New York-based crypto investment firm CoinFund is mulling the idea of raising $250 million targeted at seed investments likely from early-stage, pre-stage down to Series A. The seed fund which is dubbed CoinFund Seed IV is split into three parts with two focused on the Cayman Islands and the other in Delaware, United States.
According to the U.S Securities and Exchange Commission (SEC), the firm has made three separate filings.
For the two funds in the Cayman Islands, the target is $130 million and $20 million respectively. The one in Delaware which is solely meant for legal and tax purposes is targeting $100 million. For now, the fund has not opened to investors seeing that the first sale has not commenced yet.
In August, the firm announced a $300 million Web3.0 funding round backed by prominent investors including private market investment firms Adams Street Partners and StepStone Group, fund of funds Accolade Partners, and the Teacher Retirement System of Texas. Only three months after, this news for a new fund arose portraying a short turnaround for a bearish market.
CoinFund Backs Multiple Startup Projects
Before this time, CoinFund had backed several projects focused on Web3.0 and Non-fungible tokens (NFTs).
Alongside other investors, CoinFund backed leading blockchain scaling innovation Fuel Labs in a funding round where it secured $80 million for a modular execution layer. At another time, it also supported the Cryptoys platform to raise the sum of $23 million to build a digital collectibles platform for kids.
Additionally, it backed the Layer 1 blockchain Solana, Web3.0 indexing protocol The Graph, and blockchain infrastructure company Blockdaemon.
CoinFund played a role in developer platform Hyperlane’s funding round which secured $18.5 million and that of crypto investment app Solvo’s which was founded by Ayelen Denovitzer and Shailendra Sason who met while working on Revolut’s crypto operations, to secure $3.5 million.
Seven years ago when the firm initially started, its focus was basically on startup projects for Bitcoin (BTC) and Decentralized Finance (DeFi) like the blockchain network Polkadot and the decentralized trading platform Balancer. Further information concerning the funds including the time of commencement is yet to be declared.