PANews reported on August 28 that according to CoinDesk, Lemniscap, an investment company based in the Cayman Islands, announced that it had raised a $70 million fund to focus on investments in early Web3 projects. The fund will focus primarily on projects in the Bitcoin ecosystem, reflecting the trend of developers introducing more practical features on the world's oldest blockchain over the past 18 months. Lemniscap plans to invest in zero-knowledge infrastructure, consumer applications, and decentralized physical infrastructure (DePIN) projects. The fund is led by Accolade Partners, a New York-based venture capital firm, which raised more than $1 billion for three funds earlier this year.
Lemniscap has made more than 130 previous investments, often as a follow-on investor, including in blockchain networks Avalanche, The Graph and Axelar.
