m web3 investment fund

Source link Fabric Ventures closes £ 112m web3 investment fund

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