Lightspeed Faction Introduces $285 Million Startup Fund for Crypto Ventures
- ByStartupStory | November 10, 2023
Venture capital firm Lightspeed Faction announced the establishment of a $285 million fund dedicated to investing in Seed and Series A rounds for promising blockchain projects. This fund is designed to support “early-stage blockchain projects” and contribute capital as these initiatives progress in scale.
Lightspeed Faction emphasizes its ability to connect founders with a team of experienced blockchain investors and operators, including individuals from the Amber Group, Blockchain.com, and Coinbase teams. As a joint venture between Lightspeed Venture Partners, a more traditional tech-oriented fund, and Faction, a crypto-only fund, Lightspeed Faction aims to leverage the combined expertise of both entities for optimal success.
Banafsheh Fathieh, co-founder of Lightspeed Faction, underscored the necessity of the $285 million fund for the multitude of promising blockchain projects emerging daily. Fathieh stated, “[C]rypto is a generation-defining technology, and we are fully committed to investing behind the best entrepreneurs looking to propel blockchain technology forward. The blockchain ecosystem is full of promising projects looking to disrupt everything from financial systems to telecommunications.”
Lightspeed Faction highlighted its track record of funding successful blockchain startups during the bear market, including Crossmint, Lens, Narya.ai, Skip.money, Matter Labs, and others. The firm typically engages in seed and Series A rounds.
While crypto venture capital funding experienced a three-year low in the third quarter of 2023, with concerns related to low crypto prices and reduced media attention, Lightspeed Faction’s initiative signals ongoing confidence in the sector. Despite the challenges, certain projects have achieved substantial fundraising even amid lower levels of overall funding.
Follow Startup Story
Related Posts
