Venture capital for two new investment funds from CoinFund and Shima Capital were announced, with amounts reaching US$300 million and US$200 million, respectively.
See related article: New Investors and Investments
- The Ventures I fund, announced Thursday by CoinFund, will focus on backing blockchain startups, including both existing portfolios and new startup teams.
- The Ventures I fund will be led by David Pakman, who is a partner of CoinFund and also sits on the boards of Dapper Labs and Rarible, according to the announcement.
- Another fund by Shima Capital, a venture capital firm founded by Wall Street veteran Yida Gao, will focus on pre-seed and seed-stage investments, according to an announcement.
- “Launching the fund in the bear market is great,” said Gao in an interview with CoinDesk published. “It’s good for our limited partners because the valuations have come down and the dollar goes farther and farther.”
- Venture investment in the crypto sector fell 26% in the first half of 2022 compared to the same period last year, but the number of deals increased, suggesting a shift to earlier, smaller funding rounds, according to Crunchbase.
- In May, Andreessen Horowitz announced US$4.5 billion was raised by its new cryptocurrency fund. In July, Lightspeed Venture Partners announced a new arm in blockchain infrastructure investment, Lightspeed Faction, while it closed a new fundraising round of over US$7 billion.