Web3 Discovery Fund from CoinSwitch Ventures enables 12 Web3 startups to receive nearly $25 M in additional funding
Since its inception under CoinSwitch Ventures, CoinSwitch, the largest cryptocurrency investment platform in India, has made impressive strides with its Web3 Discovery Fund.
Early-stage startups creating blockchain-based solutions for the ever-changing Web3 landscape are given support by the fund. The fund has invested in 12 promising startups and facilitated nearly $25 million in additional funding in less than nine months. Its VC investor network has grown from six to over 70 participants.
“Our fund’s philosophy was born out of the challenges we faced while setting up CoinSwitch. The roadblock then led us to establish a fund that not only provides funds but also expertise and networking opportunities. It is with great pride that I share our achievement of facilitating approximately $25 million in subsequent funding for pioneering innovations within the Web3 space” said Ashish Singhal, Co-Founder and CEO, CoinSwitch through a release.
Talking about the fund, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “With the Discovery fund, we are identifying and enabling entrepreneurs and early-stage startups to leverage the potential of crypto to solve real-world problems. Even in the bear market, we have seen a huge influx of innovative startup ideas. Our aim is to build a bridge that enables Indian startups to have access to global capital, thereby facilitating the growth of the Indian Web3 ecosystem”.
PYOR, Silence Labs, AirStack, Mohash, Shield, PolyTrade, BitsCrunch, and PlayZap are among the 12 funded startups. They are based on fundamental concepts like real-world asset tokenization, blockchain analytics, and infrastructure. According to the press release, the Web3 Discovery fund has served as a catalyst in establishing connections between more than 100 startups and prestigious international investors, such as well-known companies like Sequoia Capital, Coinbase Ventures, and Andreessen Horowitz (a16z).
