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CoinSwitch's Web3 Discovery Fund Invests in 12 Promising Startups, Fuelling Web3 Innovation

The Busy Brains

30 May 2023

CoinSwitch's Web3 Discovery Fund, part of CoinSwitch Ventures, has made strategic investments in 12 early-stage Web3 startups, fostering blockchain-based solutions for the dynamic Web3 landscape. Learn more about the funded startups and the fund's role in facilitating substantial subsequent funding.

CoinSwitch, the crypto-investing platform, has announced investments through its Web3 Discovery Fund, which is a division of CoinSwitch Ventures. This fund has successfully invested in 12 innovative Web3 startups, facilitating approximately $25 million in subsequent funding. These investments are focused on supporting early-stage companies that are developing cutting-edge blockchain solutions for the evolving Web3 ecosystem.

The Web3 Discovery Fund has actively expanded its venture capital investor network, growing from six to over 70 participants. This broad network enables access to diverse resources and expertise, nurturing the growth of the funded startups.

"Our fund’s philosophy was born out of the challenges we faced while setting up CoinSwitch. The roadblock then led us to establish a fund that not only provides funds but also expertise and networking opportunities. It is with great pride that I share our achievement of facilitating approximately $25 million in subsequent funding for pioneering innovations within the Web3 space,” said Ashish Singhal, Co-Founder and CEO, CoinSwitch.

Talking about the fund, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “With the Discovery fund, we are identifying and enabling entrepreneurs and early-stage startups to leverage the potential of crypto to solve real-world problems. Even in the bear market, we have seen a huge influx of innovative startup ideas. Our aim is to build a bridge that enables Indian startups to have access to global capital, thereby facilitating the growth of the Indian Web3 ecosystem.”

Among the 12 startups that received funding from the Web3 Discovery Fund are PYOR, Silence Labs, AirStack, Mohash, Shield, PolyTrade, BitsCrunch, and PlayZap. These startups operate in various sectors related to blockchain technology, including blockchain infrastructure, blockchain analytics, and real-world asset tokenization. By investing in startups that focus on these key themes, the fund aims to foster innovation and advancement within the Web3 landscape.

The Web3 Discovery Fund has played a pivotal role as a catalyst, connecting over 100 startups with renowned global investors. Prominent names such as Andreessen Horowitz (a16z), Coinbase Ventures, and Sequoia Capital have participated in this collaborative ecosystem, contributing their expertise and resources to drive the growth and success of these promising startups.

CoinSwitch's Web3 Discovery Fund continues to actively seek and invest in startups that have the potential to revolutionize the Web3 space. With a strong emphasis on blockchain technology and its transformative applications, the fund remains committed to fueling innovation and shaping the future of the Web3 ecosystem.

As CoinSwitch Ventures strengthens its portfolio through strategic investments, it positions itself as a key player in the crypto industry, fostering entrepreneurship and driving forward the adoption of Web3 technologies.

#web3 #coinswitch #blockchain

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