CoinSwitch Ventures' Web3 Discovery Fund Facilitates Nearly $25 Million The company aims at building a bridge that enables Indian startups to have access to global capital, thereby facilitating the growth of the Indian Web3 ecosystem
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CoinSwitch Venture's Discovery Fund, a venture capital arm of crypto-investing platform CoinSwitch, announced that it has facilitated nearly $25 million funding across web3 and blockchain startups within a year of inception. According to a statement by the company, in less than nine months, the fund has expanded its VC investor network from six to over 70 participants, investing in 12 promising startups.
"With the Discovery fund, we are identifying and enabling entrepreneurs and early-stage startups to leverage the potential of crypto to solve real-world problems. Even in the bear market, we have seen a huge influx of innovative startup ideas. Our aim is to build a bridge that enables Indian startups to have access to global capital, thereby facilitating the growth of the Indian Web3 ecosystem," said Parth Chaturvedi, Investments lead, CoinSwitch Ventures.
The startups that have raised this funding include PYOR, Silence Labs, AirStack, Mohash, Shield, PolyTrade, BitsCrunch, and PlayZap. They were building solutions around blockchain infrastructure, blockchain analytics, and real-world asset tokenization. The Web3 Discovery fund has acted as a catalyst, connecting over 100 startups with esteemed global investors, including prominent names like Andreessen Horowitz (a16z), Coinbase Ventures, and Sequoia Capital, the statement added.
"Our fund's philosophy was born out of the challenges we faced while setting up CoinSwitch. The roadblock then led us to establish a fund that not only provides funds but also expertise and networking opportunities. It is with great pride that I share our achievement of facilitating approximately $25 million in subsequent funding for pioneering innovations within the Web3 space," said Ashish Singhal, co-founder and CEO, CoinSwitch