CoinSwitch Ventures’ Web3 Discovery Fund has facilitated almost $25 million in subsequent funding throughout 12 web3 and blockchain start-ups. It has additionally expanded its VC investor community from six to over 70 contributors.
Whereas the vast majority of funding was facilitated by way of the VC community, CoinSwitch Ventures has made partial investments within the start-ups. The 12 funded start-ups embody PYOR, Silence Labs, AirStack, Mohash, Defend, PolyTrade, BitsCrunch, and PlayZap. They’re constructed on blockchain infrastructure, blockchain analytics, and real-world asset tokenisation.
Acts as catalyst
The Web3 Discovery fund has acted as a catalyst, connecting over 100 start-ups with international traders, together with distinguished names reminiscent of Andreessen Horowitz (a16z), Coinbase Ventures, and Sequoia Capital, mentioned the enterprise fund.
“Our fund’s philosophy was born out of the challenges we confronted whereas organising CoinSwitch. The roadblock then led us to determine a fund that not solely supplies funds, but in addition experience and networking alternatives. It’s with nice delight that I share our achievement of facilitating roughly $25 million in subsequent funding for pioneering improvements inside the Web3 area.” mentioned Ashish Singhal, Co-Founder and CEO, CoinSwitch.
CoinSwitch launched its company enterprise capital initiative — Web3 Discovery Fund — in August 2022. It aimed to curate portfolio start-ups for analysis by international traders and supply single-window entry to Tiger International, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, and Elevation Capital (ex-SAIF companions), in addition to Buidlers Tribe, an incubation companion.
Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, mentioned: “With the Discovery fund, we’re figuring out and enabling entrepreneurs and early-stage start-ups to leverage the potential of crypto to resolve real-world issues. Even within the bear market, now we have seen an enormous inflow of modern startup concepts. Our goal is to construct a bridge that allows Indian start-ups to have entry to international capital, thereby facilitating the expansion of the Indian Web3 ecosystem.”
