According to The Block, China’s Lingfeng Capital’s Web3-focused Lingfeng Innovation Fund (LIF) has received $20 million in its first closing.
The fund, run by the former executive director of Binance Labs Nicole Zhang, aims to raise $30 million in total. The funds will be used to invest in cryptocurrency entrepreneurs throughout the globe, from those in the pre-seed to series A stages.
Ultiverse, ApolloX, and ZetaChain are just a few of the projects in which the fund has so far made investments. Co-funding for half of these investments came from Binance Labs.
According to Zhang, LIF seeks to empower “Web2 elites with Web3 competence.” She is in charge of the investments’ due diligence and financing.
Ning Ma and Ming Shu, the two founder members of Lingfeng Capital, are her collaborators on this project. Before leaving the cryptocurrency exchange in May, Zhang spent two years working for Binance’s startup capital and incubator division.
