The company is planning to give early-stage crypto-oriented initiatives between $500K and $25M, while later-stage projects up to $100M.
Multicoin Capital, a Texas-based crypto investment giant founded in 2017, has recently rolled out a new venture fund valued at $430M, despite the current crypto bear market.
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According to the official announcement issued on July 12th, the fund, dubbed Venture Fund III, will allocate around $500K-$25M to early-stage Web3- and crypto-driven projects. On top of that, later-stage initiatives can also expect to receive up to $100M.
Kyle Samani, a capital managing partner at Multicoin, has commented on the funding and noted that companies which have a stronger presence in the market might be eligible for a bigger amount of money. $25M is not the maximum size that a company can receive, Samani added.
The partner also noted that the firm would continue investing in promising assets "at a fairly rapid pace," adding that the harsh market conditions won't have any impact on the investment giant's plans. Tushar Jain, the co-founder of Multicoin Capital, also commented on the situation in the crypto market:
“As evidenced by our first and second venture funds, some of the best opportunities arise in bear markets. Valuations are more reasonable; founders are more focused, long-term and motivated; and real users explore projects they are genuinely passionate about.”
Multicoin Capital’s Venture Fund III will primarily focus on companies that are keen on exploring the fields of creator monetization, non-fungible tokens (NFTs), Web3 infrastructure, open finance, and decentralized finance (DeFi).
In fact, the investor contributed a significant amount of money earlier in June, when it led Delphia's Series A funding round. The DAO-driven investment advisory firm, founded in 2018, raised $60M to roll out its new reward token and boost its headcount.
Nonetheless, it seems as though the fact that bears are still reigning supreme in the crypto market hasn't affected a number of companies making huge investments in any way possible. According to some statistics, in Q1 2022 alone, venture capitalists injected almost $15B into various crypto-driven initiatives.
Earlier this week, infrastructure protocol LI.FI also collected $5.5M in funds to expand to additional Layer-1 blockchains, while Denver-based VC firm Konvoy Ventures raised $150M to invest in early-stage blockchain gaming startups.
