Ledger, the digital wallet maker, and Cathay Innovation, a venture capital firm, are partnering to launch a $110 million fund for Web3 startups. The goal is to invest in these companies during their start-up phase and democratize access to Web3.
A 110 million dollar fund for Web3
Digital wallet manufacturer Ledger and venture capital firm Cathay Innovation have joined forces to launch a $110 million fund for Web3.
Named “Ledger Cathay Capital” the fund aims to invest in Web3 startups in the seed or Serie A phase.
The areas of focus will be decentralized finance (DeFi), infrastructure, digital property technologies, and security.
In this approach, the fund is supported by the public investment bank (BPI France) and many other investors. However, the latter are not mentioned for confidentiality reasons.
On the other hand, the fund has a long-term vision for its investments. In this sense, Denis Barrier, co-founder of Cathay Innovation, states:
“The Web3 sector is an investment opportunity over several decades. We have no intention of slowing down or reducing our investment activities and we believe that the current environment is a real opportunity for us to launch the fund and actively invest in the world’s crypto startups.”
Ledger and Cathay Innovation will combine their expertise
Both companies are not new to this ecosystem and remain major players. In addition, the venture capital firm has participated in Ledger’s various fundraisings.
Moreover, as part of this collaboration, Cathay Innovation and Ledger will combine their expertise to find and analyze investment opportunities. Denis Barrier also adds:
“The fund will support both equity and tokenized transactions, with average control sizes ranging from $550,000 to $4.3 million. In terms of total investments, the fund aims to create 20 to 25 portfolio companies and expects to fully deploy in the next two to three years.”
Thus, the fund’s goal is to be able to expand the boundaries of Web3 in order to, among other things, attract many users to this new ecosystem.
