MetaWeb Raises Funds for Early Stage Crypto Startups

After a few months of being quiet, the MetaWeb company funding team has put money into more than 30 startups.
MetaWeb Raises Funds for Early Stage Crypto Startups
MetaWeb Raises Funds for Early Stage Crypto Startups

MetaWeb Ventures is a venture capital firm that invests in crypto startups. It has raised $30 million for its first fund, which is backed by Sequoia Capital, Dragonfly Capital, the Near Foundation, and others.

In an email sent out Thursday, MetaWeb said that the fund wants to put most of its money into decentralized social media, decentralized finance (DeFi), gaming, and decentralized autonomous organizations (DAO).

The fund has been operating in stealth mode for the past few months. It has already invested in more than 30 startups, including the decentralized exchange Orderly Network, which closed a $20 million funding round in June.

Dani Osorio, a partner at the funding company, said, “At its core, MetaWeb is unique because we’re all builders who also invest. We have direct access to early projects and can help our founders in a very unique way.”

MetaWeb Ventures was started as an ecosystem fund for the Near Protocol, which is a layer 1 blockchain network on which decentralized applications (dapps) are built. Near wants to compete with Ethereum by making transactions faster and cheaper.

The company is now investing in applications on networks other than Near, such as Ethereum, Aurora, and Cosmos.