New VC fund that focuses on crypto infrastructure builders

New VC fund that focuses on crypto infrastructure builders

A newly launched risk fund, which is supported by prominent crypto and technology investors, aims to support developers in the transition from Web2 to Web3.

Canonical Crypto-led by long-time Silicon Valley operator Anand Iyer-announced on Thursday that it collected $ 20 million for its opening fund in an oversubscribed round.

The supporters include Shan Aggarwal from Coinbase Ventures and Marc Andreessen and Chris Dixon von A16z as well as Haseeb Qureshi by Dragonfly Capital and Amy Wu from FTX Ventures.

iyer, who recently headed cryptoinvestment at pear vc said that the fund will only concentrate on pre-seed and seed stage companies that build a better infrastructure to support decentralized web3 applications.

he pointed out his years of experience in the development of go-to-market strategies for developers, which in his opinion remain "an open space".

"" It feels like we are in the 'airport' phase of the crypto infrastructure; we have many planes, not enough airports, "Iyer told Blockworks. "We pay particular attention to tools and infrastructure to support developers in creating Web3."

Canonical Crypto intends to make 40 to 50 investments in these funds, the size of which is between $ 250,000 and $ 500,000. So far it has supported the NFT marketplace FormFunction (not fungible tokens); Provider of web3 communication infrastructure notifi; Data infrastructure company Vybe Network; and Thirdweb, which offers low code solutions for creating web3 dapps.

"The check size and the commitment seem to fit really well together," said Iyer. "I stipulate future means of the same size as our first fund so that we can continue to be the 'Gucci' for investments in crypto infrastructures in the early phase."

Despite a downturn in the cryptoma markets in the past few months, JPMorgan analysts wrote in a report last week in a report that the crypto venture capital financing has been $ 25 billion since the beginning of the year. Even after the collapse of Terra's StableCoin VAT in the past month, which shook the cryptoma markets, "there is hardly any evidence that VC financing dried up," they added.

Also last week A16Z announced its $ 4.5 billion for the greatest crypto venture fund of all time, of which $ 1.5 billion for seed investments in web3 startups were intended.

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The contribution New VC Fund to Focus on Crypto Infrastructure Builders is not a financial advice.