Coinfund Raises $158M to Invest in Web3 Startups

Blockchain investment and venture capital firm Coinfund has raised $158 million for its fourth fund, CoinFund Seed IV Fund LP, to invest in pre-seed and seed stage companies across the web3 ecosystem.

The raise surpassed its initial target of $125 million and brings the total collected in the last 18 months to more than $550 million.

“On the portfolio side, we are more bullish on the industry than ever and continue to invest in platform resources and personnel to help navigate a nascent and sometimes opaque category and support the growth of each portfolio company,” said CEO and Co-Founder, Jake Brukhman.

NY-based CoinFund was founded in 2015 by Highbridge Capital Management and Amazon alum Brukhman, who was later joined by co-founder and American Capital alum Alex Felix. The firm’s managing partners include David Pakman, the co-founder of Apple Music Group.

CoinFund’s recent investments include Cloudburst Technologies’ cyberthreat intelligence for digital currency fraud; ML compute protocol Gensyn; Giza, an AI platform for smart contracts and web3 protocols; Cosmos layer 1 blockchain Neutron; and Robert Leshner’s Superstate, building blockchain-based financial products.

Last August, the company launched a $300 million web3 fund that invests in early-stage Layer-1 blockchains, gaming and NFT startups.

This fundraise follows the recent announcement of the Composite Ether Staking Rate (CESR), launched by CoinFund in collaboration with CoinDesk Indices.