Quick take:
- David Hoffman and Ryan Sean Adams are raising $35M for a new venture fund.
- The Bankless podcast co-hosts together with Ben Lakoff will be general partners and form the fund’s investment committee.
- According to sources cited by CoinDesk, the fund will target seed-stage web3 companies.
Hosts of Bankless podcast David Hoffman and Sean Adams have teamed up with Ben Lakoff, co-founder of web3 protocol, Charged Particles to launch a $35 million fund, sources close to the matter revealed to CoinDesk. According to the report, the fund will invest in emerging web3 startups at the seed-stage level.
Like Hoffman and Adams, Lakoff is also a podcaster, hosting the Alternative Asset Allocation show, which focuses on investment opportunities outside public markets.
Although the fund will run as a separate legal entity, it will share the same name, Bankless Ventures, thus benefitting from Bankless’ brand exposure.
Content posted on the fund’s website indicates that it will support projects that focus on “[exploring] the frontier of Web3.”
Hoffman and Adams are known as staunch supporters of Ethereum, DeFi and self-custody. The two launched Bankless in 2020, which has since grown to become one of the leading crypto media companies in the world.
In November 2022, the company took its first steps towards becoming more than a media outlet after it purchased the decentralised finance tool Earnifi.
The tool can be used to spot airdrops and unclaimed NFTs, ensuring that users never miss an opportunity. In a newsletter published in December, Adams claimed to have already made over $10,000 with Earnifi.
Hoffman, Adams and Lakoff have been actively angel-investing in web3 for years. However, moving forward, they will be backing startups as a unit through the new VC.
“We’ve all been angel investing individually for years,” Lakoff said, “and now we’re putting all that time and energy into Bankless Ventures to accelerate the bankless movement and are able to bring along select LPs to participate”
Bankless has created a multi-media conglomerate through its YouTube channel, podcast, and newsletter. It also has its own decentralised autonomous organisation (DAO) governed by its $BANK token.
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