Financial service provider Valkyrie is gradually delving into venture capital (VC) and is starting with a $30 million fund focused on early-stage start-ups in Israel. According to the announcement, Valkyrie has employed Lluis Pedragosa, a veteran investor to lead the team in pioneering the new asset class. Lluis Pedragosa is the founder and partner at Team8, a cybersecurity-focused Israeli Venture Capital firm.
With this new fund, Valkyrie plans to build a connection between the average user and Web3.0. With the new fund, Valkyrie wants to move the average user from Web2.0 to Web3.0. Funnily, it tags the connecting point between both entities as Web2.5.
Valkyrie employed Lluis Pedragosa since April and has since then been preparing him to lead the new venture capital. He began the thesis for the new fund and has actively been working on it. Pedragosa has experience in funding especially as it concerns enterprise technology, fintech, and artificial intelligence.
In an interview, he revealed that he had worked with Marker LLC, a New York venture firm for ten years. During Lluis Pedragosa’s time with Marker, he invested majorly in business-to-business (B2B) software in the United States and Israel.
Valkyrie already invested in a Web3.0 team known as Bunches. Pedragosa said the firm is focused on developing messaging applications for wallets. Valkyrie will also invest between $250,000 to $1 million in firms that aid the smooth running of crypto enterprises.
Venture Funding Gains Recognition
In the same vein, London art and luxury auction house Christie’s inaugurated its venture arm, Christie’s Ventures on Monday. This is Christie’s first debut in Web3.0. The investment firm funds will be core to Web3.0 innovations, fintech-related arts, and solutions that enable seamless consumption of art. With the generated seed fund, collectors will be assisted to purchase artworks with ease.
A Dubai-based VC, Cypher Capital announced its largest regional fund with $100 million. The secured fund is targeted toward blockchain startups, crypto tokens, and other digital assets.
For the Valkyrie Venture, Pedragosa plans to talk to individuals, external investors, and institutions to enter a partnership. The partnership would be targeted at raising $25-$30 million for the startups. Valkyrie will not be funding the VC directly.
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