Luxembourg and London-based Web3 venture capital firm Fabric Ventures has wrapped up a $140 million venture fund, which is twice the original target and more than $30 million above the original hard cap. The platform has also announced the first close of a new growth fund, targeting a final fund size of an additional $100 million. The fund dubbed Fabric Growth will provide capital to support innovative web3 founders in their expansion and scaling.
Fabric Ventures aims to back startups developing exciting projects in Web3 and the decentralisation of the web towards community ownership. The fund will invest $100,000 to $10 million is the startups. From pre-ideation to scaling, it will offer full lifecycle support around topics like tokenomics, talent, and governance to Web3 entrepreneurs.
The investors in the final close of the venture fund include Apeiron, Andre Schurrle, Dragan Solak (entrepreneur, founder and chairman of advisory board of United Group), the founders of Polkadot, Zerion, Eventbrite and Matrix Partners China. These join earlier backers such as the European Investment Fund, Atomico, Galaxy Digital, DCG, and the founders of Ethereum, Wise, and MySQL.
Richard Muirhead, managing partner at Fabric Ventures, said: “The rise of the open web and the digital ownership revolution is sparking decentralised collaboration at scale. While our growth fund provides capital to entrepreneurs who are innovating in this space, our ethos is to act as a partner to founders as they grow and we become active participants within the networks they are building.”