Key Takeaways
- • CoinFund, a registered investment adviser focused on web3 and crypto, launched CoinFund Ventures I, a new $300M early-stage venture capital fund, according to a Business Wire announcement dated August 17, 2022.
- • Ventures I will be led by David Pakman, Managing Partner and Head of Venture Investing, and will make early-stage investments in existing CoinFund seed portfolio companies preparing Series A rounds as well as new founding teams.
- • Named limited partners include Teacher Retirement System of Texas, Adams Street Partners (more than $50 billion under management), StepStone Group ($134 billion in private markets), Accolade Partners, and Theta Capital Management, with former Venrock partners also re-committing as LPs.
- • Einar Braathen joins the CoinFund Venture Investing Team from Accel, per the release.
- • The firm reports a team of more than 30 professionals and a portfolio of 100+ companies, with the fund positioned as a conviction bet on web3 despite challenging market conditions.
Summary
CoinFund, a web3 and crypto-focused investment firm and registered investment adviser, announced the launch of CoinFund Ventures I ("Ventures I" or the "Fund"), a $300 million early-stage venture capital fund. According to the release, the fund is backed by a combination of institutional investors, family offices, and crypto-native founders, and it will seek to back founders across blockchain sub-sectors who demonstrate early traction and large potential market sizes.
The announcement frames the launch as a statement of conviction that web3 represents a major architectural transition affecting the internet, financial services, and intellectual property. CoinFund said the fund will support seed-stage portfolio companies that are preparing Series A raises and wish to keep CoinFund's support, while also partnering with new founding teams. The firm noted it has invested for seven years and has a team of more than 30 professionals managing a portfolio of 100+ companies.
David Pakman, Managing Partner and Head of Venture Investing at CoinFund, will lead the fund. Pakman said in the release that he has never seen a bigger opportunity than crypto and web3 in his 30 years in tech. The release also announced that Einar Braathen joins the CoinFund Venture Investing Team from Accel.
The release names several limited partners, including Teacher Retirement System of Texas, Adams Street Partners, StepStone Group, Accolade Partners, and Theta Capital Management. Partners of Venrock are also continuing their relationship with CoinFund as LPs in Ventures I. Portfolio company executives, including Konstantin Richter of Blockdaemon, Roham Gharegozlou of Dapper Labs, and Sam Bankman-Fried of FTX, offered supportive comments in the release, with Bankman-Fried praising the work of CoinFund President Chris Perkins on regulatory frameworks. These endorsements come from portfolio company leaders and are presented in the company's own announcement.
The announcement frames the launch as a statement of conviction that web3 represents a major architectural transition affecting the internet, financial services, and intellectual property. CoinFund said the fund will support seed-stage portfolio companies that are preparing Series A raises and wish to keep CoinFund's support, while also partnering with new founding teams. The firm noted it has invested for seven years and has a team of more than 30 professionals managing a portfolio of 100+ companies.
David Pakman, Managing Partner and Head of Venture Investing at CoinFund, will lead the fund. Pakman said in the release that he has never seen a bigger opportunity than crypto and web3 in his 30 years in tech. The release also announced that Einar Braathen joins the CoinFund Venture Investing Team from Accel.
The release names several limited partners, including Teacher Retirement System of Texas, Adams Street Partners, StepStone Group, Accolade Partners, and Theta Capital Management. Partners of Venrock are also continuing their relationship with CoinFund as LPs in Ventures I. Portfolio company executives, including Konstantin Richter of Blockdaemon, Roham Gharegozlou of Dapper Labs, and Sam Bankman-Fried of FTX, offered supportive comments in the release, with Bankman-Fried praising the work of CoinFund President Chris Perkins on regulatory frameworks. These endorsements come from portfolio company leaders and are presented in the company's own announcement.
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