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Blockchain Founders Fund Raises $75 Million to Promote Web3 Adoption

by BlockNews Team
March 1, 2023
in BUSINESS, FINANCE, INVESTING, MEDIA
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  • The $75 million fundraising round includes participation from companies such as Polygon Ripple, Octava, NEO Global Capital, Appworks, GSR, LD Capital, Metavest Capital, and others.
  • The fund will focus on supporting early-stage pre-seed and seed projects that encourage the mass adoption of Web3 and blockchain.

Blockchain Founders Fund, a venture capital fund that supports the adoption of Web3 and blockchain technology, has announced the completion of a $75 million fundraising round led by Polygon, Ripple, Octava, NEO Global Capital, Appworks, GSR, LD Capital, Metavest Capital, and others, including The Sandbox’s Sebastien Borget.

According to the announcement, the fund will support high-potential early-stage pre-seed and seed projects that promote Web3 and blockchain technology adoption. Over 100 startups have already received funding from the fund, including Altered State Machine, Splinterlands, GRID, Krayon, and Magna.

Aly Madhavji, the managing partner of Blockchain Founders Fund, stated in a recent interview that the venture capital fund could be spread across more than 200 companies within the next 12 months.

Regarding the Blockchain Founders Fund’s requirements and how Web3 startups can apply for funding, Madhavji stated that it would prioritize early-stage Web3 companies with solid teams and a demonstrated ability to execute their vision. Furthermore, the projects must provide products or services that address real market needs and clear paths for long-term revenue generation or monetization. A clear, viable business plan that demonstrates a solid understanding of the target market and the competitive landscape is also required for the projects.

“There is a high level of competition for deals in the space, regulatory uncertainty, and a limited track record of successful projects,” Madhavji said, discussing some of the significant challenges in the crypto venture capitalist landscape and how the Blockchain Founders Fund is helping to address them. To address these challenges, we prioritize investments in high-quality startups with strong fundamentals and solid indications of traction.”

Madhavji also shared that when evaluating investments, the Blockchain Founders Fund takes a team-centric approach to ensure that only well-rounded teams are chosen for funding. He went on to say:

“We take the necessary precautions to navigate regulatory uncertainty by staying up-to-date with emerging blockchain governance trends as they evolve. Finally, we leverage our industry connections, including leading institutions and investors, to assist our portfolio companies in succeeding.”

Conclusion

Cointelegraph recently published a report describing a drop in venture capital spending by investors in the fourth quarter of 2022. However, investors are still interested in funding blockchain-based technologies, applications, and startups.

According to the report, venture capital investments are shifting to “non-volatile innovations” such as cross-chain bridges, payments and remittances, lending, decentralized autonomous organizations, asset management, and digital identity management.

Tags: BlockchainBlockchain Founders FundBusinesspolygonrippleWeb3
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