North Island Ventures Launches New Venture Fund, Several Projects Complete Fundraising Rounds
North Island Venture recently announced the launch of a $125 million venture fund for web3 projects. Meanwhile, several projects, including Alchemy, Ownera, Sherlock, and Diamond Standard, completed funding rounds.
North Island Ventures Launches a $125 Million Venture Round
North Island Ventures, a crypto-focused investment firm, just recently launched a $125 million venture fund. In a press release on Tuesday, North Island VC noted that they would use the new fund to invest in about 30 to 40 early-stage investments. According to reports, the network plans to make investments ranging from $250k to $3 million.
NIV’s Co-Founder and Managing Partner, Travis Scher, said:
“We launched NIV in 2020 based on our belief that crypto is the next great enabling technology – that it offers a set of new capabilities that entrepreneurs can leverage and combine to create applications and experiences that could not previously exist. The industry has advanced tremendously since then, but we believe the real potential of this technology has barely been realized, and we’re thrilled to have this new capital to finance the innovation that will carry crypto across the chasm over the coming years.”
NIV has grown vastly and currently manages around $300 million in Assets. Last year, NIV launched a $72 million fund.
Alchemy Raising a New Venture Fund
Recently, Alchemy, a Web3 development platform, announced plans to raise $12 million. This comes after the network recently filed with the SEC for the same. Alchemy aims to create a new venture fund called Alchemy SPV III Fund. This comes after the network announced the launch of its venture side, aiming to invest in “teams building revolutionary products for the web3 ecosystem.”
A few weeks ago, Alchemy made its first acquisition of an Ethereum-focused platform Chainshot. Alchemy is a crypto-focused entity that provides APIs for companies looking to develop their blockchain services. The popular networks leveraging Alchemy services include Dapper, Meta, Adobe, and Aave.
Diamond Standard Raises $30 Million
Diamond Standard, a Diamond Tokenization startup, just recently completed a successful funding round. According to reports, this Series A funding round was led by Horizon Kinetics and Left Lane Capital.
The new funding round comes at a moment when the network has successfully launched Diamond Standard Fund. The firm plans to continue hiring “and building a new Bar assembly facility in collaboration with the International Gemological Institute.”
Diamond Standard Founder and CEO Cormac Kinney recently said;
“Following 20% returns last year, the Diamond Standard Coin has continued to generate a positive return this year, while the S&P 500 is down 14% and bitcoin is down 50%. Investors need a new uncorrelated asset class, and this capital will enable us to increase capacity and expand our offerings.”
When talking about this funding round, Left Lane Capital’s Managing Partner Jason Fiedler said;
“While many investors and startups over-indexed towards digital-backed assets, we got excited by real-asset backed stores of long-term value. Investors typically hold about 20% of the market value for a given commodity. Diamonds have withstood the test of time, and thanks to Diamond Standard, investors finally have access to the asset class conveniently, safely, and trusted manner.”
Ownera Announced $20 Million Fundraise
Ownera, a trading platform introduced for tokenized assets, just recently announced a $20 million Series A venture round. According to reports, several investors participated in the venture round, including J.P. Morgan and LRC Group.
According to the release, the new fund will help speed up the network’s deployment. When talking about the project, Ownera co-founder & CEO Ami Ben-David said;
“Dozens of platforms are being deployed by financial institutions across the market. Our job is to be the neutral layer, seamlessly interconnecting them into one global distribution and liquidity network, using open-source network specifications.”
The Head of markets DTL and JP Morgan, Scott Lucas, said;
“Interconnectivity is key to maintaining a liquid marketplace for tokenized assets. Ownera has developed a solution with the potential to connect multiple platforms to start building towards that liquid marketplace.”
Sherlock DeFi Raises $4 Million
Sherlock DeFi, a smart contract auditing platform, just recently announced the completion of a funding round raising $4 million. Reports show that the funding round was led by @archetype. Several other investors, including @lattice_fund, @TheSpartanGroup, and @coinfund_io, participated in the round. The funds raised will help fund outside audits and continue building their team.
Jack Sanford, Sherlock co-founder, recently said;
“No auditors have incentives aligned with the protocols they audit. Sherlock is the first auditor that cares if a protocol they audit gets hacked because we pay out up to $10 million if they get hacked.”
