Fabric Ventures Completing 2 Web 3 Funds Totaling $245M: Report
Richard Muirhead, managing partner of Fabric, said the firm expects to raise fresh funds next spring.
Apr 11, 2022 at 2:07 p.m. UTCUpdated May 11, 2023 at 4:09 p.m. UTC
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Fabric Ventures is close to completing two Web 3-focused funds worth more than $245 million in total, according to a report by The Block.
- The first fund, which will focus on early-stage companies and has a hard cap of EUR125 million ($136 million), is now nearing completion.
- The second, which will focus on later-stage investments and is set to be capped at EUR100 million ($109 million), will close later this month, the report said.
- Web 3 has become an emerging area of investment for venture firms with an interest in the crypto and blockchain industry in recent months. In March, crypto lender Nexo established a venture arm with $150 million for Web 3 projects and acquisitions.
- Richard Muirhead, managing partner of Fabric, said the firm expects to raise fresh funds next spring, according to the report.
- Fabric Ventures last closed a $130 million fund for investment in early-stage blockchain firms in July 2021, which included $30 million from the European Investment Fund (EIF). The EIF is comprised of the European Investment Bank, European Union and other financial institutions.
- London-based Fabric has been making bets in the crypto and blockchain industries since 2013, having invested in the likes of Polkadot, MakerDAO, Bitstamp and Decentraland.
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Jamie Crawley is a CoinDesk news reporter based in London.