Quick take:
- Blockchain investment firm White Star Capital has launched a $120M crypto fund to finance Web3 and gaming projects.
- The firm said this is the first round of fundraising for its second crypto fund focused on digital asset investments.
- Leading video game developer Ubisoft is one of the anchor LPs backing White Star Capital in Web3 investments.
Blockchain investment firm White Star Capital has launched a $120 million crypto fund to invest in digital assets. This is the company’s second fund, dubbed Digital Asset Fund (DAF) II, and will focus on Web3 and gaming projects.
The firm announced the successful Series A fundraising, backed by leading video game developer Ubisoft. The global gaming giant takes the position of a limited partner (LP) anchor.
The DAF II will be run by the managing Partner Sep Alavi and is supported by Eddie Lee and Luke Xiao in New York, Florent Jouanneau in London, Sanjay Zimmermann in Toronto, and Dimitri Nitchoun in Paris.
White Star Capital invests in global projects at different stages including seed and growth, among others. The current fund will extend the DAF Fund I’s goal of investing in early-stage blockchain-enabled businesses and crypto networks.
DAF is a research-driven investment fund that applies boh crypto-centric and VC-concept methodologies to identify potential founder partners across seed, Series A, and token rounds of investments.
Since completing the launch of its DAF I in 2020, White Star Capital has invested in 20 companies including P2P crypto lending platform Ledn, ALEX DeFi platform, NFTs and Metaverse platform Exclusible, and more.
Commenting on the latest fundraising, Dr Chiente Hsu, CEO of ALEX said “White Star Capital has a track record of backing many of today’s top up-and-coming Defi start-ups and their experience has been very helpful as we grow our company.”
The DAF II plans to invest between $1 million and $7 million in token and equity investments in 20-25 companies. The fund will prioritise companies located in North America, Europe and Asia.
DAF II managing partner Sep Alavi highlighted the success of DAF I pointing to its backing of some of the world’s leading crypto companies.
“Through our new fund, we’re looking forward to continuing to back a new generation of visionary founders building tomorrow’s greatest Web3, DeFi, and Gaming companies as they unlock the new internet of value for billions of people around the world,” he said.
On the other hand, Adams Reeds, co-founder and CEO of Ledn said:
“White Star has established themselves as a top firm to help visionary founders scale. They have the team and the experience to be local champions while reaching global markets.”
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