Shima Capital, a brand new enterprise agency targeted on early-stage blockchain initiatives, has launched its debut fund to help rising digital asset firms — and has obtained appreciable backing in doing so.

The Shima Capital Fund I raised a mixed $200 million from a number of high-profile crypto traders, together with Dragonfly Capital, Animoca Manufacturers and OKX, the corporate introduced Wednesday. The fund is about to deploy between $500,000 and $2 million in pre-seed funding for crypto- and blockchain-focused firms on the intersection of client merchandise, decentralized infrastructure and futuristic blockchain know-how.

Specifically, Shima has recognized decentralized id, decentralized social media, decentralized autonomous organizations (DAOs), blockchain gaming, metaverse and decentralized finance (DeFi) as goal areas. On the blockchain infrastructure aspect, the fund additionally plans to spend money on layer-1 and layer-2 know-how, in addition to initiatives targeted on safety and the event of zero-knowledge proofs.

Capital injected into early-stage firms will go in the direction of hiring and retaining expertise, constructing communities, advertising and marketing and conducting technical analysis and growth, Shima stated.

Web3 goals to revolutionize participation in all kinds of fields, from know-how to the humanities. Nevertheless, it wants these members to see what its potential holds, argues @nitingaur, founder and director of @IBM Digital Asset Labs https://t.co/ThiJmisXPS

— Cointelegraph (@Cointelegraph) March 13, 2022

Based in 2021 by crypto hedge fund investor Yida Gao, Shima Capital has recruited an govt group that features the previous head of DeFi at Ripple Labs, a former enterprise accomplice at Outdated Vogue Analysis and the previous head of expertise at Atomic VC.

Shima’s new enterprise fund demonstrates that VCs are nonetheless enticed by crypto and Web3’s worth proposition regardless of the continued bear market. The downtrend, which has been brutal even by crypto requirements, has flushed out overleveraged traders, flawed stablecoin initiatives and centralized finance firms that failed to keep up correct danger administration practices.

Web3 dominates enterprise capital curiosity in blockchain business in Q2 2022

Within the background, enterprise capital has continued to fund blockchain startups, particularly these with Web3 ambitions. In response to Cointelegraph Analysis, Web3 firms accounted for 42% of crypto VC raises within the second quarter.