Crypto VC Firm CoinFund Looks to Raise $250M Seed Fund

SEC filings show the firm is raising money for a new fund less than three months after launching a $300 million VC fund.

AccessTimeIconNov 1, 2022 at 4:36 p.m. UTC
Updated Nov 1, 2022 at 4:45 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

Crypto-focused investment firm CoinFund is looking to raise $250 million for seed investments, according to new filings on Monday with the U.S. Securities and Exchange Commission. The filings come less than three months after the firm announced a $300 million venture capital fund, a notably short turnaround time during a bear market.

The new CoinFund Seed IV fund is split into three parts – two domiciled in the Cayman Islands and one in Delaware, which is typically done for legal and tax purposes. The Caymans funds are targeting to raise $130 million and $20 million, respectively, while the Delaware fund seeks to raise $100 million. The first sales have yet to occur, meaning the funds hadn’t opened to investors.

CoinFund didn't respond to a request for comment by publication time.

In August, the firm launched the $300 million CoinFund Ventures I fund to invest in crypto companies gaining commercial traction in a sector with a large total addressable market, David Pakman, CoinFund managing partner and venture investing head, told CoinDesk at the time.

Founded in 2015, CoinFund originally focused on bitcoin (BTC) and seed-stage investments in decentralized finance (DeFi) projects before branching out. Portfolio companies include NBA Top Shot creator Dapper Labs, blockchain infrastructure provider Blockdaemon and data indexing protocol The Graph.

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Brandy covers crypto-related venture capital deals for CoinDesk.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.