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Alternative Assets  + Crypto  + Crypto  |  July 19, 2023
Coinfund Raises $158M to Invest in Web3 Startups
By: Joe Palmisano

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.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.