Blockchain Investment Firm CoinFund Raises $83M to Fund Crypto’s Next Big Thing(s)br>
New York-based blockchain investor CoinFund has announced the closing of its third venture capital fund totaling an $83 million oversubscribed fundraise. The raise was backed by Venrock partners as well as a number of forward-thinking institutional allocators and leading crypto founders who support CoinFund’s technical approach and commercial vision.
Founded in 2015, CoinFund invests in venture and liquid opportunities within the blockchain sector with a focus on digital assets, decentralization technologies and key enabling infrastructure. The CoinFund team has studied and supported the development of the blockchain space from the inception of the first decentralized networks and brings together more than 30 years of experience in investing, engineering, law, and decentralized protocols.
As one of the leading VC firms specializing in crypto/blockchain, CoinFund will continue building and adding to its roster of portfolio companies that includes prominent blockchains like Polkadot, cutting-edge NFT projects and popular DeFi protocols like SushiSwap.
At $83 million, CoinFund’s fundraise drew more institutional investors than perhaps any other crypto-focused VC fundraise. Investors in the round included multi-family offices and OCIOs, as well as pension funds and endowments seeking exposure to crypto assets. Because crypto is such a new and cutting-edge space, investors like these are increasingly seeking specialized VC firms like CoinFund to access the highest level of expertise.
“CoinFund’s deep connectivity throughout the entire crypto ecosystem, the firm’s critical technical insights and its ability to incubate projects at the earliest stages differentiates them from other investors in the space,” said David Pakman, Partner, Venrock. “The repeatability of their investment process confirms the value of these characteristics. We are proud to continue to partner with CoinFund and look forward to more mutual success from investing in, and building, the crypto industry.”
Jake Brukhman, founder and CEO of CoinFund, said that investor interest in their latest fund demonstrates the strong demand for full stack problem solvers at the infancy stage of these blockchain and decentralization projects.
“This raise will enable us to continue to grow our own team of problem solvers and innovators,” said Brukhman. “Our unique talent strengthens the value we provide entrepreneurs through deep technical acumen, a founder-centric approach, and a six-year expertise that comes from being fully immersed in the space.”