London’s Fabric Ventures has announced the launch of a new $130 million fund specifically targeting digital assets and decentralisation. With the European Investment Fund (EIF) and Luxembourg Future Fund contributing $30 million, Fabric now holds the dubious honour of being the first fund mandated to invest in digital assets under the EU’s InnovFin Artificial Intelligence and Blockchain Technology pilot.
“Despite their rich engineering talent, deeptech entrepreneurs in the blockchain sector in Europe often struggle to find financial support and investors that have a deep understanding of their space. This partnership seeks to address that need and unlock financing opportunities for entrepreneurs active in the field of blockchain technologies - a field of particular strategic importance for the EU and our competitiveness on the global stage,” commented EIF Chief Executive Alain Godard.
Fabric can perhaps be classified in a category unto itself, as its commitment to world-changing investments lies in open web, open finance, and open media entities. The new deployable capital will back traditional equity as well as the software tokens and other digital assets native to these open networks and applications, underpinned by the recent invention of digital scarcity, and thus ownership.
Fabric reports an approximate 20x ROI, and a portfolio that includes notables Polkadot, NEAR Protocol, Sorare, Decentraland, and Coinbase.
“Fabric’s new fund will be put to work partnering with the most daring and relentless entrepreneurs of the open economy on their journey to architect lasting protocols and platforms, not simply companies,” commented Fabric’s Managing Partner Richard Muirhead. “It is now well acknowledged that there is a need for a web that is user-owned and, consequently, more human-centric. There are astonishing people crafting this digital fabric for the benefit of all.”
In addition to the investment from the EIF, other notable contributors to the fund include Atomico, Galaxy Digital, DCG, Blockchain Coinvestors, and Hutt Capital. Likewise, 42 partners, executives, contributors, and founders from the open web community in all committed to Fabric’s vision.
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