TON Foundation alumni raise $40 million fund for new firm, TON Ventures
Two former TON Foundation members, Ian Wittkopp and Inal Kardan, have launched TON Ventures, a for-profit venture capital firm, with an inaugural fund of $40 million.
Wittkopp and Kardan previously served at the TON Foundation as the director of TON Accelerator and the gaming lead, respectively. With their new fund, the duo aims to invest in startups building on The Open Network, or the TON blockchain.
"The fundraise was very informal over a period where it began to make sense to make the move and go independent, but the full amount was raised around a month ago," Wittkopp told The Block. The $40 million fund may extend in size if more partners are added later, Wittkopp said. Prior to the TON Foundation, he worked at Ryze Labs (formerly known as Sino Global Capital) as chief operating officer and head of investment.
Wittkopp declined to name the fund's investors or limited partners but said they are mainly individual private investors who want to support the long-term growth of the TON ecosystem.
