Web3 developer platform Alchemy is raising $12 million for a venture capital fund, according to a filing with the U.S. Securities and Exchange Commission.

The Alchemy SPV III fund has yet to start raising the capital. The form, filed on Sept. 9, didn’t specify the purpose of the fund. Alchemy co-founder and CTO Joseph Lau is listed as the fund’s executive officer.

Alchemy has a history of making Web3 investments through its venture capital arm and a separate grants program. Last December, the firm created a VC arm to invest capital into large crypto companies such as OpenSea and Dapper Labs. And in June, the firm raised $25 million to create a grant program to bootstrap startups and developers building in the decentralized finance (DeFi) or non-fungible token (NFT) space.

Alchemy declined to respond to CoinDesk’s request for comment.

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