According to CoinFund CEO Jake Brukhman, he illustrates that institutions are eager to finance young blockchain and cryptocurrency firms, the fund will be used to expand and improve in-house capabilities.
CoinFund, a blockchain investment business that has raised money for many recent ventures, has closed an $83 million funding round as part of its ongoing effort to bootstrap potential crypto-focused startups.
Venrock, a California-based venture capital firm founded in 1969, spearheaded the oversubscribed campaign. CoinFund did not disclose the other “forward-thinking institutional allocators” who contributed to the financing.
CoinFund’s ability to find and help build leading crypto businesses has been praised by David Pakman, a partner at Venrock:
“CoinFund’s deep connectivity throughout the entire crypto ecosystem, the firm’s critical technical insights and its ability to incubate projects at the earliest stages differentiates them from other investors in the space.”
The capital raise, according to CoinFund CEO Jake Brukhman, illustrates that institutions are eager to finance young blockchain and cryptocurrency firms. The money would be used to expand the team and improve in-house capabilities, he said.
CoinFund has already completed its third successful venture capital fundraising. Rarible, a nonfungible token (NFT) marketplace, and ClayStack, a liquid staking technology, are two of the eight initiatives the company has sponsored this year.
CoinFund was also behind Solana Labs’ enormous $314 million private token sales, which ended in June, according to Cointelegraph. The Graph, Blockdaemon, Maker, Ethereum, Coinbase, and Polkadot are among the top blockchain projects that CoinFund has funded.
Despite warnings of a bitcoin bear market, investors’ enthusiasm for early-stage blockchain startups appears to be expanding. Venture capitalists have spent billions of dollars on blockchain and cryptocurrency firms only this year.
Multibillion-dollar funds dedicated to cryptocurrency companies have also been launched by firms like Andreessen Horowitz.