Despite the drop in crypto funding, CoinFund is doubling down on its investments into blockchain technology and the future of web3
Investment firm CoinFund has raised $158m to back early-stage startups across the web3 ecosystem.
The seed funding exceeded its initial target of $125m. It was backed by institutional investors, family offices and high net wealth individuals.
Founded in 2015 in New York, the company has raised more than $550m in the last 18 months across venture capital and liquid investment strategies.
Despite the drop in crypto funding, CoinFund is doubling down on its investments into blockchain technology and the future of web3.
In the last month, CoinFund has announced investments in Cloudburst Technologies’ cyberthreat intelligence for digital currency fraud, Giza, an AI platform for smart contracts and web3 protocols, and Superstate, which builds blockchain-based financial products.
Jake Brukhman, chief executive officer and co-Founder of CoinFund, commented: “Our investors have shown deep confidence in our people and strategy by continuing to allocate capital to our products in a bear market.
“Over the last two years, we’ve built a truly institutional grade firm, the model of a large professional manager in web3.
“On the portfolio side, we are more bullish on the industry than ever and continue to invest in platform resources and personnel to help navigate a nascent and sometimes opaque category and support the growth of each portfolio company.
“CoinFund is proud to identify and back emergent teams and technologies before they trend.”
As the company has grown this year, it has made numerous appointments, including Dilveer Vahali as head of venture legal, Jules Mossler as head of marketing and communications and Jenna Pilgrim as head of platform.