Home Finance Variant raises $450M to support Web3 builders

Variant raises $450M to support Web3 builders

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The crypto VC Variant put into orbit two funds with respectively 150 and 300 million dollars who will focus their investments in projects Web3.

This Thursday, the investment firm specializing in crypto Variant announces the launch of two new funds axed Web3 in the framework of the initiative ” Variant Fund III “.

The first, with 150 million dollarswill invest in early-stage projects, while the second – 300 million – will support later-stage projects.

We have raised $450 million through Seed + Opportunity funds that will allow us to continue to support founders who are leveraging crypto to create new markets and better meet user needs.” clamored Li Jin, the co-founder of Variant, on Twitter.

Founded in New York in 2020, Variant already supports a myriad of Web3 projects including UniswapPhantom, Polygon or Magic Eden, to name only the most popular. Earlier this month, the company led the fundraising of French Morpho. It invests in various segments of the Web3 : crypto, DeFi, NFT…

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According to PitchBook data, the funding for crypto startups slowed in Q2 2022, reaching its lowest level in nearly a year.

Several VCs – with a longer-term vision – are still launching massive crypto-funds like Variant today, however. Most recently, Multicoin Capital also unveiled a new $430 million fund.

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