According to The Block, venture firm Variant has raised $450 million in two new funds focused on the Web3 and decentralized finance sectors.

The company has raised $300 million for an “opportunity fund” and $150 million to invest in industry start-ups.

The variant closed its first fund in 2020. In 2021, together with Atelier Ventures, the company launched a second fund of $110 million.

The variant portfolio includes a wide range of projects in the cryptocurrency industry, including the Magic Eden NFT marketplace and the Uniswap decentralized exchange.

The new funds focus on four groups of investment areas:

• decentralized finance;
• infrastructure blockchain initiatives;
• consumer Web3 applications;
• projects experimenting with new forms of ownership.

Despite a tough time for the industry, Variant co-founder Jess Walden says his company believes in the Web3 industry. He explained that the technology behind it will grow and evolve.

“Historically, technology doesn’t get worse or disappear – it gets better, it becomes more pervasive. In Web3, this happens exponentially because all software is open source and tons of talent is pouring into the field. The technology is working and I think that just means it’s going to spread,” Walden said.

Recall that in July 2022, decentralized domain registrar Unstoppable Domains raised $65 million at a valuation of $1 billion.

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