New-York based web3 investment firm CoinFund is on the hunt to raise $250 million just three months after its previous fund.
CoinFund announced that it plans to use the investment to fund seed-stage startups.
Three separate filings have shown that CoinFund’s Cayman Islands-domiciled funds aim to raise $130 million and $20 million. Meanwhile, the company’s Delaware-associated branch is looking for $100 million.
The reports suggest that the funding round is still in its infant stage, and sales have not yet occurred.
In August, CoinFund announced a $300 million fund to back early-stage blockchain projects.
The fund was backed by institutional investors, including the Teacher Retirement System of Texas, Adams Street Partners and StepStone Group.
The venture fund, which is called ‘The CoinFund Ventures I fund,’ was opened to invest in web3 firms showing commercial traction.
David Pakman, CoinFund managing partner and venture investing head, said the new would invest in crypto projects and firms that focus on layer-1 blockchains, web3 infrastructure, דעפי, NFTs and gaming, payments, assets management, exchanges, marketplaces, and decentralized applications.
CoinFund, געגרינדעט אין 2015, האט ינוועסטאַד אין איבער 100 פּאָרטפעל פירמס זינט דעמאָלט. די פירמע איז איינער פון די לאָנגעסט-פליסנדיק וועב3 פירנעם קאַפּיטאַליסץ און האט ינוועסטאַד אַן עסטימאַטעד $ 1 ביליאָן אין זוימען-בינע סטאַרטאַפּס.
CoinFund’s portfolio also extends to backing Layer 1 blockchain Solana, web3 indexing protocol The Graph and blockchain infrastructure company Blockdaemon, among other startups.
Additionally, CoinFund was also a participant in developer platform Hyperlane’s $18.5 million round and crypto investment app Solvo’s $3.5 million round.
In the past, CoinFund focused on Bitcoin and seed-stage investments in decentralized finance (DeFi) projects. CoinFund previously invested in firms that include NBA Top Shot creator Dapper Labs, blockchain infrastructure platform Blockdaemon, and data indexing protocol The Graph, among others.
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Source: https://blockchain.news/news/coinfund-on-hunt-for-raising-250-million