Crypto industry-focused investment firm CoinFund has raised $300 million in a venture capital fund to support early-stage Web3 startups.

The next major architectural transition is upon us.@pakman how to share @coinfund_io Ventures makes bigger bets on web3 with I.https://t.co/RryMZrpe04

— CoinFund (@coinfund_io) 17 August 2022

CoinFund Ventures I Fund will focus on commercially attractive projects with large target markets, David Packman, the firm’s managing partner, who oversees the structure, told CoinDesk.

The fund’s interests include first-level blockchains, Web3 infrastructure, NFTs, gaming and asset management.

Founded in 2015, the company has previously invested in bitcoin and a number of seed stage DeFi projects. The company’s portfolio includes NBA Top Shot developer Dapper Labs, blockchain infrastructure platform Blockdaemon, and The Graph data indexing protocol.

“We saw this opportunity in the market, which in a sense pushed us into management and created a backdrop for the early stages,” Packman said.

The investment vehicle was backed by venture capital firms Adams Street Partners and StepStone Group, Accolade Partners Fund of Funds and Texas Teachers’ Retirement System, among others.

Regarding the launch of the CoinFund Ventures I Fund during the bear market, Packman noted that the company has experienced three such recessions. The firm is considering a six- to eight-year lifecycle for the fund, he said.

Recall that from April to June, venture investments in crypto startups decreased by 31%, according to PitchBook.

At the same time, Messari and Dove Metrics experts calculated that the volume of investments in the sector in the first half of the year exceeded $30 billion.

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