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Vessel Capital Sets $55M Fund for Web3, Emphasizing Guidance Over Mere Investment

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Venture capital firm Vessel Capital is diving into the Web3 ecosystem, announcing a $55 million fund dedicated to supporting Web3 infrastructure and applications. Instead of merely scaling, the firm’s aim is to genuinely bolster the efforts of early-stage crypto founders in bringing their projects to life.

The crypto landscape has undergone significant changes, moving beyond the close-knit circles prevalent from 2018 to 2020. Mirza Uddin, co-founder of Vessel Capital, emphasized this evolution, stating, “Crypto has become more global.” Uddin, who also serves as the head of business development at Injective Labs, aspires to reach and aid a broader spectrum of innovators.

This initiative is also backed by Eric Chen, the CEO of Injective protocol, and Anthony Anzalone, a co-founder at Burnt (previously known as Burnt Finance), a Web3 entity in the process of crafting XION, a cutting-edge layer-1 blockchain tailored for mainstream adoption.

Vessel’s allocation strategy for the fund stretches across five years. Mirza Uddin asserts that Vessel’s distinct advantage lies in its firsthand startup experience, providing it with deeper insights into entrepreneurial needs. He expressed concerns about the frequent lack of expertise among VCs and highlighted the gap in actionable guidance and mentorship. Uddin stated, “Most times you’ll get a nice check…but VCs don’t help much.”

Vessel’s introduction to the scene happens at a time when the crypto venture capital realm is witnessing a slump. As per Research Venture Capital Database, June experienced a nearly 30% plummet in investment agreements. This downturn is further exemplified by Sequoia Capital’s decision to reduce its crypto fund by a considerable margin.

However, Web3 infrastructure isn’t losing its allure among investors. Recent news disclosed Binance Labs’ strategic investment in Delphinus Lab’s zero-knowledge WebAssembly virtual system, which facilitates zero-knowledge-proof computations.

Mirza Uddin remains optimistic about Web3’s potential, envisioning a revolutionary shift in the internet economy’s foundational structure. He asserted on LinkedIn that Web3 innovations will catalyze the emergence of a more decentralized and financially efficient society.

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