A global multi-stage technology investment platform White Star Capital has closed the first round of its second Digital Asset Fund (DAF II) and secured $120 million in crypto centered funding.
The fund is backed by major institutional investors and had Ubisoft as its anchor LP, who invested roughly $60 million.
The fund will invest in “crypto-networks and early-stage blockchain-enabled Web3 businesses, with a focus on DeFi and Gaming”
In token equity and investments, the fund will invest anywhere from $1 million to $7 million. It intends to invest in up to 25 businesses in North America, Europe, and Asia.
DAF II will be run by Managing Partner Sep Alavi and is supported by Eddie Lee and Luke Xiao in New York, Florent Jouanneau in London, Sanjay Zimmermann in Toronto, and Dimitri Nitchoun in Paris.
“Through our new fund, we’re looking forward to continuing to back a new generation of visionary founders building tomorrow’s greatest Web3, DeFi, and Gaming companies as they unlock the new internet of value for billions of people around the world”, said Sep Alavi.
He further continued,”It’s going to be more about how we bring the next billion people into crypto with daily use cases on applications.We’re going to have the majority of our investment in infrastructure and applications.”
White Star Capital previously launched its first Digital Asset Fund in 2020. This fund had invested upto $50 million in crypto firms, and has backed 20 startups including Ledn, Alex, Multis, Paraswap, Exlusible, and Rally.
“White Star Capital has a track record of backing many of today’s top up-and-coming Defi start-ups and their experience has been very helpful as we grow our company,” said Dr. Chiente Hsu, CEO of ALEX.
Leading decentralized cryptocurrency exchange Uniswap has launched a new venture which will invest in companies across various stages and areas within web3. Investcorp, the leading investment firm in Bahrain launched the first institutional level fund, ‘eLydian Lion’ and will work on the “next digital evolution driven by blockchain technology”.
