Fabric Ventures has almost completed an early-stage web3 fund and is on track to close a second fund focused on later-stage investments.
According to Richard Muirhead, managing partner of the London-based venture capital business, the pair will be worth more than €225 million ($245 million). The first of the two, a fund focused on early-stage startups, has been “substantially oversubscribed,” according to Muirhead, and has had its hard ceiling raised to €125 million in order to attract more investors. Fabric is also in the midst of creating a second fund, which will be capped at €100 million and will focus on investments in firms in the Series B stage and beyond.
According to a presentation deck, the later-stage fund, which is aiming for its first closure in April, will assist the ideation stage “Fabric X programme.” Fabric claims to have supported “open economy startups from concept to scale.” The fresh funds come after a $130 million capital offering in July, which included roughly €25 million from the European Investment Fund (EIF).
It was the first EIF-backed fund with a mandate to invest in digital assets and blockchain. It was backed by 33 founders, partners, and executives from Ethereum, Wise, PayPal, Square, Google, PayU, Ledger, Raisin, Ebury, PPRO, NEAR, Felix Capital, LocalGlobe, Earlybird, Accelerator Ventures, Aztec Protocol, Raisin, Aragon, Orchid, MySQL, Verifone, OpenOcean, Claret Capital, and others at the time.
Fabric has previously invested in a variety of digital assets, including Ramp, Sky Mavis’ parent company, Axie Infinity, and Ledger. It’s the latest example of new money pouring into the industry. Pantera also announced earlier this month that it was raising a new fund, with a target closing of $200 million at the beginning of May. Gumi Cryptos Capital (gCC), a blockchain-focused venture capital firm, announced in March that it had raised $110 million to invest in early-stage firms.
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