Venture capital firm Lemniscap launches a new $70 million fund to support early-stage Web3 startups

ChainCatcher news, according to Cointelegraph, venture capital firm Lemniscap has announced that it has raised $70 million to support early-stage Web3 startups. The fund will invest in various blockchain sectors, including zero-knowledge proof infrastructure, consumer applications, emerging Bitcoin ecosystems, and secure and decentralized physical infrastructure (DePIN).

Since its establishment in 2017, Lemniscap has invested in over 130 Web3 projects, including well-known protocols such as Avalanche, Fairblock, and Celestia. The company emphasizes a focus on long-term success rather than short-term gains, providing funding and strategic guidance to the startups in its portfolio.

According to Pitchbook data, crypto startups raised $2.7 billion in the second quarter of 2024, with total funding for the year expected to reach $10.8 billion, surpassing the $10.1 billion raised in 2023. Although the number of deals has decreased by 12.5%, the scale of investments in potential projects is increasing.