According to TechFlow, The Block reported that blockchain engineering company Equilibrium Group has launched its venture capital arm Equilibrium Ventures and its first early-stage fund Equilibrium Ventures Fund I.

Mika Honkasalo, an investment partner at Equilibrium Ventures Fund I, revealed that the fund is seeking to raise 30 million euros (about 32.5 million U.S. dollars) and has raised about 20% of the funds (6.5 million U.S. dollars) in the first round of financing, and it is expected to complete all fundraising by the end of this year.

Honkasalo said the fund’s backers include Equilibrium Group itself as well as Sebastien Borget of The Sandbox, Mask Network and Jigeum Capital, among others. Equilibrium Group was founded in 2018 and has been investing from its balance sheet since 2020, with the launch of a dedicated venture capital arm having been a long-term plan.