$75M Blockchain Founders Fund II Supports Portfolio of P2E and Web3 Projects

Singapore-based Blockchain Founders Fund has launched a new venture capital fund to support emerging projects in the cryptocurrency, meta...



Singapore-based Blockchain Founders Fund has launched a new venture capital fund to support emerging projects in the cryptocurrency, metaverse and web3 sectors, offering further proof that investors are still keen to support new ventures. key growth trends of the digital assets market.

Blockchain Founders Fund II, also known as BFF II, has raised $75 million from various blockchain and crypto industry investors, including NEO Global Capital, Appworks, Baksh Capital, Octava, and The Sandbox COO S├ębastien Borget. BFF II has already deployed capital in 11 projects, including a layer two derivatives exchange, several play-to-earn games and a DeFi protocol.

BFF II mainly focuses on crypto, Web3 blockchain and metaverse projects. The fund is also ready to offer an additional $5 million to successful startups that make it through subsequent funding rounds.

BFF partner Mansoor Madhavji told Cointelegraph that “operational experience” is an important consideration when selecting companies to back. All companies receiving financial support “demonstrated a strong fit with the product market [and] are capable of setting trends in the crypto space,” he said.

Related: a16z and Google lead $20m investment in Africa’s Web3 game publisher Carry1st

Despite a massive sell-off in the cryptocurrency sector, which culminated on Monday with Bitcoin (BTC) fall below $34,000, smart investors increasingly view digital assets as a generational opportunity. As such, they are deploying capital into sectors they believe could reshape the digital economy over the next decade.

Real Vision founder and macro-investor Raoul Pal has also remained true to his belief that digital assets are revolutionizing the world around us. On Saturday, Pal told his 878,000 Twitter followers that he had “touched nothing” when it came to his crypto holdings.

Venture capital funds have shown an enduring commitment to the blockchain industry over the past year despite massive fluctuations in digital asset prices. In the first ten months of 2021, venture capital had deployed more than $17 billion in blockchain and crypto-focused projects, according to PitchDeck.