North Island Ventures Closes Another $125M in Web3 Venture Funding

Despite market uncertainties and extra funding for emerging initiatives, early-stage crypto venture capital firm North Island Ventures will set aside $125 million for crypto and Web3 technologies. According to a statement released by the company on Tuesday, North Island’s NIV Fund II will allocate between $250,000 and $3 million for up to 40 early-stage ventures. North Island Ventures Fund I The company’s most recent fund replaces its prior North Island Ventures Fund I, which invested in companies like BCB Group and blockchain development platform Axelar. The two-year-old company, which has its headquarters in New York, reported total assets under management of about $300 million. “We launched NIV in 2020 based on our belief that crypto is the next great enabling technology. The industry has advanced tremendously since then.” NIV’s co-founder Travis Scher said in the statement. Similar to how North Island has streamlined its capital allocations, several venture capital companies have established extravagant funds this year, some of which have a value in the hundreds of millions. Businesses increasingly place large bets on the upcoming internet iteration, emulating fashionable investments from earlier times. Web3 Venture Funding Late this month, Seven Seven Six, a venture capital firm specializing in digital assets and run by the co-founder of Reddit, unveiled a $177 million fund aimed toward Web3 firms. In July, the early-stag...