London-Based Fabric Ventures to Close Funding for Two New Web3 Funds
As it is becoming a trend in the Web3.0 ecosystem nowadays, Fabric Ventures, a London-based venture capital firm, is on track to close two new Web3.0 funds that will focus exclusively on the “Open Economy.”
As confirmed by Richard Muirhead, the company’s Managing Partner, the two funds will be worth as much as €225 million ($245 million), The Block reports.
Muirhead noted that the first of the funds was largely oversubscribed by its investors, and in a bid to accommodate more backers, the venture capital firm had to expand its hard cap to €125 million. The first fund will support early-stage startups, and the yet-to-be-completed second fund will focus on innovative projects at the Series B stage and above.
Fabric Ventures has a very robust profile as an investor in the digital currency ecosystem. Since its inception, the company has invested in Open Zeppelin, Ocean Protocol, Ramp, NTropy Network, Orchid, Aurora, and Trailblazer Games. The robust profile of Fabric Ventures also extends beyond crypto startups and as a European Investment Fund (EIF) firm, it has holdings in such protocols including PayPal, MySQL, and Block (former Square).
The ultimate focus of Fabric Ventures, according to Muirhead, is to help innovative protocols with the potential of contributing to the Web3.0 ecosystem-scale up their solutions. It is an example of a startup trailing a similar path as a number of blockchain protocols have been dishing out ecosystem funds to help the growth of new outfits building on them.
From Binance Smart Chain (BSC) to Avalanche and Near Protocol, there has been a very precise emphasis on projects that can join in expanding the general utilities of blockchain networks in the fast-emerging Web3.0 powered internet.
The Fabric Ventures investment will help cover more grounds in anticipation that more protocols will gain more comprehensive access to an integrated network of industry veterans that can also help power their growth.
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