TLDR:
- Crypto-focused venture capital firm Lemniscap has announced a $70 million fund to support startups in the web3 ecosystem
- The fund will focus on areas such as zero-knowledge infrastructure, decentralized physical infrastructure, the Bitcoin ecosystem, and phygital
A crypto venture capital firm, Lemniscap, has revealed a $70 million fund to support startups in the emerging web3 ecosystem. The fund, supported by Accolade Partners, will focus on backing early-stage founders in key areas such as zero-knowledge infrastructure, decentralized physical infrastructure, the Bitcoin ecosystem, and phygital. Ethereum founder Vitalik Buterin has highlighted the growing importance of zero-knowledge technology, pointing to a use case in airdrops.
Lemniscap, founded in 2017, has invested in over 130 projects including Avalanche, The Graph, and EigenLayer among others. The company’s founder and managing partner, Roderik van der Graaf, expressed their intention to continue investing in the industry with the new fund providing significant financial support for the next generation of industry pioneers.
The crypto venture capital space has seen significant growth with firms like Paradigm, Pantera Capital, and a16z Crypto playing key roles. Despite a dip following the FTX collapse, total venture capital funding in the crypto industry reached $2.7 billion in the second quarter of 2024. The industry witnessed notable VC funding rounds like Story Protocol’s $80 million raise and Chaos Labs’ $55 million.
