According to CoinDesk, a new $60 million fund called Oak Grove Ventures has been launched by alumni from prominent crypto and fintech companies. The fund will focus on the intersection of Web3, artificial intelligence, and biotech. The Singapore-based team includes notable figures such as Sally Wang, formerly of Sino Global Capital (now Ryze Labs), Ethan Wang, former tech lead of Libra, Shawn Shi, co-founder of Alchemy Pay, and Michael Li, a former VP of Coinbase.
Sally Wang, the fund's head of investments, stated that the goal of Oak Grove Ventures is to foster a community of visionaries, pioneers, and founders who share their passion for innovation. The fund aims to raise funds for these founders. Previously operating as a family office, Oak Grove Ventures has a proven track record of successful early-stage investments, having supported over 30 projects in the past. The disclosed investment portfolio of Oak Grove includes eight funds and 14 high-quality projects, among them SpaceX and Neuralink.
This launch comes after Blockchain Capital's announcement that it has raised $580 million for two new funds focused on crypto investments. A significant portion of its investors are traditional institutions, despite a challenging year for the digital asset market.
