Crypto fund Variant raises $450m to back Web 3.0 start-ups
Variant debuted its initial fund in 2020 and closed a $110m fund in October last year
Crypto-focused venture capital fund Variant has raised $450m in a new round to support the next generation of blockchain and Web 3.0 start-ups.
The capital will be split into two divisions: a $150m seed fund and a $300m opportunity fund to back projects that have demonstrated traction previously.
Currently led by partners Li Jin, Spencer Noon and Jesse Walden, Variant said in an announcement it has already doubled the size of its team to 15 people to meet growing demands and help back innovative start-ups challenging the crypto sphere.
Venture firms betting big on crypto
Despite the crypto market slow down and fear of a crypto winter dominating the earlier months of 2022, Variant still joins a crowded space of venture capital firms and investment funds looking to back innovative start-ups.
Last month, US-based venture fund Konvoy Ventures raised $150m through its third venture fund, Konvoy Fund III, to back early stage Web 3.0 and blockchain-based gaming start-ups. Binance Labs also committed $500m through a new fund that aims to accelerate the adoption of cryptocurrencies and build on Web 3.0 and blockchain technologies.
Variant debuted its first fund in 2020, and recently closed a $110m early stage fund focused on crypto start-ups at the end of 2021.
“Variant was founded on a simple idea: The networks that define the next generation of the internet will turn users into owners. This vision is becoming a reality,” said Variant.
“What we have learned over the last few years has reinforced our thesis that user-owned networks grow bigger and faster than their traditional centralised counterparts, with more favourable economic terms for users. Beyond that, it has also shown that ownership is a vast design space, with different experiences ranging from participation in a community to financial exposure to governance.”