Web3, Crypto-focused Early Stage Investor: Amesten Capital raises about $9 million
- ByStartupStory | April 26, 2022
A Web3 and crypto-focused early stage investor, Amesten Capital, raised about $9 million via family houses in the Middle East and Europe for a new fund, a senior executive told ET.
Bets will be made in the decentralised (DeFi) finance, infrastructure and gaming space and cut cheques of $200,000-$500,000 with the funds.
Sachin Jain, the fund’s managing partner and founder, who cofounded Amesten Asset, has invested in over 18 startups, including Delta Exchange, Nord finance, Unmarshal, Easyfi, and Kalamint in the past.
Jain’s initial investments going up to an internal rate of return of 480% yielded healthy exits. A crypto portfolio Amesten Asset is a management service for high net-worth individuals and institutions.
Apart from a few Non-Fungible Token (NFT) marketplaces and crypto exchanges, most of the crypto ecosystem are still in its infancy in terms of deal making, he said.
Early-stage bets are made by several funds in the Web3 ecosystem in India.
While Stader Labs, a cryptocurrency staking management platform, raised $12.5 million in January, Ethereum Push Notification Service (EPNS) raised $10.1 million (about Rs 76 crore), among the notable early-stage deals.
Increased investments are also made by International crypto venture funds in the region.
The investment arm of Coinbase, Coinbase Ventures, partnered with Buidlers Tribe, the Indian incubator in order to invest up to $1 million from Coinbase Ventures.
The corporate venture arm of crypto exchange FTX, FTX Ventures, which has a corpus of about $2 billion, partnered with SuperteamDao and launched the FTX Superteam.
From FTX Ventures, Balaji Srinivasan, and other operator angels in the Superteam network, Indian founders building on the Solana blockchain will have access to up to $1 million of capital.
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