Castle Island Ventures confirms a $250 million fund aimed at Web3 startups

  • Castle Island Ventures’ new fund is the third dedicated to blockchain and cryptocurrency startups.
  • Castle Island Venture Fund III will invest in startups that are developing monetary networks, internet infrastructure, and financial services.

The $250 million fund comes a year after its second fund, which focused solely on public blockchains. Castle Island Ventures has announced a $250 million raise for its latest crypto fund, which will invest in startups developing monetary networks, internet infrastructure, and financial services.

Castle Island Ventures stated in a company blog post on Wednesday that it believed the industry was in the “early days” of a monetary transition toward a rules-based monetary order and was looking to capitalize on the movement.

“The new fund will support our mission of partnering with visionary entrepreneurs building transformative companies powered by public blockchains,” said company partner Matt Walsh in the post.

BlockFi, Bitwise, CoinMetrics, Mash, MoonPay, and River Financial are among the well-known crypto startups and ventures in Castle Island’s portfolio.

Walsh went on to say that his company planned to invest in companies that he believed could affect change in the financial services sector, while also leveraging web 3 protocols to shake up legacy financial services firms and their inability to evolve.

“Concurrent with the ongoing monetary and financial transformation, ‘web3’ and new internet architectures propose digital property rights and enable new protocols and businesses that seek to disrupt and disempower online data and tech monopolies,” Walsh explained.

Ria Bhutoria, formerly director of research at Fidelity, has also joined the Boston-based firm as a general partner, joining Nic Carter, Walsh, and Sean Judge.

Its latest fundraise follows a previous $50 million fund last year, which was solely focused on public blockchains. The company’s first fund, which was valued at $30 million, debuted in 2018.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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