Incoming $100M VC Fund Lab From NEAR Foundation

Swiss non-profit organization, the NEAR Foundation, has launched a $100M venture capital (VC) fund alongside a VC lab to foster the growth of Web 3.

Near Foundation Partners With Caerus Venture

NEAR Foundation revealed on Monday the launch of a $100 million fund meant to foster the growth of Web3. It also has plans to partner with Caerus Ventures, a new investment firm, on the project.

“The Lab will offer cross-functional support to portfolio projects and will be supported by advisory partners who will be announced by the end of this year,” said Marieke Flament, CEO of the NEAR Foundation.

In a press release, Caerus Venture founder and IMG/Endeavour executive Nathan Pillai said:

“We’re yet to imagine the plethora of use cases for how Web3 technologies will change how culture is experienced, entertainment is consumed, and value is distributed. And that was the genesis of Caerus: to be a catalyst for innovation that unleashes projects in sport, music, film, TV, fashion, art and gaming which offer greater equity for all.”

The NEAR Foundation revealed that the fund has an initial closing of $50 million but with a target of hitting $100M for seed funding series A investments. The first beneficiary of the project will be the venture lab tasked with working with creators and firm owners to foster the process of conceiving, validating, testing, and building the next generation of Web3 platforms.

This news comes as a series of other VC investors splashed money in the crypto space all year. Also, it coincides with the NEARCON conference that Near Foundation is holding this week in Lisbon.

Learn more about Near Foundation:

Website | Documentation

Find out more about Caerus Ventures.

Website | Twitter | LinkedIn

Source : bsc.news

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