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Investment Firm Lemniscap Raises $70M Fund Targeting Early Stage Web3 Projects
Lemniscap is targeting zero-knowledge infrastructure, consumer applications and decentralized physical infrastructure (DePIN).
Updated Aug 28, 2024, 1:00 p.m. Published Aug 28, 2024, 1:00 p.m.
- The fund's focus will be on projects in the Bitcoin ecosystem, reflecting a trend in the last 18 months, whereby developers have sought to introduce utility to the world's oldest blockchain network.
- The fund is anchored by Accolade Partners, a New York-based venture capital firm, which raised over $1 billion for three funds earlier this year.
Lemniscap, a Cayman Islands-headquartered investment firm, said it raised a $70 million fund to back early stage Web3 projects.
The fund will focus on projects in the Bitcoin ecosystem, reflecting a trend of the past 18 months, whereby developers have sought to introduce to the world's oldest blockchain utility that is more commonly associated with the likes of the Ethereum network.
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Lemniscap is targeting zero-knowledge infrastructure, consumer applications and decentralized physical infrastructure (DePIN), according to an emailed announcement on Wednesday.
The fund is anchored by Accolade Partners, a New York-based venture capital firm, which raised over $1 billion for three funds earlier this year.
Lemniscap has previously made over 130 investments, often in the role of a follow-on investor, including into blockchain networks Avalanche, The Graph and Axelar.
Read More: Avalanche Becomes Latest Blockchain to Support Franklin Templeton's Tokenized Money Market Fund
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