Quick take:
- M31 Capital has announced its Web3 Opportunity Fund.
- The company has already lined up leading investors for $50 million commitments.
- The crypto-centred venture capital firm will raise another $50 million to cap the fund at $100 million.
M31 Capital is raising $100 million to invest in web3 projects. The crypto-focused venture capital firm has announced the Web3 Opportunity Fund, which targets the core of decentralised internet infrastructure, decentralised applications and decentralised autonomous organisations (DAOs), among others.
Web3 is generally described as a next-generation of the internet that leverages blockchain technology, decentralised applications, artificial intelligence, and AR/VR to bring about community ownerships to the web.
Commenting on his company’s interest in decentralised blockchain protocols Nathan Montone, Founder of M31 Capital said the protocols “create an internet that is more open, fair, and user-friendly.”
“Web3 tech empowers individuals over institutions and gives rise to a brand new economic model online: the Ownership Economy. It represents a major step forward for the global internet and M31 Capital’s new fund will help drive it forward.”
M31 Capital is led by Montone and Michael Swensson, previously COO at Bridgewater Associates. The company’s Web3 Opportunity Fund is part of a growing portfolio of crypto-centred funds including a Bitcoin fund, a DeFi fund, and a venture capital (VC) fund.
The new fund will specifically target liquid tokens and private equity opportunities. The fund will have a 12-month lock-up period as compared to traditional venture funds that have a lock-up of up to 10 years.
“We are incredibly excited about the timing of this fund and the Web3 sector in particular. This is the first cycle in 10 years where price has trended down while fundamentals and revenue growth are hitting all-time highs nearly every day. Adoption is rising, huge technological progress is being made, valuations are extremely low, and institutions are continuing to pour tens of billions of dollars into the sector,” added Montone.
M31 Capital will also provide additional support to projects in its portfolio including mining, staking, tokenomic structuring, and advisory, in a bid to get them a fast start.
The company has already invested in Helium (HNT), a decentralized blockchain-powered network for the Internet of Things (IoT) devices. Its native token boasts a market cap of $676 million.
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