Vessel Capital Launches $55 Million Fund to Boost Web3 Startups and Provide Guidance
Summary:
Venture capital firm Vessel Capital launches a $55 million fund to support Web3 startups, aiming to provide guidance and assistance to crypto founders. Despite a downturn in the crypto venture capital market, investments in Web3 infrastructure remain popular. Vessel's founders bring their own startup experience to better understand entrepreneurs' needs.
Venture capital firm Vessel Capital has unveiled a $55 million fund dedicated to investing in Web3 infrastructure and applications, with a focus on assisting early-stage crypto startups. The founders believe that the crypto landscape has evolved since 2018-2020, and they aim to support a broader range of entrepreneurs in the space. Led by Mirza Uddin, who is also the head of business development at Injective Labs, the team includes Eric Chen, CEO of Injective protocol, and Anthony Anzalone, co-founder of Burnt (formerly Burnt Finance). Vessel's approach aims to go beyond just providing funding, as they believe that founders also need guidance and advice to succeed. The launch of Vessel comes at a time when the crypto venture capital market is experiencing a downturn, with investment deals declining by almost 30% in June. However, investments in Web3 infrastructure continue to be a popular target. Binance Labs, for example, recently made a strategic investment in Delphinus Lab's zero-knowledge WebAssembly virtual machine. The founders of Vessel believe that Web3 infrastructure and applications will revolutionize the Internet economy and lead to a more decentralized and efficient society.
Published At
8/24/2023 7:16:33 PM
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