Lightspeed Faction, a joint venture of leading VC Lightspeed Venture Partners, has announced a $285 million early stage venture fund to invest in cryptocurrency and blockchain technology.
According to the announcement blogpost, the Lightspeed Faction Fund I will invest in early-stage crypto projects at Seed and Series A funding. The fund will invest across multiple categories of blockchain and crypto applications, including infrastructure, dApps, community platforms, ZKP-tech and more.
While the crypto market is recovering and preparing for the next wave of adoption with a bullish spectrum, just as in 2017, Faction said, “We believe this time will be no different. With blockchain technology clawing inch by inch forward, this is as exciting a time as ever to be here.”
As a joint venture with one of the leading VC firms, Faction claims to have a unique blend of crypto expertise and business scaling resources rooted from the startup hub Silicon Valley. It has already backed more than 15 startups in the fund.
“Needless to say, we think crypto will be huge, as in, seismically big in the next few decades and as a result, our investment approach is flexible and long-term oriented,” said the VC firm.
The recent inflows of funds into the crypto ecosystem is seeing a huge surge as several of the world’s leading finance giants are preparing to offer spot crypto ETFs for Bitcoin and Ethereum. Following the lead, a number of VCs have launched funds to invest in crypto projects during the next cycle.
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