Web3 investment firm CoinFund has secured $158M in its latest fundraising round to invest in early-stage crypto startups. The company said it would prioritize startups working on the intersection of crypto and AI while investing the new funds. CoinFund initially planned to raise $125M in funding, but the round saw more interest than expected. - The firm has also managed to raise $550M during the last year's crypto winter seeing the collapses of high-profile crypto firms, including the previously third-largest crypto exchange FTX and the multi-billion dollar Terra ecosystem.
- CoinFund previously invested in several renowned startups like Dapper Labs, the firm behind the famous NBA Top Shot and CryptoKitties NFTs, and blockchain infrastructure provider Blockdaemon.
- Some portion of the new funding has already gone to Giza, a startup working on the integration of AI with smart contracts, and Superstate Inc. aimed to combine decentralized finance (DeFi) with mutual funds.
- CoinFund also said it would continue to invest in tokens with the new funding.
On the other hand, recent data has shown that global venture capital (VC) investments in crypto startups saw a drop for five consecutive quarters. |
