CoinSwitch Ventures' Web3 Discovery Fund Supports 12 Startups with $25 Million in Funding
How CoinSwitch Ventures' Web3 Discovery Fund is Transforming the Crypto Landscape
31 May 2023
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Kunal Tyagi
CoinSwitch Ventures' Web3 Discovery Fund has expanded its investor network from six to over 70 participants in less than nine months.
The fund has invested in 12 promising startups and facilitated nearly $25 million in subsequent funding for innovative Web3 solutions.
CoinSwitch Ventures aims to empower entrepreneurs and early-stage startups by providing financial support, expertise, and networking opportunities to leverage cryptocurrencies in addressing real-world problems.
CoinSwitch Ventures, India's largest crypto-investing platform, has achieved significant milestones with its Web3 Discovery Fund since its inception. The fund supports early-stage startups developing blockchain-based solutions for the dynamic Web3 landscape. In less than nine months, the fund has expanded its investor network from six to over 70 participants, investing in 12 promising startups and facilitating nearly $25 million in subsequent funding. This blog explores the accomplishments of CoinSwitch Ventures and the impact of its Discovery Fund on the Indian Web3 ecosystem.
Ashish Singhal, Co-Founder and CEO of CoinSwitch shares the inspiration behind the Web3 Discovery Fund. Singhal highlights the challenges faced during the establishment of CoinSwitch, which led to the creation of a fund that provides not only financial support but also expertise and networking opportunities. Singhal expresses his pride in facilitating approximately $25 million in subsequent funding for innovative Web3 solutions, underscoring the fund's commitment to fostering pioneering advancements in the space.
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Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, emphasizes the aim of the Discovery Fund to empower entrepreneurs and early-stage startups in leveraging cryptocurrencies to address real-world problems. Chaturvedi acknowledges the influx of innovative startup ideas even during a bear market and highlights the importance of building a bridge to enable Indian startups to access global capital. By facilitating global investment opportunities, CoinSwitch Ventures contributes to the growth and development of the Indian Web3 ecosystem.
The Web3 Discovery Fund has supported 12 startups, including PYOR, Silence Labs, AirStack, Mohash, Shield, PolyTrade, BitsCrunch, and PlayZap. These startups are focused on essential areas such as blockchain infrastructure, blockchain analytics, and real-world asset tokenization. The funding provided by CoinSwitch Ventures has enabled these startups to develop and grow and act as a catalyst for connecting them with prestigious global investors. Andreessen Horowitz (a16z), Coinbase Ventures, and Sequoia Capital are among the notable investors who have shown interest in the startups supported by the Discovery Fund.
CoinSwitch Ventures' Discovery Fund demonstrates its commitment to driving innovation and growth in the Web3 space. By nurturing early-stage startups and providing access to global capital, CoinSwitch Ventures plays a crucial role in advancing the Indian Web3 ecosystem. As the fund continues to expand its investor network and support more promising startups, it will further contribute to the development of groundbreaking blockchain solutions and foster India's position as a key player in the Web3 landscape.
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