CoinFund Targets ‘Early Mainstream Adoption’ With $83M Venture Fund

CoinFund’s recent bets on liquidity staking and blockchain gaming are part of an $83 million fund the crypto venture firm closed in March. 

The Brooklyn, N.Y.-based CoinFund’s third fund, “Ventures,” is focused on “early mainstream adoption” projects, CEO Jake Brukhman told CoinDesk Monday. 

Where the firm’s previous fund was largely focused on non-fungible tokens (NFTs) and decentralized finance (DeFi), Brukhman said the new fund’s portfolio includes go-to-market consumer and enterprise plays, plus Web 2 developers building in the crypto space.

“Just in the first six months of this year, we are leading or co-leading seven opportunities in blockchain,” Brukhman said. 

That includes multichain protocol Moonbeam, NFT marketplace Rarible, staking platform ClayStack and the esports play Community Gaming.

Institutional investors (pensions, endowments and family offices) contributed over half of the new fund’s $83 million, Brukhman said. It’s CoinFund’s largest pool to date.

In March filings with the U.S. Securities and Exchange Commission, the VC revealed its two other private funds, "Liquid Opportunities" and "CoinFund," had gross asset values of $37.3 million and $59.2 million, respectively. Representatives for the firm declined to share total assets under management.