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:

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.”

Stay up to date:

Previous Post
Source: Dune/@CryptusChrist

A Total Of 11.5K ETH Was Traded In NFTs In The Past 24H

Next Post

Gabriel Leydon’s Twitter Account Was Hacked, Followers’ Assets Stolen

Related Posts