Felix Capital, a London-based venture capital firm, raised $600 million in its fourth and largest fundraising round to date. The company, which invests in commerce and financial tooling startups, plans to use some of the funds raised to increase its Web3 exposure as part of its new business strategy.
Felix Capital includes Web3 in its business plan
Venture capitalists around the world are now turning to Web3, a new realm that mixes the internet and crypto. One such venture was Felix Capital, a London-based venture capital firm that expanded its business plan to include Web3 as part of its current interests. With its latest fundraising, the company secured $600 million, surpassing its initial goal of $500 million.
For the company, this is its fourth and largest fundraising to date, bringing its total assets under management to $1.2 billion. In a blog post, the company explained that these funds will be used to support another 20-25 companies over the next two years, in Europe and North America.
On including Web3 elements in its upcoming investments, the company said:
We are expanding our focus and plan to increase our exposure to Web3, a new platform for creativity, community and of course entrepreneurship. The urgency to live a more sustainable way of life will be an increasingly central theme, in line with our mission to partner with founders who want to have a positive impact on the world.
Frederick Court, director of Felix Capital, believes that the current market downturn does not affect its operations because the company’s investments are “fundamentally a long-term business, and it takes a long time to build a great business”.
An explosion of Web3 investments
Web3 is becoming a recurring theme for VCs looking to broaden their investment focus. Felix Capital is just one of the companies that has declared its intention to support businesses in the Web3 environment, and a number of other companies have also redirected some of their investments to this new area.
On June 9, Solana Ventures, the investment arm of Solana, announced that it would allocate $100 million to support innovative Web3-based products and companies in South Korea. Additionally, on June 3, Binance Labs announced the launch of a $500 million fund focused on companies offering to extend the functions of crypto using blockchain and Web3 technology.
What do you think of Felix Capital’s $600 million Web3 fund? Tell us in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.