The venture firm has unveiled its cryptocurrency fund for Web3 applications and infrastructure, offering to work cooperatively with startup founders.
A new captain has taken the helm of funding options in the exciting world of blockchain innovation. The ambitious $55 million fund from venture capital firm Vessel Capital has been presented as a symbol of support for the thriving Web3 infrastructure and apps. According to TechCrunch, this disclosure signals a resounding commitment to elevate cryptocurrency creators in the early phases of their startups and help them realize their ambitions.
Empowering the Cryptoverse
Mirza Uddin, co-founder of Vessel Capital and the steady hand at the helm of business development at Injective Labs, sheds light on the mission’s grand design. With the tides of crypto spreading across the globe, the once familiar circles of 2018-2020 are expanding, and Vessel seeks to illuminate new pathways for a broader horizon of visionaries. Alongside Uddin, stand other stalwarts: Eric Chen, CEO of the Injective protocol, and Anthony Anzalone, the co-founder of Burnt, a Web3 pioneer crafting XION, a layer-1 blockchain designed to foster consumer adoption.
Related: Binance Labs Invests in ZK-proof Web3 Infrastructure Developer Delphinus Lab
1/ I'm excited to announce the public launch of @VesselVC, the operator led Web3 fund for early stage startups.
— Mirza 🥷 (@TheMirza_) August 24, 2023
Together with @ericinjective and Anthony, our goal was to build a new venture model that actually aligns us with the success of our founders.https://t.co/3g8RnFgyTD
In the grand plan laid out, the fund’s vast resources will be unfurled over a span of five years. Uddin’s fervent belief rests in their firsthand journey as startup founders. This unique vantage point gifts them with an intimate understanding of the intricate needs that young entrepreneurs seek to fulfill. This understanding, Uddin emphasizes, is the vital lighthouse that guides Vessel Capital’s commitment to offering more than just capital:
"VCs should provide more than a mere check or a logo on a website. True guidance and advice are the missing pieces that early-stage startups crave. Introductions are but a small part of the puzzle."
Navigating the Crypto Seas
Vessel Capital’s debut unfurls against a backdrop of shifting tides in crypto venture capital. As per the annals of the Nosisnews Research Venture Capital Database, a striking downturn looms large on the horizon. June witnessed a 29.73% decline in investment deals, with a mere $779.32 million raised from 62 transactions. Even the mighty Sequoia Capital, a giant in the VC realm, shifted its cryptocurrency fund’s sails, downsizing from $585 million to $200 million. The reasons cited: a liquidity ebb and a pivot towards nurturing smaller crypto enterprises.
Yet, the allure of Web3 infrastructure continues to shine undimmed. The past week witnessed the Binance behemoth, through Binance Labs, steer its strategic investment towards Delphinus Lab’s zero-knowledge WebAssembly (zk-WASM) virtual machine. This technology, a harbinger of zero-knowledge proof computation, echoes the very essence of Web3’s transformative potential.
“Web3 infrastructure and applications hold the power to reweave the very fabric of our digital existence,” Mirza Uddin eloquently pens on LinkedIn. This is the melody that resonates in Vessel Capital’s venture – a symphony of innovation that seeks to shape a decentralized, dynamic, and capital-efficient world.
Related: Singapore's $112M Fintech Fund to Support Web3 Development