Blockchain Founders Fund, a venture capital fund that supports the adoption of Web3 and blockchain technology, has successfully closed a fundraising round worth $75 million.
Companies such as Polygon, Ripple, Octava, NEO Global Capital, Appworks, GSR, LD Capital, Metavest Capital, and individual investors such as Sebastien Borget, COO of The Sandbox, contributed to the round.
According to the announcement, the fund’s primary focus is to support promising pre-seed and seed-stage startups that encourage the widespread adoption of Web3 and blockchain technology.
As of today, the fund has already invested in more than 100 startups, including Altered State Machine, Splinterlands, GRID, Krayon, and Magna. Even more, the fund’s managing partner, Aly Madhavji, told Cointelegraph that they plan to spread their investment across more than 200 companies in the next 12 months.
“We take necessary precautions to navigate regulatory uncertainty by staying abreast with emerging trends in blockchain governance as they continue to evolve over time. Finally, we leverage our industry connections, including leading institutions and investors in the space to help our portfolio companies succeed.”
To qualify for funding from the Blockchain Founders Fund, Web3 startups must have a strong team and a demonstrated ability to execute their vision. They must offer products or services that solve real market needs and have clear pathways for revenue generation or monetization.
Furthermore, the projects must have a viable business plan that shows a solid understanding of the target market and competitive landscape.