Crypto-focused venture capital firm Lemniscap has announced a $70 million fund to support startups in the emerging web3 ecosystem.

According to Lemniscap, this new fund will be anchored by Accolade Partners, a fund of funds concentrating on early-stage VC. Accolade also specializes in growth equity and blockchain fund investments.

Lemniscap plans to utilize the $70 million fund to back early-stage Web3 founders. Key areas of focus within the blockchain ecosystem will include zero-knowledge infrastructure, decentralized physical infrastructure, the Bitcoin ecosystem, and phygital. DePIN and ZK are becoming increasingly significant in the market.

Ethereum founder Vitalik Buterin recently shared his latest thoughts on ZK, noting that one “fascinating initial use case” for this technology is airdrops.

Founded in 2017, Lemniscap has invested in more than 130 projects, including top protocols in the web3 space.

The portfolio consists of Avalanche, The Graph, EigenLayer, Puffer, StepN, and Axelar among other projects. According to Lemniscap founder and managing partner Roderik van der Graaf, the company is looking at further investments in the industry. The fund represents “significant financial firepower” that will be allocated to support the “next generation of ambitious industry pioneers,” van der Graaf noted.

VC Funding Growth

The crypto venture capital space includes some major players and funds, such as Paradigm, Pantera Capital, and a16z Crypto. VC investments across the crypto industry have continued to expand after the dip seen following the FTX collapse.

In the second quarter of 2024, total venture capital funding increased to $2.7 billion. Notable funding rounds in the past month include Story Protocol’s $80 million raise and Chaos Labs’ $55 million.

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