TLDR:
- Lemniscap secures $70 million to invest in early-stage Web3 startups.
- The fund will target blockchain-based businesses, including zero-knowledge infrastructure and emerging Bitcoin ecosystems.
Venture capital firm Lemniscap has announced a new fund of $70 million to support early-stage Web3 startups focusing on blockchain-based solutions. The fund will target a variety of businesses, including zero-knowledge infrastructure, consumer applications, emerging Bitcoin ecosystems, security, and decentralized physical infrastructure (DePIN). Lemniscap is known for its previous investments in popular protocols like Avalanche, Fairblock, Celestia, and others. The firm prioritizes long-term success over short-term gains and provides both capital and strategic guidance to the startups in its portfolio.
The Web3 startup ecosystem has seen positive growth, with $2.7 billion raised in the second quarter of this year, led by infrastructure projects like Monad and BeraChain. Despite a 12.5% decrease in the number of deals, investors are showing confidence by committing larger amounts to projects with strong potential. In 2023, crypto firms secured $10.1 billion in investments, and industry trends suggest a potential increase to $10.8 billion by the end of 2024.
