Ledger partners with Cathay Innovation to launch $110 million fund for Web3 Startups

06/08 09:17

According to Blockworks, crypto security platform Ledger has teamed up with venture capital firm Cathay Innovation to launch a $110 million early-stage fund focused on Web3, DeFi, NFTs and DAOs. The partnership, Ledger Cathay Capital, is backed by French public investment bank Bpifrance. The combined entity seeks to unlock resources, networks and potential partnerships to accelerate Web3 innovation, while maintaining security standards. Led by Cathay Innovation co-founder Denis Barrier, as well as Ledger’s Pascal Gauthier and Michael Louzado, the fund plans to invest in seed to Series A funding rounds. The idea is to make 20 to 25 investments, all-in, with checks ranging from $550,000 to $4.3 million. The fund has not made any investments to date.
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