Web3 fund led by ex-Binance Labs executive Nicole Zhang lands $20 million

Lingfeng Innovation Fund (LIF), a new venture capital fund led by former Binance Labs executive Nicole Zhang, landed $20 million to invest in crypto startups.

The web3-dedicated LIF is a sister fund to Beijing-based Lingfeng Capital, the fintech investment firm with more than $400 million in assets under management.

The $20 million in fundraising is a “first close” for the fund, according to Zhang, who is a founding partner at LIF. It is ultimately targeting $30 million. A key focus for LIF will be “enabling web2 elites with web3 expertise,” according to Zhang.  

Zhang was previously an executive director at Binance Labs, the venture arm of the giant crypto exchange operator. She left the company after a two-year stint in May.

LIF has already made 10 investments — half of them co-investing with Zhang’s former colleagues at Binance Labs. Its bets include ApolloX, ZetaChain and Ultiverse.

The fund is focused on early-stage projects, from pre-seed to Series A stages, with a broad geographical scope.

Lingfeng Capital’s founding partners, Ning Ma and Ming Shu, are also founding partners at LIF, alongside Zhang, who leads fundraising and due diligence on deals. Through the Lingfeng Capital connection, LIF holds a Capital Markets Services Licence in Singapore.

Although the two funds share some personnel and permissions, LIF has a distinct set of limited partners (LPs), Zhang said, which include well-known entrepreneurs and leading listed tech companies. She gave CertiK, the crypto security firm, and Singapore-based family office Kamet Capital Partners as two examples.