Blockchain venture entity CoinFund reportedly rolled out a new investment fund catering to Web3 and other crypto-centric startups, opening funding opportunities up to entrepreneurs during the bear market. 

Specifically, the freshly introduced CoinFund Ventures I will make investment of $300 million into early-stage establishments at the crossroad of Web3, cryptocurrency and other blockchain sub-sectors. 

The financing of the new fund was reportedly carried out by a combination of institutional investors, family offices and cryptocurrency entrepreneurs. 

CoinFund Ventures I is over three times the size of the firm’s 2021 crypto startup fund, which had a valuation of $83 million. CoinFund was an investor in the nonfungible token marketplace Rarible and Solana Labs’ $314 million private token sale. 

The firm reportedly revealed that a variety of its seed-stage portfolio entities are gearing towards Series A fundraising but didn’t disclose any names.

CoinFund further shared that its new investment vehicle is a reflection of its belief that Web3 is the milestone for the “architectural transition” for the new internet. Regardless of different definitions, Web3 generally is used to mention the next iteration of the internet, operated by blockchain technology and tokenized assets.

Web3 initiatives have received major support from the venture capital community. In the second quarter this year, these startups reportedly accounted for approximately 42% of individual funding deals in the crypto sector.

Regardless of the support, Web3 ecosystems are still in their very nascent stages and numerous initiatives have not been designed for utility, according to Raymond Liao, a managing director at Samsung Next.