Business
Lemniscap Raises $70 Million Fund for Early-Stage Web3 Projects
Lemniscap has successfully raised $70 million to invest in early-stage Web3 projects. This funding aims to support innovative startups in the decentralized space, driving growth and development in the blockchain ecosystem.
Lemniscap, an investment firm based in the Cayman Islands, has announced the successful raising of a $70 million fund aimed at supporting early-stage Web3 projects. This new fund reflects a significant trend that has emerged over the past 18 months, where developers are increasingly focused on enhancing the utility of Bitcoin, the world’s oldest blockchain, in ways that have traditionally been associated with platforms like Ethereum.
The newly established fund will specifically target initiatives within the Bitcoin ecosystem, emphasizing innovations in zero-knowledge infrastructure, consumer applications, and decentralized physical infrastructure (often referred to as DePIN). This strategic focus aligns with the evolving landscape of blockchain technology and its diverse applications.
Anchoring this fund is Accolade Partners, a prominent venture capital firm located in New York, which has successfully raised over $1 billion across three different funds earlier this year. This partnership enhances Lemniscap’s ability to identify and invest in groundbreaking projects.
To date, Lemniscap has made over 130 investments, frequently participating as a follow-on investor. Their portfolio includes notable blockchain networks such as Avalanche, The Graph, and Axelar, showcasing their commitment to fostering innovation within the blockchain space.