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Sino Global, Coinbase and Libra Alums Start $60 Million Web3 Fund
Oak Grove Ventures will focus on early-stage investments in Web3, artificial intelligence and biotechnology.
Updated Sep 19, 2023, 6:35 a.m. Published Sep 19, 2023, 6:35 a.m.
Alumni from some well-known names in crypto and fintech are starting a new $60 million fund called Oak Grove Ventures, which focuses on the intersection of Web3, artificial intelligence and biotech.
The Singapore-based Oak Grove Ventures’ team includes some notable figures including Sally Wang, formerly of Sino Global Capital (now Ryze Labs), Ethan Wang, former tech lead of Libra, Shawn Shi, co-founder of Alchemy Pay, as well as Michael Li, a former VP of Coinbase.
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“We understand that the journey of building groundbreaking technologies is not just about capital; it's about fostering a community of visionaries, pioneers, and founders who share our passion for innovation. With this fund, our strategy is simple yet profound: to raise funds for the founders,” Sally Wang, the fund’s head of investments, said in a statement to CoinDesk.
Previously operating as a family office, Oak Grove Ventures has a proven track record of successful early-stage investments, having supported over 30 projects in the past, the press release said. Oak Grove says its disclosed investment portfolio includes eight funds and 14 high-quality projects, among them SpaceX and Neuralink.
The launch follows Blockchain Capital's announcement that it has raised $580 million for two new funds focused on crypto investments, with a significant portion of its investors being traditional institutions, despite a challenging year for the digital asset market.
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