Today, fabric Ventures, a venture manager that backs ‘open economy’ founders across the globe, announced a new fund. With a valuation of approx $130 million, it includes around $30 million from the European Investment Fund (EIF).
The fund is Europe’s biggest of its type. Fund 2021 is backed by the European Investment Fund, Atomico, Galaxy Digital, DCG, and the founders of Ethereum, Wise, and MySQL. Other notable limited partners in the new fund include Niklas Zennstrom’s venture firm Atomico, Mike Novogratz’s Galaxy Digital, Barry Silbert’s DCG, German multi-family office Lennertz & Co, Blockchain Coinvestors, and Hutt Capital.
Fabric Ventures views an open, broad, and active community as central to attracting the finest founders and propelling them on their path. There are 42 partners, executives, contributors, and founders from the open web community investing to help accelerate the success of the portfolio. Some of these investors are Ethereum, Polkadot, Sorare, Ledger, Aragon, Orchid, MySQL, NEAR Protocol, Curve, StakeDAO, PayPal, Google etc.
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“We are very pleased to be partnering with Fabric Ventures to bring to the European market this fund specializing in Blockchain technologies,” EIF Chief Executive Alain Godard said. “This partnership seeks to address the need [in Europe] 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.”
About Fabric Ventures
Fabric Ventures’ 2021 fund is one of the very first EIF-backed funds specifically mandated to invest in digital assets. It will back traditional equity as well as the software tokens and other digital assets native to these new, inclusive and collaborative networks and applications. These are all supported by the recent invention of digital scarcity and hence ownership. Founders of the open economy frequently have the explicit objective of delivering solutions to many of humanity’s most fundamental challenges.
