The venture capital arm of Binance has announced the closing of a $500 million crypto venture fund which will invest in projects that drive the adoption of Web3 and blockchain technologies.
This is the first fund of Binance Labs with outside capital. The fund saw investments from DST Global Partners, Breyer Capital and several other major private equity funds, family offices, and corporations.
“The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more,” said Changpeng Zhao, the founder and CEO of Binance.
Binance Labs will make investments in startups across three different stages: incubation, early-stage venture, and late-stage growth.
Binance Labs runs its Incubation Program regularly and is currently in its fourth cohort of 14 startups.
Early stage ventures will include ‘infrastructure, DAOs, NFTs, gaming, Metaverse, social, and crypto adoption platforms,’ whereas late-stage growth investments are for companies looking to scale or build with the Binance ecosystem as a solid strategic partner.
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