Lightspeed Faction Sets Up $285M Fund for Blooming Blockchain Startups
Summary:
Lightspeed Faction, a venture capital firm, has unveiled a $285 million fund dedicated to crypto startups. The fund aims to support early-stage blockchain projects, offering them both financial backing and access to a team of seasoned blockchain investors. Despite recent lows in crypto venture capital funding amid decreasing prices, Lightspeed Faction remains committed to the sector, having previously financed successful startups like Crossmint, Lens, Narya.ai, and others during the bear market.
On November 9, Lightspeed Faction, a venture capital firm, declared the establishment of a fund amounting to $285 million singled out for crypto startups. The fund is targeted at aiding "the early stage blockchain projects" and will provide financial support as they grow, revealed by the firm's announcement. The firm's tweet indicated that entrepreneurs don't have to explain the worth of crypto anymore as the Faction is completely committed to it.
The services offered by Lightspeed Faction include access to a team of blockchain connoisseurs and administrators, comprising members from reputed groups like Amber Group, Blockchain.com, and Coinbase. This firm is a fusion venture between tech-based fund Lightspeed Venture Partners and Faction, a strictly crypto fund. This collaboration aims to draw on the proficiencies of both organizations to optimize success.
The co-founder of Lightspeed Faction, Banafsheh Fathieh, affirms that the $285 million fund is necessary to back the plethora of potential blockchain projects that are emerging daily. She insisted that crypto holds the potential to define a generation and that the firm is devoted to investing in the best entrepreneurs who aim to advance blockchain technology. Further, she noted that the blockchain ecology boasts many hopeful projects desiring to cause disruption in areas from finance to communications.
The release by Lightspeed Faction stated that the firm had earlier funded a number of blockchain startups during the bear market, which later turned out to be successful. These include ventures like Crossmint, Lens, Narya.ai, Skip.money, Matter Labs among others. Mostly, the firm gets involved during seed and Series A rounds.
Despite the low crypto prices and the consequent flight of media attention causing crypto venture capital funding to dip to a three-year trough in Q3 2023, some projects have secured capital raises in the millions, even under such hindered funding conditions.
Published At
11/9/2023 9:48:04 PM
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