Arrington Capital Launches $100M Growth Fund for Moonbeam Ecosystem

The fund, in partnership with the Moonbeam Foundation, will back new projects and protocols on the EVM-compatible Polkadot parachain.

AccessTimeIconJun 8, 2022 at 5:58 p.m. UTC
Updated May 11, 2023 at 5:40 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto investment firm Arrington Capital, which has more than $1.6 billion in assets under management, has partnered with the Moonbeam Foundation for a new $100 million ecosystem fund for Polkadot’s EVM-compatible Moonbeam parachain.

The Arrington Moonbeam Growth Fund will finance new companies and protocols on the Moonbeam network, aiming at a wide range of verticals, including decentralized finance (DeFi), marketplaces, non-fungible tokens (NFTs) and gaming. The fund has already deployed capital to two undisclosed projects.

  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Why the NEAR foundation Chose Eigenlayer as a Security Partner
    00:54
    Why the NEAR foundation Chose Eigenlayer as a Security Partner
  • Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
    07:08
    Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • Moonbeam launched in January and currently has 100 projects that are either live or preparing to launch. In the first five months, Moonbeam users completed over 6.5 million transactions, and developers deployed over 5,000 smart contracts, according to the network.

    As an Ethereum-compatible parachain, Moonbeam allows for secure cross-chain interoperability without using bridges. Developers can build native multichain decentralized applications (dapps) and easily port existing smart contracts across blockchains.

    Arrington Capital participated in a $1.4 million funding round for Moonbeam in 2020 and a $6 million strategic capital raise last year.

    “Moonbeam has gained significant momentum as a new Layer 1 protocol and provides a needed spark for the larger multichain movement, a trend which we are seeing across our portfolio,” Arrington Capital co-founder and partner Michael Arrington said in the press release.

    Arrington, the founder of TechCrunch and CrunchBase, along with TechCrunch CEO Heather Harde, founded Arrington Capital in 2017. The venture capital firm also offers the flagship Arrington XRP Capital fund and the $100 million Arrington Algorand Growth Fund.

    Last month, the company scrubbed a new $100 million fund from its website that was tied to the Terra yield-generating protocol Anchor, which took major losses due to the crisis-stricken USD stablecoin. Arrington told CoinDesk the removal was due to decreased demand.

    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.