CoinFund Secures $158M for Seed IV Fund, Surpassing Initial Goal
Jessie A Ellis Jul 18, 2023 18:22
According to Blockchain.News, CoinFund has successfully raised $158 million for its Seed IV Fund, exceeding its initial target of $125 million. This achievement underscores the firm's commitment to fostering innovation in the web3 ecosystem.
According to Blockchain.News, CoinFund has successfully raised $158 million for its Seed IV Fund, exceeding its initial target of $125 million. This achievement underscores the firm's commitment to fostering innovation in the web3 ecosystem.
CoinFund, a leading cryptonative investment firm, has been making waves in the industry since its inception in 2015. The firm was founded by Jake Brukhman, a former Highbridge Capital Management and Amazon employee, and later joined by Alex Felix, an American Capital alum. Today, CoinFund boasts a global team of nearly 30 individuals and has made over 100 investments across six investment vehicles.
The Seed IV fund is designed to support early-stage investments in innovative teams developing web3 technologies. CoinFund's CEO, Jake Brukhman, expressed his optimism about the firm's future, stating, "Over the last two years, we’ve built a truly institutional-grade firm, the model of a large professional manager in web3."
CoinFund's recent investments include Cloudburst Technologies, a company specializing in cyberthreat intelligence for digital currency fraud, Gensyn, an ML compute protocol, Giza, an AI platform for smart contracts and web3 protocols, and Robert Leshner’s Superstate, which is developing blockchain-based financial products.
The firm also recently announced the composite ether staking rate (CESR) in collaboration with CoinDesk Indices. CESR is a global floating rate benchmark derived from the daily transaction fees and staking rewards from the Ethereum Proof of Stake (PoS) blockchain. This initiative showcases CoinFund's continued support for the growth and maturity of web3 and its mainstream convergence.
As CoinFund continues to grow, it remains committed to its mission: "CoinFund champions the leaders of the new internet - powered by foresight as active investors to achieve extraordinary results." This mission statement reflects the firm's dedication to supporting the leaders of the new internet and achieving extraordinary results through active investment.
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