TON Foundation Alumni Just Launched Fresh $40M Venture Firm

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Ian Wittkopp and Inal Kardan, two former TON Foundation members, have unveiled a venture capital firm, TON Ventures. The duo launched the for-profit firm with a notable inaugural fund of $40 million.

Wittkopp served as the director of the TON Accelerator at the TON Foundation, and Kardan served as the gaming lead. The former alumni intend to invest in building startups on The Open Network, TON blockchain.

Wittkopp Tight-lipped on Investors

According to The Block, the $40 million funds can be expanded if more partners get on board. Speaking on the funding capital, Wittkopp explained it took a time to raise in an informal setting. They should have been patient with the process as they needed conviction to start independently. The former director of TON Accelerator said the $40 million target was accomplished about one month ago.

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He, however, remained silent on the list of investors and partners for TON Venture. Wittkopp maintained they were primarily private investors keen on achieving the long-term growth of TON. TON Ventures aims to invest in early-stage projects within the TON network

Ton Foundation Focus and Strategic Investments

Meanwhile, Wittkopp has expressed optimism that the maiden wave of TON blockchain and Telegram adoption will lead to the formation of billion-dollar companies across different sectors. This includes gaming, decentralized finance, ads, marketing, and regulated financial products using the TON blockchain.

Due to its integration with the instant messaging Telegram platform, the TON network has recently gained significant traction among venture capital firms. For instance, Hamster Kombat and Notcoin leveraged Telegram’s almost 900 million active monthly users to build on the TON blockchain. The games have recorded notable acceptance despite concerns about bots.

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Expanding the Reach of TON Ventures

According to information on the TON Venture website, over a dozen startups have received support so far. These include Tradoor, Catizen, and Evaa Protocol. Notably, early-stage investments receive a check of $500,000 or less.

According to Wittkopp, the goal is to deploy the entire $40 million funds within one year, as significant interest has been shown from Tier 1 builders in the space.

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