- 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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