Quick Take:
- Former Sino Global, Coinbase and Libra executives have teamed up to launch Oak Grove Ventures.
- Singapore-based VC Web3 targets the intersection of artificial intelligence and biotech.
- The fund is looking to invest $60 million in early-stage startups and has already backed more than 30 projects.
Former Sino Global, Coinbase and Libra executives have launched a $60 million fund to invest in early-stage startups. Oak Grove Ventures is targeting opportunities at the intersection of Web3, artificial intelligence (AI) and biotech, according to an announcement Tuesday.
According to CoinDesk, the Oak Grove Ventures team includes Sally Wang, formerly of Sino Global Capital (now Rise Labs), Ethan Wang, former tech lead at Libra, Shawn Shi, co-founder of Alchemy Pay, as well as Michael Lee. Former VP of Coinbase.
Oak Grove Ventures was previously a family office that managed investments for a wealthy family. Its previous investments include Elon Musk’s aerospace company SpaceX and his neurotech startup Neural Link, among others.
Commenting on the announcement, Sally Wang, the fund’s head of investments, said in a statement: “We understand that the journey of building groundbreaking technologies is not just about capital; It’s about fostering a community of visionaries, pioneers and founders who share our passion for innovation. With this fund, our strategy is simple but profound: raising money for founders.”
The announcement comes at a time when funding for Web3 startups is declining due to the bear market. But it also follows Blockchain Capital’s $580 million fundraising for two new funds on Monday.
Andreessen Horowitz-backed Batesian Platform also emerged from stealth with a $25 million funding round led by A16z Crypto.
Oak Grove Ventures is not the only VC in APAC targeting the intersection of Web3, AI, and other technologies. Last week, Thailand’s second-largest bank Kasikornbank (KBank) launched a $100 million fund to invest in artificial intelligence, Web3 and deep tech startups.
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Source: www.nftgators.com
