Crypto security platform Ledger has partnered with venture capital firm Cathay Innovation to launch a $110 million seed fund focused on Web 3.0, DeFi, NFT and DAO.
Funds proliferate around Web 3.0
It’s a particularly interesting week for funds on blockchain technology, after the Solana fund and the Cronos accelerator, it’s the turn of Ledger and Cathay Innovation to partner on this project of more than 100 million dollars.
The partnership between Ledger and Cathay Innovation is backed by French public investment bank Bpifrance. The combined entity seeks to unlock resources, networks and potential partnerships to accelerate Web3 innovation, while maintaining security standards.
Led by Denis Barrier, co-founder of Cathay Innovation, as well as Pascal Gauthier and Michael Louzado of Ledger, the fund plans to invest in rounds of financing ranging from seed to series A. The idea is to achieve 20 to 25 investments, all inclusive, with amounts ranging from $550,000 to $4.3 million.
The fund is similar to a venture capital firm in that it is partially managed by a company, but Ledger is different from the typical venture capital firm because it is a Series C startup , not a large conglomerate looking to make bets on fledgling companies. Ledger Cathay Capital, as the new fund is called, will invest in seed-stage to Series A companies across a wide variety of segments of the crypto landscape, including emerging DeFi, security and infrastructure, according to Mr Barrier.
” In the next 15 years, we will see the tokenization of everything, as blockchain transforms existing asset classes with programmability, trust, security and digital ownership – but this cannot happen in silos “said Barrier.
A long-standing partnership
Cathay Innovation has been an early investor in Ledger for already 5 years, the crypto-security platform that secures 20% of the world’s cryptocurrencies, NFTs and tokens. Ledger has already made six direct investments in startups, which will also be managed by the Ledger Cathay Capital team. It is not uncommon for large tech companies to invest directly in companies or have their own venture capital arm; the American company Stripe is a good example.
Barrier said he wanted the fund to be able to act quickly like traditional venture capital, while providing long-term support and expertise to portfolio companies, like a capital firm. -risk, he explained. It took about a year for the fund to become an official vehicle after the two companies began conversations about this strategy, he added.
Cathay Innovation, which manages over $1.5 billion in assets, is a multi-stage global venture capital fund and a subsidiary of the private equity group Cathay Capital. Over the past six years, the group has invested in 19 unicorns, including Owkin and Getaround.
” Together with Ledger Cathay Capital, we want to help crypto and Web3 builders by giving them access to our unique digital security ecosystem, and support building on our security technology platform, thanks to the technical know-how of more than 700 experts in blockchain and distribution channels to scale the innovative, secure and decentralized services of tomorrow », declares Pascal Gauthier.
Ledger continues its work as a crypto leader in France, this type of fund will allow the French and European market to maintain its flow of Web 3.0 innovation. The crowd effect caused by all these funds shows strong blockchain investment momentum and soon we will see new unicorns emerging from these funds.
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Ledger and Cathay Innovation Launch Web 3.0 Fund
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