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.

AccessTimeIconApr 11, 2022 at 2:07 p.m. UTC
Updated Apr 11, 2022 at 2:52 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

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.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.