CoinFund and Shima Capital announced venture capital for two new investment funds, with the funds amounting to $300 million and $200 million, respectively.
CoinFund revealed on Thursday the major focus of the Ventures I fund will be on backing blockchains startups that will consist of both existing portfolios and new startup teams. Partners from Venrock, the Teacher Retirement System of Texas, Theta Capital Management, StepStone Group, and Accolade Partners, also participated in the funding round.
Also called Coinfund Ventures, the fund is following the “founders first” philosophy in the process of identifying Web3 projects that have already gotten “early traction” in the market. Moreover, the statement defines it as the next blockchain-based iteration of the internet. CoinFund’s David Pakman will be leading the Ventures I. The announcement also disclosed that Pakman will also be among the board members of Rarible and Dapper Labs.
Great to Launch Fund in the Bear Market: Gao
A venture capital firm, Shima Capital will be providing another fund. Shima Capital was founded by the Wall Street veteran Yida Gao. Pre-seed and seed-stage investments will be going to be its major focus.
Gao in an interview said it is great to launch the fund in the bear market. Further explaining, Gao explained that since the valuations have dropped and the dollar is moving further away, it’s good for their limited partners.
In comparison to the same period last year, Venture investment in the crypto sector fell by 26% in the first half of 2022. However, as per the Crunchbase, the number of deals rose, indicating a shift in the smaller funding rounds earlier.
Andreessen Horowitz made the announcement in May revealing its new crypto fund raised funds worth $4.5. Moreover, Lightspeed Venture Partners announced Lightspeed Faction, a new arm in blockchain infrastructure investment when it closed a new funding round of more than $7 billion, in July.
Source: https://www.thecoinrepublic.com/2022/08/18/coinfund-and-shimla-capital-announces-venture-capital-for-two-new-investment-funds/