Founded by Alchemy Pay co-founder Sean Shea, venture capital firm Oak Grove Ventures has launched a $60 million fund to invest in early-stage startups focusing on Web3, AI and biotech. The Block writes about this.
The partners of the structure were former vice president of Sino Global Capital (now Ryze Labs) Sally Wang and former partner of Lightspeed Venture Partners Zach Peng.
In addition to the above, the fund’s team includes former Libra (later Diem) technical lead Ethan Wang, Harmony co-founder and CTO Rongjian Lan, and former Coinbase vice president Michael Lee.
Fund managers expressed optimism regarding the timing of investments.
“A bear market often means that asset prices have reached a low point, which represents the optimal time to buy.” – they explained.
In previous years, Oak Grove Ventures operated as a family office and invested in more than 10 firms, including SpaceX, Open Sea and ConsenSys.
Previously, San Francisco-based venture capital firm Blockchain Capital raised $580 million for two new investment funds.
Also in September, Thailand’s second largest bank by assets, Kasikorn Bank (KBank), through its subsidiary Kasikorn Business Technology Group, established a $100 million structure that will invest in startups focused on AI and Web3.
Let us remind you that based on the results of investment rounds in August, the volume of funding attracted by crypto firms increased by 39.8% compared to July.
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