Former Bain Capital Investor ‘Mags’ Kala Launches $30M Web3 Fund

“Mags” who describes herself as a ‘lifetime degen’ said her Miami-based venture fund raised more than the initial fundraising target of $20 million.
Image source: double-down.com

Quick take:

  • Magdalena “Mags” Kala has launched a $30 million web3 fund.
  • The former Bain Capital Crypto investor will run the fund as a solo GP.
  • The fund will invest in early-stage consumer startups focusing on the web3 space.

Magdalena “Mags” Kala has launched a $30 million fund to invest in early-stage web3 startups. The self-described “lifetime degen” will run Florida-based firm, Double Down as a solo general partner (GP). 

According to Mags, the fund initially planned to raise $20 million but was oversubscribed by a whopping 50%, raising $30 million.

The fund has already made significant bets on web3 consumer startups including investments in Miami-based Cryptoys maker OnChain Studios, and Tally Labs, the company behind the Jenkins the Valet & Azurbala franchises.

Kala’s record fundraising comes in a space where women are noticeably underrepresented, let alone the challenges faced by first-time fundraisers. What makes it even more impressive is that it took place during a crypto downturn.

The market is only beginning to look up after a bearish 4-month period, between July and October. Even venture capital funding slowed last month with the most prominent VCs taking a step back before re-engaging.

However, Kala’s massive fundraising is a testament that there are investors looking to take advantage of the bear market heading to the tail end of the year.

In an interview with TechCrunch, Kala said: “I believe that the future of web3 is in consumer, and I recognize that one of the things that I think is limiting that is actually the lack of good storytelling and go-to-market strategies around that, and communicating the value to people who are outside of the crypto OG, crypto-native customer segments.”

Her venture firm is backed by some of the biggest names in web3 fundraisings including A16z’s Mark Andreessen, Paradigm co-founders Matt Huang and Fred Ehrsam, Paris Hilton, and Alex Ohanian’s VC firm Seven Seven Six, among others.

According to Kala, Double Down’s overall backing is ~30% female LPs and ~30% BIPOC LPs.

In an exclusive email to TechCrunch, 776’s Alex Ohanian commented: “Consumer culture is essential for driving mainstream adoption of web3, and Mags brings a unique perspective as an experienced consumer investor, strategist, and marketer to invest in and support the next generation of top web3 startups on their journey to mass impact and scale.”

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