The fund’s focus shall be on tasks within the Bitcoin ecosystem, reflecting a pattern within the final 18 months, whereby builders have sought to introduce utility to the world’s oldest blockchain community.
The fund is anchored by Accolade Companions, a New York-based enterprise capital agency, which raised over $1 billion for 3 funds earlier this yr.
Lemniscap, a Cayman Islands-headquartered funding agency, mentioned it raised a $70 million fund to again early stage Web3 tasks.
The fund will concentrate on tasks within the Bitcoin ecosystem, reflecting a pattern of the previous 18 months, whereby builders have sought to introduce to the world’s oldest blockchain utility that’s extra generally related to the likes of the Ethereum community.
Lemniscap is focusing on zero-knowledge infrastructure, client purposes and decentralized bodily infrastructure (DePIN), in accordance with an emailed announcement on Wednesday.
The fund is anchored by Accolade Companions, a New York-based enterprise capital agency, which raised over $1 billion for 3 funds earlier this yr.
Lemniscap has beforehand revamped 130 investments, typically within the function of a follow-on investor, together with into blockchain networks Avalanche, The Graph and Axelar.
Learn Extra: Avalanche Turns into Newest Blockchain to Help Franklin Templeton’s Tokenized Cash Market Fund
