Swiss non-profit the NEAR Foundation launched a $100 million venture capital fund and venture lab for web3, it announced on Monday.
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NEAR Foundation launches $100 million VC fund and lab for web3
The NEAR Foundation, which supports the governance and development of the NEAR protocol, will partner with Caerus Ventures, a newly launched investment firm, for the project. The VC fund will have an initial closing of $50 million. It will aim to bring in $100 million during seed to Series A funding rounds.
The Venture Lab will be Caerus’ first investment and will focus on attracting creators, talent, and franchise owners to build the next generation of web3 platforms and applications. “The Lab will offer cross-functional support to portfolio projects and will be supported by advisory partners who will be announced by the end of this year,” said Marieke Flament, CEO of the NEAR Foundation.
Caerus was founded by Nathan Pillai, an executive who spent the past five years with IMG/Endeavor, spearheading M&A and venture development of entertainment properties, including Larry Ellison’s SailGP.
Pillai said in a press released a statement that he hoped the firm will “be a catalyst for innovation that unleashes a new generation of platforms, applications and services across sport, music, film, TV, fashion, art and gaming which offer greater equity for talent and consumers alike.”
NEAR/USD 4-hour chart | Source: TradingView
At press time, as soon as the news was released, the NEAR price immediately reacted positively, rising from $4.7 to an intraday high at $5,128 and trading around $5,171. However, it can be seen that although the market still faces a lot of difficulties to restore the upward momentum in 2021, NEAR still plays the role of one of the most active platform blockchains to date. current, especially in terms of investment and expansion of operations.
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