Quick take:
- Dispersion Capital has launched a $40M Web3 fund.
- The fund will focus on projects building decentralised infrastructure.
- Backers include Lightspeed, Wemade, Circle Ventures, Ripple, Alchemy Ventures, Hashkey, Cherubic Ventures, Forte, and NGC among others.
Dispersion Capital has announced a $40 million new Web3 fund to invest in decentralised infrastructure. The early-stage venture capital firm has already invested in 20 companies with several projects also receiving follow-on investments from the company.
The New Castle, Delaware-based venture capital firm was founded by general partner and seasoned web3 investor Patrick Chang in 2022.
Chang previously led Samsung Next, the venture arm of the Korean electronics giant, helping to transition the company from a web2-focused VC to a major player in the web3 space with key investments in web3 startups including Dapper, Flow, and Alchemy.
Commenting on the fundraising via a press statement on Tuesday, Chang said: “Since 2021, thousands of talented developers have emerged in the web3 space, poised to build next-gen applications. However, their potential is limited by the immaturity of the infrastructure. Dispersion Capital aims to support the creation of robust and developed infrastructure beyond protocols and networks.”
Chang wants to replicate what ChatGPT has done with AI in the blockchain space, empowering developers with products and tools “to create groundbreaking applications [that demonstrate] the true power of blockchain.”
On the other hand, Brendon Kim, MD and Head of Investments at Samsung Next commented: “Patrick was an instrumental force in establishing Next’s presence as an investor in web3 and blockchain, leading our investments in Dapper Labs, Flow, Alchemy, and Forte, among others. His tenacity and conviction in the space guided us to make non-obvious choices as early-stage investors that continue to bolster our reputation in the market.”
Dispersion Ventures is a spin-off of Samsung Next and Alchemy Ventures’ Paul Almasi, who lauded Chang’s previous involvement in his firm’s fundraisings thinks the decision to spin off his own fund is good.
“The launch of Dispersion Capital brings an additional source of capital to the web3 infrastructure space. Alchemy Ventures is proud to team up and support developers across the entire industry,” added Almasi.
Eric Jeck, Ripple’s Senior Vice President of Corporate and Business Development highlighted Chang’s track record in the web3 space as a major reason why his company participated in the round.
“Patrick’s expertise in technology investment and his forward-thinking approach to the emerging dispersion economy are unparalleled. We believe that by working together, we can significantly impact the growth of decentralized infrastructure and accelerate startups that are creating world-class products, leveraging blockchain technology, such as the XRP Ledger, to build real-world utility. Dispersion Capital’s vision of the dispersion economy aligns with our vision of the digital future. We are excited to help accelerate it.”
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