The crypto venture firm now has $ 1,4 billion in assets under management following the addition of its latest and third fund, which has been oversubscribed. Framework Ventures plans to invest in early stage companies in the Web3, blockchain gaming and decentralized finance (DeFi) sectors.
About half of the fund's total will be channeled into the Web3 game and those operating on the play-to-earn model.
Web3 is the next evolution of the internet. Its predecessor, Web2, is the current state of the internet dominated primarily by centralized, profit-seeking tech giants and social media. Web3 will decentralize data online and put its control back with the people who use it through DAOs (decentralized autonomous organizations) and similar structures.
Framework Ventures, founded in 2019, was one of the first investors in DeFi during the boom of summer 2020. It previously invested in now multibillion-dollar DeFi protocols such as the oracle provider Chainlink, the Aave lending platform and the indexing protocol The Graph.
The company now sees significant potential in blockchain gaming, but will continue its funding of select DeFi projects. Framework Ventures co-founder Vance Spencer, formerly of Netflix, said:
"We believe we have pioneered a new style of crypto investing, and we have and intend to aggressively deploy it in other major blockchain industry verticals."
The company has already identified gaming projects of interest, having led the first rounds on the Stardust gaming infrastructure platform. It also supports Illuvium, a $ 6 billion project that could launch the blockchain industry's first Triple-A game.
Framework Ventures is one of several companies making investments in Web3 startups. In February, blockchain startup Alchemy raised $ 200 million to support Web3 development, and in March, Electric Capital raised $ 1 billion to invest in Web3 and DeFi projects. In April, Uniswap Labs launched Uniswap Labs Ventures to drive the innovation and growth of the Web3.
This week, the venture capital arm of crypto exchange KuCoin launched a $ 100 million “Creators Fund” to support the creators of Web3 and the blockchain game, often called “GameFi”.
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