For its newest fund, crypto investment firm CoinFund has secured $300 million, and will concentrate on early-stage Web3-oriented firms.
CoinFund $300M Raise
Managing Partner David Pakman told Blockworks that while CoinFund has been funding seed-stage Web3 enterprises since 2015, the newest fund intends to support businesses after that point.
David Pakman, said: “Seed funding makes bets on teams and a thesis, and the venture fund is making investments in companies that are showing some traction — where there’s evidence that things are working and we think there may be big outcomes. Our strategy is to invest in both some of our existing portfolio companies, and also new companies that we missed, or we never had the chance to meet the team. Our goal with this fund is to assemble a portfolio with a mix.”
As a generalist in digital assets, CoinFund doesn’t have its eyes set on a particular aspect of Web3, although Pakman claimed the company has found some potential fields.
“Layer-1s, DeFi (decentralized finance), NFTs, gaming, Web3 infrastructures — such as stablecoins and payments, asset management and exchanges and on-ramp crypto wallets — are all showing promise today,” Parker added.
Pakman anticipates that additional investment opportunities will arise as the ecosystem develops. Instead of creating centralized computing systems, programmers may concentrate on creating networks and protocols that would allow users and programmers to jointly control the infrastructure and its expanding family of ancillary applications.
David said, “The job of this venture fund would be to determine the teams that want to build big things that are intersecting with adoption. You have to be right about the timing of adoption. If you bet on cloud computing and AI in 1998, you would not have been successful, but if you bet on cloud computing in 2008, you would be very successful.”
CoinFund collaborates with industry pioneers across the seed, venture, and liquid phases of funding to create Web3. CoinFund is a cryptonative investing firm as well as a registered investment advisor. The company was established in 2015 and has headquarters in both New York City and Miami. The team’s areas of expertise include portfolio management, token creation, decentralized network architecture, research, trading, market structure engineering, brand strategy legal and regulatory compliance.