ParaFi, Dragonfly back new investment venture aimed at Web3 and APAC

A Web3-focused investment firm has launched with backing from some of the cryptocurrency market's most well-known investment firms.

Folius Ventures LLC, which has been operating in stealth for several months, was founded by Jason Kam, a former director at New York-based Briarwood Chase Management. The new venture is backed by investment firms ParaFi Capital, Dragonfly Capital, and other investors such as Compound founder Robert Leshner and Vance Spencer and Michael Anderson, the founders of Framework Ventures. 

Senior leaders at Kam's previous employer, Briarwood, also back the firm. 

Folius plans to invest in projects working on so-called Web3 applications, referring to decentralized applications that operate on blockchain networks. The fund is aiming to raise around $50 million, with nearly $45 million committed thus far. Folius will have a focus on entrepreneurs in Asia. 

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"I would say that the typical entrepreneurs in the greater APAC region are often fighting uphill battles in courting local firms who may not get it or be in a position to underwrite (especially China), or international firms that still face a bit of language and cultural barrier," Kam told The Block, adding:

"The gap will close eventually, but there is a good window of opportunity in the region for 2-3 years in being local, missionary, and long-term focused."

In his role at Briarwood, Kam focused on identifying Chinese investment opportunities. 

The cryptocurrency market has seen a number of new fund launches, including Framework's $100 million venture fund focused on decentralized finance and CoinFund's recently announced fund. 

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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].