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Election 2024

Ethereum Startup ConsenSys Launches $50 Million Blockchain Fund

ConsenSys, the ethereum-based blockchain development firm, has announced a $50 million venture capital fund for startups working with the technology.

By Rachel-Rose O'Leary
AccessTimeIconSep 7, 2017 at 2:45 p.m. UTC
Updated Aug 18, 2021 at 6:52 p.m. UTC
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Ethereum startup and incubator ConsenSys has announced a $50 million venture fund for startups working with blockchain technology.

Named ConsenSys Ventures, the new fund is being led by investment specialist Kavita Gupta. Explaining the fund to Axios, Gupta stated that initial coin offerings (ICOs), the blockchain funding method that has swept the investment landscape this year, still have a lot to learn from traditional venture capital.

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    • According to CoinDesk data, by June 2017, ICOs had surpassed early-stage VC funding.

    Yet, despite the impressive figures, Gupta stated:

    "There is still value to due diligence and even if two PhD kids have sold tokens based on a brilliant white paper, they still have to figure out how to deliver a company. That's not necessarily something they have experience doing."

    Gupta, who won the UN Social Finance Innovator Award of the year 2015, is particularly interested in blockchain projects with social and environmental inclinations.

    The investment expert told Impact Alpha that he believes blockchain is the solution to nearly all of the sustainable development goals adopted by the UN.

    Cash image vis Shutterstock

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    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.