Blockchain enterprise agency CoinFund has launched a brand new funding fund dedicated to Web3 and different crypto-focused startups, opening the door to contemporary funding alternatives for entrepreneurs through the bear market.

The newly launched CoinFund Ventures I’ll make investments $300 million into early-stage firms on the intersection of Web3, cryptocurrency and different blockchain sub-sectors, the corporate introduced Wednesday. The brand new fund was financed by a mix of institutional traders, household places of work and cryptocurrency entrepreneurs.

CoinFund Ventures I is greater than thrice larger than the agency’s 2021 crypto startup fund, which was valued at $83 million. CoinFund was an investor within the nonfungible token market Rarible and Solana Labs’ $314 million non-public token sale. The corporate disclosed Wednesday that a number of of its seed-stage portfolio firms are getting ready to boost Collection A funding however didn’t disclose any names.

New crypto tasks usually rely upon Enterprise Capital companies to assist them get off the bottom.

The true query is, are VCs in it for the neighborhood and fundamentals, or for their very own profit?

(By way of @CointelegraphZN)https://t.co/92Gjt4ZlRI

— Cointelegraph (@Cointelegraph) July 8, 2022

CoinFund stated its new funding automobile displays its perception that Web3 marks the “architectural transition” for the brand new web. Though definitions differ, Web3 typically refers back to the subsequent iteration of the web, powered by blockchain know-how and tokenized property.

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Web3 tasks have acquired vital backing from the enterprise capital neighborhood. Within the second quarter of 2022, these startups represented round 42% of particular person funding offers within the crypto sector, in accordance with Cointelegraph Analysis. Regardless of this backing, Web3 ecosystems are nonetheless of their very nascent phases and lots of tasks haven’t been constructed for utility, in accordance with Raymond Liao, a managing director at Samsung Subsequent.