Investment Firm Lemniscap Raises $70M Fund Targeting Early Stage Web3 Projects

The fund's focus will be on projects in the Bitcoin ecosystem, reflecting a trend in the last 18 months, whereby developers have sought to introduce utility to the world's oldest blockchain network.

The fund is anchored by Accolade Partners, a New York-based venture capital firm, which raised over $1 billion for three funds earlier this year.Lemniscap, a Cayman Islands-headquartered investment firm, said it raised a $70 million fund to back early stage Web3 projects. The fund will focus on projects in the Bitcoin ecosystem, reflecting a trend of the past 18 months, whereby developers havedecentralized physical infrastructure

Lemniscap has previously made over 130 investments, often in the role of a follow-on investor, including into blockchain networks Avalanche, The Graph and Axelar.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

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