- November 9, 2023
- Posted by: legaleseblogger
- Category: Related News
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Venture Capital Firm Lightspeed Faction Launches $285 Million Fund for Crypto Startups
According to a recent announcement on Nov. 9, 2023, Lightspeed Faction, a venture capital firm, has created a $285 million fund specifically aimed at supporting early stage blockchain projects. The fund will not only provide capital for these projects at their inception but also as they grow and scale.
At Faction, no entrepreneur will ever have to answer: “why crypto?” We are fully red-pilled.
We’re coming out of stealth & announcing the launch of Lightspeed Faction Fund I, a $285M early-stage venture fund dedicated exclusively to crypto https://t.co/oUiAh6t5Sp
ÔÇö Faction (@FactionVC) November 9, 2023
Lightspeed Faction has emphasized their ability to provide founders with access to a team of experienced blockchain investors and operators, including individuals from the Amber Group, Blockchain.com, and Coinbase teams. The firm, a joint venture between Lightspeed Venture Partners and Faction, aims to leverage the expertise of both organizations for the success of their investments.
Co-founder Banafsheh Fathieh stated that the $285 million fund is essential to support the increasing number of promising blockchain projects emerging daily. She emphasized the importance of investing in entrepreneurs who are driving blockchain technology forward, recognizing crypto as a generation-defining technology.
In addition, Lightspeed Faction highlighted their past successes in funding blockchain startups during a bear market, citing successful investments in Crossmint, Lens, Narya.ai, Skip.money, and others. The firm typically engages during seed and Series A rounds.
Crypto venture capital funding experienced a decline in the third quarter of 2023, attributed to low crypto prices and decreased media attention compared to the 2021 bull market. Despite these challenges, some projects have still managed to secure multi-million dollar raises.
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