According to ChainCatcher, venture capital firm Lemniscap announced that it has received $70 million in funding to support early Web3 startup projects. The fund will invest in multiple blockchain fields, including zero-knowledge proof infrastructure, consumer applications, emerging Bitcoin ecosystems, security and decentralized physical infrastructure (DePIN), etc.
Lemniscap has invested in more than 130 Web3 projects since its establishment in 2017, including well-known protocols such as Avalanche, Fairblock, Celestia, etc. The company emphasizes long-term success rather than short-term gains, providing funding and strategic guidance to startups in its portfolio.
According to Pitchbook data, crypto startups raised $2.7 billion in the second quarter of 2024, and the total financing for the whole year is expected to reach $10.8 billion, exceeding the $10.1 billion in 2023. Although the number of transactions has dropped by 12.5%, investors are increasing their investment in potential projects.
