Castle Island Ventures has raised $250 million to aid crypto startups
Fidelity alumni, Nic Carter, had founded an early-stage venture capital firm exclusively focused on public blockchains called Castle Island Ventures. As per a recent report from Bloomberg, the 4-year old firm has raised a quarter of a billion dollars to aid crypto-based startups. There has been a rapid rise in such funds.
Castle Island Ventures to support startups
With the crypto industry booming as it never had, a number of firms have come out in support of crypto-based startups. Castle Island Ventures has raised $250 million, which will be used to build monetary networks, financial services, and architecture for Web 3.0.Castle Island Ventures was co-founded by Nic Carter and Matt Walsh and had previously raised $30 million and $50 million as well. Moreover, the firm promoted principal Ria Bhutoria, another Fidelity alum, to a general partner at the firm.
"The market opportunity and the wave of entrepreneurs that are actually starting things are just a lot bigger," Walsh said in a phone interview. "The way we've reacted to the explosion in space is to beef up our team and give ourselves the ability to go out and be a lot more aggressive in deploying capital in some of these companies."
More funds coming in
Recently, FTX announced the formation of FTX Ventures which will invest in crypto-based startups. The firm's formation was followed by a $2 billion fund which will be headed by Amy Wu, General Partner at the firm.It is also to be noted that the metaverse project, The Sandbox, has announced its metaverse startup accelerator program with a $50 million fund. Like Castle Island Ventures, The Sandbox also attempts to fund 30-40 crypto-based startups where the top performers will be awarded incentives, and high-profile mentors will lead them.
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