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New VC fund focused on crypto infrastructure builders
Venture Capital Firm Is Trying to Be the 'Gucci' of Early-Stage Crypto Infrastructure Investments, Canonical Crypto Founder Says Fund Aims to Make 40 to 50 Investments to Help Developers Build Web3 A newly launched venture fund backed by prominent crypto and technology investors aims to help developers transition from Web2 to Web3. Canonical Crypto — led by longtime Silicon Valley operator Anand Iyer — announced Thursday that it has raised $20 million in an oversubscribed round for its inaugural fund. Backers include Shan Aggarwal of Coinbase Ventures and Marc Andreessen and...
New VC fund focused on crypto infrastructure builders
- Venture-Capital-Firma versucht, der „Gucci“ der Krypto-Infrastrukturinvestitionen in der Frühphase zu sein, sagt der Gründer von Canonical Crypto
- Der Fonds beabsichtigt, 40 bis 50 Investitionen zu tätigen, um Entwickler beim Aufbau von Web3 zu unterstützen
A newly launched venture fund backed by prominent crypto and technology investors aims to help developers transition from Web2 to Web3.
Canonical Crypto — led by longtime Silicon Valley operator Anand Iyer — announced Thursday that it has raised $20 million in an oversubscribed round for its inaugural fund.
Backers include Shan Aggarwal of Coinbase Ventures and Marc Andreessen and Chris Dixon of a16z, as well as Haseeb Qureshi of Dragonfly Capital and Amy Wu of FTX Ventures.
Iyer, who most recently led crypto investments at Bulb VC said the fund will focus exclusively on pre-seed and seed-stage companies that are building better infrastructure to support decentralized Web3 applications.
He pointed to his years of experience developing go-to-market strategies for developers, which he said remains “an open space.”
"It feels like we're in the 'airport' phase of crypto infrastructure; we have a lot of planes, not enough airports," Iyer told Blockworks. “We pay particular attention to tools and infrastructure to help developers build Web3.”
Canonical Crypto intends to make 40 to 50 investments in this fund, ranging in size from $250,000 to $500,000. It has so far supported the NFT (non-fungible token) marketplace Formfunction; Web3 communications infrastructure provider Notifi; data infrastructure company Vybe Network; and Thirdweb, which offers low-code solutions for building Web3 dapps.
“The check size and the commitment seem to fit together really well,” Iyer said. “I envision raising future funds at approximately the same size as our first fund so that we can continue to be the ‘Gucci’ of early-stage crypto infrastructure investing.”
Despite a downturn in crypto markets in recent months, JPMorgan analysts wrote in a report last week that year-to-date crypto venture capital funding reached $25 billion. Even after the collapse of Terra's stablecoin UST last month that rocked crypto markets, "there is little evidence that VC funding is drying up," they added.
Also last week, a16z announced its $4.5 billion raise for the largest crypto venture fund ever, of which $1.5 billion was earmarked for seed investments in Web3 startups.
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The post New VC Fund To Focus On Crypto Infrastructure Builders is not financial advice.