Venture Capital Firm Variant to Establish $450m Venture Fund III
Annie Li Jul 29, 2022 09:30
Venture capital firm Variant has announced the launch of a $450 million Venture Fund III to help startups focused on Defi and Web3 infrastructure.
Venture capital firm Variant has announced the launch of a $450 million Venture Fund III to help startups focused on Defi and Web3 infrastructure.
In this funding round, the company said Venture Fund III includes $150 million in seed funding and $300 million in opportunity funds.
Venture Capital (VC) firms continue penetrating the crypto sector, given that they have pumped in $17 billion so far this year.
Venture capital firm Variant was founded by veterans such as venture capital firm Andreessen Horowitz (a16Z).
This is the third funding launched by the company. Its second fund was launched in October last year, valued at $ 110 million. The fund itself comes about a year after the $22.5 million debut fund.
DeFi projects in Variant's portfolio include Cozy Finance, Empiric, Euler, Fei Protocol, Flashbots, Gearbox, Goldfinch, Morpho, Sense, Union, Uniswap, Verto, and Yield Protocol.
The company said it has doubled in size, bringing in a total of 15 professionals with deep expertise in DeFi, consumer, and infrastructure to help the fund manage portfolio support functions, as well as provide information on a listing, token design, and community building, etc.
Partners Jin Li, Spencer Noon and Jesse Walden said, “Variant is designed for this moment in cryptocurrency. There’s a reason we’ve stayed small: because it allows us to work with our Portfolios work closely together and guide founders on the most important issues they face early on in their journeys.”
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