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Another venture capital firm is looking to boost Web3-related startups.
A Web3 venture fund, Vessel Capital, announced $55m in assets to invest in infrastructure and applications.
As reported by TechCrunch, the fund is evergreen, has the potential to grow, and will be used over a 5-year period.
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Reportedly, Vessel invested in several companies, including Injective, Burnt and Omni. The company expressed interest in startups focusing on “application-specific infrastructure” but added they are open to the idea of exploring other categories.
The co-owners of the company stated they want to help prospective founders, support new projects, and help new startups scale their companies.
The co-founders explained that venture capital firms don’t always understand the projects they are investing in, and, subsequently, they don’t offer much help to startups, claiming “a lot of giant funds are getting raises, but the VCs themselves don’t have a lot of skin in the game when it comes to using their own capital.”
The goal is to present Vessel as a new type of venture fund that can offer actual assistance to up-and-coming projects.
The world has enough VCs, but what’s actually missing is actual guidance and advice.
The team behind this venture fund has experience to back up their claims. Vessel has 3 co-founders: Mirza Uddin, Eric Chen and Anthony Anzalone.
Chen is also the CEO of Injective Labs, a research and development company focused on creating Web3 infrastructure and finance solutions. Anzalone is one of the co-founders of Burnt, a Web3 foundry.
The interest in Web3 infrastructure and applications only seems to grow recently. In February, Web3 Domain Alliance welcomed 52 new members. And in June, a banking giant HSBC expressed interest in expanding to the Web3 world.
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