The CoinFund Ventures I fund will apparently invest in companies showing commercial traction that also belong to a crypto sector with a large total addressable market. Specific areas of interest include layer 1 blockchains, web3 infrastructure, non-fungible tokens (NFT), gaming, and asset management.
Founded in 2015, CoinFund has previously focused on bitcoin and seed stage investments in decentralized finance (DeFi) projects. Portfolio companies include NBA Top Shot creator Dapper Labs, blockchain infrastructure platform Blockdaemon and data indexing protocol The Graph.
Check sizes for the new CoinFund Ventures I investments will range from $6 million to $10 million per company, meaning the fund will likely back 30 to 40 companies. The majority will go to companies CoinFund hasn’t backed before, but a small number of portfolio companies could receive follow-on investments.
Capital has already been deployed to nine companies. However, the only deal that was publicly announced so far was for Optic, a startup that uses artificial intelligence to authenticate non-fungible tokens (NFTs). Moreover, Optic announced an $11 million funding round last month.
The existence of the Lattice Capital II fund was revealed in a February regulatory filing, but Lattice only recently confirmed the size and details of the fund.
