New York-Based Investment Firm CoinFund Looking to Invest $250,000,000 in Crypto Startups
U.S. investment firm CoinFund has unveiled plans to sell unregistered securities worth a total of $250 million, securing funds for further investments in crypto startups, according to three filings the company made with the country’s Securities and Exchange Commission (SEC).
The New York-based business, which maintains a second headquarters in Miami, will use three entities to collect the funds, namely CoinFund Seed IV Onshore LP, CoinFund Seed IV LP, and CoinFund Seed IV Offshore LP, collecting $100 million, $130 million, and $20 million, respectively, according to data submitted to the American financial markets regulator. The documents were filed on October 31.
Set up in 2015, CoinFund says it is a cryptonative investment firm and registered investment advisor. Its team specializes in portfolio management, token design, decentralized networks, research, trading, market structure, engineering, brand strategy, law, as well as regulation.
“Across seed, venture, and liquid stages, CoinFund partners with top leaders to shape web3,” the U.S. company declares on its website.
The latest development comes about six weeks after the New York-based investment firm announced a new early-stage Web3 venture find worth a total of $300 million and “backed by a combination of sophisticated institutional investors, family offices, and cryptonative founders.”
“The launch of Ventures I demonstrates CoinFund’s conviction that web3 is an enormous and important architectural transition impacting the future of the internet, financial services and intellectual property, and their belief that web3’s evolution will continue to progress through all market cycles,” the business said, adding that CoinFund “remains bullish in the face of challenging market conditions and has continued to demonstrate its steadfast commitment to companies defining web3.”
The investment firm said that a number of its current CoinFund seed stage portfolio companies are readying to raise Series A funding, and intend to keep the support and partnership of CoinFund’s cryptonative investing team.
“In addition to making early-stage, venture-scale investments in existing portfolio companies, Ventures I will seek to partner with new and ambitious founding teams,” according to the business.
CoinFund's portfolio includes stakes in crypto-focused companies such as blockchain infrastructure platform Blockdaemon, digital collectibles specialist Dapper, non-fungible token (NFT) marketplace Rarible, and network protocol Polkadot, among others.
“The launch of Ventures I demonstrates CoinFund’s positive view on the opportunity for value creation from building and investing in crypto infrastructure as web3 adoption materializes. The firm is proud to continue supporting and growing what it believes are the most promising projects and talent throughout these challenging market conditions and beyond,” the statement said.